UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-09223
Pioneer Series Trust XIV
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Amundi Pioneer Asset Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant’s telephone number, including area code: (617) 742-7825
Date of fiscal year end: September 30, 2020
Date of reporting period: October 1, 2019 through March 31, 2020
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.
Pioneer Strategic
Income Fund
Semiannual Report | March 31, 2020
Ticker Symbols:
Class A | PSRAX |
Class C | PSRCX |
Class K | STRKX |
Class R | STIRX |
Class Y | STRYX |
Beginning in March 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer, bank or insurance company. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications electronically by contacting your financial intermediary or, if you invest directly with the Fund, by calling 1-800-225-6292.
You may elect to receive all future reports in paper free of charge. If you invest directly with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-225-6292. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held within the Pioneer Fund complex if you invest directly.
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Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 1
Dear Shareholders,
The new decade has arrived delivering a first quarter that will go down in the history books. The beginning of the year seemed to extend the positive market environment of 2019 and then, March roared in like a lion and the COVID-19 pandemic became a global crisis impacting lives and life as we know it. The impact on the global economy from the COVID-19 virus pandemic, while currently unknown, is likely to be considerable. It is clear that several industries have already felt greater effects than others. And the markets, which do not thrive on uncertainty, have been volatile. Our business continuity plan was implemented given the new COVID-19 guidelines, and most of our employees are working remotely. To date, our operating environment has faced no interruption. I am proud of the careful planning that has taken place and confident we can maintain this environment for as long as is prudent. History in the making for a company that first opened its doors way back in 1928.
Since 1928, Amundi Pioneer’s investment process has been built on a foundation of fundamental research and active management, principles which have guided our investment decisions for more than 90 years. We believe active management – that is, making active investment decisions – can help mitigate the potential risks during periods of market volatility. As the early days of 2020 have reminded us, in today’s global economy, investment risk can materialize from a number of factors, including a slowing economy, changing U.S. Federal Reserve policy, oil price shocks, political and geopolitical factors and, unfortunately, major public health concerns such as a viral pandemic.
At Amundi Pioneer, active management begins with our own fundamental, bottom-up research process. Our team of dedicated research analysts and portfolio managers analyze each security under consideration, communicating directly with the management teams of the companies issuing the securities and working together to identify those securities that best meet our investment criteria for our family of funds. Our risk management approach begins with each and every security, as we strive to carefully understand the potential opportunity, while considering any and all risk factors.
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Today, as investors, we have many options. It is our view that active management can serve shareholders well, not only when markets are thriving, but also during periods of market stress. As you consider your long-term investment goals, we encourage you to work with your financial advisor to develop an investment plan that paves the way for you to pursue both your short-term and long-term goals.
We remain confident that the current crisis, like others in human history, will pass, and we greatly appreciate the trust you have placed in us and look forward to continuing to serve you in the future.
Sincerely,
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
March 31, 2020
Any information in this shareowner report regarding market or economic trends or the factors influencing the Fund’s historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 3
In the following interview, Andrew Feltus and Jonathan Scott discuss the factors that affected the performance of Pioneer Strategic Income Fund during the six-month period ended March 31, 2020. Mr. Feltus, CFA, Managing Director, Co-Director of High Yield, and a portfolio manager at Amundi Pioneer Asset Management, Inc. (Amundi Pioneer), and Mr. Scott, a vice president and a portfolio manager at Amundi Pioneer, are responsible for the day-to-day management of the Fund, along with Kenneth J. Taubes, Executive Vice President, Chief Investment Officer, U.S., and a portfolio manager at Amundi Pioneer.
Q How did the Fund perform during the six-month period ended March 31, 2020?
A Pioneer Strategic Income Fund’s Class A shares returned -10.67% at net asset value during the six-month period ended March 31, 2020, while the Fund’s benchmark, the Bloomberg Barclays U.S. Universal Index (the Bloomberg Barclays Index), returned 1.76%. During the same period, the average return of the 326 mutual funds in Morningstar’s Multisector Bond Funds category was -7.77%.
Q How would you describe the market environment for fixed-income investments during the six-month period ended March 31, 2020?
A Entering the period in October 2019, investor sentiment was supported by an accommodative Federal Reserve (Fed), which had cut its benchmark overnight lending rate by a quarter point in July and September. The market backdrop for riskier assets was further bolstered towards the end of the 2019 calendar year as the U.S. and China moved toward a “phase one” trade deal, which was ultimately inked in mid-January of 2020. Prior to that, the Fed had enacted a third rate cut in December 2019.
However, beginning in mid-February 2020, performance in the financial markets began to be negatively affected by the spread of the COVID-19 virus, the first cases of which popped up in China, but quickly began emerging in other countries, including those in Western Europe and, eventually, the United States. Soon after, the virus was officially declared a pandemic by the World Health Organization.
Global economies ground to a near halt during March as public health concerns led to the rapid implementation by governments and companies of extreme measures focused on virus containment, including the shuttering of businesses deemed non-essential. Compounding the extreme market volatility and economic distress was the plummeting of oil
4 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
prices to 20-year lows in response to slumping global demand resulting not only from the spread of COVID-19, but also from a supply shock spurred by a price war launched on March 8 between Saudi Arabia and Russia.
Uncertainty over the scope and duration of the pandemic crisis and the need for cash drove wholesale liquidations across most asset classes and a “flight-to-safety” trade that resulted in U.S. Treasury yields hitting historic lows. Significant selling in U.S. dollar (USD) fixed-income markets eventually stressed markets and led to price dislocations in all segments, even Treasury bonds.
The unprecedented shutting down of much of the U.S. economy due to COVID-19 spurred extraordinary monetary and fiscal policy responses. The Fed jumped into action by dusting off its 2008/2009 policy “playbook” and rapidly rolling out a raft of programs aimed at restoring market liquidity, facilitating credit availability, and boosting investors’ confidence. The measures included reducing the benchmark federal funds rate to zero and committing to making unlimited purchases of U.S. Treasuries and agency mortgage-backed securities (MBS), if necessary, as well as providing support for commercial paper issuance, mutual fund liquidity needs, and the issuance of asset-backed securities (ABS). Additionally, the Fed entered uncharted waters with the announcement on March 23 of purchasing programs in support of investment-grade corporate bonds in both the new-issue and secondary markets. For its part, the U.S. government took steps to backstop the domestic economy with the passage of a stimulus bill in excess of $2 trillion, with the goal of assisting both individuals and businesses. Congressional leaders and the White House also were in discussions about possible further stimulus legislation as the six-month period ended.
The Fund’s benchmark, the Bloomberg Barclays Index, generated a modest positive return for the six-month period, supported by the notable decline in Treasury yields. Within corporate bonds, investment-grade issues finished the period slightly negative, while substantially outperforming their high-yield counterparts. Six-month returns for securitized assets were positive, but trailed the returns of Treasuries, which rallied as risk markets sold off in the latter part of the period.
Q What factors affected the Fund’s performance relative to the benchmark Bloomberg Barclays Index during the six-month period ended March 31, 2020?
A The Fund’s allocations across various asset classes weighed on benchmark-relative returns over the six-month period. Specifically, the Fund was underweight to U.S. Treasuries, which led market performance as yields plummeted. In addition, the Fund’s exposure to MBS was negatively
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 5
affected by the liquidity squeeze that arose during the frantic late-period market volatility, which saw investors selling higher-quality assets in order to raise needed cash. The Fund was also underweight to investment-grade corporate bonds, which were in negative territory for the six-month period; however, the portfolio’s holdings of investment-grade bonds were focused within the lower-quality range, which acted as a constraint on benchmark-relative performance given the heightened risk-aversion seen in the markets during March. Another detractor from the Fund’s relative returns during the six-month period was an overweight to high-yield corporates, although that negative was offset in part by the portfolio’s tilt toward the upper end of the quality range within the high-yield asset class.
Within financials, the Fund’s exposure to less-liquid bonds of European banks, which can convert to equity if a bank issuer’s capital ratio falls below a predetermined level, was a detractor from benchmark-relative performance. However, security selection results within the energy sector were supported by our focus on allocations to midstream companies as well as a lack of Fund exposure to exploration & production companies whose fortunes are tied closely to the price of oil.
The Fund’s below-benchmark stance with respect to U.S. duration acted as a constraint on benchmark-relative performance as Treasury yields declined over the period. (Duration is a measure of the sensitivity of the price, or the value of principal, of a fixed-income investment to a change in interest rates, expressed as a number of years.). The negative effects of the portfolio’s U.S.-duration stance were essentially offset by the Fund’s positioning with respect to European interest-rate markets. The portfolio’s exposure to U.S. Treasury inflation-protected securities (TIPS) was another detractor from benchmark-relative returns during the six-month period as inflation expectations declined in the wake of the COVID-19 crisis. In addition, TIPS have tended to be less liquid than nominal Treasuries during periods of market stress.
Within emerging markets, the Fund’s exposure to local currency markets proved additive to benchmark-relative performance on balance. In particular, the portfolio’s exposure to the Egyptian pound benefited relative returns during the six-month period, while holdings denominated in the Mexican peso and Indonesian rupiah detracted from benchmark-relative performance.
In terms of individual holdings, within corporates, positive contributions to the Fund’s benchmark-relative results during the six-month period were led by the high-yield debt of biopharmaceutical names within health care, which held up relatively well. Notable solid performers within that group included Bausch Health and Teva Pharmaceuticals. Some of the biggest laggards in the portfolio with regard to the Fund’s benchmark-relative
6 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
performance during the six-month period came from the energy sector, given the steep decline in oil prices. Examples included the debt of a pair of companies that were downgraded to high-yield status during the six-month period: pipeline/transport company Energy Transfer Partners, and Canadian oil sands exploration & production company Cenovus Energy. Outside of energy, the Fund’s allocation to the debt of General Motors was a leading detractor from relative returns as the market anticipated that the automaker would experience a significant negative impact from a weakened U.S. consumer, given the adverse employment outlook driven by the difficult, pandemic-driven economic environment.
Q Did the Fund have any exposure to derivative securities during the six-month period ended March 31, 2020?
A Yes, the Fund did have investments in three types of derivatives: Treasury futures, credit-default swaps, and forward foreign currency contracts (“currency forwards”). The Fund’s exposure to Treasury futures was part of our strategy to maintain a shorter-than-benchmark duration in the portfolio, which had a negative effect on relative results. We used the investments in credit-default swaps to manage the Fund’s exposure to credit-sensitive sectors; the swaps detracted from benchmark-relative returns during the six-month period. The Fund’s allocation to currency forwards was a technique used to potentially manage the risks tied to the portfolio’s non-USD currencies; the tactic had mixed results with regard to benchmark-relative returns, as the hedges aided performance while the longer exposures detracted from performance.
Q Did the Fund’s distributions (or yield) to shareholders change during the six-month period ended March 31, 2020?
A The Fund’s dividend* yield rose slightly over the six-month period as spreads widened for credit-oriented areas of the market. (Credit spreads are commonly defined as the differences in yield between Treasuries and other types of fixed-income securities with similar maturities.)
Q What is your investment outlook?
A A global recession appears to be a near certainty in the wake of the COVID-19 crisis. The U.S. economy is roughly 70% service-based, and those segments of the economy have taken a direct and serious hit from the virus-containment measures. Manufacturing activity has largely shut down as well, given the bleak employment outlook and a weakened consumer. On the plus side, the monetary and fiscal policy responses by the Fed and the U.S. government have been extraordinarily rapid, in contrast to the 2008
* Dividends are not guaranteed.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 7
financial crisis. However, it is difficult to predict the extent to which these measures will be sufficient to prevent further deterioration in investor sentiment, let alone support a “V-shaped,” or sharp recovery.
Historically, recessions have typically been caused by policy mistakes, such as failures in oversight that lead to market speculation, the Fed’s tightening monetary policy prematurely, or simply by a winding down or “pause” in business cycles. By contrast, the impending recession is the result of a public health and scientific challenge. Debtors have been granted a significant degree of forbearance, which we view as appropriate under the current circumstances. That is not to say there will not be damage to companies with weak business models or households that have been unable to save or otherwise bolster their finances. However, over a long-term horizon we do not anticipate seeing the levels of capital impairment currently embedded in security valuations.
In broad terms, the portfolio’s current positioning is designed to allow the Fund to possibly benefit from any potential recovery in credit markets. In our view, the high-yield market has experienced a dislocation between fundamentals and valuations caused primarily by a liquidity squeeze and panic selling. March 2020 saw high-yield spreads go from their tightest levels for the cycle to their widest levels for the cycle.
Current spread levels reflect a default rate higher than that seen during the Great Depression of the 1930s, which leads us to believe that the market has likely overshot to the downside. With high-yield corporate spreads well above their long-term average, we believe investors have been receiving fair compensation for taking on credit risk. As a result, we have increased the Fund’s exposure to high yield, with a focus on the higher-quality range of the asset class. We have also increased the portfolio’s allocation to investment-grade credit, particularly with respect to the lower-credit-rating tiers.
As the year progresses, we believe we could see spread compression and favorable performance within corporate credit should the global economy begin to show signs of recovery.
As always, we will utilize intensive research when picking the Fund’s investments, with a focus on the fundamentals and the risk/reward profile of each individual security.
8 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Please refer to the Schedule of Investments on pages 20–84 for a full listing of Fund securities.
All investments are subject to risk, including the possible loss of principal. In the past several years, financial markets have experienced increased volatility and heightened uncertainty. The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues or adverse investor sentiment. These conditions may continue, recur, worsen or spread.
Investments in high-yield or lower-rated securities are subject to greater-than-average price volatility, illiquidity and possibility of default.
When interest rates rise, the prices of fixed-income securities held by the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed-income securities held by the Fund will generally rise.
Investments in the Fund are subject to possible loss due to the financial failure of issuers of underlying securities and their inability to meet their debt obligations.
Prepayment risk is the chance that an issuer may exercise its right to prepay its security, if falling interest rates prompt the issuer to do so. Forced to reinvest the unanticipated proceeds at lower interest rates, the Fund would experience a decline in income and lose the opportunity for additional price appreciation.
The securities issued by U.S. government-sponsored entities (e.g., FNMA, Freddie Mac) are neither guaranteed nor issued by the U.S. government.
The Fund may invest in mortgage-backed securities, which during times of fluctuating interest rates may increase or decrease more than other fixed-income securities. Mortgage-backed securities are also subject to prepayments.
The Fund may invest in insurance-linked securities. The return of principal and the payment of interest on insurance-linked securities are contingent on the non-occurrence of a predefined “trigger” event that leads to physical or economic loss, such as a hurricane or an aerospace catastrophe. Insurance-linked securities may expose the Fund to other risks, including, but not limited to, issuer (credit) default, adverse regulatory or jurisdictional interpretations and adverse tax consequences.
Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 9
At times, the Fund’s investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors.
These risks may increase share price volatility.
Before investing, consider the product’s investment objectives, risks, charges and expenses. Contact your advisor or Amundi Pioneer Asset Management, Inc., for a prospectus or summary prospectus containing this information. Read it carefully.
Any information in this shareholder report regarding market or economic trends or the factors influencing the Fund’s historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results.
10 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Portfolio Diversification
(As a percentage of total investments)*
† Amount rounds to less than 0.1%.
10 Largest Holdings
(As a percentage of total investments)* | ||
1. | U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/49 | 2.01% |
2. | U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/46 | 1.86 |
3. | U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/48 | 1.39 |
4. | Wells Fargo & Co., 7.5% | 1.10 |
5. | Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/49 | 0.81 |
6. | U.S. Treasury Inflation Indexed Bonds, 0.875%, 2/15/47 | 0.80 |
7. | Mexican Bonos, 8.5%, 5/31/29 | 0.71 |
8. | Boeing Co., 3.75%, 2/1/50 | 0.62 |
9. | Liberty Mutual Insurance Co., 7.697%, 10/15/97 (144A) | 0.61 |
10. | Citrix Systems, Inc., 3.3%, 3/1/30 | 0.59 |
* | Excludes temporary cash investments and all derivative contracts except for options purchased. The Fund is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any securities. |
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 11
Net Asset Value per Share | ||
Class | 3/31/20 | 9/30/19 |
A | $9.58 | $10.89 |
C | $9.35 | $10.66 |
K | $9.52 | $10.92 |
R | $9.85 | $11.08 |
Y | $9.54 | $10.90 |
Distributions per Share: 10/1/19–3/31/20 | ||||
Net Investment | Short-Term | Long-Term | Tax Return | |
Class | Income | Capital Gains | Capital Gains | of Capital |
A | $0.1650 | $ — | $ — | $ — |
C | $0.1262 | $ — | $ — | $ — |
K | $0.1910 | $ — | $ — | $ — |
R | $0.1510 | $ — | $ — | $ — |
Y | $0.1850 | $ — | $ — | $ — |
The Bloomberg Barclays U.S. Universal Index is an unmanaged index that represents the union of the U.S. Aggregate Index, the U.S. High Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, the non-ERISA portion of the CMBS Index, and the CMBS High Yield Index. Municipal debt, private placements and non-dollar-denominated issues are excluded. Index returns are calculated monthly, assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees, expenses or sales charges. It is not possible to invest directly in an index.
The index defined here pertains to the “Value of $10,000 Investment” and “Value of $5 Million Investment” charts on pages 13–17.
12 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Class A Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $10,000 investment made in Class A shares of Pioneer Strategic Income Fund at public offering price during the periods shown, compared to that of the Bloomberg Barclays U.S. Universal Index.
Average Annual Total Returns | |||
(As of March 31, 2020) | |||
Bloomberg | |||
Net | Public | Barclays | |
Asset | Offering | U.S. | |
Value | Price | Universal | |
Period | (NAV) | (POP) | Index |
10 years | 3.30% | 2.82% | 4.05% |
5 years | 0.87 | -0.06 | 3.35 |
1 year | -6.63 | -10.83 | 7.15 |
Expense Ratio |
(Per prospectus dated February 1, 2020) |
Gross |
1.10% |
Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. NAV returns would have been lower had sales charges been reflected. POP returns reflect deduction of maximum 4.50% sales charge. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 13
Performance Update | 3/31/20 | Class C Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $10,000 investment made in Class C shares of Pioneer Strategic Income Fund during the periods shown, compared to that of the Bloomberg Barclays U.S. Universal Index.
Average Annual Total Returns | |||
(As of March 31, 2020) | |||
Bloomberg | |||
Barclays | |||
U.S. | |||
If | If | Universal | |
Period | Held | Redeemed | Index |
10 years | 2.58% | 2.58% | 4.05% |
5 years | 0.15 | 0.15 | 3.35 |
1 year | -7.45 | -7.45 | 7.15 |
Expense Ratio |
(Per prospectus dated February 1, 2020) |
Gross |
1.74% |
Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent deferred sales charge (CDSC). “If Held” results represent the percent change in net asset value per share. “If Redeemed” returns would have been lower had sales charges been reflected. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please refer to the financial highlights for a more current expense ratio.
14 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Performance Update | 3/31/20 | Class K Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $5 million investment made in Class K shares of Pioneer Strategic Income Fund during the periods shown, compared to that of the Bloomberg Barclays U.S. Universal Index.
Average Annual Total Returns | ||
(As of March 31, 2020) | ||
Bloomberg | ||
Net | Barclays | |
Asset | U.S. | |
Value | Universal | |
Period | (NAV) | Index |
10 years | 3.55% | 4.05% |
5 years | 1.14 | 3.35 |
1 year | -6.96 | 7.15 |
Expense Ratio |
(Per prospectus dated February 1, 2020) |
Gross |
0.63% |
Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class K shares for the period prior to the commencement of operations of Class K shares on December 20, 2012, is the net asset value performance of the Fund’s Class A shares, which has not been restated to reflect any differences in expenses, including Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares generally are higher than those of Class K shares, the performance of Class K shares prior to their inception would have been higher than the performance shown. For the period beginning December 20, 2012, the actual performance of Class K shares is reflected. Class K shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 15
Performance Update | 3/31/20 | Class R Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $10,000 investment made in Class R shares of Pioneer Strategic Income Fund during the periods shown, compared to that of the Bloomberg Barclays U.S. Universal Index.
Average Annual Total Returns | ||
(As of March 31, 2020) | ||
Bloomberg | ||
Net | Barclays | |
Asset | U.S. | |
Value | Universal | |
Period | (NAV) | Index |
10 years | 3.08% | 4.05% |
5 years | 0.77 | 3.35 |
1 year | -5.89 | 7.15 |
Expense Ratio |
(Per prospectus dated February 1, 2020) |
Gross |
1.39% |
Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
Class R shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please refer to the financial highlights for a more current expense ratio.
16 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Performance Update | 3/31/20 | Class Y Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $5 million investment made in Class Y shares of Pioneer Strategic Income Fund during the periods shown, compared to that of the Bloomberg Barclays U.S. Universal Index.
Average Annual Total Returns | ||
(As of March 31, 2020) | ||
Bloomberg | ||
Net | Barclays | |
Asset | U.S. | |
Value | Universal | |
Period | (NAV) | Index |
10 years | 3.58% | 4.05% |
5 years | 1.11 | 3.35 |
1 year | -6.69 | 7.15 |
Expense Ratio |
(Per prospectus dated February 1, 2020) |
Gross |
0.73% |
Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 17
As a shareowner in the Fund, you incur two types of costs:
(1) | ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses; and |
(2) | transaction costs, including sales charges (loads) on purchase payments. |
This example is intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 at the beginning of the Fund’s latest six-month period and held throughout the six months.
Using the Tables
Actual Expenses
The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period as follows:
(1) | Divide your account value by $1,000 |
Example: an $8,600 account value ÷ $1,000 = 8.6 | |
(2) | Multiply the result in (1) above by the corresponding share class’s number in the third row under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. |
Expenses Paid on a $1,000 Investment in Pioneer Strategic Income Fund
Based on actual returns from October 1, 2019 through March 31, 2020.
Share Class | A | C | K | R | Y |
Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Value on 10/1/19 | |||||
Ending Account | $850.40 | $886.70 | $891.10 | $888.50 | $890.40 |
Value (after expenses) | |||||
on 3/31/20 | |||||
Expenses Paid | $4.95 | $8.16 | $2.93 | $6.52 | $3.50 |
During Period* |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.07%, 1.73%, 0.62%, 1.38%, and 0.74% for Class A, Class C, Class K, Class R and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). |
18 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Strategic Income Fund
Based on a hypothetical 5% return per year before expenses, reflecting the period from October 1, 2019 through March 31, 2020.
Share Class | A | C | K | R | Y |
Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Value on 10/1/19 | |||||
Ending Account | $1,019.65 | $1,016.35 | $1,021.90 | $1,018.10 | $1,021.30 |
Value (after expenses) | |||||
on 3/31/20 | |||||
Expenses Paid | $5.40 | $8.72 | $3.13 | $6.96 | $3.74 |
During Period* |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.07%, 1.73%, 0.62%, 1.38%, and 0.74% for Class A, Class C, Class K, Class R and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). |
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 19
Shares | Value | ||
UNAFFILIATED ISSUERS — 97.1% | |||
COMMON STOCKS — 0.0%† of Net Assets | |||
Household Durables — 0.0%† | |||
1,018,282(a) | Desarrolladora Homex SAB de CV | $ 1,683 | |
Total Household Durables | $ 1,683 | ||
Oil, Gas & Consumable Fuels — 0.0%† | |||
9,565,478^(a) | Ascent CNR Corp. (144A) | $ 717,411 | |
2,013 | Frontera Energy Corp. | 4,972 | |
Total Oil, Gas & Consumable Fuels | $ 722,383 | ||
Paper & Forest Products — 0.0%† | |||
162,828(a) | Emerald Plantation Holdings, Ltd. | $ 4,885 | |
Total Paper & Forest Products | $ 4,885 | ||
Specialty Retail — 0.0%† | |||
111,548^(a) | Targus Cayman SubCo., Ltd. | $ 132,742 | |
Total Specialty Retail | $ 132,742 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,061,517) | $ 861,693 | ||
CONVERTIBLE PREFERRED STOCK — 1.1% of | |||
Net Assets | |||
Banks — 1.1% | |||
32,750(b) | Wells Fargo & Co., 7.5% | $ 41,724,155 | |
Total Banks | $ 41,724,155 | ||
TOTAL CONVERTIBLE PREFERRED STOCK | |||
(Cost $41,619,960) | $ 41,724,155 | ||
PREFERRED STOCK — 0.1% of Net Assets | |||
Equity Real Estate Investment Trusts (REITs) — 0.1% | |||
3,250(b) | Firstar Realty LLC, 8.875% (144A) | $ 3,493,750 | |
Total Equity Real Estate Investment Trusts (REITs) | $ 3,493,750 | ||
TOTAL PREFERRED STOCK | |||
(Cost $4,200,625) | $ 3,493,750 | ||
Principal | |||
Amount | |||
USD ($) | |||
ASSET BACKED SECURITIES — 12.7% of | |||
Net Assets | |||
500,000 | 321 Henderson Receivables III LLC, Series 2008-1A, | ||
Class C, 9.36%, 1/15/48 (144A) | $ 629,261 | ||
500,000 | 321 Henderson Receivables III LLC, Series 2008-1A, | ||
Class D, 10.81%, 1/15/50 (144A) | 615,644 | ||
5,000,000(c) | 522 Funding CLO I, Ltd., Series 2019-1A, Class E, 0.0% | ||
(3 Month USD LIBOR + 734 bps), 1/15/33 (144A) | 2,901,125 | ||
7,500,000 | A10 Bridge Asset Financing LLC, Series 2019-B, Class A1, | ||
3.085%, 8/15/40 (144A) | 7,733,707 |
The accompanying notes are an integral part of these financial statements. |
20 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Principal | |||
Amount | |||
USD ($) | Value | ||
ASSET BACKED SECURITIES — (continued) | |||
3,500,000 | A10 Bridge Asset Financing LLC, Series 2019-B, | ||
Class D, 4.523%, 8/15/40 (144A) | $ 3,471,186 | ||
1,476,747 | Accelerated Assets LLC, Series 2018-1, Class B, | ||
4.51%, 12/2/33 (144A) | 1,469,142 | ||
2,087,583 | Accelerated Assets LLC, Series 2018-1, Class C, | ||
6.65%, 12/2/33 (144A) | 2,109,618 | ||
2,871,391 | Access Point Funding I LLC, Series 2017-A, Class B, | ||
3.97%, 4/15/29 (144A) | 2,864,922 | ||
1,750,000(c) | AIG CLO, Ltd., Series 2019-2A, Class E, 9.12% | ||
(3 Month USD LIBOR + 725 bps), 10/25/32 (144A) | 1,001,079 | ||
750,000 | Amur Equipment Finance Receivables V LLC, | ||
Series 2018-1A, Class E, 5.36%, 4/22/24 (144A) | 752,763 | ||
899,999 | Amur Equipment Finance Receivables V LLC, | ||
Series 2018-1A, Class F, 7.3%, 5/20/26 (144A) | 908,136 | ||
1,513,000 | Amur Equipment Finance Receivables VI LLC, | ||
Series 2018-2A, Class E, 5.45%, 11/20/23 (144A) | 1,531,196 | ||
3,000,000 | Amur Equipment Finance Receivables VII LLC, | ||
Series 2019-1A, Class E, 4.47%, 3/20/25 (144A) | 2,960,701 | ||
2,000,000(c) | Apidos CLO XXXII, Series 2019-32A, Class E, 8.433% | ||
(3 Month USD LIBOR + 675 bps), 1/20/33 (144A) | 1,124,172 | ||
1,300,000 | Ascentium Equipment Receivables Trust, Series 2018-1A, | ||
Class D, 3.99%, 12/11/23 (144A) | 1,315,839 | ||
545,000 | Ascentium Equipment Receivables Trust, Series 2018-1A, | ||
Class E, 5.36%, 3/10/25 (144A) | 558,995 | ||
4,000,000(c) | Assurant CLO IV, Ltd., Series 2019-1A, Class E, 8.819% | ||
(3 Month USD LIBOR + 700 bps), 4/20/30 (144A) | 2,449,668 | ||
300,000 | Avid Automobile Receivables Trust, Series 2018-1, | ||
Class C, 5.13%, 2/18/25 (144A) | 297,366 | ||
2,040,000 | Avid Automobile Receivables Trust, Series 2019-1, | ||
Class D, 4.03%, 7/15/26 (144A) | 1,955,308 | ||
1,500,000(c) | Battalion CLO VII, Ltd., Series 2014-7A, Class CRR, | ||
4.766% (3 Month USD LIBOR + 293 bps), 7/17/28 | |||
(144A) | 1,226,546 | ||
2,000,000(c) | Battalion CLO VII, Ltd., Series 2014-7A, Class ERR, | ||
10.416% (3 Month USD LIBOR + 858 bps), 7/17/28 | |||
(144A) | 1,312,950 | ||
3,700,000(c) | Battalion CLO IX, Ltd., Series 2015-9A, Class ER, 8.081% | ||
(3 Month USD LIBOR + 625 bps), 7/15/31 (144A) | 2,113,322 | ||
500,000 | BCC Funding XIII LLC, Series 2016-1, Class E, 6.0%, | ||
11/20/22 (144A) | 500,116 | ||
1,550,000 | BCC Funding XIV LLC, Series 2018-1A, Class D, 4.61%, | ||
8/21/23 (144A) | 1,492,482 | ||
1,500,000(c) | BDS, Ltd., Series 2020-FL5, Class C, 2.662% | ||
(1 Month USD LIBOR + 205 bps), 2/16/37 (144A) | 1,212,399 | ||
1,600,000(c) | Benefit Street Partners CLO XIX, Ltd., Series 2019-19A, | ||
Class D, 5.678% (3 Month USD LIBOR + | |||
380 bps), 1/15/33 (144A) | 1,159,446 |
The accompanying notes are an integral part of these financial statements. |
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 21
Schedule of Investments | 3/31/20 (unaudited) (continued)
Principal | |||
Amount | |||
USD ($) | Value | ||
ASSET BACKED SECURITIES — (continued) | |||
4,000,000(c) | Benefit Street Partners CLO XIX, Ltd., Series 2019-19A, | ||
Class E, 8.898% (3 Month USD LIBOR + | |||
702 bps), 1/15/33 (144A) | $ 2,266,968 | ||
3,000,000(c) | Carlyle US CLO, Ltd., Series 2019-4A, Class C, 5.878% | ||
(3 Month USD LIBOR + 400 bps), 1/15/33 (144A) | 2,238,282 | ||
2,750,000 | Carvana Auto Receivables Trust, Series 2019-4A, Class E, | ||
4.7%, 10/15/26 (144A) | 2,100,673 | ||
4,250,000(c) | Catskill Park CLO, Ltd., Series 2017-1A, Class D, 7.819% | ||
(3 Month USD LIBOR + 600 bps), 4/20/29 (144A) | 2,589,631 | ||
1,400,000 | CIG Auto Receivables Trust, Series 2017-1A, Class C, | ||
5.33%, 12/16/24 (144A) | 1,397,633 | ||
221,722 | Commonbond Student Loan Trust, Series 2017-BGS, | ||
Class C, 4.44%, 9/25/42 (144A) | 225,385 | ||
416,833 | Conn’s Receivables Funding LLC, Series 2018-A, Class B, | ||
4.65%, 1/15/23 (144A) | 399,322 | ||
8,500,000 | Conn’s Receivables Funding LLC, Series 2019-A, Class B, | ||
4.36%, 10/16/23 (144A) | 8,052,661 | ||
4,750,000 | Conn’s Receivables Funding LLC, Series 2019-A, Class C, | ||
5.29%, 10/16/23 (144A) | 4,502,624 | ||
6,150,000 | Conn’s Receivables Funding LLC, Series 2019-B, Class C, | ||
4.6%, 6/17/24 (144A) | 3,814,497 | ||
5,480,000 | Continental Credit Card ABS LLC, Series 2019-1A, | ||
Class C, 6.16%, 8/15/26 (144A) | 5,471,433 | ||
4,688,329 | Diamond Resorts Owner Trust, Series 2019-1A, Class C, | ||
4.02%, 2/20/32 (144A) | 4,513,981 | ||
88,632 | Drug Royalty III LP 1, Series 2017-1A, Class A2, 3.6%, | ||
4/15/27 (144A) | 88,270 | ||
5,000,000(c) | Dryden 78 CLO, Ltd., Series 2020-78A, Class E, 6.6% | ||
(3 Month USD LIBOR + 660 bps), 4/17/33 (144A) | 2,750,000 | ||
376,537 | Elm Trust, Series 2016-1A, Class A2, 4.163%, 6/20/25 | ||
(144A) | 375,961 | ||
500,000 | Elm Trust, Series 2018-2A, Class B, 5.584%, 10/20/27 | ||
(144A) | 500,875 | ||
2,000,000 | Engs Commercial Finance Trust, Series 2016-1A, Class D, | ||
5.22%, 1/22/24 (144A) | 1,994,376 | ||
6,000,000 | ExteNet LLC, Series 2019-1A, Class C, 5.219%, 7/26/49 | ||
(144A) | 5,114,451 | ||
3,100,000 | Fair Square Issuance Trust, Series 2020-AA, Class D, | ||
6.86%, 9/20/24 (144A) | 2,720,825 | ||
8,775,134 | Finance of America Structured Securities Trust, Series | ||
2019-A, Class JR2, 2.0%, 3/25/69 | 9,012,255 | ||
1,150,000+(d) | Finance of America Structured Securities Trust, Series | ||
2019-HB1, Class M4, 5.682%, 4/25/29 (144A) | 920,000 | ||
7,947,634 | Finance of America Structured Securities Trust, Series | ||
2019-JR3, Class JR2, 2.0%, 9/25/69 | 7,840,228 |
The accompanying notes are an integral part of these financial statements. |
22 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Principal | |||
Amount | |||
USD ($) | Value | ||
ASSET BACKED SECURITIES — (continued) | |||
2,250,000(c) | First Eagle BSL CLO, Ltd., Series 2019-1A, Class C, | ||
6.225% (3 Month USD LIBOR + 435 bps), 1/20/33 | |||
(144A) | $ 1,660,635 | ||
3,000,000(c) | First Eagle BSL CLO, Ltd., Series 2019-1A, Class D, | ||
9.575% (3 Month USD LIBOR + 770 bps), 1/20/33 | |||
(144A) | 1,730,580 | ||
2,050,000(c) | Fort Washington CLO, Series 2019-1A, Class E, 9.158% | ||
(3 Month USD LIBOR + 725 bps), 10/20/32 (144A) | 1,172,237 | ||
5,500,000 | Four Seas LP, Series 2017-1A, Class A2, 5.927%, | ||
8/28/27 (144A) | 4,977,500 | ||
1,000,000 | Foursight Capital Automobile Receivables Trust, Series | ||
2018-2, Class F, 6.48%, 6/15/26 (144A) | 827,222 | ||
1,700,000 | Foursight Capital Automobile Receivables Trust, Series | ||
2019-1, Class E, 4.3%, 9/15/25 (144A) | 1,607,945 | ||
314,614(d) | Gold Key Resorts LLC, Series 2014-A, Class C, 5.87%, | ||
3/17/31 (144A) | 314,538 | ||
5,022,000(c) | Goldentree Loan Management US CLO 2, Ltd., | ||
Series 2017-2A, Class E, 6.519% (3 Month USD LIBOR + | |||
470 bps), 11/28/30 (144A) | 2,906,789 | ||
5,230,000(c) | Goldentree Loan Management US CLO 6, Ltd., | ||
Series 2019-6A, Class D, 5.607% (3 Month USD LIBOR + | |||
385 bps), 1/20/33 (144A) | 3,868,553 | ||
5,141,700 | Hardee’s Funding LLC, Series 2018-1A, Class A2II, | ||
4.959%, 6/20/48 (144A) | 4,575,907 | ||
3,000,000(c) | Harriman Park CLO, Ltd., Series 2020-1A, Class D, 3.64% | ||
(3 Month USD LIBOR + 350 bps), 4/20/31 (144A) | 2,094,900 | ||
2,000,000 | Hertz Fleet Lease Funding LP, Series 2018-1, Class E, | ||
5.55%, 5/10/32 (144A) | 2,023,557 | ||
12,282,000 | HOA Funding LLC, Series 2014-1A, Class A2, 4.846%, | ||
8/20/44 (144A) | 11,714,203 | ||
734,028 | Home Partners of America Trust, Series 2019-1, Class F, | ||
4.101%, 9/17/39 (144A) | 596,582 | ||
3,901,527 | Icon Brand Holdings LLC, Series 2012-1A, Class A, | ||
4.229%, 1/25/43 (144A) | 2,710,013 | ||
885,576 | JG Wentworth XXII LLC, Series 2010-3A, Class A, 3.82%, | ||
12/15/48 (144A) | 899,826 | ||
6,450,000 | Kabbage Funding LLC, Series 2019-1, Class C, 4.611%, | ||
3/15/24 (144A) | 6,241,115 | ||
5,000,000(c) | Kayne CLO 7, Ltd., Series 2020-7A, Class E, 0.0% (3 | ||
Month USD LIBOR + 650 bps), 4/17/33 (144A) | 1,900,000 | ||
5,000,000(c) | Madison Park Funding XXII, Ltd., Series 2016-22A, | ||
Class ER, 8.358% (3 Month USD LIBOR + | |||
670 bps), 1/15/33 (144A) | 2,999,240 | ||
7,000,000(c) | Madison Park Funding XXXVI, Ltd., Series 2019-36A, | ||
Class E, 9.192% (3 Month USD LIBOR + | |||
725 bps), 1/15/33 (144A) | 4,216,170 |
The accompanying notes are an integral part of these financial statements. | ||
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 23 |
Schedule of Investments | 3/31/20 (unaudited) (continued)
Principal | |||
Amount | |||
USD ($) | Value | ||
ASSET BACKED SECURITIES — (continued) | |||
3,500,000(c) | Mariner CLO LLC, Series 2015-1A, Class DR2, 4.104% | ||
(3 Month USD LIBOR + 285 bps), 4/20/29 (144A) | $ 2,753,020 | ||
1,250,000 | Marlette Funding Trust, Series 2019-1A, Class C, 4.42%, | ||
4/16/29 (144A) | 1,102,762 | ||
8,921,980(d) | Mill City Mortgage Loan Trust, Series 2018-3, Class M2, | ||
3.25%, 8/25/58 (144A) | 8,152,014 | ||
2,320,054(d) | Mill City Mortgage Loan Trust, Series 2018-3, Class M3, | ||
3.25%, 8/25/58 (144A) | 1,853,648 | ||
5,930,000 | Mosaic Solar Loan Trust, Series 2019-2A, Class D, 6.18%, | ||
9/20/40 (144A) | 3,584,396 | ||
5,829,000+(d) | Nationstar HECM Loan Trust, Series 2019-1A, Class M4, | ||
5.804%, 6/25/29 (144A) | 4,546,620 | ||
5,000,000(c) | Neuberger Berman CLO XVII, Ltd., Series 2014-17A, | ||
Class ER2, 8.816% (3 Month USD LIBOR + | |||
720 bps), 4/22/29 (144A) | 3,096,405 | ||
4,500,000(c) | Newark BSL CLO 1, Ltd., Series 2016-1A, Class DR, | ||
7.954% (3 Month USD LIBOR + 625 bps), | |||
12/21/29 (144A) | 2,773,238 | ||
949,339(c) | Newtek Small Business Loan Trust, Series 2017-1, | ||
Class B, 3.947% (1 Month USD LIBOR + | |||
300 bps), 2/15/43 (144A) | 952,629 | ||
4,360,000 | NMEF Funding LLC, Series 2019-A, Class D, 4.39%, | ||
8/17/26 (144A) | 4,244,426 | ||
2,000,000(c) | Octagon Investment Partners XXI, Ltd., Series 2014-1A, | ||
Class DRR, 8.704% (3 Month USD LIBOR + | |||
700 bps), 2/14/31 (144A) | 1,317,336 | ||
5,052,275 | Orange Lake Timeshare Trust, Series 2019-A, Class D, | ||
4.93%, 4/9/38 (144A) | 4,879,891 | ||
298,321 | Oxford Finance Funding LLC, Series 2016-1A, Class A, | ||
3.968%, 6/17/24 (144A) | 297,595 | ||
5,600,000(c) | Palmer Square Loan Funding, Ltd., Series 2020-1A, | ||
Class D, 6.533% (3 Month USD LIBOR + | |||
485 bps), 2/20/28 (144A) | 3,558,078 | ||
4,300,000+ | PG Receivables Finance, Series 2020-1, Class C, 5.44%, | ||
7/20/25 (144A) | 4,106,500 | ||
3,000,000 | Progress Residential Trust, Series 2018-SFR2, Class A, | ||
3.712%, 8/17/35 (144A) | 2,953,693 | ||
3,430,000 | Progress Residential Trust, Series 2018-SFR2, Class E, | ||
4.656%, 8/17/35 (144A) | 3,085,739 | ||
4,770,000 | Progress Residential Trust, Series 2018-SFR3, Class F, | ||
5.368%, 10/17/35 (144A) | 4,232,753 | ||
2,500,000 | Purchasing Power Funding LLC, Series 2018-A, Class A, | ||
3.34%, 8/15/22 (144A) | 2,492,863 | ||
5,000,000(c) | Race Point VIII CLO, Ltd., Series 2013-8A, Class DR2, | ||
0.0% (3 Month USD LIBOR + 350 bps), 2/20/30 | |||
(144A) | 3,948,470 |
The accompanying notes are an integral part of these financial statements. |
24 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Principal | |||
Amount | |||
USD ($) | Value | ||
ASSET BACKED SECURITIES — (continued) | |||
2,200,000 | Republic Finance Issuance Trust, Series 2019-A, Class B, | ||
3.93%, 11/22/27 (144A) | $ 1,820,273 | ||
3,000,000 | Republic Finance Issuance Trust, Series 2019-A, Class C, | ||
5.1%, 11/22/27 (144A) | 2,462,614 | ||
1,500,000 | Rosy, Series 2018-1, Class A1, 6.25%, | ||
12/15/25 (144A) | 1,425,000 | ||
2,250,000 | SCF Equipment Leasing LLC, Series 2018-1A, Class C, | ||
4.21%, 4/20/27 (144A) | 2,199,670 | ||
8,343,372 | SCF Equipment Leasing LLC, Series 2019-1A, Class E, | ||
5.49%, 4/20/30 (144A) | 7,980,611 | ||
4,713,075 | Sierra Timeshare Receivables Funding LLC, Series | ||
2019-1A, Class D, 4.75%, 1/20/36 (144A) | 4,624,650 | ||
1,100,000 | Skopos Auto Receivables Trust, Series 2019-1A, Class D, | ||
5.24%, 4/15/25 (144A) | 823,582 | ||
5,000,000 | Small Business Lending Trust, Series 2019-A, Class C, | ||
4.31%, 7/15/26 (144A) | 4,682,647 | ||
4,750,000(c) | Sound Point Clo XXI, Ltd., Series 2018-3A, Class C, | ||
5.094% (3 Month USD LIBOR + 330 bps), 10/26/31 | |||
(144A) | 3,337,659 | ||
1,200,000(c) | Sound Point CLO XXV, Ltd., Series 2019-4A, Class D, | ||
5.941% (3 Month USD LIBOR + 411 bps), 1/15/33 | |||
(144A) | 868,331 | ||
7,000,000(c) | Sound Point CLO XXV, Ltd., Series 2019-4A, Class E, | ||
9.451% (3 Month USD LIBOR + 762 bps), 1/15/33 | |||
(144A) | 4,123,259 | ||
9,439,436 | SpringCastle Funding Asset-Backed Notes, | ||
Series 2019-AA, Class A, 3.2%, 5/27/36 (144A) | 8,844,576 | ||
2,926,250 | STORE Master Funding I LLC, Series 2015-1A, Class A1, | ||
3.75%, 4/20/45 (144A) | 2,589,523 | ||
2,200,000(c) | Symphony CLO XXII, Ltd., Series 2020-22A, Class C, 0.0% | ||
(3 Month USD LIBOR + 215 bps), 4/18/33 (144A) | 1,803,670 | ||
6,600,000(c) | Symphony CLO XXII, Ltd., Series 2020-22A, Class D, 0.0% | ||
(3 Month USD LIBOR + 315 bps), 4/18/33 (144A) | 4,533,830 | ||
986,000 | Tidewater Auto Receivables Trust, Series 2018-AA, | ||
Class E, 5.48%, 10/15/26 (144A) | 790,993 | ||
11,300,000(d) | Towd Point Mortgage Trust, Series 2015-2, Class 1B3, | ||
3.757%, 11/25/60 (144A) | 9,303,812 | ||
3,700,000(d) | Towd Point Mortgage Trust, Series 2015-5, Class M1, | ||
3.5%, 5/25/55 (144A) | 3,533,720 | ||
13,841,000(d) | Towd Point Mortgage Trust, Series 2015-6, Class B1, | ||
4.022%, 4/25/55 (144A) | 12,380,146 | ||
5,320,000(d) | Towd Point Mortgage Trust, Series 2015-6, Class M2, | ||
3.75%, 4/25/55 (144A) | 4,923,005 | ||
8,500,000(d) | Towd Point Mortgage Trust, Series 2016-1, Class B1, | ||
4.209%, 2/25/55 (144A) | 7,994,331 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 25
Schedule of Investments | 3/31/20 (unaudited) (continued)
Principal | |||
Amount | |||
USD ($) | Value | ||
ASSET BACKED SECURITIES — (continued) | |||
8,105,000(d) | Towd Point Mortgage Trust, Series 2016-2, Class B2, | ||
3.556%, 8/25/55 (144A) | $ 7,222,531 | ||
9,113,000(d) | Towd Point Mortgage Trust, Series 2016-3, Class B1, | ||
4.13%, 4/25/56 (144A) | 8,588,916 | ||
7,695,000(d) | Towd Point Mortgage Trust, Series 2016-4, Class B1, | ||
3.992%, 7/25/56 (144A) | 7,089,281 | ||
4,750,000(d) | Towd Point Mortgage Trust, Series 2016-5, Class M2, | ||
3.375%, 10/25/56 (144A) | 4,246,739 | ||
9,202,000(d) | Towd Point Mortgage Trust, Series 2017-1, Class B2, | ||
3.944%, 10/25/56 (144A) | 7,902,934 | ||
9,175,000(d) | Towd Point Mortgage Trust, Series 2017-2, Class B2, | ||
4.189%, 4/25/57 (144A) | 8,171,141 | ||
11,637,000(d) | Towd Point Mortgage Trust, Series 2017-2, Class M2, | ||
3.75%, 4/25/57 (144A) | 10,658,018 | ||
11,880,000(d) | Towd Point Mortgage Trust, Series 2017-3, Class M2, | ||
3.75%, 7/25/57 (144A) | 10,346,140 | ||
11,800,000(d) | Towd Point Mortgage Trust, Series 2017-4, Class B1, | ||
3.606%, 6/25/57 (144A) | 10,572,468 | ||
20,235,000(d) | Towd Point Mortgage Trust, Series 2017-6, Class M1, | ||
3.25%, 10/25/57 (144A) | 18,426,558 | ||
8,925,000(d) | Towd Point Mortgage Trust, Series 2017-6, Class M2, | ||
3.25%, 10/25/57 (144A) | 7,943,227 | ||
4,750,000(d) | Towd Point Mortgage Trust, Series 2018-1, Class B1, | ||
3.952%, 1/25/58 (144A) | 4,187,232 | ||
10,000,000(d) | Towd Point Mortgage Trust, Series 2018-3, Class M2, | ||
3.875%, 5/25/58 (144A) | 7,630,772 | ||
2,500,000(d) | Towd Point Mortgage Trust, Series 2018-5, Class M1, | ||
3.25%, 7/25/58 (144A) | 1,999,944 | ||
20,000,000(d) | Towd Point Mortgage Trust, Series 2019-2, Class A2, | ||
3.75%, 12/25/58 (144A) | 18,136,250 | ||
9,000,000(d) | Towd Point Mortgage Trust, Series 2019-3, Class M1, | ||
4.25%, 2/25/59 (144A) | 8,071,880 | ||
2,400,000(c) | Trafigura Securitisation Finance Plc, Series 2017-1A, | ||
Class B, 2.405% (1 Month USD LIBOR + | |||
170 bps), 12/15/20 (144A) | 2,385,312 | ||
1,500,000 | Tricon American Homes Trust, Series 2017-SFR2, Class D, | ||
3.672%, 1/17/36 (144A) | 1,397,948 | ||
2,580,000 | Tricon American Homes Trust, Series 2017-SFR2, Class E, | ||
4.216%, 1/17/36 (144A) | 2,271,574 | ||
2,400,000 | United Auto Credit Securitization Trust, Series 2018-2, | ||
Class F, 6.82%, 6/10/25 (144A) | 2,193,822 | ||
4,250,000 | United Auto Credit Securitization Trust, Series 2019-1, | ||
Class F, 6.05%, 1/12/26 (144A) | 2,954,120 | ||
2,200,000 | US Auto Funding LLC, Series 2019-1A, Class D, 8.06%, | ||
11/15/25 (144A) | 1,959,048 |
The accompanying notes are an integral part of these financial statements. |
26 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Principal | |||
Amount | |||
USD ($) | Value | ||
ASSET BACKED SECURITIES — (continued) | |||
4,975,000(c) | Westcott Park CLO, Ltd., Series 2016-1A, Class ER, | ||
8.219% (3 Month USD LIBOR + 640 bps), 7/20/28 | |||
(144A) | $ 3,188,497 | ||
1,275,645 | Westgate Resorts LLC, Series 2016-1A, Class B, 4.5%, | ||
12/20/28 (144A) | 1,271,082 | ||
4,733,803 | Westgate Resorts LLC, Series 2018-1A, Class C, 4.1%, | ||
12/20/31 (144A) | 4,702,910 | ||
3,850,000 | Westlake Automobile Receivables Trust, Series 2018-3A, | ||
Class E, 4.9%, 12/15/23 (144A) | 3,830,106 | ||
2,406,503 | WRG Debt Funding II LLC, Series 2017-1, Class A, | ||
4.458%, 3/15/26 (144A) | 2,385,908 | ||
2,718,330+ | WRG Debt Funding II LLC, Series 2017-1, Class B, | ||
5.926%, 3/15/26 (144A) | 2,715,218 | ||
TOTAL ASSET BACKED SECURITIES | |||
(Cost $588,503,730) | $ 501,022,486 | ||
COLLATERALIZED MORTGAGE OBLIGATIONS — | |||
15.4% of Net Assets | |||
2,500,000 | American Homes 4 Rent Trust, Series 2014-SFR2, | ||
Class D, 5.149%, 10/17/36 (144A) | $ 2,430,410 | ||
5,000,000 | American Homes 4 Rent Trust, Series 2014-SFR3, | ||
Class C, 4.596%, 12/17/36 (144A) | 4,646,456 | ||
4,100,000 | American Homes 4 Rent Trust, Series 2014-SFR3, | ||
Class D, 5.04%, 12/17/36 (144A) | 3,729,082 | ||
2,950,000 | American Homes 4 Rent Trust, Series 2015-SFR1, | ||
Class C, 4.11%, 4/17/52 (144A) | 2,837,105 | ||
4,629,000(d) | Angel Oak Mortgage Trust I LLC, Series 2019-1, Class B1, | ||
5.4%, 11/25/48 (144A) | 4,342,314 | ||
4,460,000(d) | Angel Oak Mortgage Trust I LLC, Series 2019-2, Class B1, | ||
5.016%, 3/25/49 (144A) | 4,176,807 | ||
1,054,000(d) | B2R Mortgage Trust, Series 2015-1, Class D, 4.831%, | ||
5/15/48 (144A) | 946,334 | ||
7,050,000(d) | Bayview Opportunity Master Fund IVa Trust, | ||
Series 2017-RT5, Class B1, 4.0%, 5/28/69 (144A) | 7,005,573 | ||
4,670,000(d) | Bayview Opportunity Master Fund IVa Trust, | ||
Series 2017-SPL5, Class B1, 4.0%, 6/28/57 (144A) | 4,413,319 | ||
2,950,000(d) | Bayview Opportunity Master Fund IVa Trust, | ||
Series 2017-SPL5, Class B2, 4.5%, 6/28/57 (144A) | 2,817,434 | ||
4,527,057(d) | Bayview Opportunity Master Fund IVb Trust, | ||
Series 2017-SPL2, Class A, 4.0%, 6/28/54 (144A) | 4,464,683 | ||
4,400,000(d) | Bayview Opportunity Master Fund IVb Trust, | ||
Series 2017-SPL3, Class B1, 4.25%, 11/28/53 (144A) | 4,329,510 | ||
2,120,000(c) | Bellemeade Re, Ltd., Series 2019-1A, Class B1, 4.947% | ||
(1 Month USD LIBOR + 400 bps), 3/25/29 (144A) | 1,428,400 | ||
3,550,000(c) | Bellemeade Re, Ltd., Series 2019-1A, Class M2, 3.647% | ||
(1 Month USD LIBOR + 270 bps), 3/25/29 (144A) | 2,774,850 |
The accompanying notes are an integral part of these financial statements. | ||
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 27 |
Schedule of Investments | 3/31/20 (unaudited) (continued)
Principal | ||||
Amount | ||||
USD ($) | Value | |||
COLLATERALIZED MORTGAGE OBLIGATIONS — | ||||
(continued) | ||||
3,910,000(c) | Bellemeade Re, Ltd., Series 2019-2A, Class B1, 5.047% | |||
(1 Month USD LIBOR + 410 bps), 4/25/29 (144A) | $ 2,625,557 | |||
5,350,000(c) | Bellemeade Re, Ltd., Series 2019-2A, Class M2, 4.047% | |||
(1 Month USD LIBOR + 310 bps), 4/25/29 (144A) | 4,312,202 | |||
2,935,673(d) | Cascade Funding Mortgage Trust, Series 2019-RM3, | |||
Class C, 4.0%, 6/25/69 (144A) | 2,126,766 | |||
7,551,553(d) | Chase Home Lending Mortgage Trust, Series 2019-1, | |||
Class B1, 3.967%, 3/25/50 (144A) | 6,519,344 | |||
8,510,701(c) | Chase Mortgage Reference Notes, Series 2019-CL1, | |||
Class M1, 2.297% (1 Month USD LIBOR + | ||||
135 bps), 4/25/47 (144A) | 7,692,579 | |||
6,720,000(d) | CIM Trust, Series 2017-7, Class M2, 4.0%, | |||
4/25/57 (144A) | 6,477,632 | |||
14,800,000(d) | Citigroup Mortgage Loan Trust, Inc., Series 2018-RP1, | |||
Class M1, 3.0%, 9/25/64 (144A) | 12,426,711 | |||
6,700,000(d) | Citigroup Mortgage Loan Trust, Inc., Series 2018-RP3, | |||
Class M1, 3.25%, 3/25/61 (144A) | 5,936,571 | |||
3,500,000(d) | Citigroup Mortgage Loan Trust, Inc., Series 2019-RP1, | |||
Class M2, 4.0%, 1/25/66 (144A) | 3,002,566 | |||
CAD | 5,696,632 | Classic RMBS Trust, Series 2019-1A, Class A, 3.064%, | ||
8/16/49 (144A) | 4,047,309 | |||
245,051 | Colony American Finance, Ltd., Series 2015-1, Class A, | |||
2.896%, 10/15/47 (144A) | 244,539 | |||
4,000,000(e) | Colony American Finance, Ltd., Series 2016-1, Class D, | |||
5.972%, 6/15/48 (144A) | 3,818,820 | |||
4,100,000(c) | Connecticut Avenue Securities Trust, Series 2019-HRP1, | |||
Class B1, 10.911% (1 Month USD LIBOR + | ||||
925 bps), 11/25/39 (144A) | 2,648,153 | |||
11,689,996(c) | Connecticut Avenue Securities Trust, Series 2019-R01, | |||
Class 2M2, 3.397% (1 Month USD LIBOR + | ||||
245 bps), 7/25/31 (144A) | 9,687,786 | |||
6,600,000(c) | Connecticut Avenue Securities Trust, Series 2019-R02, | |||
Class 1B1, 5.097% (1 Month USD LIBOR + | ||||
415 bps), 8/25/31 (144A) | 3,024,571 | |||
1,568,532(c) | Connecticut Avenue Securities Trust, Series 2019-R02, | |||
Class 1M2, 3.247% (1 Month USD LIBOR + | ||||
230 bps), 8/25/31 (144A) | 1,298,045 | |||
4,240,000(c) | Connecticut Avenue Securities Trust, Series 2019-R03, | |||
Class 1B1, 5.047% (1 Month USD LIBOR + | ||||
410 bps), 9/25/31 (144A) | 1,911,998 | |||
3,779,684(c) | Connecticut Avenue Securities Trust, Series 2019-R03, | |||
Class 1M2, 3.097% (1 Month USD LIBOR + | ||||
215 bps), 9/25/31 (144A) | 3,094,498 |
The accompanying notes are an integral part of these financial statements.
28 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Principal | ||||
Amount | ||||
USD ($) | Value | |||
COLLATERALIZED MORTGAGE OBLIGATIONS — | ||||
(continued) | ||||
3,580,000(c) | Connecticut Avenue Securities Trust, Series 2019-R04, | |||
Class 2B1, 6.197% (1 Month USD LIBOR + | ||||
525 bps), 6/25/39 (144A) | $ 2,097,027 | |||
5,025,000(c) | Connecticut Avenue Securities Trust, Series 2019-R05, | |||
Class 1B1, 5.047% (1 Month USD LIBOR + | ||||
410 bps), 7/25/39 (144A) | 2,682,086 | |||
7,180,000(c) | Connecticut Avenue Securities Trust, Series 2019-R06, | |||
Class 2B1, 4.697% (1 Month USD LIBOR + | ||||
375 bps), 9/25/39 (144A) | 3,694,302 | |||
8,540,000(c) | Connecticut Avenue Securities Trust, Series 2019-R06, | |||
Class 2M2, 3.047% (1 Month USD LIBOR + | ||||
210 bps), 9/25/39 (144A) | 6,602,546 | |||
10,080,000(c) | Connecticut Avenue Securities Trust, Series 2019-R07, | |||
Class 1M2, 3.047% (1 Month USD LIBOR + | ||||
210 bps), 10/25/39 (144A) | 8,121,792 | |||
3,920,000(c) | Connecticut Avenue Securities Trust, Series 2020-SBT1, | |||
Class 1M2, 4.513% (1 Month USD LIBOR + | ||||
365 bps), 2/25/40 (144A) | 2,617,207 | |||
4,940,000(c) | Connecticut Avenue Securities Trust, Series 2020-SBT1, | |||
Class 2M2, 4.513% (1 Month USD LIBOR + | ||||
365 bps), 2/25/40 (144A) | 3,298,215 | |||
971,008(d) | CSFB Mortgage-Backed Pass-Through Certificates, Series | |||
2003-17, Class B1, 5.5%, 6/25/33 | 444,279 | |||
2,660,836(d) | CSMC Trust, Series 2013-7, Class B4, 3.573%, | |||
8/25/43 (144A) | 2,459,933 | |||
2,495,659(d) | CSMC Trust, Series 2013-IVR4, Class B4, 3.483%, | |||
7/25/43 (144A) | 2,309,632 | |||
1,464,630(d) | CSMC Trust, Series 2013-TH1, Class B4, 3.627%, | |||
2/25/43 (144A) | 1,381,489 | |||
2,410,409(d) | CSMC Trust, Series 2014-IVR2, Class B4, 3.76%, | |||
4/25/44 (144A) | 2,247,900 | |||
793,099(d) | CSMC Trust, Series 2015-1, Class B4, 3.938%, | |||
1/25/45 (144A) | 739,693 | |||
1,984,849(d) | CSMC Trust, Series 2015-3, Class B4, 3.93%, 3/25/45 | |||
(144A) | 1,746,020 | |||
8,704,534(d) | CSMC Trust, Series 2018-J1, Class B3, 3.667%, | |||
2/25/48 (144A) | 7,697,604 | |||
2,479,135(d) | CSMLT Trust, Series 2015-2, Class B4, 3.892%, | |||
8/25/45 (144A) | 2,205,757 | |||
609,243(d) | Deephaven Residential Mortgage Trust, Series 2018-1A, | |||
Class A2, 3.027%, 12/25/57 (144A) | 601,958 | |||
11,200,000(c) | Eagle Re, Ltd., Series 2019-1, Class B1, 5.447% (1 Month | |||
USD LIBOR + 450 bps), 4/25/29 (144A) | 10,169,958 | |||
2,450,376(d) | EverBank Mortgage Loan Trust, Series 2013-1, Class B4, | |||
3.51%, 3/25/43 (144A) | 2,057,802 |
The accompanying notes are an integral part of these financial statements. |
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 29
Schedule of Investments | 3/31/20 (unaudited) (continued)
Principal | |||
Amount | |||
USD ($) | Value | ||
COLLATERALIZED MORTGAGE OBLIGATIONS — | |||
(continued) | |||
2,296,119(c) | Fannie Mae Connecticut Avenue Securities, | ||
Series 2018-C06, Class 1M2, 2.947% (1 Month | |||
USD LIBOR + 200 bps), 3/25/31 | $ 2,019,988 | ||
17,874,757(c)(f) | Federal Home Loan Mortgage Corp. REMICs, | ||
Series 4087, Class SB, 5.325% (1 Month USD LIBOR + | |||
603 bps), 7/15/42 | 3,715,665 | ||
10,105,679(c)(f) | Federal Home Loan Mortgage Corp. REMICs, Series 4091, | ||
Class SH, 5.845% (1 Month USD LIBOR + | |||
655 bps), 8/15/42 | 2,100,401 | ||
753,335 | Federal National Mortgage Association REMICs, Series | ||
2009-36, Class HX, 4.5%, 6/25/29 | 803,635 | ||
8,489,328(c)(f) | Federal National Mortgage Association REMICs, Series | ||
2012-14, Class SP, 5.603% (1 Month USD LIBOR | |||
+ 655 bps), 8/25/41 | 1,107,717 | ||
9,804,536(c)(f) | Federal National Mortgage Association REMICs, Series | ||
2018-43, Class SM, 5.253% (1 Month USD LIBOR | |||
+ 620 bps), 6/25/48 | 1,439,570 | ||
12,642,982(c)(f) | Federal National Mortgage Association REMICS, Series | ||
2019-33, Class S, 5.103% (1 Month USD LIBOR + | |||
605 bps), 7/25/49 | 1,547,534 | ||
9,117,344(c)(f) | Federal National Mortgage Association REMICS, Series | ||
2019-41, Class PS, 5.103% (1 Month USD LIBOR | |||
+ 605 bps), 8/25/49 | 1,096,247 | ||
8,918,300(c)(f) | Federal National Mortgage Association REMICS, Series | ||
2019-41, Class SM, 5.103% (1 Month USD LIBOR | |||
+ 605 bps), 8/25/49 | 1,188,591 | ||
9,209,465 | Finance of America Structured Securities Trust, Series | ||
2018-A, Class JR2, 1.646%, 12/26/68 | 9,441,051 | ||
10,980,286 | Finance of America Structured Securities Trust, Series | ||
2019-JR2, Class JR2, 2.0%, 6/25/69 (144A) | 11,214,999 | ||
11,385,058 | Finance of America Structured Securities Trust, Series | ||
2019-JR4, Class JR2, 2.0%, 11/25/69 | 11,106,683 | ||
1,819,628(d) | FirstKey Mortgage Trust, Series 2014-1, Class B4, | ||
4.014%, 11/25/44 (144A) | 1,986,503 | ||
5,522,430(d) | Flagstar Mortgage Trust, Series 2018-3INV, Class B2, | ||
4.505%, 5/25/48 (144A) | 4,783,944 | ||
4,918,057(d) | Flagstar Mortgage Trust, Series 2020-1INV, Class A3, | ||
3.0%, 3/25/50 (144A) | 4,867,828 | ||
1,500,000(c) | Freddie Mac Stacr, Series 2019-HQA3, Class B1, | ||
3.947% (1 Month USD LIBOR + 300 bps), | |||
9/25/49 (144A) | 575,272 | ||
3,900,000(c) | Freddie Mac Stacr Remic Trust, Series 2020-DNA2, | ||
Class B1, 3.447% (1 Month USD LIBOR + | |||
250 bps), 2/25/50 (144A) | 1,318,554 | ||
6,060,000(c) | Freddie Mac Stacr Remic Trust, Series 2020-HQA2, | ||
Class M2, 3.911% (1 Month USD LIBOR + | |||
310 bps), 3/25/50 (144A) | 3,899,509 |
The accompanying notes are an integral part of these financial statements. |
30 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Principal | ||||
Amount | ||||
USD ($) | Value | |||
COLLATERALIZED MORTGAGE OBLIGATIONS — | ||||
(continued) | ||||
6,800,000(c) | Freddie Mac Stacr Trust, Series 2018-HQA2, Class M2, | |||
3.247% (1 Month USD LIBOR + 230 bps), 10/25/48 | ||||
(144A) | $ 5,543,406 | |||
8,080,000(c) | Freddie Mac Stacr Trust, Series 2019-DNA2, Class B2, | |||
11.447% (1 Month USD LIBOR + | ||||
1,050 bps), 3/25/49 (144A) | 4,621,322 | |||
3,000,000(c) | Freddie Mac Stacr Trust, Series 2019-HQA1, Class B1, | |||
5.347% (1 Month USD LIBOR + 440 bps), 2/25/49 | ||||
(144A) | 1,354,327 | |||
6,700,000(c) | Freddie Mac Stacr Trust, Series 2019-HQA1, Class B2, | |||
13.197% (1 Month USD LIBOR + | ||||
1,225 bps), 2/25/49 (144A) | 3,829,079 | |||
7,584,417(c) | Freddie Mac Stacr Trust, Series 2019-HQA1, Class M2, | |||
3.297% (1 Month USD LIBOR + 235 bps), 2/25/49 | ||||
(144A) | 6,402,523 | |||
3,740,000(c) | Freddie Mac Stacr Trust, Series 2019-HQA2, Class B1, | |||
5.047% (1 Month USD LIBOR + 410 bps), 4/25/49 | ||||
(144A) | 1,616,709 | |||
2,880,000(c) | Freddie Mac Stacr Trust, Series 2019-HQA2, Class B2, | |||
12.197% (1 Month USD LIBOR + | ||||
1,125 bps), 4/25/49 (144A) | 1,713,126 | |||
2,050,000(c) | Freddie Mac Stacr Trust, Series 2019-HQA2, Class M2, | |||
2.997% (1 Month USD LIBOR + 205 bps), 4/25/49 | ||||
(144A) | 1,700,968 | |||
5,510,000(c) | Freddie Mac Stacr Trust, Series 2019-HRP1, Class B1, | |||
4.997% (1 Month USD LIBOR + 405 bps), 2/25/49 | ||||
(144A) | 2,385,907 | |||
949,143(c) | Freddie Mac Structured Agency Credit Risk Debt Notes, | |||
Series 2016-DNA4, Class M2, 2.247% (1 Month USD | ||||
LIBOR + 130 bps), 3/25/29 | 935,749 | |||
171,915 | Global Mortgage Securitization, Ltd., Series 2004-A, | |||
Class B2, 5.25%, 11/25/32 (144A) | 8,591 | |||
603,203 | Global Mortgage Securitization, Ltd., Series 2005-A, | |||
Class B2, 5.25%, 4/25/32 (144A) | 446,648 | |||
2,881,109 | Government National Mortgage Association, | |||
Series 2009-83, Class EB, 4.5%, 9/20/39 | 3,241,698 | |||
1,759,538 | Government National Mortgage Association, | |||
Series 2012-130, Class PA, 3.0%, 4/20/41 | 1,801,605 | |||
20,206,903(c)(f) | Government National Mortgage Association, | |||
Series 2019-90, Class SA, 2.527% (1 Month | ||||
USD LIBOR + 330 bps), 7/20/49 | 1,841,310 | |||
55,711,564(f) | Government National Mortgage Association, | |||
Series 2019-110, Class PI, 3.5%, 9/20/49 | 4,004,904 | |||
41,397,068(c)(f) | Government National Mortgage Association, | |||
Series 2019-117, Class SB, 2.647% (1 Month | ||||
USD LIBOR + 342 bps), 9/20/49 | 3,739,153 |
The accompanying notes are an integral part of these financial statements. |
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 31 |
Schedule of Investments | 3/31/20 (unaudited) (continued)
Principal | |||
Amount | |||
USD ($) | Value | ||
COLLATERALIZED MORTGAGE OBLIGATIONS — | |||
(continued) | |||
41,574,177(c)(f) | Government National Mortgage Association, | ||
Series 2019-121, Class SA, 2.577% (1 Month | |||
USD LIBOR + 335 bps), 10/20/49 | $ 4,183,630 | ||
61,113,433(f) | Government National Mortgage Association, | ||
Series 2019-128, Class IB, 3.5%, 10/20/49 | 6,885,107 | ||
132,251,010(f) | Government National Mortgage Association, | ||
Series 2019-128, Class ID, 3.5%, 10/20/49 | 13,445,444 | ||
33,541,374(f) | Government National Mortgage Association, Series | ||
2019-159, Class CI, 3.5%, 12/20/49 | 2,941,082 | ||
29,607,807(c)(f) | Government National Mortgage Association, Series | ||
2020-9, Class SA, 2.577% (1 Month USD LIBOR + | |||
335 bps), 1/20/50 | 2,965,746 | ||
4,478,030(d) | GS Mortgage-Backed Securities Corp. Trust, Series | ||
2019-PJ1, Class B2, 4.333%, 8/25/49 (144A) | 4,464,086 | ||
5,470,265(d) | GS Mortgage-Backed Securities Corp. Trust, Series | ||
2020-PJ2, Class A4, 3.5%, 7/25/50 (144A) | 5,478,217 | ||
6,638,888 | GS Mortgage-Backed Securities Trust, Series 2018-RPL1, | ||
Class A1A, 3.75%, 10/25/57 (144A) | 6,746,250 | ||
4,300,000(d) | GS Mortgage-Backed Securities Trust, Series 2019-SL1, | ||
Class A2, 2.875%, 1/25/59 (144A) | 3,837,526 | ||
8,500,000(d) | GS Mortgage-Backed Securities Trust, Series 2019-SL1, | ||
Class M1, 3.125%, 1/25/59 (144A) | 7,757,389 | ||
2,526,534(d) | GS Mortgage-Backed Securities Trust, Series 2020-PJ1, | ||
Class B1, 3.694%, 5/25/50 (144A) | 1,838,452 | ||
2,989,981(d) | GS Mortgage-Backed Securities Trust, Series 2020-PJ1, | ||
Class B2, 3.694%, 5/25/50 (144A) | 2,151,001 | ||
1,700,000(c) | Home Partners of America Trust, Series 2017-1, Class E, | ||
3.45% (1 Month USD LIBOR + 265 bps), 7/17/34 | |||
(144A) | 1,461,934 | ||
1,390,314(c) | Home Partners of America Trust, Series 2018-1, Class A, | ||
1.7% (1 Month USD LIBOR + 90 bps), 7/17/37 | |||
(144A) | 1,267,026 | ||
3,170,325(d) | JP Morgan Mortgage Trust, Series 2014-1, Class B4, | ||
3.726%, 1/25/44 (144A) | 2,934,492 | ||
8,568,398(d) | JP Morgan Mortgage Trust, Series 2018-LTV1, Class A3, | ||
4.5%, 4/25/49 (144A) | 8,699,563 | ||
7,181,256(d) | JP Morgan Mortgage Trust, Series 2019-1, Class B1, | ||
4.515%, 5/25/49 (144A) | 6,745,269 | ||
11,709,677(d) | JP Morgan Mortgage Trust, Series 2019-9, Class B2A, | ||
3.543%, 5/25/50 (144A) | 9,013,515 | ||
11,567,366(d) | JP Morgan Mortgage Trust, Series 2019-INV2, Class A3, | ||
3.5%, 2/25/50 (144A) | 11,720,250 | ||
7,621,511(d) | JP Morgan Mortgage Trust, Series 2019-INV3, Class A3, | ||
3.5%, 5/25/50 (144A) | 7,551,497 |
The accompanying notes are an integral part of these financial statements.
32 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Principal | |||
Amount | |||
USD ($) | Value | ||
COLLATERALIZED MORTGAGE OBLIGATIONS — | |||
(continued) | |||
9,019,598(d) | JP Morgan Mortgage Trust, Series 2019-LTV1, Class A3, | ||
4.0%, 6/25/49 (144A) | $ 9,178,547 | ||
3,946,000(d) | JP Morgan Mortgage Trust, Series 2019-LTV2, Class A3, | ||
3.5%, 12/25/49 (144A) | 3,976,449 | ||
3,457,448(d) | JP Morgan Mortgage Trust, Series 2019-LTV2, Class A15, | ||
3.5%, 12/25/49 (144A) | 3,407,222 | ||
4,332,716(d) | JP Morgan Mortgage Trust, Series 2019-LTV3, Class A15, | ||
3.5%, 3/25/50 (144A) | 4,338,673 | ||
7,740,161(d) | JP Morgan Mortgage Trust, Series 2019-LTV3, Class B2, | ||
4.571%, 3/25/50 (144A) | 7,364,497 | ||
6,454,852(d) | JP Morgan Mortgage Trust, Series 2020-2, Class A15, | ||
3.5%, 7/25/50 (144A) | 6,496,769 | ||
4,128,655(d) | JP Morgan Mortgage Trust, Series 2020-INV1, Class A15, | ||
3.5%, 8/25/50 (144A) | 4,258,427 | ||
1,465,751 | La Hipotecaria El Salvadorian Mortgage Trust, Series | ||
2016-1A, Class A, 3.358%, 1/15/46 (144A) | 1,573,850 | ||
2,563,756 | La Hipotecaria Mortgage Trust, Series 2019-2A, | ||
Class BBB, 4.75%, 9/29/46 (144A) | 2,589,393 | ||
563,239(c) | La Hipotecaria Panamanian Mortgage Trust, Series | ||
2010-1GA, Class A, 2.75% (Panamanian Mortgage | |||
Reference Rate + 300 bps), 9/8/39 (144A) | 575,208 | ||
7,840,000(d) | Mill City Mortgage Loan Trust, Series 2017-2, Class M1, | ||
3.25%, 7/25/59 (144A) | 7,460,477 | ||
7,142,844(d) | Mill City Mortgage Loan Trust, Series 2019-1, Class M1, | ||
3.5%, 10/25/69 (144A) | 6,338,485 | ||
17,798,218(d) | Mill City Mortgage Loan Trust, Series 2019-1, Class M3, | ||
3.5%, 10/25/69 (144A) | 14,084,084 | ||
1,900,000(d) | Mill City Mortgage Loan Trust, Series 2019-GS1, | ||
Class M1, 3.0%, 7/25/59 (144A) | 1,607,926 | ||
6,145,000(d) | Mill City Mortgage Loan Trust, Series 2019-GS1, | ||
Class M3, 3.25%, 7/25/59 (144A) | 4,608,750 | ||
8,000,000(d) | New Residential Mortgage Loan Trust, Series 2018-RPL1, | ||
Class M2, 3.5%, 12/25/57 (144A) | 6,766,812 | ||
6,235,636(d) | New Residential Mortgage Loan Trust, Series 2019-RPL2, | ||
Class A1, 3.25%, 2/25/59 (144A) | 6,298,487 | ||
8,400,000(d) | New Residential Mortgage Loan Trust, Series 2019-RPL2, | ||
Class M2, 3.75%, 2/25/59 (144A) | 6,959,837 | ||
10,400,000(d) | New Residential Mortgage Loan Trust, Series 2019-RPL3, | ||
Class M1, 3.25%, 7/25/59 (144A) | 8,895,337 | ||
1,000,000(c) | Oaktown Re II, Ltd., Series 2018-1A, Class B1, 4.997% | ||
(1 Month USD LIBOR + 405 bps), 7/25/28 (144A) | 656,904 | ||
4,070,000(c) | Oaktown Re II, Ltd., Series 2018-1A, Class M2, 3.797% | ||
(1 Month USD LIBOR + 285 bps), 7/25/28 (144A) | 3,751,029 | ||
700,000 | Progress Residential Trust, Series 2017-SFR1, Class C, | ||
3.316%, 8/17/34 (144A) | 676,019 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 33
Schedule of Investments | 3/31/20 (unaudited) (continued)
Principal | ||||
Amount | ||||
USD ($) | Value | |||
COLLATERALIZED MORTGAGE OBLIGATIONS — | ||||
(continued) | ||||
2,600,000 | Progress Residential Trust, Series 2017-SFR1, Class E, | |||
4.261%, 8/17/34 (144A) | $ 2,435,484 | |||
3,244,297(d) | Provident Funding Mortgage Trust , Series 2020-1, | |||
Class B1, 3.341%, 2/25/50 (144A) | 2,726,108 | |||
3,470,000(c) | Radnor Re, Ltd., Series 2019-1, Class B1, 5.397% | |||
(1 Month USD LIBOR + 445 bps), 2/25/29 (144A) | 2,321,175 | |||
3,073 | RALI Trust, Series 2003-QS14, Class A1, 5.0%, 7/25/18 | 2,996 | ||
1,700,000(d) | RMF Buyout Issuance Trust, Series 2019-1, Class M4, | |||
4.23%, 7/25/29 (144A) | 1,526,821 | |||
1,500,000(d) | RMF Buyout Issuance Trust, Series 2019-1, Class M5, | |||
6.0%, 7/25/29 (144A) | 1,221,705 | |||
1,185,000(d) | RMF Buyout Issuance Trust, Series 2020-1, Class M5, | |||
6.0%, 2/25/30 (144A) | 938,615 | |||
4,250,679(d) | Sequoia Mortgage Trust, Series 2013-2, Class B4, 3.643%, | |||
2/25/43 | 4,001,710 | |||
2,038,723(d) | Sequoia Mortgage Trust, Series 2013-6, Class B3, 3.521%, | |||
5/25/43 | 1,926,483 | |||
1,604,550(d) | Sequoia Mortgage Trust, Series 2013-6, Class B4, 3.521%, | |||
5/25/43 | 1,407,029 | |||
1,600,125(d) | Sequoia Mortgage Trust, Series 2018-CH3, Class A1, 4.5%, | |||
8/25/48 (144A) | 1,620,607 | |||
3,253,010(d) | Sequoia Mortgage Trust, Series 2018-CH3, Class B2B, | |||
4.861%, 8/25/48 (144A) | 3,282,132 | |||
6,810,490(d) | Sequoia Mortgage Trust, Series 2018-CH4, Class B1B, | |||
4.963%, 10/25/48 (144A) | 6,894,765 | |||
3,541,885(c) | STACR Trust, Series 2018-DNA3, Class B1, 4.847% | |||
(1 Month USD LIBOR + 390 bps), 9/25/48 (144A) | 1,569,402 | |||
3,550,000(c) | STACR Trust, Series 2018-HRP2, Class B1, 5.147% | |||
(1 Month USD LIBOR + 420 bps), 2/25/47 (144A) | 1,656,658 | |||
9,017,000(d) | Towd Point Mortgage Trust, Series 2015-3, Class M2, | |||
4.0%, 3/25/54 (144A) | 8,644,253 | |||
9,375,000(d) | Towd Point Mortgage Trust, Series 2015-6, Class M1, | |||
3.75%, 4/25/55 (144A) | 8,935,627 | |||
7,350,000(d) | Towd Point Mortgage Trust, Series 2016-1, Class M1, | |||
3.5%, 2/25/55 (144A) | 6,973,273 | |||
8,200,000(d) | Towd Point Mortgage Trust, Series 2017-1, Class A2, | |||
3.5%, 10/25/56 (144A) | 7,738,030 | |||
15,100,000(d) | Towd Point Mortgage Trust, Series 2019-4, Class M1, | |||
3.5%, 10/25/59 (144A) | 11,973,987 | |||
800,000(d) | Visio Trust, Series 2019-2, Class B1, 3.91%, 11/25/54 | |||
(144A) | 637,221 | |||
1,766,819(d) | WinWater Mortgage Loan Trust, Series 2015-2, Class B4, | |||
3.914%, 2/20/45 (144A) | 1,611,428 |
The accompanying notes are an integral part of these financial statements.
34 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Principal | ||||
Amount | ||||
USD ($) | Value | |||
COLLATERALIZED MORTGAGE OBLIGATIONS — | ||||
(continued) | ||||
1,113,032(d) | WinWater Mortgage Loan Trust, Series 2015-3, Class B4, | |||
3.895%, 3/20/45 (144A) | $ 1,032,353 | |||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | ||||
(Cost $718,254,839) | $ 608,842,360 | |||
COMMERCIAL MORTGAGE-BACKED | ||||
SECURITIES — 5.0% of Net Assets | ||||
9,097,980(e)(f) | Bayview Commercial Asset Trust, Series 2007-2A, | |||
Class IO, 0.0%, 7/25/37 (144A) | $ 1 | |||
1,597,000 | BBCMS Mortgage Trust, Series 2020-C6, Class D, 2.4%, | |||
2/15/53 (144A) | 868,462 | |||
4,500,000 | Benchmark Mortgage Trust, Series 2018-B5, Class A3, | |||
3.944%, 7/15/51 | 4,935,233 | |||
5,000,000(c) | BTH-13 Mortgage Backed Securities Trust, Series 2018-13, | |||
Class A, 4.081% (1 Month USD LIBOR + | ||||
250 bps), 8/18/21 (144A) | 4,985,188 | |||
4,100,000(d) | CCRESG Commercial Mortgage Trust, Series 2016-HEAT, | |||
Class E, 5.488%, 4/10/29 (144A) | 3,927,905 | |||
3,810,000 | CD Mortgage Trust, Series 2018-CD7, Class A3, 4.013%, | |||
8/15/51 | 4,220,176 | |||
4,250,000 | CFCRE Commercial Mortgage Trust, Series 2016-C3, | |||
Class A2, 3.597%, 1/10/48 | 4,406,074 | |||
2,500,000 | CFCRE Commercial Mortgage Trust, Series 2018-TAN, | |||
Class D, 6.099%, 2/15/33 (144A) | 2,282,461 | |||
9,608,538(c) | CHC Commercial Mortgage Trust, Series 2019-CHC, Class E, | |||
3.055% (1 Month USD LIBOR + 235 bps), 6/15/34 | ||||
(144A) | 9,306,007 | |||
3,500,000 | Citigroup Commercial Mortgage Trust, Series 2018-B2, | |||
Class A3, 3.744%, 3/10/51 | 3,810,182 | |||
3,755,000(c) | CLNY Trust, Series 2019-IKPR, Class E, 3.426% (1 Month | |||
USD LIBOR + 272 bps), 11/15/38 (144A) | 2,545,838 | |||
3,421,622 | COMM Mortgage Trust, Series 2012-CR4, Class AM, 3.251%, | |||
10/15/45 | 3,417,403 | |||
2,531,000(d) | COMM Mortgage Trust, Series 2013-CR11, Class C, 5.124%, | |||
8/10/50 (144A) | 2,325,681 | |||
1,750,000(d) | COMM Mortgage Trust, Series 2014-CR16, Class C, 4.928%, | |||
4/10/47 | 1,575,154 | |||
2,484,000(d) | COMM Mortgage Trust, Series 2015-CR24, Class D, 3.463%, | |||
8/10/48 | 1,866,457 | |||
1,000,000(d) | COMM Mortgage Trust, Series 2015-CR25, Class B, 4.54%, | |||
8/10/48 | 980,389 | |||
5,227,225(d) | COMM Mortgage Trust, Series 2015-DC1, Class B, 4.035%, | |||
2/10/48 | 5,017,521 | |||
2,364,550 | COMM Mortgage Trust, Series 2016-CR28, Class AHR, | |||
3.651%, 2/10/49 | 2,461,593 |
The accompanying notes are an integral part of these financial statements. |
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 35
Schedule of Investments | 3/31/20 (unaudited) (continued)
Principal | ||||
Amount | ||||
USD ($) | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES — | ||||
(continued) | ||||
2,411,000 | COMM Mortgage Trust, Series 2019-GC44, Class D, | |||
2.5%, 8/15/57 (144A) | $ 1,397,057 | |||
7,650,000(d) | COMM Mortgage Trust, Series 2020-CBM, Class E, | |||
3.633%, 2/10/37 (144A) | 4,720,525 | |||
4,412,000(d) | COMM Mortgage Trust, Series 2020-CBM, Class F, | |||
3.633%, 2/10/37 (144A) | 2,634,647 | |||
7,000,000(c) | Credit Suisse Mortgage Capital Certificates, Series | |||
2019-ICE4, Class E, 2.855% (1 Month USD LIBOR | ||||
+ 215 bps), 5/15/36 (144A) | 5,878,400 | |||
4,083,017(d) | CSAIL Commercial Mortgage Trust, Series 2015-C1, | |||
Class C, 4.271%, 4/15/50 | 3,488,221 | |||
6,000,000(d) | CSAIL Commercial Mortgage Trust, Series 2015-C4, | |||
Class B, 4.33%, 11/15/48 | 5,852,026 | |||
5,150,000(d) | CSAIL Commercial Mortgage Trust, Series 2015-C4, | |||
Class D, 3.58%, 11/15/48 | 3,856,247 | |||
4,106,000 | DBGS Mortgage Trust, Series 2018-C1, Class 7EB, 5.237%, | |||
9/15/31 (144A) | 4,244,578 | |||
4,536,000(d) | FREMF Mortgage Trust, Series 2015-K45, Class C, 3.59%, | |||
4/25/48 (144A) | 4,203,688 | |||
2,000,000(d) | FREMF Mortgage Trust, Series 2016-K52, Class B, 3.924%, | |||
1/25/49 (144A) | 1,943,474 | |||
2,340,000(d) | FREMF Mortgage Trust, Series 2017-K66, Class B, 4.035%, | |||
7/25/27 (144A) | 2,248,201 | |||
2,300,000(d) | FREMF Mortgage Trust, Series 2018-K154, Class B, 4.021%, | |||
11/25/32 (144A) | 1,629,460 | |||
9,744,657(d) | FREMF Mortgage Trust, Series 2019-KJ24, Class B, 7.6%, | |||
10/25/27 (144A) | 7,307,779 | |||
8,500,000(c) | FREMF Mortgage Trust, Series 2019-KS12, Class C, 7.825% | |||
(1 Month USD LIBOR + 690 bps), 8/25/29 | 4,526,250 | |||
6,249,723(c) | FREMF Mortgage Trust, Series 2020-KF74, Class C, 7.745% | |||
(1 Month USD LIBOR + 623 bps), 1/25/27 (144A) | 5,209,111 | |||
1,972,412(c) | FRESB Mortgage Trust, Series 2017-SB43, Class A5H, | |||
2.79% (1 Month USD LIBOR + 0 bps), 10/25/37 | 2,013,672 | |||
6,000,000(c) | GS Mortgage Securities Corp. Trust, Series 2020-DUNE, | |||
Class E, 3.205% (1 Month USD LIBOR + | ||||
250 bps), 12/15/36 (144A) | 4,639,682 | |||
5,400,000(c) | GS Mortgage Securities Corp. Trust, Series 2020-DUNE, | |||
Class G, 4.705% (1 Month USD LIBOR + | ||||
400 bps), 12/15/36 (144A) | 4,161,284 | |||
1,800,000(d) | GS Mortgage Securities Trust, Series 2016-GS4, Class D, | |||
3.233%, 11/10/49 (144A) | 1,252,715 | |||
3,750,000(d) | JP Morgan Chase Commercial Mortgage Securities Trust, | |||
Series 2015-JP1, Class C, 4.735%, 1/15/49 | 3,205,660 | |||
4,750,000 | JP Morgan Chase Commercial Mortgage Securities Trust, | |||
Series 2018-WPT, Class BFX, 4.549%, 7/5/33 (144A) | 4,714,944 |
The accompanying notes are an integral part of these financial statements. |
36 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Principal | |||
Amount | |||
USD ($) | Value | ||
COMMERCIAL MORTGAGE-BACKED SECURITIES — | |||
(continued) | |||
11,650,000 | JP Morgan Chase Commercial Mortgage Securities Trust, | ||
Series 2020-LOOP, Class F, 3.861%, 12/5/38 (144A) | $ 8,034,929 | ||
4,250,000 | JPMDB Commercial Mortgage Securities Trust, Series | ||
2018-C8, Class AS, 4.421%, 6/15/51 | 4,492,624 | ||
3,100,000(c) | KNDL Mortgage Trust, Series 2019-KNSQ, Class F, 2.705% | ||
(1 Month USD LIBOR + 200 bps), 5/15/36 (144A) | 2,251,276 | ||
3,337,000(d) | Morgan Stanley Bank of America Merrill Lynch Trust, Series | ||
2014-C14, Class C, 4.954%, 2/15/47 | 3,030,033 | ||
6,700,000(d) | Morgan Stanley Bank of America Merrill Lynch Trust, Series | ||
2015-C20, Class C, 4.462%, 2/15/48 | 5,789,421 | ||
2,650,000(d) | Morgan Stanley Bank of America Merrill Lynch Trust, Series | ||
2015-C22, Class D, 4.235%, 4/15/48 (144A) | 2,104,838 | ||
1,625,000 | Morgan Stanley Bank of America Merrill Lynch Trust, Series | ||
2017-C33, Class D, 3.356%, 5/15/50 (144A) | 1,111,933 | ||
3,350,000 | Morgan Stanley Capital I Trust, Series 2014-150E, | ||
Class AS, 4.012%, 9/9/32 (144A) | 3,266,661 | ||
2,140,000 | Morgan Stanley Capital I Trust, Series 2016-UBS9, | ||
Class D, 3.0%, 3/15/49 (144A) | 1,522,752 | ||
2,000,000(d) | Morgan Stanley Capital I Trust, Series 2018-MP, Class A, | ||
4.418%, 7/11/40 (144A) | 2,033,278 | ||
8,000,000(c) | Morgan Stanley Capital I Trust, Series 2019-AGLN, | ||
Class E, 2.755% (1 Month USD LIBOR + | |||
205 bps), 3/15/34 (144A) | 6,177,763 | ||
8,400,000(c) | Multifamily Connecticut Avenue Securities Trust, Series | ||
2019-01, Class M10, 4.197% (1 Month USD LIBOR | |||
+ 325 bps), 10/15/49 (144A) | 5,800,809 | ||
1,030,000(d) | Natixis Commercial Mortgage Securities Trust, Series | ||
2019-FAME, Class D, 4.398%, 8/15/34 (144A) | 844,840 | ||
4,450,000(c) | Ready Capital Mortgage Financing LLC, Series 2019-FL3, | ||
Class D, 3.847% (1 Month USD LIBOR + | |||
290 bps), 3/25/34 (144A) | 3,460,380 | ||
2,659,000(d) | Ready Capital Mortgage Trust, Series 2019-5, Class C, | ||
5.054%, 2/25/52 (144A) | 1,947,182 | ||
5,400,000(d) | Ready Capital Mortgage Trust, Series 2019-5, Class E, | ||
5.504%, 2/25/52 (144A) | 2,818,107 | ||
2,403,000(d) | ReadyCap Commercial Mortgage Trust, Series 2019-6, | ||
Class C, 4.127%, 10/25/52 (144A) | 1,715,811 | ||
2,648,017(d) | Sutherland Commercial Mortgage Loans, Series | ||
2018-SBC7, Class A, 4.72%, 5/25/39 (144A) | 2,223,001 | ||
67,584,000(d)(f) | UBS Commercial Mortgage Trust, Series 2018-C9, | ||
Class XB, 0.327%, 3/15/51 | 1,733,124 | ||
162,284(d) | Velocity Commercial Capital Loan Trust, Series 2015-1, | ||
Class M2, 5.88%, 6/25/45 (144A) | 161,679 |
The accompanying notes are an integral part of these financial statements. |
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 37 |
Schedule of Investments | 3/31/20 (unaudited) (continued)
Principal | ||||
Amount | ||||
USD ($) | Value | |||
COMMERCIAL MORTGAGE-BACKED SECURITIES — | ||||
(continued) | ||||
64,890 | Wells Fargo Commercial Mortgage Trust, Series | |||
2014-LC16, Class A2, 2.819%, 8/15/50 | $ 64,806 | |||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | ||||
(Cost $239,263,827) | $ 198,644,593 | |||
CONVERTIBLE CORPORATE BONDS — 0.3% of | ||||
Net Assets | ||||
Biotechnology — 0.2% | ||||
5,500,000 | Exact Sciences Corp., 0.375%, 3/1/28 | $ 4,315,043 | ||
6,298,000 | Insmed, Inc., 1.75%, 1/15/25 | 5,259,205 | ||
Total Biotechnology | $ 9,574,248 | |||
Pharmaceuticals — 0.1% | ||||
3,617,000 | Teva Pharmaceutical Finance Co. LLC, 0.25%, 2/1/26 | $ 3,347,679 | ||
Total Pharmaceuticals | $ 3,347,679 | |||
TOTAL CONVERTIBLE CORPORATE BONDS | ||||
(Cost $13,414,143) | $ 12,921,927 | |||
CORPORATE BONDS — 32.9% of Net Assets | ||||
Advertising — 0.0%† | ||||
1,455,000 | Lamar Media Corp., 3.75%, 2/15/28 (144A) | $ 1,363,888 | ||
920,000 | Lamar Media Corp., 4.0%, 2/15/30 (144A) | 855,600 | ||
Total Advertising | $ 2,219,488 | |||
Aerospace & Defense — 0.6% | ||||
25,979,000 | Boeing Co., 3.75%, 2/1/50 | $ 23,708,837 | ||
Total Aerospace & Defense | $ 23,708,837 | |||
Agriculture — 0.4% | ||||
EUR | 14,500,000 | Altria Group, Inc., 3.125%, 6/15/31 | $ 15,654,207 | |
Total Agriculture | $ 15,654,207 | |||
Airlines — 0.3% | ||||
12,529,660 | Latam Airlines 2015-1 Pass Through Trust A, | |||
4.2%, 11/15/27 | $ 11,276,694 | |||
Total Airlines | $ 11,276,694 | |||
Auto Manufacturers — 1.0% | ||||
15,325,000 | Ford Motor Credit Co. LLC, 3.815%, 11/2/27 | $ 12,719,750 | ||
4,875,000 | Ford Motor Credit Co. LLC, 5.584%, 3/18/24 | 4,631,250 | ||
16,702,000 | General Motors Co., 6.6%, 4/1/36 | 14,524,661 | ||
6,793,000 | General Motors Financial Co., Inc., 4.0%, 1/15/25 | 6,036,227 | ||
Total Auto Manufacturers | $ 37,911,888 |
The accompanying notes are an integral part of these financial statements.
38 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Principal | |||||
Amount | |||||
USD ($) | Value | ||||
Auto Parts & Equipment — 0.1% | |||||
4,835,000 | Lear Corp., 3.5%, 5/30/30 | $ 4,186,120 | |||
Total Auto Parts & Equipment | $ 4,186,120 | ||||
Banks — 6.6% | |||||
6,400,000(d) | Banco Continental SA via Continental Trustees Cayman, | ||||
Ltd., 7.375% (3 Month USD LIBOR + 680 bps), 10/7/40 | |||||
(144A) | $ 6,144,064 | ||||
8,210,000(d) | Banco de Credito del Peru, 6.875% (3 Month | ||||
USD LIBOR + 771 bps), 9/16/26 (144A) | 8,210,082 | ||||
ARS | 78,000,000(c) | Banco de la Ciudad de Buenos Aires, 33.579% | |||
(BADLARPP + 399 bps), 12/5/22 | 819,427 | ||||
7,405,000 | Banco Internacional del Peru SAA Interbank, 3.375%, | ||||
1/18/23 (144A) | 6,997,725 | ||||
4,608,000(b)(d) | Banco Mercantil del Norte SA, 6.75% (5 Year CMT | ||||
Index + 497 bps) (144A) | 3,514,522 | ||||
2,915,000(d) | Banco Nacional de Comercio Exterior SNC, 3.8% | ||||
(5 Year CMT Index + 300 bps), 8/11/26 (144A) | 2,633,003 | ||||
11,035,000(b)(d) | Bank of America Corp., 4.3% (3 Month USD LIBOR + | ||||
266 bps) | 9,490,100 | ||||
9,150,000(b)(d) | Barclays Plc, 7.75% (5 Year USD Swap Rate + 484 bps) | 8,024,550 | |||
4,625,000(b)(d) | Barclays Plc, 8.0% (5 Year CMT Index + 567 bps) | 4,289,225 | |||
9,600,000(b)(d) | BNP Paribas SA, 4.5% (5 Year CMT Index + | ||||
294 bps) (144A) | 7,392,000 | ||||
9,709,000(b)(d) | BNP Paribas SA, 6.625% (5 Year USD Swap Rate + | ||||
415 bps) | |||||
(144A) | 8,568,192 | ||||
11,400,000 | BPCE SA, 4.875%, 4/1/26 (144A) | 11,060,569 | |||
14,755,000(b)(d) | Citigroup, Inc., 4.7% (SOFRRATE + 323 bps) | 12,639,133 | |||
16,758,000(b)(d) | Credit Suisse Group AG, 5.1% (5 Year CMT Index + | ||||
329 bps) (144A) | 12,945,555 | ||||
3,915,000(b)(d) | Credit Suisse Group AG, 6.375% (5 Year CMT Index + | ||||
482 bps) (144A) | 3,436,195 | ||||
13,852,000(b)(d) | Credit Suisse Group AG, 7.125% (5 Year USD Swap | ||||
Rate + 511 bps) | 12,813,100 | ||||
23,240,000(b)(d) | Danske Bank AS, 6.125% (USD Swap Rate + 390 bps) | 19,200,749 | |||
3,842,000 | Freedom Mortgage Corp., 8.25%, 4/15/25 (144A) | 3,015,970 | |||
1,060,000(b)(d) | ING Groep NV, 5.75% (5 Year CMT Index + 434 bps) | 917,568 | |||
5,649,000(b)(d) | ING Groep NV, 6.5% (5 Year USD Swap Rate + 445 bps) | 4,727,930 | |||
14,165,000 | Intesa Sanpaolo S.p.A., 4.7%, 9/23/49 (144A) | 12,165,425 | |||
EUR | 5,560,000(b)(d) | Intesa Sanpaolo S.p.A., 7.75% (5 Year EUR Swap | |||
Rate + 719 bps) | 5,632,297 | ||||
18,243,000(b)(d) | JPMorgan Chase & Co., 4.6% (SOFRRATE + 313 bps) | 15,966,274 | |||
21,833,000(b)(d) | JPMorgan Chase & Co., 5.0% (SOFRRATE + 338 bps) | 20,506,427 | |||
8,750,000 | Lloyds Banking Group Plc, 4.65%, 3/24/26 | 8,932,865 | |||
IDR 15,039,758,000^ | PT Bakrie & Brothers Tbk, 0.0%, 12/22/22 | 92,212 |
The accompanying notes are an integral part of these financial statements. | |
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 39 |
Schedule of Investments | 3/31/20 (unaudited) (continued)
Principal | ||||
Amount | ||||
USD ($) | Value | |||
Banks — (continued) | ||||
3,895,000 | QNB Finansbank AS, 4.875%, 5/19/22 (144A) | $ 3,629,322 | ||
14,375,000(b)(d) | Royal Bank of Scotland Group Plc, 8.625% (5 Year | |||
USD Swap Rate + 760 bps) | 14,015,625 | |||
10,677,000(b)(d) | Societe Generale SA, 7.375% (5 Year USD Swap | |||
Rate + 624 bps) (144A) | 9,819,103 | |||
EUR | 9,892,400(b) | Stichting AK Rabobank Certificaten, 6.5% | 9,813,051 | |
3,000,000(d) | Turkiye Garanti Bankasi AS, 6.125% (5 Year USD | |||
Swap Rate + 422 bps), 5/24/27 (144A) | 2,385,000 | |||
10,450,000(b)(d) | UBS Group AG, 7.0% (5 Year USD Swap Rate + | |||
434 bps) (144A) | 9,823,000 | |||
6,621,000(b)(d) | UBS Group AG, 7.125% (5 Year USD Swap Rate + | |||
588 bps) | 6,455,475 | |||
2,200,000 | Vnesheconombank Via VEB Finance Plc, 5.942%, | |||
11/21/23 (144A) | 2,244,836 | |||
660,000(b)(d) | Wachovia Capital Trust III, 5.57% (3 Month USD | |||
LIBOR + 93 bps) | 640,200 | |||
Total Banks | $ 268,960,771 | |||
Beverages — 1.2% | ||||
26,357,000 | Anheuser-Busch InBev Worldwide, Inc., 5.55%, 1/23/49 | $ 30,979,886 | ||
15,341,000 | Bacardi, Ltd., 5.3%, 5/15/48 (144A) | 16,643,868 | ||
Total Beverages | $ 47,623,754 | |||
Building Materials — 0.3% | ||||
1,275,000 | Builders FirstSource, Inc., 5.0%, 3/1/30 (144A) | $ 1,147,500 | ||
5,970,000 | Cemex SAB de CV, 5.45%, 11/19/29 (144A) | 4,871,520 | ||
905,000 | Cemex SAB de CV, 7.75%, 4/16/26 (144A) | 809,984 | ||
9,250,000 | Standard Industries, Inc., 5.375%, 11/15/24 (144A) | 8,926,250 | ||
Total Building Materials | $ 15,755,254 | |||
Chemicals — 0.6% | ||||
3,007,000 | CF Industries, Inc., 4.95%, 6/1/43 | $ 2,855,748 | ||
EUR | 3,150,000 | INEOS Finance Plc, 2.875%, 5/1/26 (144A) | 3,122,408 | |
1,207,000 | NOVA Chemicals Corp., 5.0%, 5/1/25 (144A) | 1,013,880 | ||
6,592,000 | NOVA Chemicals Corp., 5.25%, 6/1/27 (144A) | 5,553,760 | ||
EUR | 2,450,000 | OCI NV, 3.125%, 11/1/24 (144A) | 2,374,942 | |
2,565,000 | OCI NV, 5.25%, 11/1/24 (144A) | 2,205,900 | ||
2,462,000 | Sherwin-Williams Co., 3.3%, 5/15/50 | 2,305,044 | ||
Total Chemicals | $ 19,431,682 | |||
Commercial Services — 0.9% | ||||
2,820,000 | Allied Universal Holdco LLC/Allied Universal Finance | |||
Corp., 6.625%, 7/15/26 (144A) | $ 2,770,650 | |||
8,375,000 | Garda World Security Corp., 4.625%, 2/15/27 (144A) | 7,495,625 |
The accompanying notes are an integral part of these financial statements.
40 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Principal | |||||
Amount | |||||
USD ($) | Value | ||||
Commercial Services — (continued) | |||||
4,042,000 | Garda World Security Corp., 9.5%, 11/1/27 (144A) | $ 3,613,144 | |||
3,795,000 | Prime Security Services Borrower LLC/Prime Finance, | ||||
Inc., 5.75%, 4/15/26 (144A) | 3,719,100 | ||||
4,180,000 | Prime Security Services Borrower LLC/Prime Finance, | ||||
Inc., 6.25%, 1/15/28 (144A) | 3,605,250 | ||||
MXN | 84,875,000 | Red de Carreteras de Occidente SA PIB de CV, 9.0%, | |||
6/10/28 (144A) | 3,549,891 | ||||
5,435,000 | Sotheby’s, 7.375%, 10/15/27 (144A) | 4,327,619 | |||
4,600,000 | United Rentals North America, Inc., 4.875%, 1/15/28 | 4,462,000 | |||
1,208,000 | Verisk Analytics, Inc., 5.5%, 6/15/45 | 1,534,346 | |||
Total Commercial Services | $ 35,077,625 | ||||
Diversified Financial Services — 0.7% | |||||
6,250,000(e) | Fixed Income Trust Series 2013-A, 7.697%, | ||||
10/15/97 (144A) | $ 8,886,470 | ||||
16,060,000(g) | Global Aircraft Leasing Co., Ltd., (7.25% PIK 6.50% cash), | ||||
9/15/24 (144A) | 10,342,640 | ||||
1,180,000 | Nationstar Mortgage Holdings, Inc., 6.0%, | ||||
1/15/27 (144A) | 1,003,000 | ||||
4,430,000 | Nationstar Mortgage Holdings, Inc., 8.125%, | ||||
7/15/23 (144A) | 4,331,654 | ||||
1,496,000 | Nationstar Mortgage Holdings, Inc., 9.125%, | ||||
7/15/26 (144A) | 1,353,880 | ||||
750,000(c) | Vita Capital VI, Ltd., 4.614% (6 Month USD LIBOR + | ||||
290 bps), 1/8/21 (144A) | 705,000 | ||||
Total Diversified Financial Services | $ 26,622,644 | ||||
Electric — 3.0% | |||||
3,625,000 | Adani Electricity Mumbai, Ltd., 3.949%, | ||||
2/12/30 (144A) | $ 2,972,012 | ||||
4,260,000 | Adani Renewable Energy RJ, Ltd./Kodangal Solar | ||||
Parks Pvt, Ltd./Wardha Solar Maharash, 4.625%, | |||||
10/15/39 (144A) | 3,836,130 | ||||
4,600,000 | Adani Transmission, Ltd., 4.25%, 5/21/36 (144A) | 4,141,871 | |||
13,854,000(b)(d) | Dominion Energy, Inc., 4.65% (5 Year CMT Index + | ||||
299 bps) | 12,399,330 | ||||
21,163,000(b)(d) | Duke Energy Corp., 4.875% (5 Year CMT Index + | ||||
339 bps) | 17,776,920 | ||||
4,593,000 | Duke Energy Indiana LLC, 2.75%, 4/1/50 | 4,309,678 | |||
7,765,000(d) | Enel S.p.A., 8.75% (5 Year USD Swap Rate + | ||||
588 bps), 9/24/73 (144A) | 8,192,075 | ||||
429,515 | Kiowa Power Partners LLC, 5.737%, 3/30/21 (144A) | 443,437 | |||
2,336,000 | NextEra Energy Operating Partners LP, 4.5%, | ||||
9/15/27 (144A) | 2,277,600 | ||||
21,750,000 | NRG Energy, Inc., 4.45%, 6/15/29 (144A) | 22,005,177 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 41
Schedule of Investments | 3/31/20 (unaudited) (continued)
Principal | ||||
Amount | ||||
USD ($) | Value | |||
Electric — (continued) | ||||
9,606,000 | Southern California Edison Co., 3.65%, 2/1/50 | $ 9,320,770 | ||
7,635,000 | Southern California Edison Co., 4.875%, 3/1/49 | 8,809,323 | ||
16,580,000 | Vistra Operations Co. LLC, 3.7%, 1/30/27 (144A) | 14,759,463 | ||
1,913,000 | Vistra Operations Co. LLC, 4.3%, 7/15/29 (144A) | 1,696,086 | ||
2,357,000 | Vistra Operations Co. LLC, 5.625%, 2/15/27 (144A) | 2,430,656 | ||
Total Electric | $ 115,370,528 | |||
Electrical Component & Equipment — 0.2% | ||||
EUR | 7,865,000 | Belden, Inc., 3.375%, 7/15/27 (144A) | $ 7,492,360 | |
Total Electrical Component & Equipment | $ 7,492,360 | |||
Electronics — 0.5% | ||||
20,490,000 | Flex, Ltd., 4.875%, 6/15/29 | $ 19,213,412 | ||
Total Electronics | $ 19,213,412 | |||
Energy-Alternate Sources — 0.1% | ||||
853,731 | Alta Wind Holdings LLC, 7.0%, 6/30/35 (144A) | $ 998,525 | ||
2,095,000 | TerraForm Power Operating LLC, 4.75%, 1/15/30 (144A) | 2,032,150 | ||
Total Energy-Alternate Sources | $ 3,030,675 | |||
Entertainment — 0.1% | ||||
1,735,000 | Scientific Games International, Inc., 7.0%, | |||
5/15/28 (144A) | $ 1,067,025 | |||
1,735,000 | Scientific Games International, Inc., 7.25%, | |||
11/15/29 (144A) | 1,084,375 | |||
3,636,000 | Scientific Games International, Inc., 8.25%, | |||
3/15/26 (144A) | 2,327,440 | |||
Total Entertainment | $ 4,478,840 | |||
Environmental Control — 0.1% | ||||
4,482,000 | Covanta Holding Corp., 6.0%, 1/1/27 | $ 3,733,125 | ||
2,323,000 | Tervita Corp., 7.625%, 12/1/21 (144A) | 1,626,100 | ||
Total Environmental Control | $ 5,359,225 | |||
Food — 0.6% | ||||
3,230,000 | Albertsons Cos., Inc./Safeway, Inc./New Albertsons | |||
LP/Albertsons LLC, 4.875%, 2/15/30 (144A) | $ 3,221,925 | |||
2,250,000 | JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, | |||
2/15/28 (144A) | 2,401,875 | |||
4,600,000 | JBS USA LUX SA/JBS USA Food Co./JBS USA | |||
Finance, Inc., 5.5%, 1/15/30 (144A) | 4,749,500 | |||
2,485,000 | JBS USA LUX SA/JBS USA Food Co./JBS USA | |||
Finance, Inc., 6.5%, 4/15/29 (144A) | 2,665,660 | |||
7,401,000 | Minerva Luxembourg SA, 5.875%, 1/19/28 (144A) | 6,531,456 | ||
1,375,000 | Minerva Luxembourg SA, 6.5%, 9/20/26 (144A) | 1,251,821 | ||
Total Food | $ 20,822,237 |
The accompanying notes are an integral part of these financial statements.
42 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Principal | ||||
Amount | ||||
USD ($) | Value | |||
Forest Products & Paper — 0.6% | ||||
10,035,000 | International Paper Co., 6.0%, 11/15/41 | $ 12,900,966 | ||
4,901,000 | International Paper Co., 7.3%, 11/15/39 | 6,259,863 | ||
3,004,000 | Inversiones CMPC SA, 3.85%, 1/13/30 (144A) | 2,703,600 | ||
Total Forest Products & Paper | $ 21,864,429 | |||
Gas — 0.1% | ||||
3,202,882 | Nakilat, Inc., 6.267%, 12/31/33 (144A) | $ 3,603,243 | ||
Total Gas | $ 3,603,243 | |||
Hand & Machine Tools — 0.1% | ||||
3,761,000(d) | Stanley Black & Decker, Inc., 4.0% (5 Year CMT Index + | |||
266 bps), 3/15/60 | $ 3,563,962 | |||
Total Hand & Machine Tools | $ 3,563,962 | |||
Healthcare-Services — 0.8% | ||||
6,596,000 | Centene Corp., 3.375%, 2/15/30 (144A) | $ 6,134,280 | ||
2,005,000 | Centene Corp., 4.25%, 12/15/27 (144A) | 1,964,900 | ||
3,985,000 | Centene Corp., 4.625%, 12/15/29 (144A) | 4,004,925 | ||
4,668,000 | HCA, Inc., 3.5%, 9/1/30 | 4,234,864 | ||
EUR | 2,272,000 | IQVIA, Inc., 2.25%, 1/15/28 (144A) | 2,281,731 | |
2,400,000 | MEDNAX, Inc., 5.25%, 12/1/23 (144A) | 1,956,000 | ||
3,210,000 | Tenet Healthcare Corp., 5.125%, 11/1/27 (144A) | 3,057,525 | ||
4,639,000 | US Renal Care, Inc., 10.625%, 7/15/27 (144A) | 3,919,955 | ||
Total Healthcare-Services | $ 27,554,180 | |||
Home Builders — 0.1% | ||||
1,657,000 | KB Home, 6.875%, 6/15/27 | $ 1,657,000 | ||
2,710,000 | Meritage Homes Corp., 6.0%, 6/1/25 | 2,499,975 | ||
Total Home Builders | $ 4,156,975 | |||
Insurance — 2.4% | ||||
10,060,000 | AXA SA, 8.6%, 12/15/30 | $ 13,380,806 | ||
14,833,000 | CNO Financial Group, Inc., 5.25%, 5/30/29 | 14,392,172 | ||
7,650,000(d) | Farmers Exchange Capital III, 5.454% (3 Month | |||
USD LIBOR + 345 bps), 10/15/54 (144A) | 9,529,987 | |||
13,080,000(d) | Farmers Insurance Exchange, 4.747% (3 Month | |||
USD LIBOR + 323 bps), 11/1/57 (144A) | 13,893,514 | |||
EUR | 2,650,000(d) | Liberty Mutual Group, Inc., 3.625% (5 Year EUR | ||
Swap Rate + 370 bps), 5/23/59 (144A) | 2,575,575 | |||
16,401,000 | Liberty Mutual Insurance Co., 7.697%, | |||
10/15/97 (144A) | 23,319,519 | |||
3,800,000 | Liberty Mutual Insurance Co., 8.5%, 5/15/25 (144A) | 4,544,009 | ||
12,145,000 | Prudential Financial, Inc., 3.0%, 3/10/40 | 11,012,903 | ||
Total Insurance | $ 92,648,485 | |||
The accompanying notes are an integral part of these financial statements. |
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 43
Schedule of Investments | 3/31/20 (unaudited) (continued)
Principal | ||||
Amount | ||||
USD ($) | Value | |||
Internet — 0.7% | ||||
14,366,000 | Expedia Group, Inc., 3.25%, 2/15/30 | $ 12,025,707 | ||
7,725,000 | Expedia Group, Inc., 3.8%, 2/15/28 | 6,677,426 | ||
EUR | 6,515,000 | Netflix, Inc., 3.625%, 6/15/30 (144A) | 6,997,183 | |
Total Internet | $ 25,700,316 | |||
Leisure Time — 0.2% | ||||
10,582,000 | VOC Escrow, Ltd., 5.0%, 2/15/28 (144A) | $ 7,737,029 | ||
Total Leisure Time | $ 7,737,029 | |||
Media — 0.5% | ||||
3,509,000 | CCO Holdings LLC/CCO Holdings Capital Corp., | |||
4.75%, 3/1/30 (144A) | $ 3,491,455 | |||
6,225,000 | CSC Holdings LLC, 5.5%, 5/15/26 (144A) | 6,438,829 | ||
1,345,000 | CSC Holdings LLC, 5.5%, 4/15/27 (144A) | 1,391,941 | ||
10,590,000 | Diamond Sports Group LLC/Diamond Sports | |||
Finance Co., 6.625%, 8/15/27 (144A) | 7,082,062 | |||
Total Media | $ 18,404,287 | |||
Mining — 0.8% | ||||
1,650,000 | Anglo American Capital Plc, 4.0%, 9/11/27 (144A) | $ 1,558,052 | ||
4,847,000 | Anglo American Capital Plc, 4.5%, 3/15/28 (144A) | 4,801,066 | ||
3,500,000 | Anglo American Capital Plc, 4.75%, 4/10/27 (144A) | 3,416,743 | ||
14,028,000 | Freeport-McMoRan, Inc., 5.45%, 3/15/43 | 12,555,060 | ||
3,300,000 | Novelis Corp., 4.75%, 1/30/30 (144A) | 2,937,000 | ||
1,797,000 | Rusal Capital, DAC, 4.85%, 2/1/23 (144A) | 1,584,954 | ||
3,550,000 | Rusal Capital, DAC, 5.125%, 2/2/22 (144A) | 3,310,375 | ||
Total Mining | $ 30,163,250 | |||
Multi-National — 1.1% | ||||
12,922,000 | Africa Finance Corp., 4.375%, 4/17/26 (144A) | $ 12,601,534 | ||
4,880,000 | African Export-Import Bank, 3.994%, 9/21/29 (144A) | 4,595,350 | ||
INR | 526,760,000 | Asian Development Bank, 6.15%, 2/25/30 | 6,879,628 | |
8,430,000 | Banque Ouest Africaine de Developpement, | |||
4.7%, 10/22/31 (144A) | 7,660,847 | |||
2,860,000 | Banque Ouest Africaine de Developpement, | |||
5.0%, 7/27/27 (144A) | 2,680,163 | |||
IDR 113,010,000,000 | Inter-American Development Bank, 7.875%, 3/14/23 | 7,077,502 | ||
Total Multi-National | $ 41,495,024 | |||
Oil & Gas — 1.2% | ||||
6,155,000 | Apache Corp., 4.25%, 1/15/30 | $ 3,187,687 | ||
11,320,000 | Apache Corp., 4.375%, 10/15/28 | 6,047,170 | ||
18,900,000 | Cenovus Energy, Inc., 6.75%, 11/15/39 | 9,153,691 | ||
4,702,000 | Gulfport Energy Corp., 6.0%, 10/15/24 | 1,151,990 |
The accompanying notes are an integral part of these financial statements.
44 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Principal | ||||
Amount | ||||
USD ($) | Value | |||
Oil & Gas — (continued) | ||||
895,000 | MEG Energy Corp., 6.5%, 1/15/25 (144A) | $ 566,088 | ||
3,049,000 | MEG Energy Corp., 7.0%, 3/31/24 (144A) | 1,406,351 | ||
3,815,000 | MEG Energy Corp., 7.125%, 2/1/27 (144A) | 1,885,068 | ||
8,985,000 | Neptune Energy Bondco Plc, 6.625%, 5/15/25 (144A) | 5,031,600 | ||
6,125,000 | Newfield Exploration Co., 5.625%, 7/1/24 | 3,286,932 | ||
4,667,000 | Petroleos Mexicanos, 5.35%, 2/12/28 | 3,255,279 | ||
2,814,000 | Precision Drilling Corp., 7.125%, 1/15/26 (144A) | 928,620 | ||
3,952,000 | Transocean, Inc., 6.8%, 3/15/38 | 908,960 | ||
1,110,000 | Transocean, Inc., 8.0%, 2/1/27 (144A) | 527,250 | ||
10,067,000 | Valero Energy Corp., 6.625%, 6/15/37 | 10,554,888 | ||
4,020,000 | YPF SA, 6.95%, 7/21/27 (144A) | 2,071,506 | ||
ARS | 22,175,000 | YPF SA, 16.5%, 5/9/22 (144A) | 179,067 | |
Total Oil & Gas | $ 50,142,147 | |||
Oil & Gas Services — 0.0%† | ||||
2,027,000 | USA Compression Partners LP/USA Compression | |||
Finance Corp., 6.875%, 9/1/27 | $ 1,256,740 | |||
Total Oil & Gas Services | $ 1,256,740 | |||
Pharmaceuticals — 1.2% | ||||
5,832,000 | AbbVie, Inc., 4.05%, 11/21/39 (144A) | $ 5,998,848 | ||
EUR | 8,000,000 | Bausch Health Cos., Inc., 4.5%, 5/15/23 | 8,432,762 | |
EUR | 2,805,000 | Bausch Health Cos., Inc., 4.5%, 5/15/23 (144A) | 2,956,737 | |
1,720,000 | Bausch Health Cos., Inc., 5.0%, 1/30/28 (144A) | 1,628,324 | ||
1,210,000 | Bausch Health Cos., Inc., 5.25%, 1/30/30 (144A) | 1,144,128 | ||
1,775,000 | Bausch Health Cos., Inc., 5.75%, 8/15/27 (144A) | 1,827,540 | ||
3,435,000 | Cigna Corp., 3.4%, 3/15/50 | 3,241,881 | ||
4,494,966 | CVS Pass-Through Trust, 5.773%, 1/10/33 (144A) | 5,496,160 | ||
719,752 | CVS Pass-Through Trust, 6.036%, 12/10/28 | 781,061 | ||
898,437 | CVS Pass-Through Trust, 8.353%, 7/10/31 (144A) | 1,078,277 | ||
1,570,000 | Horizon Therapeutics USA, Inc., 5.5%, 8/1/27 (144A) | 1,576,123 | ||
2,424,000 | Par Pharmaceutical, Inc., 7.5%, 4/1/27 (144A) | 2,411,880 | ||
EUR | 340,000 | Teva Pharmaceutical Finance Netherlands II BV, | ||
6.0%, 1/31/25 (144A) | 364,124 | |||
13,628,000 | Teva Pharmaceutical Finance Netherlands III BV, 3.15%, | |||
10/1/26 | 11,479,546 | |||
Total Pharmaceuticals | $ 48,417,391 | |||
Pipelines — 2.9% | ||||
3,257,000 | Cameron LNG LLC, 3.302%, 1/15/35 (144A) | $ 2,818,770 | ||
7,358,000 | Cameron LNG LLC, 3.402%, 1/15/38 (144A) | 5,751,936 | ||
1,620,000 | Cheniere Energy Partners LP, 4.5%, 10/1/29 (144A) | 1,409,400 | ||
4,440,000 | Cheniere Energy Partners LP, 5.25%, 10/1/25 | 4,084,800 | ||
2,905,000 | DCP Midstream Operating LP, 3.875%, 3/15/23 | 2,323,128 |
The accompanying notes are an integral part of these financial statements. | ||
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 45
Schedule of Investments | 3/31/20 (unaudited) (continued)
Principal | |||
Amount | |||
USD ($) | Value | ||
Pipelines — (continued) | |||
5,495,000 | DCP Midstream Operating LP, 5.6%, 4/1/44 | $ 2,432,527 | |
7,140,000 | Enable Midstream Partners LP, 4.4%, 3/15/27 | 4,361,365 | |
13,625,000 | Enable Midstream Partners LP, 4.95%, 5/15/28 | 8,215,557 | |
4,555,000 | Energy Transfer Operating LP, 6.0%, 6/15/48 | 3,820,778 | |
1,262,000 | Energy Transfer Operating LP, 6.125%, 12/15/45 | 1,126,738 | |
1,694,000(b)(d) | Energy Transfer Operating LP, 6.625% (3 Month | ||
USD LIBOR + 416 bps) | 838,530 | ||
12,960,000(b)(d) | Energy Transfer Operating LP, 7.125% (5 Year CMT | ||
Index + 531 bps) | 7,799,717 | ||
796,000 | EnLink Midstream LLC, 5.375%, 6/1/29 | 413,920 | |
15,145,000 | EnLink Midstream Partners LP, 5.45%, 6/1/47 | 4,994,821 | |
3,862,000 | EnLink Midstream Partners LP, 5.6%, 4/1/44 | 1,303,425 | |
1,680,000 | Enterprise Products Operating LLC, 3.95%, 1/31/60 | 1,411,728 | |
4,232,000 | Genesis Energy LP/Genesis Energy Finance Corp., | ||
7.75%, 2/1/28 | 2,946,318 | ||
3,600,000 | Hess Midstream Operations LP, 5.125%, 6/15/28 (144A) | 2,530,080 | |
14,573,000 | Kinder Morgan, Inc., 5.05%, 2/15/46 | 14,151,880 | |
4,224,000 | Midwest Connector Capital Co. LLC, 4.625%, | ||
4/1/29 (144A) | 4,067,360 | ||
9,425,000 | ONEOK, Inc., 6.875%, 9/30/28 | 9,079,128 | |
7,260,000 | Sabine Pass Liquefaction LLC, 5.0%, 3/15/27 | 6,168,781 | |
4,525,000 | Sunoco Logistics Partners Operations LP, 5.4%, 10/1/47 | 3,604,221 | |
3,715,000 | Sunoco Logistics Partners Operations LP, 6.1%, 2/15/42 | 3,207,671 | |
5,253,000 | Williams Cos., Inc., 5.75%, 6/24/44 | 5,475,816 | |
8,175,000 | Williams Cos., Inc., 7.5%, 1/15/31 | 9,498,905 | |
8,690,000 | Williams Cos., Inc., 7.75%, 6/15/31 | 9,234,002 | |
Total Pipelines | $ 123,071,302 | ||
Real Estate — 0.3% | |||
13,000,000(b)(d) | AT Securities BV, 5.25% (5 Year USD Swap Rate + | ||
355 bps) | $ 11,785,280 | ||
Total Real Estate | $ 11,785,280 | ||
REITs — 1.0% | |||
4,800,000 | GLP Capital LP/GLP Financing II, Inc., 4.0%, 1/15/30 | $ 4,035,840 | |
4,185,000 | Highwoods Realty LP, 4.125%, 3/15/28 | 4,495,845 | |
12,750,000 | iStar, Inc., 4.25%, 8/1/25 | 10,485,600 | |
3,345,000 | iStar, Inc., 4.75%, 10/1/24 | 2,809,800 | |
9,521,000 | MPT Operating Partnership LP/MPT Finance Corp., | ||
4.625%, 8/1/29 | 8,854,530 | ||
4,605,000 | Simon Property Group LP, 3.25%, 9/13/49 | 3,704,409 | |
4,987,000 | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, | ||
7.875%, 2/15/25 (144A) | 4,584,948 | ||
Total REITs | $ 38,970,972 |
The accompanying notes are an integral part of these financial statements.
46 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Principal | |||
Amount | |||
USD ($) | Value | ||
Retail — 0.1% | |||
1,350,000 | QVC, Inc., 4.75%, 2/15/27 | $ 1,194,106 | |
5,010,000 | Starbucks Corp., 3.35%, 3/12/50 | 4,722,009 | |
Total Retail | $ 5,916,115 | ||
Software — 0.6% | |||
24,010,000 | Citrix Systems, Inc., 3.3%, 3/1/30 | $ 22,309,949 | |
Total Software | $ 22,309,949 | ||
Sovereign — 0.0%† | |||
2,820,000(h) | Ecuador Social Bond S.a.r.l, 1/30/35 (144A) | $ 705,000 | |
Total Sovereign | $ 705,000 | ||
Telecommunications — 0.6% | |||
3,010,000 | CenturyLink, Inc., 4.0%, 2/15/27 (144A) | $ 2,919,700 | |
2,143,000 | CommScope Technologies LLC, 5.0%, 3/15/27 (144A) | 1,859,053 | |
10,221,000 | Digicel, Ltd., 6.0%, 4/15/21 (144A) | 5,506,666 | |
982,000 | Frontier Communications Corp., 8.75%, 4/15/22 | 252,865 | |
5,900,000 | Level 3 Financing, Inc., 4.625%, 9/15/27 (144A) | 5,864,010 | |
1,496,000 | Millicom International Cellular SA, 6.25%, | ||
3/25/29 (144A) | 1,338,920 | ||
4,425,000 | MTN Mauritius Investment, Ltd., 6.5%, 10/13/26 (144A) | 4,222,503 | |
4,605,000 | Windstream Services LLC/Windstream Finance Corp., | ||
8.625%, 10/31/25 (144A) | 2,763,000 | ||
Total Telecommunications | $ 24,726,717 | ||
Transportation — 0.3% | |||
12,238,000 | Union Pacific Corp., 3.75%, 2/5/70 | $ 12,621,327 | |
Total Transportation | $ 12,621,327 | ||
TOTAL CORPORATE BONDS | |||
(Cost $1,484,893,926) | $1,301,010,361 | ||
FOREIGN GOVERNMENT BONDS — 3.8% of | |||
Net Assets | |||
Argentina — 0.1% | |||
2,050,000 | Argentine Republic Government International Bond, | ||
6.625%, 7/6/28 | $ 560,675 | ||
4,090,000 | Argentine Republic Government International Bond, 7.5%, | ||
4/22/26 | 1,155,466 | ||
8,500,000 | Ciudad Autonoma De Buenos Aires, 7.5%, 6/1/27 (144A) | 5,312,585 | |
968,316 | Province of Salta Argentina, 9.5%, 3/16/22 (144A) | 837,894 | |
Total Argentina | $ 7,866,620 | ||
Bahrain — 0.2% | |||
7,000,000 | Bahrain Government International Bond, 5.625%, | ||
9/30/31 (144A) | $ 5,775,280 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 47
Schedule of Investments | 3/31/20 (unaudited) (continued)
Principal | ||||
Amount | ||||
USD ($) | Value | |||
Bahrain — (continued) | ||||
5,010,000 | Bahrain Government International Bond, 7.0%, | |||
10/12/28 (144A) | $ 4,560,803 | |||
Total Bahrain | $ 10,336,083 | |||
Egypt — 0.6% | ||||
EGP | 197,044,000 | Egypt Government Bond, 15.7%, 11/7/27 | $ 13,502,751 | |
EUR | 5,000,000 | Egypt Government International Bond, 4.75%, | ||
4/11/25 (144A) | 4,791,743 | |||
5,560,000 | Egypt Government International Bond, 7.053%, | |||
1/15/32 (144A) | 4,492,702 | |||
Total Egypt | $ 22,787,196 | |||
Gabon — 0.0%† | ||||
2,635,000 | Gabon Government International Bond, 6.625%, | |||
2/6/31 (144A) | $ 1,617,457 | |||
Total Gabon | $ 1,617,457 | |||
Ghana — 0.4% | ||||
4,780,000 | Ghana Government International Bond, 7.875%, | |||
2/11/35 (144A) | $ 3,365,120 | |||
GHS | 66,450,000 | Republic of Ghana Government Bonds, 20.75%, 1/16/23 | 11,144,801 | |
Total Ghana | $ 14,509,921 | |||
Indonesia — 0.3% | ||||
IDR 219,632,000,000 | Indonesia Treasury Bond, 6.125%, 5/15/28 | $ 11,834,187 | ||
Total Indonesia | $ 11,834,187 | |||
Ivory Coast — 0.2% | ||||
EUR | 3,270,000 | Ivory Coast Government International Bond, 5.875%, | ||
10/17/31 (144A) | $ 3,070,763 | |||
2,500,000 | Ivory Coast Government International Bond, 6.125%, | |||
6/15/33 (144A) | 2,176,175 | |||
Total Ivory Coast | $ 5,246,938 | |||
Mexico — 0.7% | ||||
MXN | 594,140,000 | Mexican Bonos, 8.5%, 5/31/29 | $ 27,171,079 | |
Total Mexico | $ 27,171,079 | |||
Oman — 0.1% | ||||
7,369,000 | Oman Government International Bond, 5.625%, | |||
1/17/28 (144A) | $ 5,269,719 | |||
Total Oman | $ 5,269,719 | |||
Russia — 0.5% | ||||
RUB | 25,000 | Russian Federal Bond - OFZ, 7.6%, 7/20/22 | $ 329 | |
RUB | 1,326,346,000 | Russian Federal Bond - OFZ, 8.15%, 2/3/27 | 18,441,472 | |
Total Russia | $ 18,441,801 |
The accompanying notes are an integral part of these financial statements.
48 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Principal | ||||
Amount | ||||
USD ($) | Value | |||
Sri Lanka — 0.1% | ||||
6,170,000 | Sri Lanka Government International Bond, 7.55%, | |||
3/28/30 (144A) | $ 3,393,717 | |||
Total Sri Lanka | $ 3,393,717 | |||
Tunisia — 0.1% | ||||
EUR | 3,250,000 | Banque Centrale de Tunisie International Bond, 6.375%, | ||
7/15/26 (144A) | $ 2,899,830 | |||
Total Tunisia | $ 2,899,830 | |||
Turkey — 0.1% | ||||
6,505,000 | Turkey Government International Bond, 5.6%, 11/14/24 | $ 5,968,546 | ||
Total Turkey | $ 5,968,546 | |||
Ukraine — 0.1% | ||||
EUR | 4,490,000 | Ukraine Government International Bond, 4.375%, | ||
1/27/30 (144A) | $ 3,956,768 | |||
Total Ukraine | $ 3,956,768 | |||
Uruguay — 0.3% | ||||
UYU | 476,113,000 | Uruguay Government International Bond, 9.875%, | ||
6/20/22 (144A) | $ 10,144,530 | |||
Total Uruguay | $ 10,144,530 | |||
TOTAL FOREIGN GOVERNMENT BONDS | ||||
(Cost $193,522,705) | $ 151,444,392 | |||
INSURANCE-LINKED SECURITIES — 3.4% of | ||||
Net Assets(i) | ||||
Event-Linked Bonds — 0.4% | ||||
Earthquakes – California — 0.1% | ||||
2,500,000(c) | Ursa Re, 3.533% (3 Month U.S. Treasury Bill + | |||
350 bps), 5/27/20 (144A) | $ 2,475,500 | |||
1,800,000(c) | Ursa Re, 5.783% (3 Month U.S. Treasury Bill + | |||
575 bps), 12/10/22 (144A) | 1,746,000 | |||
$ 4,221,500 | ||||
Earthquakes – Chile — 0.0%† | ||||
1,950,000(c) | International Bank for Reconstruction & Development, | |||
3.992% (3 Month USD LIBOR + 250 bps), | ||||
2/15/21 (144A) | $ 1,902,030 | |||
Earthquakes – Colombia — 0.0%† | ||||
1,550,000(c) | International Bank for Reconstruction & Development, | |||
4.492% (3 Month USD LIBOR + 300 bps), | ||||
2/15/21 (144A) | $ 1,501,175 | |||
Earthquakes – U.S. — 0.0%† | ||||
1,000,000(c) | Acorn Re, 4.393% (3 Month USD LIBOR + 275 bps), | |||
11/10/21 (144A) | $ 977,000 |
The accompanying notes are an integral part of these financial statements. |
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 49
Schedule of Investments | 3/31/20 (unaudited) (continued)
Principal | ||||
Amount | ||||
USD ($) | Value | |||
Health – U.S. — 0.0%† | ||||
500,000(c) | Vitality Re VIII, Ltd., 1.783% (3 Month U.S. Treasury Bill + | |||
175 bps), 1/8/21 (144A) | $ 425,000 | |||
1,500,000(c) | Vitality Re X, Ltd., 1.783% (3 Month U.S. Treasury Bill + | |||
175 bps), 1/10/23 (144A) | 1,275,000 | |||
$ 1,700,000 | ||||
Multiperil – Europe — 0.0%† | ||||
EUR | 1,500,000(c) | Lion II Re, DAC, 3.57% (3 Month EURIBOR + | ||
357 bps), 7/15/21 (144A) | $ 1,642,246 | |||
Multiperil – U.S. — 0.1% | ||||
3,000,000(c) | Residential Reinsurance 2016, 4.003% (3 Month | |||
U.S. Treasury Bill + 397 bps), 12/6/20 (144A) | $ 2,952,900 | |||
Multiperil – U.S. & Canada — 0.0%† | ||||
500,000(c) | Mona Lisa Re, Series B, 8.028% (3 Month U.S. | |||
Treasury Bill + 800 bps), 1/9/23 (144A) | $ 481,750 | |||
Multiperil – U.S. Regional — 0.1% | ||||
2,600,000(c) | Longpoint Re III, 2.783% (3 Month U.S. Treasury Bill + | |||
275 bps), 6/1/22 (144A) | $ 2,518,880 | |||
Multiperil – Worldwide — 0.1% | ||||
2,000,000(c) | Galilei Re, 7.454% (6 Month USD LIBOR + 588 bps), | |||
1/8/21 (144A) | $ 1,976,800 | |||
Pandemic – U.S. — 0.0%† | ||||
500,000(c) | Vitality Re XI, 1.833% (3 Month U.S. Treasury Bill + | |||
180 bps), 1/9/24 (144A) | $ 400,000 | |||
Pandemic – Worldwide — 0.0%† | ||||
2,400,000(c) | International Bank for Reconstruction & Development, | |||
8.373% (6 Month USD LIBOR + 690 bps), | ||||
7/15/20 (144A) | $ 1,920,000 | |||
Windstorm – Florida — 0.0%† | ||||
1,800,000(c) | Casablanca Re, 4.808% (6 Month USD LIBOR + | |||
402 bps), 6/4/20 (144A) | $ 1,800,000 | |||
Windstorm – U.S. Multistate — 0.0%† | ||||
1,000,000(c) | Citrus Re, 0.533% (1 Month U.S. Treasury Bill + | |||
50 bps), 4/9/20 (144A) | $ 50,000 | |||
Total Event-Linked Bonds | $ 24,044,281 | |||
Face | ||||
Amount | ||||
USD ($) | ||||
Collateralized Reinsurance — 0.6% | ||||
Earthquakes – California — 0.1% | ||||
2,000,000+(a)(j) | Adare Re 2020, 1/31/21 | $ 2,026,010 |
The accompanying notes are an integral part of these financial statements.
50 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Face | |||||
Amount | |||||
USD ($) | Value | ||||
Multiperil – Massachusetts — 0.1% | |||||
2,537,500+(a)(j) | Denning Re 2019, 7/31/20 | $ 2,578,139 | |||
Multiperil – U.S. — 0.0%† | |||||
600,000+(a)(j) | Dingle Re 2019, 2/1/21 | $ 612,315 | |||
550,000+(a)(j) | Dingle Re 2020, 1/31/21 | 528,555 | |||
3,900,000+(a)(j) | Kingsbarns Re 2017, 5/19/20 | 3,900 | |||
1,150,000+(a)(j) | Port Royal Re 2019, 5/31/20 | 1,180,341 | |||
1,100,000+(a)(j) | Riviera Re 2019, 5/31/20 | 1,124,200 | |||
$ 3,449,311 | |||||
Multiperil – U.S. & Canada — 0.1% | |||||
2,000,000+(a)(j) | Leven Re 2020, 1/31/21 | $ 1,957,312 | |||
Multiperil – U.S. Regional — 0.1% | |||||
2,000,000+(a)(j) | Ailsa Re 2019, 6/30/20 | $ 2,112,367 | |||
1,199,000+(a)(j) | Ocean View Re 2019, 6/30/20 | 1,227,975 | |||
$ 3,340,342 | |||||
Multiperil – Worldwide — 0.1% | |||||
6,147,969+(a)(j) | Kilarney Re 2018, 5/31/20 | $ 3,103,495 | |||
480,000+(a)(j) | Limestone Re, 3/1/24 | 485,520 | |||
1,020,000+(a)(j) | Limestone Re, Series A, 3/1/24 | 1,031,730 | |||
12,000+(j) | Limestone Re 2016-1, 8/31/21 | 9,445 | |||
86,000+(j) | Limestone Re 2016-1, 8/31/21 | 67,691 | |||
1,250,000+(a)(j) | Limestone Re 2019-2, 3/1/24 (144A) | 1,298,125 | |||
20,000+(a)(j) | Limestone Re 2019-B, 9/9/22 | 77,900 | |||
1,500,000+(a)(j) | Mid Ocean Re 2019, 7/31/20 | 1,508,059 | |||
700,000+(a)(j) | Old Head Re 2020, 12/31/23 | 576,059 | |||
4,500,000+(a)(j) | Resilience Re, 4/6/21 | 450 | |||
850,864+(j) | Seminole Re 2018, 1/15/21 | 165,493 | |||
214,287+(a)(j) | Seminole Re 2019, 1/31/21 | 218,679 | |||
608,616+(a)(j) | Walton Health Re 2018, 6/15/20 | 304,308 | |||
300,000+(a)(j) | Walton Health Re 2019, 6/30/20 | 292,114 | |||
$ 9,139,068 | |||||
Windstorm – Florida — 0.1% | |||||
1,750,000+(a)(j) | Formby Re 2018, 2/28/21 | $ 329,912 | |||
2,200,000+(a)(j) | Portrush Re 2017, 6/15/20 | 1,403,820 | |||
$ 1,733,732 | |||||
Windstorm – North Carolina — 0.0%† | |||||
1,000,000+(j) | Lahinch Re 2019, 5/31/20 | $ 14,583 | |||
Windstorm – U.S. Regional — 0.0%† | |||||
1,250,000+(a)(j) | Oakmont Re 2017, 4/15/20 | $ 36,750 | |||
1,900,000+(a)(j) | Oakmont Re 2019, 4/30/21 | 1,315,393 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 51
Schedule of Investments | 3/31/20 (unaudited) (continued)
Face | ||||
Amount | ||||
USD ($) | Value | |||
Windstorm – U.S. Regional — (continued) | ||||
250,000+(j) | Resilience Re, 6/8/20 | $ 121,250 | ||
$ 1,473,393 | ||||
Total Collateralized Reinsurance | $ 25,711,890 | |||
Reinsurance Sidecars — 2.4% | ||||
Multiperil – U.S. — 0.2% | ||||
11,480,000+(a)(j) | Carnoustie Re 2015, 7/1/20 | $ 36,736 | ||
10,280,000+(a)(j) | Carnoustie Re 2016, 11/30/20 | 277,560 | ||
10,188,000+(a)(j) | Carnoustie Re 2017, 11/30/21 | 1,384,040 | ||
3,000,000+(j) | Carnoustie Re 2018, 12/31/21 | 33,600 | ||
1,000,000+(a)(j) | Carnoustie Re 2019, 12/31/22 | 1,159,500 | ||
2,800,000+(a)(j) | Castle Stuart Re 2018, 12/1/21 | 804,197 | ||
3,000,000+(a)(k) | Harambee Re 2018, 12/31/21 | 195,000 | ||
5,000,000+(k) | Harambee Re 2019, 12/31/22 | 477,500 | ||
3,000,000+(a) | Harambee Re 2020, 12/31/23 | 3,036,900 | ||
2,500,014+(a)(j) | Sector Re V, Series 7, Class G, 3/1/22 (144A) | 357,748 | ||
$ 7,762,781 | ||||
Multiperil – Worldwide — 2.2% | ||||
550,000+(a)(j) | Alturas Re, 3/10/23 | $ 562,705 | ||
3,000,000+(a)(j) | Alturas Re, 3/10/23 | 3,051,600 | ||
2,201+(a)(j) | Alturas Re 2019-1, 6/3/20 | 80,054 | ||
33,410+(a)(j) | Alturas Re 2019-2, 3/10/22 | 291,085 | ||
2,133,500+(a)(j) | Arlington Re 2015, 2/1/21 | 103,688 | ||
4,000,000+(a)(j) | Bantry Re 2016, 3/31/21 | 322,400 | ||
3,000,000+(a)(j) | Bantry Re 2017, 3/31/21 | 708,300 | ||
2,500,000+(a)(j) | Bantry Re 2018, 12/31/21 | 28,500 | ||
4,000,000+(j) | Bantry Re 2019, 12/31/22 | 136,000 | ||
3,821,406+(a)(j) | Bantry Re 2020, 12/31/20 | 3,907,786 | ||
3,605,000+(a)(j) | Berwick Re 2017-1, 2/1/21 | 119,326 | ||
13,924,181+(a)(j) | Berwick Re 2018-1, 12/31/21 | 1,694,573 | ||
9,947,951+(a)(j) | Berwick Re 2019-1, 12/31/22 | 10,735,968 | ||
1,750,000+(k) | Blue Lotus Re, 12/31/21 | 108,850 | ||
155,000+(j) | Eden Re II, 3/22/22 (144A) | 207,563 | ||
232,500+(j) | Eden Re II, 3/22/22 (144A) | 268,087 | ||
73,625+(a)(j) | Eden Re II, 3/22/23 (144A) | 646,288 | ||
7,000,000+(a)(j) | Eden Re II, 3/22/24 (144A) | 7,170,800 | ||
6,500,000+(j) | Gleneagles Re 2016, 11/30/20 | 202,800 | ||
1,500,000+(a)(j) | Gleneagles Re 2018, 12/31/21 | 177,450 | ||
1,156,688+(a)(j) | Gleneagles Re 2019, 12/31/22 | 1,296,647 | ||
2,737,878+(a)(j) | Gullane Re 2018, 12/31/21 | 2,578,012 | ||
7,000+(j) | Limestone Re 2018, 3/1/22 | 15,349 | ||
500,000+(a)(k) | Lion Rock Re, 1/31/21 | 517,650 |
The accompanying notes are an integral part of these financial statements.
52 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Face | ||||
Amount | ||||
USD ($) | Value | |||
Multiperil – Worldwide — (continued) | ||||
500,000+(k) | Lion Rock Re 2019, 1/31/21 | $ 46,150 | ||
6,000,000+(a)(k) | Lorenz Re 2018, 7/1/21 | 430,200 | ||
2,545,246+(a)(k) | Lorenz Re 2019, 6/30/22 | 2,301,666 | ||
8,500,000+(a)(j) | Merion Re 2018-2, 12/31/21 | 9,259,900 | ||
15,300,000+(j) | Pangaea Re 2015-1, 2/28/21 | 20,015 | ||
14,520,000+(j) | Pangaea Re 2015-2, 5/29/20 | 21,648 | ||
14,000,000+(j) | Pangaea Re 2016-1, 11/30/20 | 31,077 | ||
6,150,000+(j) | Pangaea Re 2016-2, 11/30/20 | 18,303 | ||
6,000,000+(a)(j) | Pangaea Re 2017-1, 11/30/21 | 96,600 | ||
4,750,000+(a)(j) | Pangaea Re 2018-1, 12/31/21 | 279,300 | ||
7,100,000+(a)(j) | Pangaea Re 2018-3, 7/1/22 | 147,278 | ||
3,891,425+(a)(j) | Pangaea Re 2019-1, 2/1/23 | 81,087 | ||
5,220,725+(a)(j) | Pangaea Re 2019-3, 7/1/23 | 5,251,322 | ||
3,850,570+(a)(j) | Pangaea Re 2020-1, 2/1/24 | 3,929,475 | ||
1,800,000+(a)(j) | Sector Re V, 12/1/23 (144A) | 1,286,476 | ||
540,031+(a)(j) | Sector Re V, Series 8, Class D, 12/1/23 (144A) | 385,974 | ||
1,516+(j) | Sector Re V, Series 8, Class F, 3/1/23 (144A) | 89,013 | ||
5,326+(j) | Sector Re V, Series 8, Class G, 3/1/23 (144A) | 225,328 | ||
900,000+(a)(j) | Sector Re V, Series 9, Class A, 3/1/24 (144A) | 780,006 | ||
1,500,000+(a)(j) | Sector Re V, Series 9, Class C, 12/1/24 (144A) | 1,567,155 | ||
1,559,969+(a)(j) | Sector Re V, Series 9, Class D, 12/1/24 (144A) | 1,629,809 | ||
1,696,451+(a)(j) | Sector Re V, Series 9, Class G, 3/1/24 (144A) | 1,982,688 | ||
5,855,000+(a)(j) | St. Andrews Re 2017-1, 2/1/21 | 396,969 | ||
2,606,976+(a)(j) | St. Andrews Re 2017-4, 6/1/20 | 256,526 | ||
3,609,700+(a) | Sussex Re 2020-1, 12/31/22 | 3,678,284 | ||
1,000,000+(a)(k) | Thopas Re 2018, 12/31/21 | 21,300 | ||
3,000,000+(a)(k) | Thopas Re 2019, 12/31/22 | 570,000 | ||
4,000,000+(a)(k) | Thopas Re 2020, 12/31/23 | 4,079,200 | ||
5,750,000+(a)(j) | Versutus Re 2017, 11/30/21 | 44,850 | ||
3,000,000+(a)(j) | Versutus Re 2018, 12/31/21 | — | ||
2,647,642+(j) | Versutus Re 2019-A, 12/31/21 | 227,962 | ||
852,358+(j) | Versutus Re 2019-B, 12/31/21 | 73,388 | ||
1,250,000+(a)(k) | Viribus Re 2018, 12/31/21 | 69,125 | ||
3,650,000+(k) | Viribus Re 2019, 12/31/22 | 66,065 | ||
4,139,570+(a)(k) | Viribus Re 2020, 12/31/23 | 4,296,046 | ||
1,826,168+(a)(j) | Woburn Re 2018, 12/31/21 | 244,341 | ||
3,539,362+(a)(j) | Woburn Re 2019, 12/31/22 | 2,069,819 | ||
$ 80,885,826 | ||||
Total Reinsurance Sidecars | $ 88,648,607 | |||
TOTAL INSURANCE-LINKED SECURITIES | ||||
(Cost $144,553,376) | $ 138,404,778 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 53
Schedule of Investments | 3/31/20 (unaudited) (continued)
Principal | |||
Amount | |||
USD ($) | Value | ||
MUNICIPAL BONDS — 0.3% of Net Assets(l) | |||
Municipal General Obligation — 0.2% | |||
13,525,000(m)(n) | Commonwealth of Puerto Rico, Series A, 8.0%, 7/1/35 | $ 8,013,563 | |
Total Municipal General Obligation | $ 8,013,563 | ||
Municipal Higher Education — 0.1% | |||
2,300,000 | Trustees of Amherst College, 3.794%, 11/1/42 | $ 2,446,617 | |
Total Municipal Higher Education | $ 2,446,617 | ||
TOTAL MUNICIPAL BONDS | |||
(Cost $11,423,113) | $ 10,460,180 | ||
SENIOR SECURED FLOATING RATE LOAN | |||
INTERESTS — 3.6% of Net Assets*(c) | |||
Aerospace & Defense — 0.0%† | |||
344,539 | United Airlines, Inc., Refinanced Term Loan, 2.739% | ||
(LIBOR + 175 bps), 4/1/24 | $ 313,531 | ||
Total Aerospace & Defense | $ 313,531 | ||
Automobile — 0.2% | |||
1,633,257 | American Axle & Manufacturing, Inc., Tranche B Term | ||
Loan, 3.2% (LIBOR + 225 bps), 4/6/24 | $ 1,384,185 | ||
2,071,686 | CWGS Group LLC (aka Camping World, Inc.), Term Loan, | ||
3.766% (LIBOR + 275 bps), 11/8/23 | 1,384,576 | ||
3,308,333 | Goodyear Tire & Rubber Co., Second Lien Term Loan, | ||
3.2% (LIBOR + 200 bps), 3/3/25 | 2,749,225 | ||
2,556,982 | Navistar, Inc., Tranche B Term Loan, 4.28% (LIBOR + | ||
350 bps), 11/6/24 | 2,245,881 | ||
Total Automobile | $ 7,763,867 | ||
Beverage, Food & Tobacco — 0.1% | |||
4,011,218 | JBS USA Lux SA (fka JBS USA LLC), New Term Loan, | ||
3.072% (LIBOR + 200 bps), 5/1/26 | $ 3,784,865 | ||
Total Beverage, Food & Tobacco | $ 3,784,865 | ||
Broadcasting & Entertainment — 0.0%† | |||
1,592,000 | Sinclair Television Group, Inc., Tranche B-2b Term Loan, | ||
3.21% (LIBOR + 250 bps), 9/30/26 | $ 1,474,590 | ||
Total Broadcasting & Entertainment | $ 1,474,590 | ||
Buildings & Real Estate — 0.1% | |||
94,838 | Builders FirstSource, Inc., Refinancing Term Loan, | ||
4.613% (LIBOR + 300 bps), 2/29/24 | $ 86,303 | ||
2,054,059 | WireCo WorldGroup, Inc. (WireCo WorldGroup Finance | ||
LP), First Lien Initial Term Loan, 6.072% (LIBOR + | |||
500 bps), 9/29/23 | 1,653,517 | ||
Total Buildings & Real Estate | $ 1,739,820 |
The accompanying notes are an integral part of these financial statements.
54 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Principal | |||||
Amount | |||||
USD ($) | Value | ||||
Chemicals, Plastics & Rubber — 0.2% | |||||
3,274,558 | Axalta Coating Systems Dutch Holding B BV (Axalta | ||||
Coating Systems U.S. Holdings, Inc.), Term B-3 Dollar | |||||
Loan, 3.2% (LIBOR + 175 bps), 6/1/24 | $ 3,094,457 | ||||
1,632,389 | Element Solutions, Inc. (Macdermid, Inc.), Tranche B-1 | ||||
Term Loan, 2.989% (LIBOR + 200 bps), 1/31/26 | 1,542,607 | ||||
850,714 | Omnova Solutions, Inc., Term B-2 Loan, 5.5% (PRIME + | ||||
225 bps), 8/25/23 | 842,207 | ||||
3,281,038 | Reynolds Group Holdings, Inc., Incremental US Term Loan, | ||||
3.739% (LIBOR + 275 bps), 2/5/23 | 3,129,290 | ||||
1,686,432 | Tronox Finance LLC, First Lien Initial Dollar Term Loan, | ||||
3.93% (LIBOR + 275 bps), 9/23/24 | 1,516,384 | ||||
Total Chemicals, Plastics & Rubber | $ 10,124,945 | ||||
Computers & Electronics — 0.0%† | |||||
1,413,892 | Energy Acquisition LP (aka Electrical Components | ||||
International), First Lien Initial Term Loan, | |||||
5.239% (LIBOR + 425 bps), 6/26/25 | $ 1,067,488 | ||||
Total Computers & Electronics | $ 1,067,488 | ||||
Construction & Building — 0.1% | |||||
2,082,701 | Quikrete Holdings, Inc., First Lien Initial Term Loan, | ||||
3.489% (LIBOR + 250 bps), 2/1/27 | $ 1,931,705 | ||||
Total Construction & Building | $ 1,931,705 | ||||
Consumer Services — 0.0%† | |||||
1,215,676 | Prime Security Services Borrower LLC (aka Protection 1 | ||||
Security Solutions), First Lien 2019 Refinancing | |||||
Term B-1 Loan, 4.606% (LIBOR + | |||||
325 bps), 9/23/26 | $ 1,106,265 | ||||
Total Consumer Services | $ 1,106,265 | ||||
Diversified & Conglomerate Manufacturing — 0.1% | |||||
2,142,643 | Garda World Security Corp., Initial Term Loan, 6.39% | ||||
(LIBOR + 475 bps), 10/30/26 | $ 2,046,224 | ||||
1,291,988 | Pelican Products, Inc., First Lien Term Loan, 4.5% | ||||
(LIBOR + 350 bps), 5/1/25 | 1,056,200 | ||||
Total Diversified & Conglomerate Manufacturing | $ 3,102,424 | ||||
Diversified & Conglomerate Service — 0.1% | |||||
468,694 | AVSC Holding Corp. (aka PSAV, Inc.), First Lien Initial | ||||
Term Loan, 4.888% (LIBOR + 325 bps), 3/3/25 | $ 292,934 | ||||
1,472,801 | Change Healthcare Holdings, Inc. (fka Emdeon, Inc.), | ||||
Closing Date Term Loan, 3.498% (LIBOR + | |||||
250 bps), 3/1/24 | 1,359,886 | ||||
2,393,625 | DynCorp International, Inc., Term Loan, 7.0% (LIBOR + | ||||
600 bps), 8/18/25 | 2,160,247 | ||||
2,159,229 | Gates Global LLC, Initial B-2 Dollar Term Loan, 3.75% | ||||
(LIBOR + 275 bps), 4/1/24 | 1,943,306 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 55
Schedule of Investments | 3/31/20 (unaudited) (continued)
Principal | |||||
Amount | |||||
USD ($) | Value | ||||
Diversified & Conglomerate Service — (continued) | |||||
9,371 | National Mentor Holdings, Inc. (aka Civitas Solutions, | ||||
Inc.), First Lien Initial Term C Loan, 5.46% | |||||
(LIBOR + 400 bps), 3/9/26 | $ 8,528 | ||||
206,335 | National Mentor Holdings, Inc. (aka Civitas Solutions, | ||||
Inc.), First Lien Initial Term Loan, 5.123% | |||||
(LIBOR + 400 bps), 3/9/26 | 187,765 | ||||
568,804 | West Corp., Initial Term B Loan, 5.45% (LIBOR + | ||||
400 bps), 10/10/24 | 437,979 | ||||
Total Diversified & Conglomerate Service | $ 6,390,645 | ||||
Electronics — 0.2% | |||||
358,047 | Avast Software BV, 2018 Refinancing Dollar Term Loan, | ||||
3.7% (LIBOR + 225 bps), 9/29/23 | $ 326,942 | ||||
7,841,596 | Scientific Games International, Inc., Initial Term B-5 Loan, | ||||
4.246% (LIBOR + 275 bps), 8/14/24 | 6,371,297 | ||||
Total Electronics | $ 6,698,239 | ||||
Entertainment & Leisure — 0.1% | |||||
3,829,837 | Sabre GLBL, Inc. (fka Sabre, Inc.), 2018 Other Term B | ||||
Loan, 2.989% (LIBOR + 200 bps), 2/22/24 | $ 3,293,660 | ||||
Total Entertainment & Leisure | $ 3,293,660 | ||||
Financial Services — 0.1% | |||||
4,203,450 | RPI 2019 Intermediate Finance Trust, Term Loan B, | ||||
2.739% (LIBOR + 175 bps), 2/11/27 | $ 3,923,219 | ||||
1,040,328 | RPI Intermediate Finance Trust, Term B-1 Term Facility, | ||||
2.739% (LIBOR + 175 bps), 2/11/27 | 970,972 | ||||
Total Financial Services | $ 4,894,191 | ||||
Healthcare & Pharmaceuticals — 0.2% | |||||
3,642,335 | Alphabet Holding Co., Inc. (aka Nature’s Bounty), | ||||
First Lien Initial Term Loan, 4.489% (LIBOR + | |||||
350 bps), 9/26/24 | $ 2,953,934 | ||||
2,358,313 | Endo Luxembourg Finance Co. I S.a r.l., Initial Term Loan, | ||||
5.25% (LIBOR + 425 bps), 4/29/24 | 2,116,586 | ||||
1,560,000 | Sotera Health Holdings LLC, First Lien Initial Term Loan, | ||||
5.5% (LIBOR + 450 bps), 12/11/26 | 1,391,001 | ||||
Total Healthcare & Pharmaceuticals | $ 6,461,521 | ||||
Healthcare, Education & Childcare — 0.6% | |||||
3,279,427 | Alliance HealthCare Services, Inc., First Lien Initial Term | ||||
Loan, 5.5% (LIBOR + 450 bps), 10/24/23 | $ 2,574,350 | ||||
6,353,389 | Gentiva Health Services, Inc., First Lien Term B Loan, | ||||
4.25% (LIBOR + 325 bps), 7/2/25 | 6,003,952 | ||||
1,801,131 | KUEHG Corp. (fka KC MergerSub, Inc.) (aka KinderCare), | ||||
Term B-3 Loan, 5.2% (LIBOR + 375 bps), 2/21/25 | 1,355,351 |
The accompanying notes are an integral part of these financial statements.
56 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Principal | |||
Amount | |||
USD ($) | Value | ||
Healthcare, Education & Childcare — (continued) | |||
8,216,182 | LifePoint Health, Inc. (fka Regionalcare Hospital Partners | ||
Holdings, Inc.), First Lien Term B Loan, 4.739% | |||
(LIBOR + 375 bps), 11/16/25 | $ 7,558,887 | ||
1,712,315 | Select Medical Corp., Tranche B Term Loan, 3.43% | ||
(LIBOR + 250 bps), 3/6/25 | 1,635,261 | ||
Total Healthcare, Education & Childcare | $ 19,127,801 | ||
Insurance — 0.2% | |||
482,062 | Alliant Holdings Intermediate LLC, Initial Term Loan, | ||
3.989% (LIBOR + 300 bps), 5/9/25 | $ 447,916 | ||
9,890,924 | Confie Seguros Holding II Co., Term B Loan, 6.363% | ||
(LIBOR + 475 bps), 4/19/22 | 7,675,357 | ||
Total Insurance | $ 8,123,273 | ||
Leisure & Entertainment — 0.0%† | |||
6,034,328 | 24 Hour Fitness Worldwide, Inc., Term Loan, 4.95% | ||
(LIBOR + 350 bps), 5/30/25 | $ 1,498,523 | ||
2,711,800 | Fitness International LLC, Term B Loan, 4.322% (LIBOR + | ||
325 bps), 4/18/25 | 2,056,448 | ||
Total Leisure & Entertainment | $ 3,554,971 | ||
Machinery — 0.2% | |||
733,838 | Clark Equipment Co. (aka Doosan Bobcat, Inc.), | ||
Repriced 2019 Term Loan, 3.2% (LIBOR + | |||
175 bps), 5/18/24 | $ 669,015 | ||
4,866,112 | NN, Inc., Tranche B Term Loan, 6.689% (LIBOR + | ||
575 bps), 10/19/22 | 3,625,254 | ||
2,891,949 | Shape Technologies Group, Inc., Initial Term Loan, 4.806% | ||
(LIBOR + 300 bps), 4/21/25 | 2,096,663 | ||
1,561,965 | Terex Corp., Incremental US Term Loan, 3.45% (LIBOR + | ||
200 bps), 1/31/24 | 1,437,008 | ||
Total Machinery | $ 7,827,940 | ||
Metals & Mining — 0.1% | |||
1,523,716 | Atkore International, Inc., First Lien Initial Incremental | ||
Term Loan, 4.02% (LIBOR + 275 bps), 12/22/23 | $ 1,320,559 | ||
3,199,581 | BWay Holding Co., Initial Term Loan, 5.084% (LIBOR + | ||
325 bps), 4/3/24 | 2,655,652 | ||
Total Metals & Mining | $ 3,976,211 | ||
Personal, Food & Miscellaneous Services — 0.1% | |||
2,992,500 | Option Care Health, Inc., Term B Loan, 5.489% (LIBOR + | ||
450 bps), 8/6/26 | $ 2,543,625 | ||
Total Personal, Food & Miscellaneous Services | $ 2,543,625 | ||
Retail — 0.3% | |||
9,449,162 | Bass Pro Group LLC, Initial Term Loan, 6.072% (LIBOR + | ||
500 bps), 9/25/24 | $ 8,031,787 | ||
1,506,374 | PetSmart, Inc., Amended Term Loan, 5.0% (LIBOR + | ||
400 bps), 3/11/22 | 1,448,574 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 57
Schedule of Investments | 3/31/20 (unaudited) (continued)
Principal | |||
Amount | |||
USD ($) | Value | ||
Retail — (continued) | |||
1,389,500 | Staples, Inc., 2019 Refinancing New Term B-2 Loan, | ||
6.015% (LIBOR + 450 bps), 9/12/24 | $ 1,122,021 | ||
Total Retail | $ 10,602,382 | ||
Securities & Trusts — 0.1% | |||
7,306,369 | Stonepeak Lonestar Holdings LLC, Initial Term Loan, | ||
6.336% (LIBOR + 450 bps), 10/19/26 | $ 5,278,851 | ||
Total Securities & Trusts | $ 5,278,851 | ||
Telecommunications — 0.5% | |||
17,005,492 | Virgin Media Bristol LLC, N Facility, 3.205% (LIBOR + | ||
250 bps), 1/31/28 | $ 16,197,731 | ||
3,599,017 | Windstream Services LLC (fka Windstream Corp.), | ||
Tranche B-6 Term Loan, 8.25% (PRIME + 500 | |||
bps), 3/29/21 | 2,231,391 | ||
Total Telecommunications | $ 18,429,122 | ||
Utilities — 0.0%† | |||
1,103,969 | Eastern Power LLC (Eastern Covert Midco LLC) | ||
(aka TPF II LC LLC), Term Loan, 4.75% (LIBOR + | |||
375 bps), 10/2/25 | $ 968,269 | ||
Total Utilities | $ 968,269 | ||
TOTAL SENIOR SECURED FLOATING RATE | |||
LOAN INTERESTS | |||
(Cost $164,423,915) | $ 140,580,201 | ||
SUPRANATIONAL BONDS — 0.2% of Net Assets | |||
250,000(c) | International Bank for Reconstruction & Development, | ||
4.421% (3 Month USD LIBOR + 350 bps), | |||
3/13/24 (144A) | $ 249,975 | ||
IDR 152,569,000,000 | International Bank for Reconstruction & Development, | ||
7.45%, 8/20/21 | 9,433,834 | ||
TOTAL SUPRANATIONAL BONDS | |||
(Cost $11,136,177) | $ 9,683,809 | ||
U.S. GOVERNMENT AND AGENCY | |||
OBLIGATIONS — 17.4% of Net Assets | |||
251,539 | Fannie Mae, 3.0%, 2/1/43 | $ 265,890 | |
519,934 | Fannie Mae, 3.0%, 3/1/43 | 549,925 | |
226,986 | Fannie Mae, 3.0%, 4/1/45 | 240,906 | |
122,300 | Fannie Mae, 3.0%, 5/1/46 | 130,071 | |
1,150,327 | Fannie Mae, 3.0%, 5/1/46 | 1,217,365 | |
120,600 | Fannie Mae, 3.0%, 10/1/46 | 128,238 | |
13,528 | Fannie Mae, 3.0%, 11/1/46 | 14,290 | |
18,565 | Fannie Mae, 3.0%, 11/1/46 | 19,647 | |
232,332 | Fannie Mae, 3.0%, 11/1/46 | 244,764 |
The accompanying notes are an integral part of these financial statements.
58 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Principal | |||
Amount | |||
USD ($) | Value | ||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS — | |||
(continued) | |||
369,929 | Fannie Mae, 3.0%, 11/1/46 | $ 391,717 | |
17,964 | Fannie Mae, 3.0%, 12/1/46 | 18,973 | |
72,722 | Fannie Mae, 3.0%, 1/1/47 | 77,342 | |
21,644 | Fannie Mae, 3.0%, 3/1/47 | 22,972 | |
73,367 | Fannie Mae, 3.0%, 3/1/47 | 77,665 | |
467,500 | Fannie Mae, 3.0%, 3/1/47 | 492,434 | |
315,399 | Fannie Mae, 3.0%, 4/1/48 | 334,720 | |
3,087,630 | Fannie Mae, 3.0%, 5/1/48 | 3,297,572 | |
467,452 | Fannie Mae, 3.0%, 7/1/49 | 494,934 | |
612,809 | Fannie Mae, 3.0%, 7/1/49 | 650,349 | |
1,171,030 | Fannie Mae, 3.0%, 9/1/49 | 1,242,764 | |
2,283,879 | Fannie Mae, 3.5%, 11/1/40 | 2,449,278 | |
831,050 | Fannie Mae, 3.5%, 6/1/42 | 891,257 | |
3,441,301 | Fannie Mae, 3.5%, 7/1/42 | 3,692,479 | |
5,117,527 | Fannie Mae, 3.5%, 8/1/42 | 5,490,558 | |
8,427,773 | Fannie Mae, 3.5%, 8/1/42 | 9,042,965 | |
269,591 | Fannie Mae, 3.5%, 11/1/42 | 289,355 | |
519,338 | Fannie Mae, 3.5%, 11/1/42 | 557,408 | |
541,456 | Fannie Mae, 3.5%, 11/1/42 | 581,152 | |
1,059,381 | Fannie Mae, 3.5%, 11/1/42 | 1,136,507 | |
21,631 | Fannie Mae, 3.5%, 12/1/42 | 23,215 | |
849,269 | Fannie Mae, 3.5%, 12/1/42 | 911,515 | |
2,415,050 | Fannie Mae, 3.5%, 12/1/44 | 2,590,213 | |
6,023,732 | Fannie Mae, 3.5%, 2/1/45 | 6,464,659 | |
7,235,703 | Fannie Mae, 3.5%, 6/1/45 | 7,712,333 | |
2,040,256 | Fannie Mae, 3.5%, 9/1/45 | 2,194,027 | |
6,894,597 | Fannie Mae, 3.5%, 9/1/45 | 7,516,530 | |
3,442,772 | Fannie Mae, 3.5%, 5/1/46 | 3,689,534 | |
1,164,582 | Fannie Mae, 3.5%, 6/1/46 | 1,248,072 | |
465,556 | Fannie Mae, 3.5%, 7/1/46 | 496,892 | |
934,612 | Fannie Mae, 3.5%, 9/1/46 | 1,005,061 | |
610,549 | Fannie Mae, 3.5%, 10/1/46 | 649,983 | |
346,229 | Fannie Mae, 3.5%, 7/1/47 | 367,308 | |
8,978 | Fannie Mae, 4.0%, 12/1/23 | 9,558 | |
7,358 | Fannie Mae, 4.0%, 12/1/30 | 8,020 | |
550,484 | Fannie Mae, 4.0%, 9/1/37 | 594,710 | |
6,928,671 | Fannie Mae, 4.0%, 10/1/40 | 7,619,830 | |
2,941,184 | Fannie Mae, 4.0%, 12/1/40 | 3,234,573 | |
5,743 | Fannie Mae, 4.0%, 11/1/41 | 6,207 | |
1,147,180 | Fannie Mae, 4.0%, 11/1/41 | 1,240,226 | |
35,825 | Fannie Mae, 4.0%, 12/1/41 | 38,442 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 59
Schedule of Investments | 3/31/20 (unaudited) (continued)
Principal | |||
Amount | |||
USD ($) | Value | ||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS — | |||
(continued) | |||
1,927,212 | Fannie Mae, 4.0%, 12/1/41 | $ 2,072,012 | |
9,138,343 | Fannie Mae, 4.0%, 12/1/41 | 9,877,651 | |
1,184,484 | Fannie Mae, 4.0%, 1/1/42 | 1,279,781 | |
3,166,595 | Fannie Mae, 4.0%, 1/1/42 | 3,421,514 | |
1,252,436 | Fannie Mae, 4.0%, 2/1/42 | 1,353,861 | |
2,491,650 | Fannie Mae, 4.0%, 2/1/42 | 2,693,495 | |
208,796 | Fannie Mae, 4.0%, 4/1/42 | 222,675 | |
1,853,934 | Fannie Mae, 4.0%, 4/1/42 | 2,004,192 | |
3,233,274 | Fannie Mae, 4.0%, 4/1/42 | 3,478,956 | |
195,650 | Fannie Mae, 4.0%, 5/1/42 | 211,556 | |
4,242,812 | Fannie Mae, 4.0%, 5/1/42 | 4,586,401 | |
195,976 | Fannie Mae, 4.0%, 6/1/42 | 211,722 | |
83,196 | Fannie Mae, 4.0%, 7/1/42 | 89,961 | |
6,716,378 | Fannie Mae, 4.0%, 8/1/42 | 7,260,708 | |
146,803 | Fannie Mae, 4.0%, 10/1/42 | 160,186 | |
163,533 | Fannie Mae, 4.0%, 11/1/42 | 174,387 | |
1,935,201 | Fannie Mae, 4.0%, 8/1/43 | 2,094,658 | |
1,200,458 | Fannie Mae, 4.0%, 11/1/43 | 1,315,637 | |
9,234 | Fannie Mae, 4.0%, 2/1/44 | 9,982 | |
1,132,627 | Fannie Mae, 4.0%, 2/1/44 | 1,235,596 | |
246,638 | Fannie Mae, 4.0%, 6/1/44 | 266,099 | |
5,797,480 | Fannie Mae, 4.0%, 7/1/44 | 6,264,871 | |
3,040,310 | Fannie Mae, 4.0%, 8/1/44 | 3,285,670 | |
87,897 | Fannie Mae, 4.0%, 9/1/44 | 94,992 | |
6,828 | Fannie Mae, 4.0%, 10/1/44 | 7,380 | |
77,294 | Fannie Mae, 4.0%, 10/1/44 | 83,536 | |
78,322 | Fannie Mae, 4.0%, 10/1/44 | 84,584 | |
234,301 | Fannie Mae, 4.0%, 10/1/44 | 249,847 | |
270,279 | Fannie Mae, 4.0%, 10/1/44 | 292,081 | |
64,070 | Fannie Mae, 4.0%, 11/1/44 | 69,241 | |
91,334 | Fannie Mae, 4.0%, 11/1/44 | 98,704 | |
130,180 | Fannie Mae, 4.0%, 11/1/44 | 138,816 | |
170,745 | Fannie Mae, 4.0%, 11/1/44 | 184,415 | |
268,728 | Fannie Mae, 4.0%, 11/1/44 | 290,409 | |
60,472 | Fannie Mae, 4.0%, 12/1/44 | 65,374 | |
21,754 | Fannie Mae, 4.0%, 1/1/45 | 23,514 | |
70,326 | Fannie Mae, 4.0%, 6/1/45 | 75,732 | |
151,974 | Fannie Mae, 4.0%, 7/1/45 | 164,484 | |
2,197,078 | Fannie Mae, 4.0%, 10/1/45 | 2,374,460 | |
3,393,139 | Fannie Mae, 4.0%, 10/1/45 | 3,649,255 | |
3,577,043 | Fannie Mae, 4.0%, 4/1/47 | 3,846,476 |
The accompanying notes are an integral part of these financial statements.
60 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Principal | |||
Amount | |||
USD ($) | Value | ||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS — | |||
(continued) | |||
4,950,433 | Fannie Mae, 4.0%, 4/1/47 | $ 5,323,342 | |
468,644 | Fannie Mae, 4.0%, 6/1/47 | 503,946 | |
1,533,375 | Fannie Mae, 4.0%, 6/1/47 | 1,649,457 | |
2,808,077 | Fannie Mae, 4.0%, 7/1/47 | 3,019,833 | |
126,257 | Fannie Mae, 4.0%, 6/1/49 | 137,654 | |
90,646 | Fannie Mae, 4.5%, 8/1/40 | 99,302 | |
2,936,114 | Fannie Mae, 4.5%, 11/1/40 | 3,216,249 | |
7,667,550 | Fannie Mae, 4.5%, 12/1/40 | 8,397,862 | |
357,949 | Fannie Mae, 4.5%, 3/1/41 | 391,797 | |
792,036 | Fannie Mae, 4.5%, 3/1/41 | 867,756 | |
3,088 | Fannie Mae, 4.5%, 4/1/41 | 3,384 | |
2,043,036 | Fannie Mae, 4.5%, 5/1/41 | 2,238,158 | |
3,698,158 | Fannie Mae, 4.5%, 5/1/41 | 4,051,344 | |
1,603,470 | Fannie Mae, 4.5%, 7/1/41 | 1,756,646 | |
6,873,844 | Fannie Mae, 4.5%, 8/1/41 | 7,532,443 | |
315,888 | Fannie Mae, 4.5%, 9/1/41 | 343,657 | |
18,761 | Fannie Mae, 4.5%, 12/1/41 | 20,190 | |
4,227,821 | Fannie Mae, 4.5%, 9/1/43 | 4,627,017 | |
2,007,688 | Fannie Mae, 4.5%, 11/1/43 | 2,192,016 | |
2,675,572 | Fannie Mae, 4.5%, 2/1/44 | 2,915,901 | |
2,719,545 | Fannie Mae, 4.5%, 2/1/44 | 2,965,955 | |
3,194,012 | Fannie Mae, 4.5%, 2/1/44 | 3,486,369 | |
605,537 | Fannie Mae, 4.5%, 1/1/47 | 660,280 | |
565,539 | Fannie Mae, 4.5%, 2/1/47 | 616,360 | |
2,282,928 | Fannie Mae, 4.5%, 10/1/49 | 2,458,462 | |
28,943 | Fannie Mae, 5.0%, 2/1/22 | 30,375 | |
2,003 | Fannie Mae, 5.0%, 4/1/22 | 2,103 | |
5,869 | Fannie Mae, 5.0%, 6/1/22 | 6,160 | |
6,324 | Fannie Mae, 5.0%, 6/1/22 | 6,636 | |
2,019,031 | Fannie Mae, 5.0%, 6/1/35 | 2,241,734 | |
578,214 | Fannie Mae, 5.0%, 7/1/35 | 642,466 | |
1,173,068 | Fannie Mae, 5.0%, 7/1/35 | 1,301,413 | |
567,681 | Fannie Mae, 5.0%, 8/1/35 | 630,193 | |
215,393 | Fannie Mae, 5.0%, 5/1/38 | 239,325 | |
688,933 | Fannie Mae, 5.0%, 1/1/39 | 764,149 | |
197,362 | Fannie Mae, 5.0%, 7/1/39 | 218,499 | |
417,521 | Fannie Mae, 5.0%, 7/1/39 | 464,190 | |
444,278 | Fannie Mae, 5.0%, 7/1/39 | 492,649 | |
134,134 | Fannie Mae, 5.0%, 6/1/40 | 146,811 | |
1,221,124 | Fannie Mae, 5.0%, 6/1/40 | 1,353,481 | |
864,391 | Fannie Mae, 5.0%, 7/1/40 | 957,521 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 61
Schedule of Investments | 3/31/20 (unaudited) (continued)
Principal | |||
Amount | |||
USD ($) | Value | ||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS — | |||
(continued) | |||
301,780 | Fannie Mae, 5.0%, 10/1/40 | $ 334,492 | |
236,106 | Fannie Mae, 5.0%, 5/1/41 | 261,691 | |
216,069 | Fannie Mae, 5.0%, 7/1/41 | 239,504 | |
255,389 | Fannie Mae, 5.0%, 12/1/41 | 279,139 | |
5,625,642 | Fannie Mae, 5.0%, 9/1/43 | 6,181,367 | |
14,984,435 | Fannie Mae, 5.0%, 11/1/44 | 16,616,031 | |
11,198 | Fannie Mae, 5.5%, 3/1/21 | 11,266 | |
6,197 | Fannie Mae, 5.5%, 5/1/33 | 6,790 | |
7,742 | Fannie Mae, 5.5%, 6/1/33 | 8,597 | |
29,498 | Fannie Mae, 5.5%, 7/1/33 | 33,151 | |
52,953 | Fannie Mae, 5.5%, 4/1/34 | 59,813 | |
69,597 | Fannie Mae, 5.5%, 12/1/35 | 78,817 | |
49,875 | Fannie Mae, 5.5%, 3/1/36 | 56,508 | |
76,825 | Fannie Mae, 5.5%, 4/1/36 | 84,046 | |
737 | Fannie Mae, 6.0%, 3/1/32 | 844 | |
1,202 | Fannie Mae, 6.0%, 10/1/32 | 1,379 | |
3,542 | Fannie Mae, 6.0%, 11/1/32 | 3,922 | |
26,712 | Fannie Mae, 6.0%, 12/1/32 | 29,695 | |
5,614 | Fannie Mae, 6.0%, 1/1/33 | 6,451 | |
3,049 | Fannie Mae, 6.0%, 3/1/33 | 3,506 | |
16,773 | Fannie Mae, 6.0%, 5/1/33 | 18,600 | |
42,024 | Fannie Mae, 6.0%, 12/1/33 | 48,365 | |
39,270 | Fannie Mae, 6.0%, 1/1/34 | 45,213 | |
137,143 | Fannie Mae, 6.0%, 6/1/37 | 157,160 | |
62,367 | Fannie Mae, 6.0%, 12/1/37 | 71,364 | |
107,622 | Fannie Mae, 6.0%, 4/1/38 | 123,946 | |
58,848 | Fannie Mae, 6.0%, 7/1/38 | 65,683 | |
128 | Fannie Mae, 6.5%, 4/1/29 | 142 | |
637 | Fannie Mae, 6.5%, 5/1/31 | 715 | |
169 | Fannie Mae, 6.5%, 6/1/31 | 192 | |
360 | Fannie Mae, 6.5%, 2/1/32 | 408 | |
1,891 | Fannie Mae, 6.5%, 3/1/32 | 2,095 | |
1,178 | Fannie Mae, 6.5%, 8/1/32 | 1,351 | |
11,209 | Fannie Mae, 6.5%, 10/1/32 | 12,422 | |
483 | Fannie Mae, 7.0%, 5/1/28 | 559 | |
231 | Fannie Mae, 7.0%, 2/1/29 | 273 | |
292 | Fannie Mae, 7.0%, 7/1/31 | 301 | |
406 | Fannie Mae, 7.5%, 1/1/28 | 444 | |
9,227,635 | Federal Home Loan Mortgage Corp., 3.0%, 11/1/42 | 9,756,129 | |
745,875 | Federal Home Loan Mortgage Corp., 3.0%, 4/1/43 | 788,603 | |
1,339,847 | Federal Home Loan Mortgage Corp., 3.0%, 5/1/43 | 1,416,612 |
The accompanying notes are an integral part of these financial statements.
62 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Principal | |||
Amount | |||
USD ($) | Value | ||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS — | |||
(continued) | |||
226,726 | Federal Home Loan Mortgage Corp., 3.0%, 10/1/46 | $ 240,689 | |
329,701 | Federal Home Loan Mortgage Corp., 3.0%, 11/1/46 | 348,277 | |
3,108,091 | Federal Home Loan Mortgage Corp., 3.0%, 2/1/47 | 3,290,656 | |
842,187 | Federal Home Loan Mortgage Corp., 3.0%, 4/1/47 | 890,402 | |
146,000 | Federal Home Loan Mortgage Corp., 3.0%, 11/1/47 | 154,630 | |
1,446,559 | Federal Home Loan Mortgage Corp., 3.5%, 10/1/40 | 1,548,953 | |
1,571,587 | Federal Home Loan Mortgage Corp., 3.5%, 10/1/42 | 1,686,732 | |
7,647,721 | Federal Home Loan Mortgage Corp., 3.5%, 6/1/45 | 8,197,903 | |
372,524 | Federal Home Loan Mortgage Corp., 3.5%, 7/1/45 | 399,899 | |
12,021,665 | Federal Home Loan Mortgage Corp., 3.5%, 8/1/46 | 12,899,863 | |
547,808 | Federal Home Loan Mortgage Corp., 3.5%, 6/1/47 | 584,305 | |
4,338,919 | Federal Home Loan Mortgage Corp., 4.0%, 10/1/42 | 4,686,353 | |
2,857,183 | Federal Home Loan Mortgage Corp., 4.0%, 12/1/44 | 3,089,011 | |
1,748,338 | Federal Home Loan Mortgage Corp., 4.0%, 1/1/46 | 1,889,275 | |
6,840,958 | Federal Home Loan Mortgage Corp., 4.0%, 2/1/46 | 7,377,830 | |
2,340,610 | Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 | 2,517,498 | |
3,153,873 | Federal Home Loan Mortgage Corp., 4.0%, 4/1/47 | 3,381,835 | |
6,016,847 | Federal Home Loan Mortgage Corp., 4.0%, 8/1/48 | 6,415,487 | |
543,428 | Federal Home Loan Mortgage Corp., 4.0%, 5/1/49 | 579,900 | |
195,319 | Federal Home Loan Mortgage Corp., 4.5%, 10/1/35 | 213,725 | |
765,844 | Federal Home Loan Mortgage Corp., 4.5%, 7/1/40 | 837,969 | |
448,086 | Federal Home Loan Mortgage Corp., 4.5%, 11/1/40 | 490,691 | |
76,641 | Federal Home Loan Mortgage Corp., 4.5%, 9/1/41 | 83,876 | |
35,603 | Federal Home Loan Mortgage Corp., 4.5%, 9/1/43 | 38,870 | |
265,376 | Federal Home Loan Mortgage Corp., 4.5%, 10/1/43 | 290,224 | |
996,744 | Federal Home Loan Mortgage Corp., 4.5%, 11/1/43 | 1,087,258 | |
15,165 | Federal Home Loan Mortgage Corp., 4.5%, 3/1/44 | 16,547 | |
47,376 | Federal Home Loan Mortgage Corp., 4.5%, 5/1/44 | 51,694 | |
5,938,463 | Federal Home Loan Mortgage Corp., 4.5%, 5/1/47 | 6,447,022 | |
175,081 | Federal Home Loan Mortgage Corp., 4.5%, 11/1/48 | 188,549 | |
186,552 | Federal Home Loan Mortgage Corp., 4.5%, 6/1/49 | 200,611 | |
1,962,728 | Federal Home Loan Mortgage Corp., 4.5%, 6/1/49 | 2,109,469 | |
733,491 | Federal Home Loan Mortgage Corp., 4.5%, 7/1/49 | 789,889 | |
1,061,398 | Federal Home Loan Mortgage Corp., 4.5%, 7/1/49 | 1,141,389 | |
572,863 | Federal Home Loan Mortgage Corp., 4.5%, 8/1/49 | 616,036 | |
28,895 | Federal Home Loan Mortgage Corp., 5.0%, 12/1/21 | 30,328 | |
48,460 | Federal Home Loan Mortgage Corp., 5.0%, 4/1/23 | 50,896 | |
15,408 | Federal Home Loan Mortgage Corp., 5.0%, 5/1/34 | 17,015 | |
21,801 | Federal Home Loan Mortgage Corp., 5.0%, 11/1/34 | 24,196 | |
87,657 | Federal Home Loan Mortgage Corp., 5.0%, 12/1/34 | 95,743 | |
82,476 | Federal Home Loan Mortgage Corp., 5.0%, 7/1/35 | 91,611 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 63
Schedule of Investments | 3/31/20 (unaudited) (continued)
Principal | ||||
Amount | ||||
USD ($) | Value | |||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS — | ||||
(continued) | ||||
158,747 | Federal Home Loan Mortgage Corp., 5.0%, 9/1/38 | $ 176,397 | ||
224,478 | Federal Home Loan Mortgage Corp., 5.0%, 9/1/38 | 249,438 | ||
3,497,494 | Federal Home Loan Mortgage Corp., 5.0%, 11/1/39 | 3,878,325 | ||
1,585,719 | Federal Home Loan Mortgage Corp., 5.5%, 6/1/41 | 1,797,654 | ||
55,034 | Federal Home Loan Mortgage Corp., 6.0%, 1/1/33 | 60,928 | ||
2,541 | Federal Home Loan Mortgage Corp., 6.0%, 3/1/33 | 2,812 | ||
13,080 | Federal Home Loan Mortgage Corp., 6.0%, 3/1/33 | 14,491 | ||
34,203 | Federal Home Loan Mortgage Corp., 6.0%, 1/1/34 | 39,403 | ||
40,934 | Federal Home Loan Mortgage Corp., 6.0%, 8/1/34 | 45,319 | ||
53,784 | Federal Home Loan Mortgage Corp., 6.0%, 6/1/35 | 59,495 | ||
34,116 | Federal Home Loan Mortgage Corp., 6.0%, 12/1/36 | 38,204 | ||
3,485 | Federal Home Loan Mortgage Corp., 6.0%, 10/1/37 | 3,993 | ||
77,662 | Federal Home Loan Mortgage Corp., 6.0%, 12/1/37 | 89,445 | ||
1,946 | Federal Home Loan Mortgage Corp., 6.5%, 9/1/32 | 2,158 | ||
4,924,017 | Government National Mortgage Association I, | |||
3.5%, 7/15/42 | 5,323,147 | |||
1,573,905 | Government National Mortgage Association I, | |||
3.5%, 10/15/42 | 1,696,123 | |||
3,997,448 | Government National Mortgage Association I, | |||
3.5%, 9/15/44 | 4,277,749 | |||
146,121 | Government National Mortgage Association I, | |||
3.5%, 10/15/44 | 156,406 | |||
5,794,914 | Government National Mortgage Association I, | |||
3.5%, 10/15/44 | 6,201,352 | |||
2,824,935 | Government National Mortgage Association I, | |||
3.5%, 8/15/46 | 3,008,695 | |||
5,392 | Government National Mortgage Association I, | |||
4.0%, 3/15/39 | 5,841 | |||
6,913 | Government National Mortgage Association I, | |||
4.0%, 4/15/39 | 7,484 | |||
8,594 | Government National Mortgage Association I, | |||
4.0%, 4/15/39 | 9,310 | |||
11,479 | Government National Mortgage Association I, | |||
4.0%, 7/15/39 | 12,413 | |||
9,644 | Government National Mortgage Association I, | |||
4.0%, 1/15/40 | 10,433 | |||
140,646 | Government National Mortgage Association I, | |||
4.0%, 4/15/40 | 152,094 | |||
293,542 | Government National Mortgage Association I, | |||
4.0%, 7/15/40 | 317,594 | |||
93,025 | Government National Mortgage Association I, | |||
4.0%, 8/15/40 | 100,330 | |||
184,227 | Government National Mortgage Association I, | |||
4.0%, 8/15/40 | 199,383 |
The accompanying notes are an integral part of these financial statements.
64 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Principal | |||
Amount | |||
USD ($) | Value | ||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS — | |||
(continued) | |||
44,636 | Government National Mortgage Association I, | ||
4.0%, 9/15/40 | $ 48,336 | ||
8,043 | Government National Mortgage Association I, | ||
4.0%, 10/15/40 | 8,713 | ||
16,919 | Government National Mortgage Association I, | ||
4.0%, 10/15/40 | 18,304 | ||
51,134 | Government National Mortgage Association I, | ||
4.0%, 10/15/40 | 55,346 | ||
7,249 | Government National Mortgage Association I, | ||
4.0%, 11/15/40 | 7,844 | ||
48,126 | Government National Mortgage Association I, | ||
4.0%, 11/15/40 | 52,014 | ||
145,672 | Government National Mortgage Association I, | ||
4.0%, 11/15/40 | 156,292 | ||
236,392 | Government National Mortgage Association I, | ||
4.0%, 11/15/40 | 255,783 | ||
7,017 | Government National Mortgage Association I, | ||
4.0%, 12/15/40 | 7,602 | ||
7,374 | Government National Mortgage Association I, | ||
4.0%, 12/15/40 | 7,976 | ||
100,388 | Government National Mortgage Association I, | ||
4.0%, 12/15/40 | 106,666 | ||
600,105 | Government National Mortgage Association I, | ||
4.0%, 12/15/40 | 649,081 | ||
5,113 | Government National Mortgage Association I, | ||
4.0%, 1/15/41 | 5,532 | ||
32,823 | Government National Mortgage Association I, | ||
4.0%, 1/15/41 | 35,478 | ||
44,988 | Government National Mortgage Association I, | ||
4.0%, 1/15/41 | 48,669 | ||
13,432 | Government National Mortgage Association I, | ||
4.0%, 2/15/41 | 14,540 | ||
649,445 | Government National Mortgage Association I, | ||
4.0%, 2/15/41 | 702,789 | ||
51,210 | Government National Mortgage Association I, | ||
4.0%, 3/15/41 | 55,486 | ||
8,984 | Government National Mortgage Association I, | ||
4.0%, 4/15/41 | 9,688 | ||
5,077 | Government National Mortgage Association I, | ||
4.0%, 5/15/41 | 5,394 | ||
60,064 | Government National Mortgage Association I, | ||
4.0%, 5/15/41 | 64,764 | ||
151,778 | Government National Mortgage Association I, | ||
4.0%, 5/15/41 | 161,800 | ||
2,961 | Government National Mortgage Association I, | ||
4.0%, 6/15/41 | 3,169 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 65
Schedule of Investments | 3/31/20 (unaudited) (continued)
Principal | ||||
Amount | ||||
USD ($) | Value | |||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS — | ||||
(continued) | ||||
4,835 | Government National Mortgage Association I, | |||
4.0%, 6/15/41 | $ 5,162 | |||
1,439,981 | Government National Mortgage Association I, | |||
4.0%, 6/15/41 | 1,566,461 | |||
7,144 | Government National Mortgage Association I, | |||
4.0%, 7/15/41 | 7,632 | |||
10,635 | Government National Mortgage Association I, | |||
4.0%, 7/15/41 | 11,534 | |||
31,180 | Government National Mortgage Association I, | |||
4.0%, 7/15/41 | 33,774 | |||
80,000 | Government National Mortgage Association I, | |||
4.0%, 7/15/41 | 87,028 | |||
146,147 | Government National Mortgage Association I, | |||
4.0%, 7/15/41 | 158,831 | |||
148,186 | Government National Mortgage Association I, | |||
4.0%, 7/15/41 | 160,523 | |||
3,251 | Government National Mortgage Association I, | |||
4.0%, 8/15/41 | 3,453 | |||
8,935 | Government National Mortgage Association I, | |||
4.0%, 8/15/41 | 9,667 | |||
9,303 | Government National Mortgage Association I, | |||
4.0%, 8/15/41 | 9,886 | |||
75,939 | Government National Mortgage Association I, | |||
4.0%, 8/15/41 | 82,566 | |||
3,453 | Government National Mortgage Association I, | |||
4.0%, 9/15/41 | 3,674 | |||
5,488 | Government National Mortgage Association I, | |||
4.0%, 9/15/41 | 5,943 | |||
7,777 | Government National Mortgage Association I, | |||
4.0%, 9/15/41 | 8,358 | |||
8,073 | Government National Mortgage Association I, | |||
4.0%, 9/15/41 | 8,801 | |||
29,000 | Government National Mortgage Association I, | |||
4.0%, 9/15/41 | 31,461 | |||
35,330 | Government National Mortgage Association I, | |||
4.0%, 9/15/41 | 38,360 | |||
244,544 | Government National Mortgage Association I, | |||
4.0%, 9/15/41 | 265,407 | |||
531,218 | Government National Mortgage Association I, | |||
4.0%, 9/15/41 | 576,738 | |||
4,034 | Government National Mortgage Association I, | |||
4.0%, 10/15/41 | 4,398 | |||
6,257 | Government National Mortgage Association I, | |||
4.0%, 10/15/41 | 6,653 | |||
6,828 | Government National Mortgage Association I, | |||
4.0%, 10/15/41 | 7,312 |
The accompanying notes are an integral part of these financial statements. |
66 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Principal | |||
Amount | |||
USD ($) | Value | ||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS — | |||
(continued) | |||
10,054 | Government National Mortgage Association I, | ||
4.0%, 10/15/41 | $ 10,902 | ||
46,873 | Government National Mortgage Association I, | ||
4.0%, 10/15/41 | 50,647 | ||
7,306 | Government National Mortgage Association I, | ||
4.0%, 11/15/41 | 7,901 | ||
10,202 | Government National Mortgage Association I, | ||
4.0%, 11/15/41 | 10,853 | ||
19,827 | Government National Mortgage Association I, | ||
4.0%, 11/15/41 | 21,454 | ||
93,007 | Government National Mortgage Association I, | ||
4.0%, 11/15/41 | 98,978 | ||
7,873 | Government National Mortgage Association I, | ||
4.0%, 12/15/41 | 8,565 | ||
10,577 | Government National Mortgage Association I, | ||
4.0%, 12/15/41 | 11,482 | ||
13,285 | Government National Mortgage Association I, | ||
4.0%, 12/15/41 | 14,113 | ||
17,580 | Government National Mortgage Association I, | ||
4.0%, 1/15/42 | 18,673 | ||
848,174 | Government National Mortgage Association I, | ||
4.0%, 1/15/42 | 923,529 | ||
3,232 | Government National Mortgage Association I, | ||
4.0%, 2/15/42 | 3,436 | ||
6,995 | Government National Mortgage Association I, | ||
4.0%, 2/15/42 | 7,586 | ||
11,376 | Government National Mortgage Association I, | ||
4.0%, 2/15/42 | 12,393 | ||
53,474 | Government National Mortgage Association I, | ||
4.0%, 2/15/42 | 57,512 | ||
117,424 | Government National Mortgage Association I, | ||
4.0%, 2/15/42 | 128,093 | ||
1,176,249 | Government National Mortgage Association I, | ||
4.0%, 5/15/42 | 1,284,056 | ||
67,897 | Government National Mortgage Association I, | ||
4.0%, 6/15/42 | 74,098 | ||
76,780 | Government National Mortgage Association I, | ||
4.0%, 6/15/42 | 81,858 | ||
85,424 | Government National Mortgage Association I, | ||
4.0%, 6/15/42 | 92,077 | ||
11,211 | Government National Mortgage Association I, | ||
4.0%, 10/15/42 | 12,231 | ||
4,690 | Government National Mortgage Association I, | ||
4.0%, 11/15/42 | 4,987 | ||
7,862 | Government National Mortgage Association I, | ||
4.0%, 4/15/43 | 8,374 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 67
Schedule of Investments | 3/31/20 (unaudited) (continued)
Principal | |||
Amount | |||
USD ($) | Value | ||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS — | |||
(continued) | |||
1,017,083 | Government National Mortgage Association I, | ||
4.0%, 4/15/43 | $ 1,109,663 | ||
5,329 | Government National Mortgage Association I, | ||
4.0%, 5/15/43 | 5,817 | ||
28,411 | Government National Mortgage Association I, | ||
4.0%, 5/15/43 | 30,238 | ||
124,971 | Government National Mortgage Association I, | ||
4.0%, 5/15/43 | 133,264 | ||
43,952 | Government National Mortgage Association I, | ||
4.0%, 6/15/43 | 46,695 | ||
72,598 | Government National Mortgage Association I, | ||
4.0%, 7/15/43 | 78,681 | ||
49,936 | Government National Mortgage Association I, | ||
4.0%, 8/15/43 | 53,621 | ||
405,996 | Government National Mortgage Association I, | ||
4.0%, 8/15/43 | 443,101 | ||
10,683 | Government National Mortgage Association I, | ||
4.0%, 9/15/43 | 11,656 | ||
72,916 | Government National Mortgage Association I, | ||
4.0%, 9/15/43 | 77,684 | ||
4,100 | Government National Mortgage Association I, | ||
4.0%, 10/15/43 | 4,467 | ||
12,909 | Government National Mortgage Association I, | ||
4.0%, 11/15/43 | 14,062 | ||
99,953 | Government National Mortgage Association I, | ||
4.0%, 2/15/44 | 107,123 | ||
63,654 | Government National Mortgage Association I, | ||
4.0%, 3/15/44 | 69,461 | ||
66,421 | Government National Mortgage Association I, | ||
4.0%, 3/15/44 | 70,635 | ||
87,404 | Government National Mortgage Association I, | ||
4.0%, 3/15/44 | 95,372 | ||
165,347 | Government National Mortgage Association I, | ||
4.0%, 3/15/44 | 180,363 | ||
462,286 | Government National Mortgage Association I, | ||
4.0%, 3/15/44 | 502,809 | ||
1,380,459 | Government National Mortgage Association I, | ||
4.0%, 3/15/44 | 1,499,572 | ||
3,217,244 | Government National Mortgage Association I, | ||
4.0%, 3/15/44 | 3,494,387 | ||
8,826 | Government National Mortgage Association I, | ||
4.0%, 4/15/44 | 9,636 | ||
108,214 | Government National Mortgage Association I, | ||
4.0%, 4/15/44 | 118,101 | ||
503,959 | Government National Mortgage Association I, | ||
4.0%, 4/15/44 | 550,117 |
The accompanying notes are an integral part of these financial statements.
68 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Principal | |||
Amount | |||
USD ($) | Value | ||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS — | |||
(continued) | |||
1,104,915 | Government National Mortgage Association I, | ||
4.0%, 4/15/44 | $ 1,205,622 | ||
155,459 | Government National Mortgage Association I, | ||
4.0%, 5/15/44 | 169,055 | ||
85,939 | Government National Mortgage Association I, | ||
4.0%, 8/15/44 | 93,121 | ||
99,328 | Government National Mortgage Association I, | ||
4.0%, 8/15/44 | 106,181 | ||
232,590 | Government National Mortgage Association I, | ||
4.0%, 8/15/44 | 250,043 | ||
776,104 | Government National Mortgage Association I, | ||
4.0%, 8/15/44 | 847,474 | ||
1,206,705 | Government National Mortgage Association I, | ||
4.0%, 8/15/44 | 1,317,121 | ||
6,506 | Government National Mortgage Association I, | ||
4.0%, 9/15/44 | 7,104 | ||
58,805 | Government National Mortgage Association I, | ||
4.0%, 9/15/44 | 62,564 | ||
104,750 | Government National Mortgage Association I, | ||
4.0%, 9/15/44 | 111,850 | ||
124,351 | Government National Mortgage Association I, | ||
4.0%, 9/15/44 | 135,776 | ||
163,801 | Government National Mortgage Association I, | ||
4.0%, 9/15/44 | 178,509 | ||
208,209 | Government National Mortgage Association I, | ||
4.0%, 9/15/44 | 224,241 | ||
230,975 | Government National Mortgage Association I, | ||
4.0%, 9/15/44 | 247,292 | ||
397,283 | Government National Mortgage Association I, | ||
4.0%, 9/15/44 | 433,654 | ||
474,138 | Government National Mortgage Association I, | ||
4.0%, 9/15/44 | 513,877 | ||
898,228 | Government National Mortgage Association I, | ||
4.0%, 9/15/44 | 979,083 | ||
1,278,595 | Government National Mortgage Association I, | ||
4.0%, 9/15/44 | 1,386,147 | ||
1,405,859 | Government National Mortgage Association I, | ||
4.0%, 9/15/44 | 1,534,442 | ||
2,419,492 | Government National Mortgage Association I, | ||
4.0%, 9/15/44 | 2,621,131 | ||
3,173,045 | Government National Mortgage Association I, | ||
4.0%, 9/15/44 | 3,462,886 | ||
56,438 | Government National Mortgage Association I, | ||
4.0%, 10/15/44 | 61,579 | ||
138,788 | Government National Mortgage Association I, | ||
4.0%, 10/15/44 | 150,501 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 69
Schedule of Investments | 3/31/20 (unaudited) (continued)
Principal | ||||
Amount | ||||
USD ($) | Value | |||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS — | ||||
(continued) | ||||
209,321 | Government National Mortgage Association I, | |||
4.0%, 10/15/44 | $ 222,242 | |||
16,159 | Government National Mortgage Association I, | |||
4.0%, 11/15/44 | 17,632 | |||
29,461 | Government National Mortgage Association I, | |||
4.0%, 11/15/44 | 32,154 | |||
33,736 | Government National Mortgage Association I, | |||
4.0%, 11/15/44 | 35,850 | |||
197,185 | Government National Mortgage Association I, | |||
4.0%, 11/15/44 | 212,288 | |||
6,044 | Government National Mortgage Association I, | |||
4.0%, 12/15/44 | 6,451 | |||
53,689 | Government National Mortgage Association I, | |||
4.0%, 12/15/44 | 58,169 | |||
109,289 | Government National Mortgage Association I, | |||
4.0%, 12/15/44 | 119,266 | |||
267,240 | Government National Mortgage Association I, | |||
4.0%, 12/15/44 | 290,795 | |||
303,701 | Government National Mortgage Association I, | |||
4.0%, 12/15/44 | 323,603 | |||
455,201 | Government National Mortgage Association I, | |||
4.0%, 12/15/44 | 496,734 | |||
62,662 | Government National Mortgage Association I, | |||
4.0%, 1/15/45 | 66,595 | |||
544,583 | Government National Mortgage Association I, | |||
4.0%, 1/15/45 | 585,447 | |||
854,932 | Government National Mortgage Association I, | |||
4.0%, 1/15/45 | 918,921 | |||
1,053,498 | Government National Mortgage Association I, | |||
4.0%, 1/15/45 | 1,149,517 | |||
111,686 | Government National Mortgage Association I, | |||
4.0%, 2/15/45 | 118,654 | |||
134,543 | Government National Mortgage Association I, | |||
4.0%, 2/15/45 | 146,457 | |||
137,244 | Government National Mortgage Association I, | |||
4.0%, 2/15/45 | 146,306 | |||
186,554 | Government National Mortgage Association I, | |||
4.0%, 2/15/45 | 199,038 | |||
287,598 | Government National Mortgage Association I, | |||
4.0%, 2/15/45 | 305,755 | |||
838,731 | Government National Mortgage Association I, | |||
4.0%, 2/15/45 | 915,101 | |||
164,750 | Government National Mortgage Association I, | |||
4.0%, 3/15/45 | 174,992 | |||
175,626 | Government National Mortgage Association I, | |||
4.0%, 4/15/45 | 187,133 |
The accompanying notes are an integral part of these financial statements.
70 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Principal | |||
Amount | |||
USD ($) | Value | ||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS — | |||
(continued) | |||
116,689 | Government National Mortgage Association I, | ||
4.0%, 5/15/45 | $ 127,200 | ||
37,281 | Government National Mortgage Association I, | ||
4.0%, 7/15/45 | 40,558 | ||
165,517 | Government National Mortgage Association I, | ||
4.0%, 9/15/45 | 180,007 | ||
119,249 | Government National Mortgage Association I, | ||
4.5%, 9/15/33 | 131,406 | ||
103,464 | Government National Mortgage Association I, | ||
4.5%, 10/15/33 | 114,565 | ||
72,061 | Government National Mortgage Association I, | ||
4.5%, 4/15/35 | �� | 79,505 | |
80,797 | Government National Mortgage Association I, | ||
4.5%, 4/15/35 | 87,956 | ||
955,254 | Government National Mortgage Association I, | ||
4.5%, 3/15/38 | 1,048,910 | ||
393,164 | Government National Mortgage Association I, | ||
4.5%, 1/15/40 | 439,774 | ||
639,139 | Government National Mortgage Association I, | ||
4.5%, 6/15/40 | 707,416 | ||
224,040 | Government National Mortgage Association I, | ||
4.5%, 9/15/40 | 248,314 | ||
999,179 | Government National Mortgage Association I, | ||
4.5%, 11/15/40 | 1,105,527 | ||
477,263 | Government National Mortgage Association I, | ||
4.5%, 6/15/41 | 527,889 | ||
890,638 | Government National Mortgage Association I, | ||
4.5%, 6/15/41 | 978,675 | ||
330,801 | Government National Mortgage Association I, | ||
4.5%, 7/15/41 | 365,999 | ||
1,515,711 | Government National Mortgage Association I, | ||
4.5%, 8/15/41 | 1,667,788 | ||
12,465 | Government National Mortgage Association I, | ||
5.0%, 6/15/21 | 12,667 | ||
288,653 | Government National Mortgage Association I, | ||
5.0%, 9/15/33 | 320,133 | ||
330,204 | Government National Mortgage Association I, | ||
5.125%, 10/15/38 | 362,541 | ||
51,800 | Government National Mortgage Association I, | ||
5.5%, 7/15/33 | 58,821 | ||
101,100 | Government National Mortgage Association I, | ||
5.5%, 1/15/34 | 114,672 | ||
88,316 | Government National Mortgage Association I, | ||
5.5%, 4/15/34 | 100,283 | ||
143,620 | Government National Mortgage Association I, | ||
5.5%, 7/15/34 | 163,237 |
The accompanying notes are an integral part of these financial statements. |
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 71
Schedule of Investments | 3/31/20 (unaudited) (continued)
Principal | |||||
Amount | |||||
USD ($) | Value | ||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS — | |||||
(continued) | |||||
104,777 | Government National Mortgage Association I, | ||||
5.5%, 10/15/34 | $ 116,155 | ||||
74,604 | Government National Mortgage Association I, | ||||
5.5%, 1/15/35 | 84,398 | ||||
86,610 | Government National Mortgage Association I, | ||||
5.5%, 2/15/35 | 94,116 | ||||
229,622 | Government National Mortgage Association I, | ||||
5.5%, 2/15/35 | 260,815 | ||||
60,533 | Government National Mortgage Association I, | ||||
5.5%, 6/15/35 | 68,684 | ||||
27,820 | Government National Mortgage Association I, | ||||
5.5%, 12/15/35 | 30,235 | ||||
7 | Government National Mortgage Association I, | ||||
5.5%, 2/15/37 | 8 | ||||
13,692 | Government National Mortgage Association I, | ||||
5.5%, 3/15/37 | 14,881 | ||||
140,260 | Government National Mortgage Association I, | ||||
5.5%, 3/15/37 | 152,340 | ||||
42,369 | Government National Mortgage Association I, | ||||
5.75%, 10/15/38 | 46,682 | ||||
139,182 | Government National Mortgage Association I, | ||||
5.75%, 10/15/38 | 152,553 | ||||
78,087 | Government National Mortgage Association I, | ||||
6.0%, 8/15/32 | 88,677 | ||||
10,517 | Government National Mortgage Association I, | ||||
6.0%, 1/15/33 | 11,609 | ||||
57,351 | Government National Mortgage Association I, | ||||
6.0%, 1/15/33 | 65,168 | ||||
43,137 | Government National Mortgage Association I, | ||||
6.0%, 2/15/33 | 49,019 | ||||
67,662 | Government National Mortgage Association I, | ||||
6.0%, 2/15/33 | 78,064 | ||||
2,620 | Government National Mortgage Association I, | ||||
6.0%, 3/15/33 | 2,899 | ||||
24,994 | Government National Mortgage Association I, | ||||
6.0%, 3/15/33 | 28,197 | ||||
49,484 | Government National Mortgage Association I, | ||||
6.0%, 3/15/33 | 57,407 | ||||
8,123 | Government National Mortgage Association I, | ||||
6.0%, 5/15/33 | 8,956 | ||||
95,868 | Government National Mortgage Association I, | ||||
6.0%, 5/15/33 | 107,732 | ||||
198,781 | Government National Mortgage Association I, | ||||
6.0%, 5/15/33 | 221,378 | ||||
42,185 | Government National Mortgage Association I, | ||||
6.0%, 6/15/33 | 47,841 |
The accompanying notes are an integral part of these financial statements.
72 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Principal | |||||
Amount | |||||
USD ($) | Value | ||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS — | |||||
(continued) | |||||
126,568 | Government National Mortgage Association I, | ||||
6.0%, 6/15/33 | $ 146,188 | ||||
57,664 | Government National Mortgage Association I, | ||||
6.0%, 7/15/33 | 64,540 | ||||
95,970 | Government National Mortgage Association I, | ||||
6.0%, 7/15/33 | 108,595 | ||||
20,516 | Government National Mortgage Association I, | ||||
6.0%, 9/15/33 | 22,618 | ||||
34,991 | Government National Mortgage Association I, | ||||
6.0%, 9/15/33 | 38,939 | ||||
27,135 | Government National Mortgage Association I, | ||||
6.0%, 10/15/33 | 29,947 | ||||
137,415 | Government National Mortgage Association I, | ||||
6.0%, 11/15/33 | 152,364 | ||||
33,068 | Government National Mortgage Association I, | ||||
6.0%, 1/15/34 | 37,540 | ||||
182,002 | Government National Mortgage Association I, | ||||
6.0%, 10/15/37 | 206,469 | ||||
242,200 | Government National Mortgage Association I, | ||||
6.0%, 7/15/38 | 275,434 | ||||
5,926 | Government National Mortgage Association I, | ||||
6.5%, 1/15/29 | 6,503 | ||||
864 | Government National Mortgage Association I, | ||||
6.5%, 5/15/29 | 1,010 | ||||
616 | Government National Mortgage Association I, | ||||
6.5%, 10/15/31 | 676 | ||||
1,166 | Government National Mortgage Association I, | ||||
6.5%, 10/15/31 | 1,280 | ||||
242 | Government National Mortgage Association I, | ||||
6.5%, 12/15/31 | 286 | ||||
1,746 | Government National Mortgage Association I, | ||||
6.5%, 2/15/32 | 2,032 | ||||
925 | Government National Mortgage Association I, | ||||
6.5%, 3/15/32 | 1,079 | ||||
3,176 | Government National Mortgage Association I, | ||||
6.5%, 5/15/32 | 3,485 | ||||
2,688 | Government National Mortgage Association I, | ||||
6.5%, 6/15/32 | 2,950 | ||||
2,861 | Government National Mortgage Association I, | ||||
6.5%, 6/15/32 | 3,235 | ||||
4,067 | Government National Mortgage Association I, | ||||
6.5%, 7/15/32 | 4,664 | ||||
4,084 | Government National Mortgage Association I, | ||||
6.5%, 7/15/32 | 4,641 | ||||
1,637 | Government National Mortgage Association I, | ||||
6.5%, 8/15/32 | 1,871 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 73
Schedule of Investments | 3/31/20 (unaudited) (continued)
Principal | ||||
Amount | ||||
USD ($) | Value | |||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS — | ||||
(continued) | ||||
1,693 | Government National Mortgage Association I, | |||
6.5%, 8/15/32 | $ 1,921 | |||
14,166 | Government National Mortgage Association I, | |||
6.5%, 8/15/32 | 16,260 | |||
32,131 | Government National Mortgage Association I, | |||
6.5%, 9/15/32 | 35,259 | |||
57,518 | Government National Mortgage Association I, | |||
6.5%, 9/15/32 | 65,049 | |||
11,034 | Government National Mortgage Association I, | |||
6.5%, 10/15/32 | 12,108 | |||
27,809 | Government National Mortgage Association I, | |||
6.5%, 11/15/32 | 33,614 | |||
20,412 | Government National Mortgage Association I, | |||
6.5%, 7/15/35 | 23,800 | |||
142 | Government National Mortgage Association I, | |||
7.0%, 5/15/29 | 159 | |||
404 | Government National Mortgage Association I, | |||
7.0%, 5/15/29 | 464 | |||
3,680 | Government National Mortgage Association I, | |||
7.0%, 8/15/29 | 3,692 | |||
199 | Government National Mortgage Association I, | |||
7.0%, 5/15/31 | 199 | |||
887,158 | Government National Mortgage Association II, | |||
3.5%, 3/20/45 | 945,688 | |||
995,940 | Government National Mortgage Association II, | |||
3.5%, 4/20/45 | 1,064,844 | |||
1,393,023 | Government National Mortgage Association II, | |||
3.5%, 4/20/45 | 1,497,994 | |||
1,773,958 | Government National Mortgage Association II, | |||
3.5%, 4/20/45 | 1,906,225 | |||
2,268,222 | Government National Mortgage Association II, | |||
3.5%, 3/20/46 | 2,459,964 | |||
6,410,268 | Government National Mortgage Association II, | |||
4.0%, 10/20/46 | 6,886,487 | |||
1,904,447 | Government National Mortgage Association II, | |||
4.0%, 2/20/48 | 2,099,836 | |||
2,093,392 | Government National Mortgage Association II, | |||
4.0%, 4/20/48 | 2,308,644 | |||
357,786 | Government National Mortgage Association II, | |||
4.5%, 12/20/34 | 384,378 | |||
251,365 | Government National Mortgage Association II, | |||
4.5%, 1/20/35 | 268,724 | |||
249,654 | Government National Mortgage Association II, | |||
4.5%, 3/20/35 | 267,214 | |||
2,423,537 | Government National Mortgage Association II, | |||
4.5%, 9/20/41 | 2,669,661 |
The accompanying notes are an integral part of these financial statements.
74 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Principal | |||
Amount | |||
USD ($) | Value | ||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS — | |||
(continued) | |||
4,536,828 | Government National Mortgage Association II, | ||
4.5%, 9/20/44 | $ 4,867,196 | ||
1,601,250 | Government National Mortgage Association II, | ||
4.5%, 10/20/44 | 1,748,158 | ||
3,286,783 | Government National Mortgage Association II, | ||
4.5%, 11/20/44 | 3,587,697 | ||
72,302 | Government National Mortgage Association II, | ||
5.5%, 3/20/34 | 81,431 | ||
2,630 | Government National Mortgage Association II, | ||
5.5%, 10/20/37 | 2,852 | ||
29,021 | Government National Mortgage Association II, | ||
6.0%, 5/20/32 | 32,384 | ||
104,675 | Government National Mortgage Association II, | ||
6.0%, 10/20/33 | 119,295 | ||
143 | Government National Mortgage Association II, | ||
6.5%, 1/20/28 | 164 | ||
2,615 | Government National Mortgage Association II, | ||
7.0%, 1/20/29 | 3,076 | ||
16,596,825 | U.S. Treasury Inflation Indexed Bonds, 0.75%, 2/15/45 | 18,975,048 | |
25,461,301 | U.S. Treasury Inflation Indexed Bonds, 0.875%, 2/15/47 | 30,310,215 | |
58,214,928 | U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/46 | 70,747,924 | |
42,870,407 | U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/48 | 52,773,743 | |
61,658,426 | U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/49 | 76,603,866 | |
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS | |||
(Cost $627,869,794) | $ 690,586,269 | ||
Shares | |||
RIGHTS/WARRANTS — 0.0%† of Net Assets | |||
Oil, Gas & Consumable Fuels — 0.0%† | |||
1,880,020(a)(o) | ANR, Inc. | $ 6,580 | |
365(a)(p) | Contura Energy, Inc. | 7 | |
Total Oil, Gas & Consumable Fuels | $ 6,587 | ||
TOTAL RIGHTS/WARRANTS | |||
(Cost $234,627) | $ 6,587 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 75
Schedule of Investments | 3/31/20 (unaudited) (continued)
Number of | Strike | Expiration | |||
Contracts | Description | Counterparty Notional | Price | Date | Value |
OVER THE COUNTER (OTC) CALL OPTIONS | |||||
PURCHASED — 0.0% | |||||
209,523^(q) | Desarrolladora | Brown Brothers MXN — | 0.01(s) | 10/23/22 | $ — |
Homex | Harriman | ||||
SAB de CV | & Co. | ||||
209,523^(r) | Desarrolladora | Brown Brothers MXN — | 0.01(s) | 10/23/22 | — |
Homex | Harriman | ||||
SAB de CV | & Co. | ||||
$ — | |||||
TOTAL OVER THE COUNTER (OTC) CALL OPTIONS | |||||
PURCHASED | |||||
(Premiums paid $0) | $ — | ||||
OVER THE COUNTER (OTC) CURRENCY PUT | |||||
OPTION PURCHASED — 0.0%† | |||||
60,365,000 | Put EUR | Bank of | |||
Call USD | America NA EUR 640,848 | EUR 1.10 4/29/20 | $ 595,928 | ||
TOTAL OVER THE COUNTER (OTC) CURRENCY PUT | |||||
OPTION PURCHASED | |||||
(Premiums paid $640,848) | $ 595,928 | ||||
TOTAL OPTIONS PURCHASED | |||||
(Premiums paid $640,848) | $ 595,928 | ||||
Principal | |||||
Amount | |||||
USD ($) | |||||
TEMPORARY CASH INVESTMENTS — 0.9% of | |||||
Net Assets | |||||
REPURCHASE AGREEMENTS — 0.9% | |||||
21,440,000 | $21,440,000 RBC Capital Markets LLC, 0.01%, dated | ||||
3/31/20 plus accrued interest on 4/1/20 collateralized | |||||
by $21,868,806 Federal National Mortgage | |||||
Association, 4.0%, 8/1/47-10/1/48. | $ 21,440,000 | ||||
12,430,000 | $12,430,000 TD Securities USA LLC, 0.01%, dated | ||||
3/31/20 plus accrued interest on 4/1/20 collateralized | |||||
by $12,678,809 U.S. Treasury Notes, 0.2%-2.3%, | |||||
12/31/20-2/15/49. | 12,430,000 | ||||
$ 33,870,000 | |||||
TOTAL TEMPORARY CASH INVESTMENTS | |||||
(Cost $33,870,000) | $ 33,870,000 | ||||
TOTAL INVESTMENTS IN UNAFFILIATED | |||||
ISSUERS — 97.1% | |||||
(Cost $4,278,887,122) | $3,844,153,469 |
The accompanying notes are an integral part of these financial statements.
76 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Number of | Strike | Expiration | ||||
Contracts | Description | Counterparty Amount | Price | Date | Value | |
OVER THE COUNTER (OTC) CURRENCY CALL | ||||||
OPTION WRITTEN — (0.0)%† | ||||||
(60,365,000) | Call EUR | Bank of | EUR 640,848 | EUR 1.21 4/29/20 | $ (7,713) | |
Put USD | America NA | |||||
(36,590,000) | Call EUR | Bank of | EUR 569,915 | EUR 1.20 3/8/21 | (187,963) | |
Put USD | America NA | |||||
TOTAL OVER THE COUNTER (OTC) CURRENCY CALL | ||||||
OPTION WRITTEN | ||||||
(Premiums received $(1,210,762)) | $ (195,676) | |||||
OTHER ASSETS AND LIABILITIES — 2.9% | $ 114,260,540 | |||||
NET ASSETS — 100.0% | $3,958,218,333 |
bps | Basis Points. |
BADLARPP | Argentine Deposit Rate Badlar Private Banks 30-35 Days. |
CMT | Constant Maturity Treasury Index. |
EURIBOR | Euro Interbank Offered Rate. |
FREMF | Freddie Mac Multifamily Fixed-Rate Mortgage Loans. |
FRESB | Freddie Mac Multifamily SB Certificates. |
LIBOR | London Interbank Offered Rate. |
PRIME | U.S. Federal Funds Rate. |
REIT | Real Estate Investment Trust. |
REMICs | Real Estate Mortgage Investment Conduits. |
SOFRRATE | Secured Overnight Financing Rate. |
(144A) | Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such |
securities may be resold normally to qualified institutional buyers in a transaction exempt | |
from registration. At March 31, 2020, the value of these securities amounted to | |
$1,803,620,334 or 45.6% of net assets. | |
+ | Amount rounds to less than 0.1%. |
* | Senior secured floating rate loan interests in which the Fund invests generally pay interest at rates that are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR, (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certificate of deposit or (iv) other base lending rates used by commercial lenders. The interest rate shown is the rate accruing at March 31, 2020. |
^ | Security is valued using fair value methods (other than supplied by independent pricing services). |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 77
Schedule of Investments | 3/31/20 (unaudited) (continued)
(a) | Non-income producing security. |
(b) | Security is perpetual in nature and has no stated maturity date. |
(c) | Floating rate note. Coupon rate, reference index and spread shown at March 31, 2020. |
(d) | The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at March 31, 2020. |
(e) | Debt obligation initially issued at one coupon which converts to a higher coupon at a specific date. The rate shown is the rate at March 31, 2020. |
(f) | Security represents the interest-only portion payments on a pool of underlying mortgages or mortgage-backed securities. |
(g) | Payment-in-kind (PIK) security which may pay interest in the form of additional principal amount. |
(h) | Security issued with a zero coupon. Income is recognized through accretion of discount. |
(i) | Securities are restricted as to resale. |
(j) | Issued as participation notes. |
(k) | Issued as preference shares. |
(l) | Consists of Revenue Bonds unless otherwise indicated. |
(m) | Security is in default. |
(n) | Represents a General Obligation Bond. |
(o) | ANR, Inc. warrants are exercisable into 1,880,020 shares. |
(p) | Contura Energy, Inc. warrants are exercisable into 365 shares. |
(q) | Option does not become effective until underlying company’s outstanding common shares reach a market capitalization of MXN 12.5 billion. |
(r) | Option does not become effective until underlying company’s outstanding common shares reach a market capitalization of MXN 15.5 billion. |
(s) | Strike price is 1 Mexican Peso (MXN). |
The accompanying notes are an integral part of these financial statements.
78 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | ||||||||
Unrealized | ||||||||
Currency | In | Currency | Settlement | Appreciation | ||||
Purchased | Exchange for | Sold | Deliver | Counterparty | Date | (Depreciation) | ||
EUR | 34,914,973 | USD | (37,859,737) | Bank of New | 5/26/20 | $ 684,696 | ||
York Mellon Corp. | ||||||||
USD | 20,288,271 | MXN | (393,369,277) | Brown Brothers | 5/29/20 | 3,763,448 | ||
Harriman & Co | ||||||||
EUR | 6,850,000 | USD | (7,431,273) | Citibank NA | 6/26/20 | 139,336 | ||
COP | 79,108,752,878 | USD | (23,199,592) | Goldman Sachs | 4/24/20 | (3,752,826) | ||
International | ||||||||
SEK | 550,489,630 | USD | (55,465,062) | Goldman Sachs | 5/29/20 | 75,075 | ||
International | ||||||||
USD | 20,216,906 | COP | (79,108,752,878) | Goldman Sachs | 4/24/20 | 770,139 | ||
International | ||||||||
EUR | 8,000,000 | USD | (8,744,178) | HSBC Bank | 5/26/20 | 87,433 | ||
USA NA | ||||||||
NOK | 207,511,411 | EUR | (19,989,925) | HSBC Bank | 6/2/20 | (2,133,752) | ||
USA NA | ||||||||
RUB | 715,350,000 | USD | (9,807,551) | HSBC Bank | 5/27/20 | (761,011) | ||
USA NA | ||||||||
SEK | 231,334,943 | EUR | (21,682,705) | HSBC Bank | 5/4/20 | (587,274) | ||
USA NA | ||||||||
INR | 1,757,683,000 | USD | (24,329,476) | JPMorgan Chase | 4/27/20 | (1,072,197) | ||
Bank NA | ||||||||
NOK | 347,582,322 | USD | (37,027,223) | JPMorgan Chase | 5/28/20 | (3,627,855) | ||
Bank NA | ||||||||
AUD | 67,993,623 | USD | (44,729,469) | State Street | 4/28/20 | (2,995,875) | ||
Bank & Trust Co. | ||||||||
USD | 17,575,331 | EUR | (16,000,000) | State Street | 5/26/20 | (87,891) | ||
Bank & Trust Co. | ||||||||
USD | 9,314,774 | EUR | (8,300,000) | State Street | 5/29/20 | 150,905 | ||
Bank & Trust Co. | ||||||||
TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | $(9,347,649) |
FUTURES CONTRACTS | |||||
FIXED INCOME INDEX FUTURES CONTRACTS | |||||
Number of | |||||
Contracts | Expiration | Notional | Market | Unrealized | |
Long | Description | Date | Amount | Value | Appreciation |
623 | U.S. 2 Year | 6/30/20 | $135,307,813 | $137,298,492 | $ 1,990,679 |
Note (CBT) | |||||
493 | U.S. Ultra | 6/19/20 | 99,216,250 | 109,384,375 | 10,168,125 |
Bond (CBT) | |||||
$234,524,063 | $246,682,867 | $12,158,804 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 79
Schedule of Investments | 3/31/20 (unaudited) (continued)
Number of | Unrealized | |||||||||||||||
Contracts | Expiration | Notional | Market | Appreciation | ||||||||||||
Short | Description | Date | Amount | Value | (Depreciation) | |||||||||||
2,132 | Euro-Bobl | 6/8/20 | $ | 320,027,869 | $ | 317,541,307 | $ | 2,486,562 | ||||||||
958 | Euro-Bund | 6/8/20 | 184,833,150 | 182,047,198 | 2,785,952 | |||||||||||
858 | U.S. 10 Year | 6/19/20 | 114,067,141 | 118,993,875 | (4,926,734 | ) | ||||||||||
Note (CBT) | ||||||||||||||||
3,669 | U.S. 10 Year | 6/19/20 | 542,702,765 | 572,478,656 | (29,775,891 | ) | ||||||||||
Ultra | ||||||||||||||||
$ | 1,161,630,925 | $ | 1,191,061,036 | $ | (29,430,111 | ) | ||||||||||
TOTAL FUTURES CONTRACTS | $ | (927,106,862 | ) | $ | (944,378,169 | ) | $ | (17,271,307 | ) |
SWAP CONTRACTS | |||||||
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS — SELL PROTECTION | |||||||
Annual | Unrealized | ||||||
Notional | Reference | Pay/ | Fixed | Expiration | Premiums | Appreciation | Market |
Amount ($)(1) | Obligation/Index | Receive(2) | Rate | Date | (Received) | (Depreciation) | Value |
36,140,000 | Markit CDX North America | Receive | 5.00% | 6/20/25 | $(2,262,364) | $ 71,146 | $ (2,191,218) |
Investment Grade Index | |||||||
135,416,400 | Markit CDX North America | Receive | 5.00% | 12/20/24 | (1,467,011) | (5,998,865) | (7,465,876) |
Investment Grade Index | |||||||
Series 33 | |||||||
TOTAL SWAP CONTRACTS | $(3,729,375) | $(5,927,719) | $(9,657,094) |
(1) | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay upon occurrence of a credit event. |
(2) | Receives quarterly. |
Principal amounts are denominated in U.S. dollars (“USD”) unless otherwise noted.
ARS — Argentine Peso
AUD — Australian Dollar
CAD — Canadian Dollar
COP — Colombian Peso
EGP — Egyptian Pound
EUR — Euro
GHS — Ghanian Cedi
IDR — Indonesian Rupiah
INR — Indian Rupee
MXN — Mexican Peso
NOK — Norwegian Krone
RUB — Russian Ruble
SEK — Swedish Krona
UYU — Uruguayan Peso
The accompanying notes are an integral part of these financial statements.
80 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Purchases and sales of securities (excluding temporary cash investments) for the six months ended March 31, 2020 were as follows:
Purchases | Sales | |
Long-Term U.S. Government Securities | $ 61,644,433 | $ 163,508,574 |
Other Long-Term Securities | $1,793,679,729 | $1,889,955,418 |
The Fund is permitted to engage in purchase and sale transactions (“cross trades”) with certain funds and accounts for which Amundi Pioneer Asset Management, Inc. (the “Adviser”) serves as the Fund’s investment adviser, as set forth in Rule 17a-7 under the Investment Company Act of 1940, pursuant to procedures adopted by the Board of Trustees. Under these procedures, cross trades are effected at current market prices. During the six months ended March 31, 2020, the Fund engaged in sales of $432,967, which resulted in a net realized gain/(loss) of $14,751. During the six months ended March 31, 2020, the Fund did not engage in purchases pursuant to these procedures.
At March 31, 2020, the net unrealized depreciation on investments based on cost for federal tax purposes of $4,283,060,673 was as follows:
Aggregate gross unrealized appreciation for all investments in which | |
there is an excess of value over tax cost | $ $128,978,556 |
Aggregate gross unrealized depreciation for all investments in which | |
there is an excess of tax cost over value | (604,357,486) |
Net unrealized depreciation | $(475,378,930) |
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels below.
Level 1 – quoted prices in active markets for identical securities.
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). See Notes to Financial Statements — Note 1A.
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments). See Notes to Financial Statements — Note 1A.
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 81
Schedule of Investments | 3/31/20 (unaudited) (continued)
The following is a summary of the inputs used as of March 31, 2020, in valuing the Fund’s investments:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | ||||||||||||||||
Household Durables | $ | 1,683 | $ | — | $ | — | $ | 1,683 | ||||||||
Oil, Gas & Consumable | ||||||||||||||||
Fuels | 4,972 | — | 717,411 | 722,383 | ||||||||||||
Paper & Forest Products | — | 4,885 | — | 4,885 | ||||||||||||
Specialty Retail | — | — | 132,742 | 132,742 | ||||||||||||
Convertible Preferred | ||||||||||||||||
Stock | 41,724,155 | — | — | 41,724,155 | ||||||||||||
Preferred Stock | — | 3,493,750 | — | 3,493,750 | ||||||||||||
Asset Backed Securities | — | 488,734,148 | 12,288,338 | 501,022,486 | ||||||||||||
Collateralized Mortgage | ||||||||||||||||
Obligations | — | 608,842,360 | — | 608,842,360 | ||||||||||||
Commercial Mortgage-Backed | ||||||||||||||||
Securities | — | 198,644,593 | — | 198,644,593 | ||||||||||||
Convertible Corporate | ||||||||||||||||
Bonds | — | 12,921,927 | — | 12,921,927 | ||||||||||||
Corporate Bonds | — | 1,301,010,361 | — | 1,301,010,361 | ||||||||||||
Foreign Government Bonds | — | 151,444,392 | — | 151,444,392 | ||||||||||||
Insurance-Linked Securities | ||||||||||||||||
Collateralized Reinsurance | ||||||||||||||||
Earthquakes – California | — | — | 2,026,010 | 2,026,010 | ||||||||||||
Multiperil – | ||||||||||||||||
Massachusetts | — | — | 2,578,139 | 2,578,139 | ||||||||||||
Multiperil – U.S. | — | — | 3,449,311 | 3,449,311 | ||||||||||||
Multiperil – U.S. & | ||||||||||||||||
Canada | — | — | 1,957,312 | 1,957,312 | ||||||||||||
Multiperil – U.S. | ||||||||||||||||
Regional | — | — | 3,340,342 | 3,340,342 | ||||||||||||
Multiperil – Worldwide | — | — | 9,139,068 | 9,139,068 | ||||||||||||
Windstorm – Florida | — | — | 1,733,732 | 1,733,732 | ||||||||||||
Windstorm – North | ||||||||||||||||
Carolina | — | — | 14,583 | 14,583 | ||||||||||||
Windstorm – U.S. | ||||||||||||||||
Regional | — | — | 1,473,393 | 1,473,393 | ||||||||||||
Reinsurance Sidecars | ||||||||||||||||
Multiperil – U.S. | — | — | 7,762,781 | 7,762,781 | ||||||||||||
Multiperil – Worldwide | — | — | 80,885,826 | 80,885,826 | ||||||||||||
All Other Insurance-Linked | ||||||||||||||||
Securities | — | 24,044,281 | — | 24,044,281 |
The accompanying notes are an integral part of these financial statements.
82 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Municipal Bonds | $ | — | $ | 10,460,180 | $ | — | $ | 10,460,180 | ||||||||
Senior Secured Floating | ||||||||||||||||
Rate Loan Interests | — | 140,580,201 | — | 140,580,201 | ||||||||||||
Supranational Bond | — | 9,683,809 | — | 9,683,809 | ||||||||||||
U.S. Government and | ||||||||||||||||
Agency Obligations | — | 690,586,269 | — | 690,586,269 | ||||||||||||
Rights/Warrants | — | 6,587 | — | 6,587 | ||||||||||||
Over The Counter (OTC) | ||||||||||||||||
Call Option Purchased | — | — | * | — | — | * | ||||||||||
Over The Counter (OTC) | ||||||||||||||||
Currency Put Option | ||||||||||||||||
Purchased | — | 595,928 | — | 595,928 | ||||||||||||
Repurchase Agreements | — | 33,870,000 | — | 33,870,000 | ||||||||||||
Total Investments | ||||||||||||||||
in Securities | $ | 41,730,810 | $ | 3,674,923,671 | $ | 127,498,988 | $ | 3,844,153,469 | ||||||||
Other Financial Instruments | ||||||||||||||||
Over The Counter (OTC) | ||||||||||||||||
Currency Call | ||||||||||||||||
Option Written | $ | — | $ | (195,676 | ) | $ | — | $ | (195,676 | ) | ||||||
Net unrealized | ||||||||||||||||
depreciation on forward | ||||||||||||||||
foreign currency | ||||||||||||||||
exchange contracts | — | (9,347,649 | ) | — | (9,347,649 | ) | ||||||||||
Net unrealized depreciation | ||||||||||||||||
on futures contracts | (17,271,307 | ) | — | — | (17,271,307 | ) | ||||||||||
Swap contracts, at value | — | (9,657,094 | ) | — | (9,657,094 | ) | ||||||||||
Total Other | ||||||||||||||||
Financial Instruments | $ | (17,271,307 | ) | $ | (19,200,419 | ) | $ | — | $ | (36,471,726 | ) |
* Securities valued at $0. |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 83
Schedule of Investments | 3/31/20 (unaudited) (continued)
The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):
Asset | Collateralized | Insurance- | ||||||||||||||||||||||
Common | Backed | Mortgage | Corporate | Linked | ||||||||||||||||||||
Stocks | Securities | Obligations | Bonds | Securities | Total | |||||||||||||||||||
Balance as | ||||||||||||||||||||||||
of 9/30/19 | $ | 132,742 | $ | 12,507,500 | $ | 12,246,957 | $ | 9,340,892 | $ | 128,525,410 | $ | 162,753,501 | ||||||||||||
Realized gain (loss)(1) | — | — | 688,909 | — | (590,088 | ) | 98,821 | |||||||||||||||||
Changed in | ||||||||||||||||||||||||
unrealized | ||||||||||||||||||||||||
appreciation | ||||||||||||||||||||||||
(depreciation)(2) | (702,808 | ) | (1,799,419 | ) | 7,671 | — | (2,414,207 | ) | (4,908,763 | ) | ||||||||||||||
Accrued discounts/ | ||||||||||||||||||||||||
premiums | — | — | 4,064 | — | (1,064 | ) | 3,000 | |||||||||||||||||
Purchases | — | 4,300,000 | — | — | 43,018,399 | 47,318,399 | ||||||||||||||||||
Sales | (14,602 | ) | (781,670 | ) | (7,659,394 | ) | — | (52,563,146 | ) | (61,018,812 | ) | |||||||||||||
Transfers in to | ||||||||||||||||||||||||
Level 3* | 1,434,821 | 10,569,427 | — | — | 15,349 | 12,019,597 | ||||||||||||||||||
Transfers out of | ||||||||||||||||||||||||
Level 3* | — | (12,507,500 | ) | (5,288,207 | ) | (9,340,892 | ) | (1,630,156 | ) | (28,766,755 | ) | |||||||||||||
Balance as | ||||||||||||||||||||||||
of 3/31/20 | $ | 850,153 | $ | 12,288,338 | $ | — | $ | — | $ | 114,360,497 | $ | 127,498,988 |
(1) | Realized gain (loss) on these securities is included in the realized gain (loss) from investments on the Statement of Operations. |
(2) | Unrealized appreciation (depreciation) on these securities is included in the change in unrealized appreciation (depreciation) from investments on the Statement of Operations. |
* | Transfers are calculated on the beginning of period values. During the six months ended March 31, 2020, an investment having a value of $28,766,755 was transferred out of Level 3 to Level 2, as there were significant observable inputs available to determine its value. Securities valued at $12,004,248 were transferred from Level 2 to Level 3, due to valuing the security using unobservable inputs. There were no other transfers between Levels 1, 2 and 3. |
Net change in unrealized appreciation (depreciation) of Level 3 investments still held and considered Level 3 at March 31, 2020: $(4,793,927)
The accompanying notes are an integral part of these financial statements.
84 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
ASSETS: | ||
Investments in unaffiliated issuers, at value (cost $4,278,887,122) | $3,844,153,469 | |
Cash | 69,715,875 | |
Foreign currencies, at value (cost $1,142,006) | 1,481,756 | |
Futures collateral | 886,262 | |
Swaps collateral | 12,463,571 | |
Due from broker for futures | 34,070,381 | |
Due from broker for swaps | 10,615,327 | |
Variation margin for futures contracts | 1,557,640 | |
Receivables — | ||
Investment securities sold | 66,332,359 | |
Fund shares sold | 12,150,812 | |
Interest | 32,959,186 | |
Other assets | 164,014 | |
Total assets | $4,086,550,652 | |
LIABILITIES: | ||
Payables — | ||
Investment securities purchased | $ 71,774,416 | |
Fund shares repurchased | 12,142,112 | |
Distributions | 1,695,359 | |
Trustees’ fees | 6,000 | |
Forwards collateral | 2,230,000 | |
Variation margin for centrally cleared swap contracts | 2,182,359 | |
Written options outstanding (net premiums received $(1,210,762)) | 195,676 | |
Net unrealized depreciation on forward foreign currency exchange contracts | 9,347,649 | |
Net unrealized depreciation on futures contracts | 17,271,307 | |
Swap contracts, at value (net premiums received $(3,729,375)) | 9,657,094 | |
Reserve for repatriation taxes | 25,070 | |
Due to affiliates | 381,627 | |
Accrued expenses | 1,430,650 | |
Total liabilities | $ 128,339,319 | |
NET ASSETS: | ||
Paid-in capital | $4,492,065,028 | |
Distributable earnings (loss) | (533,853,695) | |
Net assets | $3,958,211,333 | |
NET ASSET VALUE PER SHARE: | ||
No par value (unlimited number of shares authorized) | ||
Class A (based on $677,234,852/70,712,735 shares) | $ 9.58 | |
Class C (based on $235,625,734/25,187,290 shares) | $ 9.35 | |
Class K (based on $359,927,679/37,819,459 shares) | $ 9.52 | |
Class R (based on $102,777,316/10,439,242 shares) | $ 9.85 | |
Class Y (based on $2,582,645,752/270,785,631 shares) | $ 9.54 | |
MAXIMUM OFFERING PRICE PER SHARE: | ||
Class A (based on $9.58 net asset value per share/100%-4.50% | ||
maximum sales charge) | $ 10.03 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 85
Statement of Operations (unaudited) | ||
FOR THE SIX MONTHS ENDED 3/31/20 | ||
INVESTMENT INCOME: | ||
Interest from unaffiliated issuers | ||
(net of foreign taxes withheld $499,989) | $ 102,654,548 | |
Dividends from unaffiliated issuers (net of foreign taxes | ||
withheld $188,894) | 3,378,795 | |
Total investment income | $ 106,033,343 | |
EXPENSES: | ||
Management fees | $ 13,114,042 | |
Administrative expense | 551,841 | |
Transfer agent fees | ||
Class A | 751,956 | |
Class C | 134,265 | |
Class K | 3,147 | |
Class R | 161,713 | |
Class Y | 1,816,849 | |
Distribution fees | ||
Class A | 987,159 | |
Class C | 1,452,811 | |
Class R | 312,315 | |
Shareowner communications expense | 176,295 | |
Custodian fees | 192,809 | |
Registration fees | 52,500 | |
Professional fees | 129,000 | |
Printing expense | 62,455 | |
Pricing fees | 92,869 | |
Trustees’ fees | 130,562 | |
Insurance expense | 30,561 | |
Miscellaneous | 120,503 | |
Total expenses | $ 20,273,652 | |
Net expenses | $ 20,273,652 | |
Net investment income | $ 85,759,691 | |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||
Net realized gain (loss) on: | ||
Investments in unaffiliated issuers | $ 37,060,091 | |
Written options | 274,366 | |
Forward foreign currency exchange contracts | (8,669,654) | |
Futures contracts | (7,585,713) | |
Swap contracts | (7,623,704) | |
Other assets and liabilities denominated in | ||
foreign currencies | (962,786) | $ 12,492,600 |
Change in net unrealized appreciation (depreciation) on: | ||
Investments in unaffiliated issuers (net of foreign capital | ||
gains tax of $169,692) | $(574,430,620) | |
Written options | 166,418 | |
Forward foreign currency exchange contracts | (6,490,330) | |
Futures contracts | (21,360,557) | |
Swap contracts | (5,844,622) | |
Other assets and liabilities denominated in foreign currencies | 86,576 | $ (607,873,135) |
Net realized and unrealized gain (loss) on investments | $ (595,380,535) | |
Net decrease in net assets resulting from operations | $ (509,620,844) |
The accompanying notes are an integral part of these financial statements.
86 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Statements of Changes in Net Assets | ||
Six Months | ||
Ended | Year | |
3/31/20 | Ended | |
(unaudited) | 9/30/19 | |
FROM OPERATIONS: | ||
Net investment income (loss) | $ 85,759,691 | $ 166,979,288 |
Net realized gain (loss) on investments | 12,492,600 | (50,558,139) |
Change in net unrealized appreciation (depreciation) | ||
on investments | (607,873,135) | 227,095,674 |
Net increase (decrease) in net assets resulting | ||
from operations | $ (509,620,844) | $ 343,516,823 |
DISTRIBUTIONS TO SHAREOWNERS: | ||
Class A ($0.17 and $0.27 per share, respectively) | $ (11,988,682) | $ (20,253,203) |
Class C ($0.13 and $0.20 per share, respectively) | (3,445,872) | (7,490,533) |
Class K ($0.19 and $0.32 per share, respectively) | (7,263,905) | (11,407,975) |
Class R ($0.15 and $0.24 per share, respectively) | (1,703,617) | (3,264,951) |
Class Y ($0.19 and $0.30 per share, respectively) | (52,026,647) | (84,107,582) |
Tax return of capital: | ||
Class A ($— and $0.04 per share, respectively) | — | (3,162,606) |
Class C ($— and $0.04 per share, respectively) | — | (1,528,015) |
Class K ($— and $0.04 per share, respectively) | — | (1,550,579) |
Class R ($— and $0.04 per share, respectively) | — | (551,165) |
Class Y ($— and $0.04 per share, respectively) | — | (11,632,388) |
Total distributions to shareowners | $ (76,428,723) | $ (144,948,997) |
FROM FUND SHARE TRANSACTIONS: | ||
Net proceeds from sales of shares | $ 681,250,098 | $ 1,106,273,755 |
Reinvestment of distributions | 62,748,752 | 119,693,854 |
Cost of shares repurchased | (858,784,896) | (1,849,329,888) |
Net decrease in net assets resulting from Fund | ||
share transactions | $ (114,786,046) | $ (623,362,279) |
Net increase (decrease) in net assets | $ (700,835,613) | $ (424,794,453) |
NET ASSETS: | ||
Beginning of period | $ 4,659,046,946 | $ 5,083,841,399 |
End of period | $ 3,958,211,333 | $ 4,659,046,946 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 87
Statements of Changes in Net Assets (continued) | ||||
Six Months | Six Months | |||
Ended | Ended | |||
3/31/20 | 3/31/20 | Year Ended | Year Ended | |
Shares | Amount | 9/30/19 | 9/30/19 | |
(unaudited) | (unaudited) | Shares | Amount | |
Class A | ||||
Shares sold | 7,035,276 | $ 76,378,209 | 17,906,959 | $ 190,183,260 |
Reinvestment of distributions | 964,415 | 10,367,384 | 1,918,189 | 20,286,957 |
Less shares repurchased | (11,006,434) | (117,271,554) | (28,774,381) | (302,867,990) |
Net decrease | (3,006,743) | $ (30,525,961) | (8,949,233) | $ (92,397,773) |
Class C | ||||
Shares sold | 1,075,224 | $ 11,423,767 | 2,750,808 | $ 28,316,524 |
Reinvestment of distributions | 248,567 | 2,617,250 | 690,792 | 7,130,256 |
Less shares repurchased | (5,392,259) | (56,939,665) | (19,894,900) | (205,633,470) |
Net decrease | (4,068,468) | $ (42,898,648) | (16,453,300) | $ (170,186,690) |
Class K | ||||
Shares sold | 8,025,608 | $ 86,643,705 | 14,582,605 | $ 153,604,827 |
Reinvestment of distributions | 572,362 | 6,162,270 | 1,002,006 | 10,626,701 |
Less shares repurchased | (7,605,883) | (81,484,218) | (15,110,147) | (158,910,479) |
Net increase | 992,087 | $ 11,321,757 | 474,464 | $ 5,321,049 |
Class R | ||||
Shares sold | 1,159,796 | $ 12,823,195 | 2,119,524 | $ 22,657,609 |
Reinvestment of distributions | 149,739 | 1,638,133 | 329,066 | 3,535,303 |
Less shares repurchased | (2,714,820) | (29,559,104) | (6,465,890) | (69,000,186) |
Net decrease | (1,405,285) | $ (15,097,776) | (4,017,300) | $ (42,807,274) |
Class Y | ||||
Shares sold | 45,537,020 | $ 493,981,222 | 67,383,871 | $ 711,511,535 |
Reinvestment of distributions | 3,903,629 | 41,963,715 | 7,388,058 | 78,114,637 |
Less shares repurchased | (54,994,976) | (573,530,355) | (106,450,728) | (1,112,917,763) |
Net decrease | (5,554,327) | $ (37,585,418) | (31,678,799) | $ (323,291,591) |
The accompanying notes are an integral part of these financial statements.
88 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Financial Highlights |
Six Months | |||||||||||||
Ended | Year | Year | Year | Year | Year | ||||||||
3/31/20 | Ended | Ended | Ended | Ended | Ended | ||||||||
(unaudited) | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16* | 9/30/15* | ||||||||
Class A | |||||||||||||
Net asset value, beginning of period | $ 10.89 | $ 10.42 | $ 10.82 | $ 10.76 | $ 10.36 | $ 11.02 | |||||||
Increase (decrease) from investment operations: | |||||||||||||
Net investment income (loss) (a) | $ 0.19 | $ 0.36 | $ 0.35 | $ 0.37 | $ 0.40 | $ 0.35 | |||||||
Net realized and unrealized gain (loss) on investments | (1.33) | 0.42 | (0.42) | 0.04 | 0.36 | (0.47) | |||||||
Net increase (decrease) from investment operations | $ (1.14) | $ 0.78 | $ (0.07) | $ 0.41 | $ 0.76 | $ (0.12) | |||||||
Distributions to shareowners: | |||||||||||||
Net investment income | $ (0.17) | $ (0.27) | $ (0.31) | $ (0.33) | $ (0.36) | $ (0.39) | |||||||
Net realized gain | — | — | — | — | — | (0.15) | |||||||
Tax return of capital | — | (0.04) | (0.02) | (0.02) | — | — | |||||||
Total distributions | $ (0.17) | $ (0.31) | $ (0.33) | $ (0.35) | $ (0.36) | $ (0.54) | |||||||
Net increase (decrease) in net asset value | $ (1.31) | $ 0.47 | $ (0.40) | $ 0.06 | $ 0.40 | $ (0.66) | |||||||
Net asset value, end of period | $ 9.58 | $ 10.89 | $ 10.42 | $ 10.82 | $ 10.76 | $ 10.36 | |||||||
Total return (b) | (14.69)%(c) | 7.64% | (0.67)% | 3.90% | 7.50% | (1.20)% | |||||||
Ratio of net expenses to average net assets | 1.07%(d) | 1.10% | 1.03% | 1.06% | 1.04% | 1.05% | |||||||
Ratio of net investment income (loss) to average net assets | 3.46%(d) | 3.39% | 3.28% | 3.41% | 3.80% | 3.31% | |||||||
Portfolio turnover rate | 41%(c) | 53% | 44% | 52% | 43% | 62% | |||||||
Net assets, end of period (in thousands) | $677,235 | $803,174 | $861,517 | $1,038,090 | $1,289,783 | $1,382,327 |
* | The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP. | ||||||||||||
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. | ||||||||||||
(b) | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. | ||||||||||||
(c) | Not annualized. | ||||||||||||
(d) Annualized. |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 89
Financial Highlights (continued) |
Six Months | |||||||||||
Ended | Year | Year | Year | Year | Year | ||||||
3/31/20 | Ended | Ended | Ended | Ended | Ended | ||||||
(unaudited) | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16* | 9/30/15* | ||||||
Class C | |||||||||||
Net asset value, beginning of period | $ 10.66 | $ 10.20 | $ 10.59 | $ 10.53 | $ 10.13 | $ 10.78 | |||||
Increase (decrease) from investment operations: | |||||||||||
Net investment income (loss) (a) | $ 0.15 | $ 0.28 | $ 0.27 | $ 0.29 | $ 0.32 | $ 0.28 | |||||
Net realized and unrealized gain (loss) on investments | (1.33) | 0.42 | (0.41) | 0.04 | 0.36 | (0.47) | |||||
Net increase (decrease) from investment operations | $ (1.18) | $ 0.70 | $ (0.14) | $ 0.33 | $ 0.68 | $ (0.19) | |||||
Distributions to shareowners: | |||||||||||
Net investment income | $ (0.13) | $ (0.20) | $ (0.23) | $ (0.25) | $ (0.28) | $ (0.31) | |||||
Net realized gain | — | — | — | — | — | (0.15) | |||||
Tax return of capital | — | (0.04) | (0.02) | (0.02) | — | — | |||||
Total distributions | $ (0.13) | $ (0.24) | $ (0.25) | $ (0.27) | $ (0.28) | $ (0.46) | |||||
Net increase (decrease) in net asset value | $ (1.31) | $ 0.46 | $ (0.39) | $ 0.06 | $ 0.40 | $ (0.65) | |||||
Net asset value, end of period | $ 9.35 | $ 10.66 | $ 10.20 | $ 10.59 | $ 10.53 | $ 10.13 | |||||
Total return (b) | (11.23)%(c) | 6.96% | (1.30)% | 3.23% | 6.88% | (1.90)% | |||||
Ratio of net expenses to average net assets | 1.73%(d) | 1.74% | 1.69% | 1.72% | 1.72% | 1.72% | |||||
Ratio of net investment income (loss) to average net assets | 2.79%(d) | 2.75% | 2.62% | 2.75% | 3.12% | 2.63% | |||||
Portfolio turnover rate | 41%(c) | 53% | 44% | 52% | 43% | 62% | |||||
Net assets, end of period (in thousands) | $235,626 | $311,801 | $466,033 | $697,820 | $913,048 | $1,026,245 |
* | The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP. |
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. |
(b) | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. |
(c) | Not annualized. |
(d) | Annualized. |
The accompanying notes are an integral part of these financial statements.
90 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Six Months | ||||||||||
Ended | Year | Year | Year | Year | Year | |||||
3/31/20 | Ended | Ended | Ended | Ended | Ended | |||||
(unaudited) | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16* | 9/30/15* | |||||
Class K | ||||||||||
Net asset value, beginning of period | $ 10.92 | $ 10.44 | $ 10.84 | $ 10.78 | $ 10.38 | $ 11.03 | ||||
Increase (decrease) from investment operations: | ||||||||||
Net investment income (loss) (a) | $ 0.21 | $ 0.41 | $ 0.39 | $ 0.41 | $ 0.44 | $ 0.40 | ||||
Net realized and unrealized gain (loss) on investments | (1.42) | 0.43 | (0.41) | 0.05 | 0.37 | (0.47) | ||||
Net increase (decrease) from investment operations | $ (1.21) | $ 0.84 | $ (0.02) | $ 0.46 | $ 0.81 | $ (0.07) | ||||
Distributions to shareowners: | ||||||||||
Net investment income | $ (0.19) | $ (0.32) | $ (0.36) | $ (0.38) | $ (0.41) | $ (0.43) | ||||
Net realized gain | — | — | — | — | — | (0.15) | ||||
Tax return of capital | — | (0.04) | (0.02) | (0.02) | — | — | ||||
Total distributions | $ (0.19) | $ (0.36) | $ (0.38) | $ (0.40) | $ (0.41) | $ (0.58) | ||||
Net increase (decrease) in net asset value | $ (1.40) | $ 0.48 | $ (0.40) | $ 0.06 | $ 0.40 | $ (0.65) | ||||
Net asset value, end of period | $ 9.52 | $ 10.92 | $ 10.44 | $ 10.84 | $ 10.78 | $ 10.38 | ||||
Total return (b) | (11.26)%(c) | 8.19% | (0.23)% | 4.36% | 7.96% | (0.69)% | ||||
Ratio of net expenses to average net assets | 0.62%(d) | 0.63% | 0.62% | 0.62% | 0.62% | 0.61% | ||||
Ratio of net investment income (loss) to average net assets | 3.91%(d) | 3.86% | 3.70% | 3.83% | 4.20% | 3.75% | ||||
Portfolio turnover rate | 41%(c) | 53% | 44% | 52% | 43% | 62% | ||||
Net assets, end of period (in thousands) | $359,928 | $402,042 | $379,474 | $400,888 | $267,495 | $200,927 |
* | The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP. | |||||||||
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. | |||||||||
(b) | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. | |||||||||
(c) | Not annualized. | |||||||||
(d) Annualized. |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 91
Financial Highlights (continued) |
Six Months | |||||||||||
Ended | Year | Year | Year | Year | Year | ||||||
3/31/20 | Ended | Ended | Ended | Ended | Ended | ||||||
(unaudited) | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16* | 9/30/15* | ||||||
Class R | |||||||||||
Net asset value, beginning of period | $ 11.08 | $ 10.59 | $ 11.00 | $ 10.93 | $ 10.52 | $ 11.19 | |||||
Increase (decrease) from investment operations: | |||||||||||
Net investment income (loss) (a) | $ 0.17 | $ 0.33 | $ 0.32 | $ 0.33 | $ 0.37 | $ 0.32 | |||||
Net realized and unrealized gain (loss) on investments | (1.25) | 0.44 | (0.43) | 0.05 | 0.37 | (0.48) | |||||
Net increase (decrease) from investment operations | $ (1.08) | $ 0.77 | $ (0.11) | $ 0.38 | $ 0.74 | $ (0.16) | |||||
Distributions to shareowners: | |||||||||||
Net investment income | $ (0.15) | $ (0.24) | $ (0.28) | $ (0.29) | $ (0.33) | $ (0.36) | |||||
Net realized gain | — | — | — | — | — | (0.15) | |||||
Tax return of capital | — | (0.04) | (0.02) | (0.02) | — | — | |||||
Total distributions | $ (0.15) | $ (0.28) | $ (0.30) | $ (0.31) | $ (0.33) | $ (0.51) | |||||
Net increase (decrease) in net asset value | $ (1.23) | $ 0.49 | $ (0.41) | $ 0.07 | $ 0.41 | $ (0.67) | |||||
Net asset value, end of period | $ 9.85 | $ 11.08 | $ 10.59 | $ 11.00 | $ 10.93 | $ 10.52 | |||||
Total return (b) | (9.87)%(c) | 7.43% | (1.02)% | 3.57% | 7.17% | (1.54)% | |||||
Ratio of net expenses to average net assets | 1.38%(d) | 1.39% | 1.34% | 1.41% | 1.35% | 1.38% | |||||
Ratio of net investment income (loss) to average net assets | 3.14%(d) | 3.10% | 2.97% | 3.05% | 3.49% | 2.98% | |||||
Portfolio turnover rate | 41%(c) | 53% | 44% | 52% | 43% | 62% | |||||
Net assets, end of period (in thousands) | $102,777 | $131,214 | $168,043 | $223,372 | $232,545 | $220,653 |
* | The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP. |
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. |
(b) | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. |
(c) | Not annualized. |
(d) | Annualized. |
The accompanying notes are an integral part of these financial statements.
92 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Six Months | |||||||||||
Ended | Year | Year | Year | Year | Year | ||||||
3/31/20 | Ended | Ended | Ended | Ended | Ended | ||||||
(unaudited) | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16* | 9/30/15* | ||||||
Class Y | |||||||||||
Net asset value, beginning of period | $ 10.90 | $ 10.42 | $ 10.82 | $ 10.76 | $ 10.36 | $ 11.01 | |||||
Increase (decrease) from investment operations: | |||||||||||
Net investment income (loss) (a) | $ 0.21 | $ 0.40 | $ 0.38 | $ 0.40 | $ 0.43 | $ 0.39 | |||||
Net realized and unrealized gain (loss) on investments | (1.38) | 0.42 | (0.42) | 0.05 | 0.36 | (0.47) | |||||
Net increase (decrease) from investment operations | $ (1.17) | $ 0.82 | $ (0.04) | $ 0.45 | $ 0.79 | $ (0.08) | |||||
Distributions to shareowners: | |||||||||||
Net investment income | $ (0.19) | $ (0.30) | $ (0.34) | $ (0.37) | $ (0.39) | $ (0.42) | |||||
Net realized gain | — | — | — | — | — | (0.15) | |||||
Tax return of capital | — | (0.04) | (0.02) | (0.02) | — | — | |||||
Total distributions | $ (0.19) | $ (0.34) | $ (0.36) | $ (0.39) | $ (0.39) | $ (0.57) | |||||
Net increase (decrease) in net asset value | $ (1.36) | $ 0.48 | $ (0.40) | $ 0.06 | $ 0.40 | $ (0.65) | |||||
Net asset value, end of period | $ 9.54 | $ 10.90 | $ 10.42 | $ 10.82 | $ 10.76 | $ 10.36 | |||||
Total return (b) | (10.96)%(c) | 8.09% | (0.34)% | 4.23% | 7.84% | (0.81)% | |||||
Ratio of net expenses to average net assets | 0.74%(d) | 0.73% | 0.72% | 0.74% | 0.73% | 0.73% | |||||
Ratio of net investment income (loss) to average net assets | 3.79%(d) | 3.75% | 3.60% | 3.72% | 4.11% | 3.62% | |||||
Portfolio turnover rate | 41%(c) | 53% | 44% | 52% | 43% | 62% | |||||
Net assets, end of period (in thousands) | $2,582,646 | $3,010,817 | $3,208,774 | $3,560,072 | $3,512,802 | $3,987,828 |
* | The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP. |
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. |
(b) | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. |
(c) | Not annualized. |
(d) | Annualized. |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 93
Notes to Financial Statements | 3/31/20 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Strategic Income Fund (the “Fund”) is one of two portfolios comprising Pioneer Series Trust XIV (formerly known as Pioneer Strategic Income Fund), a Delaware statutory trust. The Fund is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The investment objective of the Fund is to produce a high level of current income.
The Fund offers five classes of shares designated as Class A, Class C, Class K, Class R and Class Y shares. Each class of shares represents an interest in the same portfolio of investments of the Fund and has identical rights (based on relative net asset values) to assets and liquidation proceeds. Share classes can bear different rates of class-specific fees and expenses, such as transfer agent and distribution fees. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different dividends from net investment income earned by each class. The Amended and Restated Declaration of Trust of the Fund gives the Board of Trustees the flexibility to specify either per-share voting or dollar-weighted voting when submitting matters for shareowner approval. Under per-share voting, each share of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a shareowner’s voting power is determined not by the number of shares owned, but by the dollar value of the shares on the record date. Each share class has exclusive voting rights with respect to matters affecting only that class, including with respect to the distribution plan for that class. There is no distribution plan for Class K and Class Y shares.
Amundi Pioneer Asset Management, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi’s wholly owned subsidiary, Amundi USA, Inc., serves as the Fund’s investment adviser (the “Adviser”). Amundi Pioneer Distributor, Inc., an affiliate of Amundi Pioneer Asset Management, Inc., serves as the Fund’s distributor (the “Distributor”).
In August 2018, the Securities and Exchange Commission (“SEC”) released a Disclosure Update and Simplification Final Rule. The Final Rule amends Regulation S-X disclosures requirements to conform them to U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) for investment companies. The Fund’s financial statements were prepared in compliance with the new amendments to Regulation S-X.
During March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standard Update, ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased
94 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Callable Debt Securities (“ASU 2017-08”), which shortens the amortization period for purchased non-contingently callable debt securities held at a premium. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for certain purchased non-contingently callable debt securities. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Fund has adopted ASU 2017-08 as of March 31, 2020. The implementation of ASU 2017-08 did not have a material impact on the Fund’s financial statements.
The Fund is an investment company and follows investment company accounting and reporting guidance under U.S. GAAP. U.S. GAAP requires the management of the Fund to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income, expenses and gain or loss on investments during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements:
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the New York Stock Exchange (“NYSE”) is open, as of the close of regular trading on the NYSE.
Fixed-income securities are valued by using prices supplied by independent pricing services, which consider such factors as market prices, market events, quotations from one or more brokers, Treasury spreads, yields, maturities and ratings, or may use a pricing matrix or other fair value methods or techniques to provide an estimated value of the security or instrument. A pricing matrix is a means of valuing a debt security on the basis of current market prices for other debt securities, historical trading patterns in the market for fixed-income securities and/or other factors. Non-U.S. debt securities that are listed on an exchange will be valued at the bid price obtained from an independent third party pricing service. When independent third party pricing services are unable to supply prices, or when prices or market quotations are considered to be unreliable, the value of that security may be determined using quotations from one or more broker-dealers.
Loan interests are valued in accordance with guidelines established by the Board of Trustees at the mean between the last available bid and asked prices from one or more brokers or dealers as obtained from Loan Pricing Corporation, an independent third party pricing service. If price information is not available from Loan Pricing Corporation, or if the price information is deemed to be unreliable, price information will be obtained from an
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 95
alternative loan interest pricing service. If no reliable price quotes are available from either the primary or alternative pricing service, broker quotes will be solicited.
Event-linked bonds are valued at the bid price obtained from an independent third party pricing service. Other insurance-linked securities (including reinsurance sidecars, collateralized reinsurance and industry loss warranties) may be valued at the bid price obtained from an independent pricing service, or through a third party using a pricing matrix, insurance industry valuation models, or other fair value methods or techniques to provide an estimated value of the instrument.
Equity securities that have traded on an exchange are valued by using the last sale price on the principal exchange where they are traded. Equity securities that have not traded on the date of valuation, or securities for which sale prices are not available, generally are valued using the mean between the last bid and asked prices or, if both last bid and asked prices are not available, at the last quoted bid price. Last sale and bid and asked prices are provided by independent third party pricing services. In the case of equity securities not traded on an exchange, prices are typically determined by independent third party pricing services using a variety of techniques and methods.
The value of foreign securities is translated into U.S. dollars based on foreign currency exchange rate quotations supplied by a third party pricing source. Trading in non-U.S. equity securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund’s shares are determined as of such times. The Fund may use a fair value model developed by an independent pricing service to value non-U.S. equity securities.
Options contracts are generally valued at the mean between the last bid and ask prices on the principal exchange where they are traded. Over-the-counter (“OTC”) options and options on swaps (“swaptions”) are valued using prices supplied by independent pricing services, which consider such factors as market prices, market events, quotations from one or more brokers, Treasury spreads, yields, maturities and ratings, or may use a pricing matrix or other fair value methods or techniques to provide an estimated value of the security or instrument.
Forward foreign currency exchange contracts are valued daily using the foreign exchange rate or, for longer term forward contract positions, the spot currency rate and the forward points on a daily basis, in each case provided by a third party pricing service. Contracts whose forward settlement date falls between two quoted days are valued by interpolation.
96 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Futures contracts are generally valued at the closing settlement price established by the exchange on which they are traded.
Swap contracts, including interest rate swaps, caps and floors (other than centrally cleared swap contracts), are valued at the dealer quotations obtained from reputable International Swap Dealers Association members. Centrally cleared swaps are valued at the daily settlement price provided by the central clearing counterparty.
Repurchase agreements are valued at par. Cash may include overnight time deposits at approved financial institutions.
Securities or loan interests for which independent pricing services or broker-dealers are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of the Adviser pursuant to procedures adopted by the Fund’s Board of Trustees. The Adviser’s fair valuation team uses fair value methods approved by the Valuation Committee of the Board of Trustees. The Adviser’s fair valuation team is responsible for monitoring developments that may impact fair valued securities and for discussing and assessing fair values on an ongoing basis, and at least quarterly, with the Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Fund may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Fund’s net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Fund’s securities may differ significantly from exchange prices, and such differences could be material.
At March 31, 2020, five securities were valued using fair value methods (in addition to securities valued using prices supplied by independent pricing services, broker-dealers or using a third party insurance pricing model) representing 0.02% of net assets. The value of these fair valued securities was $942,365.
B. Investment Income and Transactions
Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund becomes aware of the ex-dividend data in the exercise of reasonable diligence.
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Interest income, including interest on income-bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates and net of income accrued on defaulted securities.
Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interest and dividend income, respectively.
Principal amounts of mortgage-backed securities are adjusted for monthly paydowns. Premiums and discounts related to certain mortgage-backed securities are amortized or accreted in proportion to the monthly paydowns. All discounts/premiums on purchase prices of debt securities are accreted/amortized for financial reporting purposes over the life of the respective securities, and such accretion/amortization is included in interest income.
Security transactions are recorded as of trade date. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes.
C. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars using current exchange rates.
Net realized gains and losses on foreign currency transactions, if any, represent, among other things, the net realized gains and losses on foreign currency exchange contracts, disposition of foreign currencies and the difference between the amount of income accrued and the U.S. dollars actually received. Further, the effects of changes in foreign currency exchange rates on investments are not segregated on the Statement of Operations from the effects of changes in the market prices of those securities, but are included with the net realized and unrealized gain or loss on investments.
D. Federal Income Taxes
It is the Fund’s policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income and net realized capital gains, if any, to its shareowners. Therefore, no provision for federal income taxes is required. As of September 30, 2019, the Fund did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense on the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities.
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In determining the daily net asset value, the Fund estimates the reserve for the repatriation of taxes, if any, associated with its investments in certain countries. The estimated reserve for capital gains is based on the net unrealized appreciation on certain portfolio securities, the holding period of such securities and the related tax rates, tax loss carryforwards (if applicable) and other such factors. As of March 31, 2020, the Fund had accrued $25,070 in reserve for repatriation taxes related to capital gains.
The amount and character of income and capital gain distributions to shareowners are determined in accordance with federal income tax rules, which may differ from U.S. GAAP. Distributions in excess of net investment income or net realized gains are temporary over distributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences.
The Fund does not consider the effect of foreign currency gain/loss when calculating its monthly distribution due to its unpredictable nature over the course of a year and differing treatment for book and tax purposes. As a result, the Fund may report a distribution in excess of its earnings and profits or a tax return of capital at its fiscal year end.
The tax character of current year distributions payable will be determined at the end of the current taxable year. The tax character of distributions paid during the year ended September 30, 2019 was as follows:
2019 | |
Distributions paid from: | |
Ordinary income | $126,524,244 |
Tax return of capital | 18,424,753 |
Total | $144,948,997 |
The following shows the components of distributable earnings (losses) on a federal income tax basis at September 30, 2019:
2019 | |
Distributable earnings: | |
Current year dividend payable | $ (1,642,389) |
Capital loss carryforward | (58,016,786) |
Current year late year loss | (17,698,461) |
Net unrealized appreciation | 129,553,508 |
Total | $ 52,195,872 |
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 99
The difference between book-basis and tax-basis net unrealized appreciation is attributable to the tax deferral of losses on wash sales, adjustments relating to catastrophe bonds and credit default swaps, the mark to market on forward foreign currency exchange contracts, futures contracts, credit default swaps and interest on defaulted bonds.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The Distributor earned $30,118 in underwriting commissions on the sale of Class A shares during the six months ended March 31, 2020.
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day.
Distribution fees are calculated based on the average daily net asset value attributable to Class A, Class C and Class R shares of the Fund, respectively (see Note 4). Class K and Class Y shares do not pay distribution fees. All expenses and fees paid to the Fund’s transfer agent for its services are allocated among the classes of shares based on the number of accounts in each class and the ratable allocation of related out-of-pocket expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net investment income. All dividends are paid on a monthly basis. Short-term capital gain distributions, if any, may be declared with the daily dividends. Distributions to shareowners are recorded as of the ex-dividend date. Distributions paid by the Fund with respect to each class of shares are calculated in the same manner and at the same time, except that net investment income dividends to Class A, Class C, Class K, Class R and Class Y shares can reflect different transfer agent and distribution expense rates.
G. Risks
The value of securities held by the Fund may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, recessions, the spread of infectious illness or other public health issues, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, financial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. A
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general rise in interest rates could adversely affect the price and liquidity of fixed-income securities and could also result in increased redemptions from the Fund.
At times, the Fund’s investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. The Fund’s investments in foreign markets and countries with limited developing markets may subject the Fund to a greater degree of risk than investments in a developed market. These risks include disruptive political or economic conditions and the imposition of adverse governmental laws or currency exchange restrictions.
The Fund invests in below-investment-grade (high-yield) debt securities and preferred stocks. Some of these high-yield securities may be convertible into equity securities of the issuer. Debt securities rated below-investment-grade are commonly referred to as “junk bonds” and are considered speculative. These securities involve greater risk of loss, are subject to greater price volatility, and are less liquid, especially during periods of economic uncertainty or change, than higher rated debt securities.
With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security and related risks. While the Fund’s Adviser has established business continuity plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by service providers to the Fund such as Brown Brothers Harriman & Co., the Fund’s custodian and accounting agent, and DST Asset Manager Solutions, Inc., the Fund’s transfer agent. In addition, many beneficial owners of Fund shares hold them through accounts at broker-dealers, retirement platforms and other financial market participants over which neither the Fund nor Amundi Pioneer exercises control. Each of these may in turn rely on service providers to them, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at Amundi Pioneer or the Fund’s service providers or intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of Fund shareowners to effect share purchases, redemptions or exchanges or receive distributions, loss of or unauthorized access to private shareowner information and violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any insurance. In
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addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks.
The Fund’s prospectus contains unaudited information regarding the Fund’s principal risks. Please refer to that document when considering the Fund’s principal risks.
H. Insurance-Linked Securities (“ILS”)
The Fund invests in ILS. The Fund could lose a portion or all of the principal it has invested in an ILS, and the right to additional interest or dividend payments with respect to the security, upon the occurrence of one or more trigger events, as defined within the terms of an insurance-linked security. Trigger events, generally, are hurricanes, earthquakes, or other natural events of a specific size or magnitude that occur in a designated geographic region during a specified time period, and/or that involve losses or other metrics that exceed a specific amount. There is no way to accurately predict whether a trigger event will occur, and accordingly, ILS carry significant risk. The Fund is entitled to receive principal, and interest and/or dividend payments so long as no trigger event occurs of the description and magnitude specified by the instrument. In addition to the specified trigger events, ILS may expose the Fund to other risks, including but not limited to issuer (credit) default, adverse regulatory or jurisdictional interpretations and adverse tax consequences.
The Fund’s investments in ILS may include event-linked bonds. ILS also may include special purpose vehicles (“SPVs”) or similar instruments structured to comprise a portion of a reinsurer’s catastrophe-oriented business, known as quota share instruments (sometimes referred to as reinsurance sidecars), or to provide reinsurance relating to specific risks to insurance or reinsurance companies through a collateralized instrument, known as collateralized reinsurance. Structured reinsurance investments also may include industry loss warranties (“ILWs”). A traditional ILW takes the form of a bilateral reinsurance contract, but there are also products that take the form of derivatives, collateralized structures, or exchange-traded instruments.
Where the ILS are based on the performance of underlying reinsurance contracts, the Fund has limited transparency into the individual underlying contracts, and therefore must rely upon the risk assessment and sound underwriting practices of the issuer. Accordingly, it may be more difficult for the Adviser to fully evaluate the underlying risk profile of the Fund’s structured reinsurance investments, and therefore the Fund’s assets are placed at greater risk of loss than if the Adviser had more complete information. Structured reinsurance instruments generally will be considered illiquid
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securities by the Fund. These securities may be difficult to purchase, sell or unwind. Illiquid securities also may be difficult to value. If the Fund is forced to sell an illiquid asset, the Fund may be forced to sell at a loss.
I. Repurchase Agreements
Repurchase agreements are arrangements under which the Fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the Fund at a later date, and at a specific price, which is typically higher than the purchase price paid by the Fund. The securities purchased serve as the Fund’s collateral for the obligation of the counterparty to repurchase the securities. The value of the collateral, including accrued interest, is required to be equal to or in excess of the repurchase price. The collateral for all repurchase agreements is held in safekeeping in the customer-only account of the Fund’s custodian or a sub-custodian of the Fund. The Adviser is responsible for determining that the value of the collateral remains at least equal to the repurchase price. In the event of a default by the counterparty, the Fund is entitled to sell the securities, but the Fund may not be able to sell them for the price at which they were purchased, thus causing a loss to the Fund. Additionally, if the counterparty becomes insolvent, there is some risk that the Fund will not have a right to the securities, or the immediate right to sell the securities.
Open repurchase agreements at March 31, 2020, are disclosed in the Schedule of Investments.
J. Purchased Options
The Fund may purchase put and call options to seek to increase total return. Purchased call and put options entitle the Fund to buy and sell a specified number of shares or units of a particular security, currency or index at a specified price at a specific date or within a specific period of time. Upon the purchase of a call or put option, the premium paid by the Fund is included on the Statement of Assets and Liabilities as an investment. All premiums are marked-to-market daily, and any unrealized appreciation or depreciation is recorded on the Fund’s Statement of Operations. As the purchaser of an index option, the Fund has the right to receive a cash payment equal to any depreciation in the value of the index below the strike price of the option (in the case of a put) or equal to any appreciation in the value of the index over the strike price of the option (in the case of a call) as of the valuation date of the option. Premiums paid for purchased call and put options which have expired are treated as realized losses on investments on the Statement of Operations. Upon the exercise or closing of a purchased put option, the premium is offset against the proceeds on the sale of the underlying security or financial instrument in order to determine the realized gain or loss on
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investments. Upon the exercise or closing of a purchased call option, the premium is added to the cost of the security or financial instrument. The risk associated with purchasing options is limited to the premium originally paid.
The average market value of purchased options contracts open during the six months ended March 31, 2020, was $720,841. Open purchased options at March 31, 2020, are listed in the Schedule of Investments.
K. Option Writing
The Fund may write put and covered call options to seek to increase total return. When an option is written, the Fund receives a premium and becomes obligated to purchase or sell the underlying security at a fixed price, upon the exercise of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as “Written options outstanding” on the Statement of Assets and Liabilities and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments on the Statement of Operations. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain on the Statement of Operations, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss on the Statement of Operations. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has realized a gain or loss. The Fund as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.
The average market value of written options for the six months ended March 31, 2020, was $(32,523). Open written options contracts at March 31, 2020, are listed in the Schedule of Investments.
L. Forward Foreign Currency Exchange Contracts
The Fund may enter into forward foreign currency exchange contracts (“contracts”) for the purchase or sale of a specific foreign currency at a fixed price on a future date. All contracts are marked-to-market daily at the applicable exchange rates, and any resulting unrealized appreciation or depreciation is recorded in the Fund’s financial statements. The Fund records realized gains and losses at the time a contract is offset by entry into a closing transaction or extinguished by delivery of the currency. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of the contract and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar (see Note 7).
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During the six months ended March 31, 2020, the Fund had entered into various forward foreign currency exchange contracts that obligated the Fund to deliver or take delivery of currencies at specified future maturity dates. Alternatively, prior to the settlement date of a forward foreign currency exchange contract, the Fund may close out such contract by entering into an offsetting contract. The amount of cash deposited with the broker as collateral at March 31, 2020, is recorded as “Forwards collateral” on the Statement of Assets and Liabilities.
The average market value of forward foreign currency exchange contracts open during the six months ended March 31, 2020, was $181,717,870. Open forward foreign currency exchange contracts outstanding at March 31, 2020, are listed in the Schedule of Investments.
M. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge against changes in interest rates, securities prices and currency exchange rates or to seek to increase total return. Futures contracts are types of derivatives. All futures contracts entered into by the Fund are traded on a futures exchange. Upon entering into a futures contract, the Fund is required to deposit with a broker an amount of cash or securities equal to the minimum “initial margin” requirements of the associated futures exchange. The amount of cash deposited with the broker as collateral at March 31, 2020, is recorded as “Futures collateral” on the Statement of Assets and Liabilities.
Subsequent payments for futures contracts (“variation margin”) are paid or received by the Fund, depending on the daily fluctuation in the value of the contracts, and are recorded by the Fund as unrealized appreciation or depreciation. Cash received from or paid to the broker related to previous margin movement is held in a segregated account at the broker and is recorded as either “Due from broker for futures” or “Due to broker for futures” on the Statement of Assets and Liabilities. When the contract is closed, the Fund realizes a gain or loss equal to the difference between the opening and closing value of the contract as well as any fluctuation in foreign currency exchange rates where applicable. Futures contracts are subject to market risk, interest rate risk and currency exchange rate risk. Changes in value of the contracts may not directly correlate to the changes in value of the underlying securities. With futures, there is reduced counterparty credit risk to the Fund since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.
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The average market value of futures contracts open during the six months ended March 31, 2020, was $(968,379,793). Open futures contracts outstanding at March 31, 2020, are listed in the Schedule of Investments.
N. Credit Default Swap Contracts
A credit default swap is a contract between a buyer of protection and a seller of protection against a pre-defined credit event or an underlying reference obligation, which may be a single security or a basket or index of securities. The Fund may buy or sell credit default swap contracts to seek to increase the Fund’s income, or to attempt to hedge the risk of default on portfolio securities. A credit default swap index is used to hedge risk or take a position on a basket of credit entities or indices.
As a seller of protection, the Fund would be required to pay the notional (or other agreed-upon) value of the referenced debt obligation to the counterparty in the event of a default by a U.S. or foreign corporate issuer of a debt obligation, which would likely result in a loss to the Fund. In return, the Fund would receive from the counterparty a periodic stream of payments during the term of the contract, provided that no event of default occurred. The maximum exposure of loss to the seller would be the notional value of the credit default swaps outstanding. If no default occurs, the Fund would keep the stream of payments and would have no payment obligation. The Fund may also buy credit default swap contracts in order to hedge against the risk of default of debt securities, in which case the Fund would function as the counterparty referenced above.
As a buyer of protection, the Fund makes an upfront or periodic payment to the protection seller in exchange for the right to receive a contingent payment. An upfront payment made by the Fund, as the protection buyer, is recorded within the “Swap contracts, at value” line item on the Statement of Assets and Liabilities. Periodic payments received or paid by the Fund are recorded as realized gains or losses on the Statement of Operations.
Credit default swap contracts are marked-to-market daily using valuations supplied by independent sources, and the change in value, if any, is recorded within the “Swap contracts, at value” line item on the Statement of Assets and Liabilities. Payments received or made as a result of a credit event or upon termination of the contract are recognized, net of the appropriate amount of the upfront payment, as realized gains or losses on the Statement of Operations.
Credit default swap contracts involving the sale of protection may involve greater risks than if the Fund had invested in the referenced debt instrument directly. Credit default swap contracts are subject to general market risk,
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liquidity risk, counterparty risk and credit risk. If the Fund is a protection buyer and no credit event occurs, it will lose its investment. If the Fund is a protection seller and a credit event occurs, the value of the referenced debt instrument received by the Fund, together with the periodic payments received, may be less than the amount the Fund pays to the protection buyer, resulting in a loss to the Fund. In addition, obligations under sell protection credit default swaps may be partially offset by net amounts received from settlement of buy protection credit default swaps entered into by the Fund for the same reference obligation with the same counterparty.
Certain swap contracts that are cleared through a central clearinghouse are referred to as centrally cleared swaps. All payments made or received by the Fund are pursuant to a centrally cleared swap contract with the central clearing party rather than the original counterparty. Upon entering into a centrally cleared swap contract, the Fund is required to make an initial margin deposit, either in cash or in securities. The daily change in value on open centrally cleared contracts is recorded as “Variation margin for centrally cleared swap contracts” on the Statement of Assets and Liabilities. Cash received from or paid to the broker related to previous margin movement is held in a segregated account at the broker and is recorded as either “Due from broker for swaps” or “Due to broker for swaps” on the Statement of Assets and Liabilities. The amount of cash deposited with a broker as collateral at March 31, 2020, is recorded as “Swaps collateral” on the Statement of Assets and Liabilities.
The average market value of credit default swap contracts open during the six months ended March 31, 2020, was $(5,263,104). Open credit default swap contracts at March 31, 2020, are listed in the Schedule of Investments.
2. Management Agreement
The Adviser manages the Fund’s portfolio. Management fees are paid monthly and are calculated daily at the annual rate of 0.60% of the Fund’s average daily net assets up to $1 billion, 0.55% on the next $9 billion of the Fund’s average daily net assets and 0.50% of the Fund’s average daily net assets on assets over $10 billion. For the six months ended March 31, 2020, the effective management fee was equivalent to 0.56% (annualized) of the Fund’s average daily net assets.
In addition, under the management and administration agreements, certain other services and costs, including accounting, regulatory reporting and insurance premiums, are paid by the Fund as administrative reimbursements. Included in “Due to affiliates” reflected on the Statement of Assets and Liabilities is $312,095 in management fees, administrative costs and certain other reimbursements payable to the Adviser at March 31, 2020.
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3. Transfer Agent
DST Asset Manager Solutions, Inc. serves as the transfer agent to the Fund at negotiated rates. Transfer agent fees and payables shown on the Statement of Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Fund’s omnibus relationship contracts.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses incurred by the transfer agent related to shareowner communications activities such as proxy and statement mailings, and outgoing phone calls. For the six months ended March 31, 2020, such out-of-pocket expenses by class of shares were as follows:
Shareowner Communications: | |
Class A | $ 53,304 |
Class C | 23,038 |
Class K | 4,503 |
Class R | 2,678 |
Class Y | 92,772 |
Total | $176,295 |
4. Distribution and Service Plans
The Fund has adopted a distribution plan (the “Plan”) pursuant to Rule 12b-1 of the Investment Company Act of 1940 with respect to its Class A, Class C and Class R shares. Pursuant to the Plan, the Fund pays the Distributor 0.25% of the average daily net assets attributable to Class A shares as compensation for personal services and/or account maintenance services or distribution services with regard to Class A shares. Pursuant to the Plan, the Fund also pays the Distributor 1.00% of the average daily net assets attributable to Class C shares. The fee for Class C shares consists of a 0.25% service fee and a 0.75% distribution fee paid as compensation for personal services and/or account maintenance services or distribution services with regard to Class C shares. Pursuant to the Plan, the Fund further pays the Distributor 0.50% of the average daily net assets attributable to Class R shares for distribution services. Included in “Due to affiliates” reflected on the Statement of Assets and Liabilities is $69,532 in distribution fees payable to the Distributor at March 31, 2020.
The Fund also has adopted a separate service plan for Class R shares (the “Service Plan”). The Service Plan authorizes the Fund to pay securities dealers, plan administrators or other service organizations that agree to provide certain services to retirement plans or plan participants holding shares of the Fund a service fee of up to 0.25% of the Fund’s average daily net assets attributable to Class R shares held by such plans.
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In addition, redemptions of Class A and Class C shares may be subject to a contingent deferred sales charge (“CDSC”). A CDSC of 1.00% may be imposed on redemptions of certain net asset value purchases of Class A shares within 12 months of purchase. Redemptions of Class C shares within 12 months of purchase are subject to a CDSC of 1.00%, based on the lower of cost or market value of shares being redeemed. Shares purchased as part of an exchange remain subject to any CDSC that applied to the original purchase of those shares. There is no CDSC for Class K, Class R and Class Y shares. Proceeds from the CDSCs are paid to the Distributor. For the six months ended March 31, 2020, CDSCs in the amount of $181,071 were paid to the Distributor.
5. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the “Funds”), participates in a committed, unsecured revolving line of credit facility. Borrowings are used solely for temporary or emergency purposes. The Fund may borrow up to the lesser of the amount available under the credit facility or the limits set for borrowing by the Fund’s prospectus and the 1940 Act. Effective March 11, 2020, the Fund participates in a facility that is in the amount of $300 million. Prior to March 11, 2020, the Fund participated in a facility in the amount of $250 million. Under such facility, depending on the type of loan, interest on borrowings is payable at the London Interbank Offered Rate (“LIBOR”) plus a credit spread. The Fund also pays an annual commitment fee to participate in a credit facility. The commitment fee is allocated among participating Funds based on an allocation schedule set forth in the credit agreement. For the six months ended March 31, 2020, the Fund had no borrowings under the credit facility.
6. Master Netting Agreements
The Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs the trading of certain Over the Counter (“OTC”) derivatives and typically contains, among other things, close-out and set-off provisions which apply upon the occurrence of an event of default and/or a termination event as defined under the relevant ISDA Master Agreement. The ISDA Master Agreement may also give a party the right to terminate all transactions traded under such agreement if, among other things, there is deterioration in the credit quality of the other party.
Upon an event of default or a termination of the ISDA Master Agreement, the non-defaulting party has the right to close out all transactions under such agreement and to net amounts owed under each transaction to determine one net amount payable by one party to the other. The right to close out and net
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payments across all transactions under the ISDA Master Agreement could result in a reduction of the Fund’s credit risk to its counterparty equal to any amounts payable by the Fund under the applicable transactions, if any. However, the Fund’s right to set-off may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which each specific ISDA Master Agreement of each counterparty is subject.
The collateral requirements for derivatives transactions under an ISDA Master Agreement are governed by a credit support annex to the ISDA Master Agreement. Collateral requirements are generally determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to threshold (a “minimum transfer amount”) before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. Cash that has been segregated to cover the Fund’s collateral obligations, if any, will be reported separately on the Statement of Assets and Liabilities as “Swaps collateral.” Securities pledged by the Fund as collateral, if any, are identified as such in the Schedule of Investments.
Financial instruments subject to an enforceable master netting agreement, such as an ISDA Master Agreement, have been offset on the Statement of Assets and Liabilities. The following charts show gross assets and liabilities of the Fund as of March 31, 2020.
Derivative | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Subject to | Derivatives | Non-Cash | Cash | Net Amount | ||||||||||||||||
Master Netting | Available | Collateral | Collateral | of Derivative | ||||||||||||||||
Counterparty | Agreement | for Offset | Received (a) | Received (a) | Assets (b) | |||||||||||||||
Bank of America NA | $ | 595,928 | $ | (195,676 | ) | $ | — | $ | (400,252 | ) | $ | — | ||||||||
Bank of New York | ||||||||||||||||||||
Mellon Corp. | 684,696 | — | — | (684,696 | ) | — | ||||||||||||||
Brown Brothers | ||||||||||||||||||||
Harriman & Co. | 3,763,448 | * | — | — | — | 3,763,448 | * | |||||||||||||
Citibank NA | 139,336 | — | — | — | 139,336 | |||||||||||||||
Goldman Sachs | ||||||||||||||||||||
International | 845,214 | (845,214 | ) | — | — | — | ||||||||||||||
HSBC Bank NA | 87,433 | (87,433 | ) | — | — | — | ||||||||||||||
JPMorgan Chase | ||||||||||||||||||||
Bank N.A. | — | — | — | — | — | |||||||||||||||
State Street | ||||||||||||||||||||
Bank & Trust Co. | 150,905 | (150,905 | ) | — | — | — | ||||||||||||||
Total | $ | 6,266,960 | $ | (1,279,228 | ) | $ | — | $ | (1,084,948 | ) | $ | 3,902,784 |
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Derivative | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||
Subject to | Derivatives | Non-Cash | Cash | Net Amount | ||||||||||||||||
Master Netting | Available | Collateral | Collateral | of Derivative | ||||||||||||||||
Counterparty | Agreement | for Offset | Pledged (a) | Pledged (a) | Liabilities (c) | |||||||||||||||
Bank of America NA | $ | 195,676 | $ | (195,676 | ) | $ | — | $ | — | $ | — | |||||||||
Bank of New York | ||||||||||||||||||||
Mellon Corp. | — | — | — | — | — | |||||||||||||||
Brown Brothers | ||||||||||||||||||||
Harriman & Co. | — | — | — | — | — | |||||||||||||||
Citibank NA | — | — | — | — | — | |||||||||||||||
Goldman Sachs | ||||||||||||||||||||
International | 3,752,826 | (845,214 | ) | — | — | 2,907,612 | ||||||||||||||
HSBC Bank NA | 3,482,037 | (87,433 | ) | — | — | 3,394,604 | ||||||||||||||
JPMorgan Chase | ||||||||||||||||||||
Bank N.A. | 4,700,052 | — | — | — | 4,700,052 | |||||||||||||||
State Street | ||||||||||||||||||||
Bank & Trust Co. | 3,083,766 | (150,905 | ) | — | — | 2,932,861 | ||||||||||||||
Total | $ | 15,214,357 | $ | (1,279,228 | ) | $ | — | $ | — | $ | 13,935,129 |
* | Includes securities that are valued at $0. |
(a) | The amount presented here may be less than the total amount of collateral received/pledged as the net amount of derivative assets and liabilities cannot be less than $0. |
(b) | Represents the net amount due from the counterparty in the event of default. |
(c) | Represents the net amount payable to the counterparty in the event of default. |
7. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund’s use of derivatives may enhance or mitigate the Fund’s exposure to the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.
Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange rate risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity index will fluctuate based on increases or decreases in the commodities market and factors specific to a particular industry or commodity.
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The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at March 31, 2020, was as follows:
Statement of Assets and Liabilities | |||||||
Foreign | |||||||
Interest | Credit | Exchange | Equity | Commodity | |||
Rate Risk | Risk | Rate Risk | Risk | Risk | |||
Assets: | |||||||
Options purchased* | $ — | $ — | $ 595,928 | $ —** | $ — | ||
Total Value | $ — | $ — | $ 595,928 | $ —** | $ — | ||
Liabilities | |||||||
Written options | |||||||
outstanding | — | — | 195,676 | — | — | ||
Net unrealized | |||||||
depreciation on | |||||||
forward foreign | |||||||
currency contracts | — | — | 9,347,649 | — | — | ||
Net unrealized | |||||||
depreciation on | |||||||
on futures | |||||||
contracts | 17,271,307 | — | — | — | — | ||
Swap contracts, | |||||||
at value | — | 9,657,094 | — | — | — | ||
Total Value | $17,271,307 | $9,657,094 | $9,543,325 | $ — | $ — |
* | Reflects the market value of purchased option contracts (see Note 1I.). These amounts are included in investments in unaffiliated issuers, at value, on the statement of assets and liabilities. |
** | Includes securities that are valued at $0. |
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The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure at March 31, 2020, was as follows:
Statement of Operations | |||||
Foreign | |||||
Interest | Credit | Exchange | Equity | Commodity | |
Rate Risk | Risk | Rate Risk | Risk | Risk | |
Net realized gain (loss) on: | |||||
Options purchased* | $ — | $ — | $ (274,366) | $ — | $ — |
Written options | |||||
outstanding | — | — | 274,366 | — | — |
Forward foreign | |||||
currency contracts | — | — | (8,669,654) | — | — |
Futures contracts | (7,585,713) | — | — | — | — |
Swap contracts | — | (7,623,704) | — | — | — |
Total Value | $ (7,585,713) | $(7,623,704) | $(8,669,654) | $ — | $ — |
Change in net unrealized | |||||
appreciation | |||||
(depreciation) on: | |||||
Options purchased* | $ — | $ — | $ (799,245) | $ — | $ — |
Written options | |||||
outstanding | — | — | 166,418 | — | — |
Forward foreign | |||||
currency contracts | — | — | (6,490,330) | — | — |
Futures contracts | (21,360,557) | — | — | — | — |
Swap contracts | — | (5,844,622) | — | — | — |
Total Value | $(21,360,557) | $(5,844,622) | $(7,123,157) | $ — | $ — |
* | Reflects the change in net unrealized appreciation (depreciation) on purchased option contracts (see Note 1I.). These amounts are included in change in net unrealized appreciation (depreciation) on Investments in unaffiliated issuers, on the statements of operations. |
8. Subsequent Events
COVID-19
The respiratory illness COVID-19 caused by a novel coronavirus has resulted in a global pandemic and major disruption to economies and markets around the world, including the United States. Global financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Some sectors of the economy and individual
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 113
issuers have experienced particularly large losses. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the Fund’s investments. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. Governments and central banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. The consequences of high public debt, including its future impact on the economy and securities markets, likewise may not be known for some time.
114 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
Trustees | Officers |
Thomas J. Perna, Chairman | Lisa M. Jones, President and |
John E. Baumgardner, Jr. | Chief Executive Officer |
Diane Durnin | Mark E. Bradley, Treasurer and |
Benjamin M. Friedman | Chief Financial and |
Lisa M. Jones | Accounting Officer |
Lorraine H. Monchak | Christopher J. Kelley, Secretary and |
Marguerite A. Piret | Chief Legal Officer |
Fred J. Ricciardi | |
Kenneth J. Taubes |
Investment Adviser and Administrator
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
DST Asset Manager Solutions, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge, upon request, by calling our toll free number (1-800-225-6292). Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is publicly available to shareowners at www.amundipioneer.com/us. This information is also available on the Securities and Exchange Commission’s web site at www.sec.gov.
Pioneer Strategic Income Fund | Semiannual Report | 3/31/20 115
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116 Pioneer Strategic Income Fund | Semiannual Report | 3/31/20
How to Contact Amundi Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for assistance or information.
Call us for: | ||
Account Information, including existing accounts, | ||
new accounts, prospectuses, applications | ||
and service forms | 1-800-225-6292 | |
FactFoneSM for automated fund yields, prices, | ||
account information and transactions | 1-800-225-4321 | |
Retirement plans information | 1-800-622-0176 | |
Write to us: | ||
Amundi Pioneer | ||
P.O. Box 219427 | ||
Kansas City, MO 64121-9427 | ||
Our toll-free fax | 1-800-225-4240 | |
Our internet e-mail address | us.askamundipioneer@amundipioneer.com | |
(for general questions about Amundi Pioneer only) | ||
Visit our web site: www.amundipioneer.com/us |
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the Commission’s web site at https://www.sec.gov.
Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer. com/us
Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
© 2020 Amundi Pioneer Asset Management 19207-15-0520
Pioneer Emerging
Markets Equity Fund
Semiannual Report | March 31, 2020
Ticker Symbols: | |
Class A | PEMEX |
Class C | PEMNX |
Class Y | PEMSX |
Beginning in March 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer, bank or insurance company. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications electronically by contacting your financial intermediary or, if you invest directly with the Fund, by calling 1-800-225-6292.
You may elect to receive all future reports in paper free of charge. If you invest directly with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-225-6292. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held within the Pioneer Fund complex if you invest directly.
visit us: www.amundipioneer.com/us
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Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20 1
Dear Shareholders,
The new decade has arrived delivering a first quarter that will go down in the history books. The beginning of the year seemed to extend the positive market environment of 2019 and then, March roared in like a lion and the COVID-19 pandemic became a global crisis impacting lives and life as we know it. The impact on the global economy from the COVID-19 virus pandemic, while currently unknown, is likely to be considerable. It is clear that several industries have already felt greater effects than others. And the markets, which do not thrive on uncertainty, have been volatile. Our business continuity plan was implemented given the new COVID-19 guidelines, and most of our employees are working remotely. To date, our operating environment has faced no interruption. I am proud of the careful planning that has taken place and confident we can maintain this environment for as long as is prudent. History in the making for a company that first opened its doors way back in 1928.
Since 1928, Amundi Pioneer’s investment process has been built on a foundation of fundamental research and active management, principles which have guided our investment decisions for more than 90 years. We believe active management – that is, making active investment decisions – can help mitigate the potential risks during periods of market volatility. As the early days of 2020 have reminded us, in today’s global economy, investment risk can materialize from a number of factors, including a slowing economy, changing U.S. Federal Reserve policy, oil price shocks, political and geopolitical factors and, unfortunately, major public health concerns such as a viral pandemic.
At Amundi Pioneer, active management begins with our own fundamental, bottom-up research process. Our team of dedicated research analysts and portfolio managers analyze each security under consideration, communicating directly with the management teams of the companies issuing the securities and working together to identify those securities that best meet our investment criteria for our family of funds. Our risk management approach begins with each and every security, as we strive to carefully understand the potential opportunity, while considering any and all risk factors.
2 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20
Today, as investors, we have many options. It is our view that active management can serve shareholders well, not only when markets are thriving, but also during periods of market stress. As you consider your long-term investment goals, we encourage you to work with your financial advisor to develop an investment plan that paves the way for you to pursue both your short-term and long-term goals.
We remain confident that the current crisis, like others in human history, will pass, and we greatly appreciate the trust you have placed in us and look forward to continuing to serve you in the future.
Sincerely,
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
March 31, 2020
Any information in this shareowner report regarding market or economic trends or the factors influencing the Fund’s historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results.
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20 3
In the following interview, portfolio managers Patrice Lemonnier and Mickaël Tricot discuss the investment environment for emerging markets equities and the performance of Pioneer Emerging Markets Equity Fund during the six-month period ended March 31, 2020. Mr. Lemonnier, Head of Emerging Markets Equity and a portfolio manager at Amundi Pioneer Asset Management (Amundi Pioneer), and Mr. Tricot, Head of Global Emerging Markets Equity and portfolio manager at Amundi Pioneer, are responsible for the day-to-day management of the Fund.
Q How did the Fund perform during the six-month period ended March 31, 2020?
A Pioneer Emerging Markets Equity Fund’s Class A shares returned -15.42% at net asset value during the six-month period ended March 31, 2020, while the Fund’s benchmark, the Morgan Stanley Capital International (MSCI) Emerging Markets Index (the MSCI Index)1, returned -14.55%.
Q How would you describe the investment backdrop during the six-month period ended March 31, 2020?
A The reporting period was highly unusual in that it encompassed two distinct parts. In the first part, which ran from the beginning of October until the end of 2019, emerging markets equities delivered robust gains. During that roughly three-month period, investors had become encouraged by the combination of steady global economic growth as well as progress toward a resolution of the long-running trade dispute between the United States and China. The favorable backdrop began to change not long after the start of calendar year 2020, as the spread of the COVID-19 virus throughout China began weighing on the performance of emerging markets equities relative to other equity markets, given China’s large role in the health of many emerging economies. As the weeks progressed and it
1 | The MSCI information may only be used for your internal use, may not be reproduced or re-disseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. |
4 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20
became apparent that the virus was now a global issue – ultimately becoming a global pandemic – government officials started shutting down large segments of the economy across the developed world. Stock markets quickly plunged in response, with emerging markets equities particularly hard-hit due to the combination of a “risk-off” investment environment, unfavorable currency translations, and adverse liquidity conditions. Together, those factors caused the Fund’s benchmark, the MSCI Index, to finish the six-month period deeply in negative territory, at -14.55%, and led to poor absolute returns for the Fund.
Q Could you discuss your investment process in managing the Fund’s portfolio during the six-month period ended March 31, 2020?
A Since the Fund’s inception on October 1, 2019, we have used a multifaceted investment approach that combines top-down analysis with bottom-up stock selection. We start with a top-down evaluation of each country in the emerging markets category, which we believe is critical given the wide divergence in both economic fundamentals and drivers of equity returns among specific countries. In our view, even shares of what we believe are high-quality, fundamentally sound companies are likely to underperform if the country in which the company is domiciled faces challenges. We then analyze the prospects of individual sectors in each country as we attempt to capture another potential layer of returns. For instance, financials stocks in Indonesia could face a different set of circumstances than those in Brazil. Finally, we drill down to what we believe are the best individual company ideas in the countries and sectors where we’ve determined we would like to invest the Fund’s assets. We believe this three-pronged investment strategy can be an effective way to identify opportunities and avoid some of the risks inherent in the emerging markets asset class.
We also have focused on a larger investment universe than the benchmark MSCI Index. While the Fund’s benchmark consists of approximately 1,400 companies, the Fund’s universe encompasses more than 1,900 potential companies for investment. We believe that approach provides us with the latitude to take advantage of opportunities in the frontier markets as well as in mid- and small-cap emerging markets equities.
Q What were the principal factors that affected the Fund’s benchmark-relative performance during the six-month period ended March 31, 2020?
A The Fund underperformed the MSCI Index over the six-month period, though we would stress that our goal is to add value to the Fund’s performance over the longer term.
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20 5
With that said, the Fund experienced relative underperformance during the six-month period mainly through individual stock selection results. Key detractors from the Fund’s benchmark-relative returns during the six-month period included positions in Samsonite International, Ping An Insurance, and Erste Group Bank.
Conversely, individual Fund positions that benefited benchmark-relative performance over the six-month period included Taiwan Semiconductor Manufacturing, A-RT Retail Holdings (a provider of investment services based in Hong Kong), and Cosan, a biofuel company based in Brazil.
Country allocations also detracted somewhat from the Fund’s benchmark-relative results over the six-month period. A portfolio underweight to China was the primary detractor, followed by overweights in Russia and Brazil. On the plus side, underweights in South Africa and Thailand added value to the Fund’s relative returns. The Fund’s cash position, while not a core aspect of our investment strategy, stood out as a contributor to benchmark-relative performance given the extent of the weakness in the broader equity market.
Finally, sector allocations had a strong, positive impact on the Fund’s benchmark-relative performance during the six-month period, nearly offsetting the shortfall in the other two areas (stock selection and country allocations). With regard to sector allocation, portfolio overweights in the communications services sector in both Russia and Poland contributed positively to the Fund’s relative returns, as did an overweight in Korean information technology firms. An underweight in Chinese financials was a further plus for the Fund versus the MSCI Index.
Q What changes did you make to the Fund’s positioning over the course of the six-month period ended March 31, 2020?
A We increased the Fund’s allocation to North Asia (China, Korea, and Taiwan) by adding technology stocks in those countries to the portfolio. We believe the tech sector could be a key beneficiary of increasing demand for 5G and cloud services, and the COVID-19-related sell-off in the latter stages of the six-month period led to stocks of many tech companies with operations in the region falling to compelling valuations. In addition, all three countries appear to be further along in the process of reopening their economies than other areas of the world – a trait that could translate to solid returns over the remainder of the year.
We also initiated positions in several bank stocks that became more attractively valued in the sell-off, notably in emerging Europe and Korea. Moreover, we increased the Fund’s positions in companies that we believe
6 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20
could stand to capitalize on long-term trends that may ultimately prove more enduring than the effects of the COVID-19 virus. For instance, we currently favor stocks of companies in the Chinese leisure and Indian life insurance sectors, based on our belief that the sectors could benefit from rising levels of disposable income in those countries. Technology represents a further source of potential long-term growth, in our view, as do the Indian property and Chinese health care sectors. We have used recent market volatility to take advantage of the lower valuations of companies that we feel could benefit from those important trends, and we expect to continue seeking similar opportunities in the months ahead.
Some of the Fund’s notable overweights at the country level include Korea, Indonesia, and Russia. We see Russia as a particularly interesting area, given the low valuations there. As of March 31, 2020, Russian stocks in general were trading at just 5.5 times earnings estimates for 2021. We believe Russia is well managed with regard to both fiscal and monetary policies, which we believe could help the country navigate the significant downturn in oil prices that we experienced over the six-month period. On the other hand, we have maintained an underweight allocation to Taiwan. We like certain Taiwanese technology stocks, but we think the mature nature of the country’s economy indicates lower growth potential for domestic-oriented companies. The Fund is also underweight in South Africa, which we believe is in great need of structural economic reform, and in Thailand, which could be vulnerable to the large decline in global tourism driven by the COVID-19 situation.
Q Did the Fund invest in any derivative securities during the six-month period ended March 31, 2020?
A No, the Fund did not hold any derivatives during the period.
Q How would you characterize broader market conditions and the Fund’s overall positioning as of March 31, 2020?
A We have a cautiously optimistic view on emerging markets equities. Although the peak of the global viral pandemic remains unknown, a positive outcome would be bringing the outbreak at least under some level of control within the next two calendar quarters. We view the back-stopping and stimulus measures swiftly undertaken by central banks and governments, including extraordinary actions by the U.S. Federal Reserve, as key factors that could help limit the negative economic consequences of the lockdowns caused by COVID-19. Given that background, our belief is that global economic growth and corporate profits may be on track for a rebound in 2021.
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20 7
Our relatively constructive view also reflects the very depressed valuations across the emerging markets equity spectrum. At the close of the six-month period, price-to-earnings and price-to-book ratios stood at lows only seen during the severe downturns of the past, such as the 1997 Asian crisis, the bursting of the technology bubble in 2000-2001, and the subprime mortgage crisis of 2008. Notably, we believe the emerging markets economies as a group are in much better fiscal health now than they were entering those past economic downturns. While it isn’t possible to “call a bottom” in the markets as the COVID-19 crisis grinds on, we think current valuation levels may represent an attractive market entry point for long-term investors.
Please refer to the Schedule of Investments on pages 16–25 for a full listing of Fund securities.
All investments are subject to risk, including the possible loss of principal. In the past several years, financial markets have experienced increased volatility and heightened uncertainty. The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues or adverse investor sentiment. These conditions may continue, recur, worsen or spread.
The Fund may invest in fewer than 40 securities, and as a result, the Fund’s performance may be more volatile than the performance of funds holding more securities.
Investments in small and mid-sized companies may offer the potential for higher returns, but are also subject to greater short-term price fluctuations than larger, more established companies.
At times, the Fund’s investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors.
These risks may increase share price volatility.
Before investing, consider the product’s investment objectives, risks, charges and expenses. Contact your advisor or Amundi Pioneer Asset Management, Inc., for a prospectus or summary prospectus containing this information. Read it carefully.
Any information in this shareholder report regarding market or economic trends or the factors influencing the Fund’s historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results.
8 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20
10 Largest Holdings | ||
(As a percentage of total investments)* | ||
1. | Alibaba Group Holding, Ltd. (A.D.R.) | 7.65% |
2. | Tencent Holdings, Ltd. | 5.93 |
3. | Taiwan Semiconductor Manufacturing Co., Ltd. (A.D.R.) | 5.13 |
4. | Samsung Electronics Co., Ltd. | 3.69 |
5. | Naspersm, Ltd., Class N | 2.64 |
6. | Samsung Electronics Co., Ltd. | 2.28 |
7. | Ping An Insurance Group Co. of China, Ltd., Class H | 2.10 |
8. | Sberbank of Russia PJSC | 1.81 |
9. | JD.com, Inc. (A.D.R.) | 1.69 |
10. | SK Hynix, Inc. | 1.63 |
* | Excludes temporary cash investments and all derivative contracts except for options purchased. The Fund is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any securities. |
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20 9
Net Asset Value per Share | |||
Class | 3/31/20 | ||
A | $8.41 | ||
C | $8.39 | ||
Y | $8.42 |
Distributions per Share: 10/1/19 – 3/31/20 | |||
Net Investment | Short-Term | Long-Term | |
Class | Income | Capital Gains | Capital Gains |
A | $0.0367 | $0.0259 | $ — |
C | $0.0189 | $0.0259 | $ — |
Y | $0.0451 | $0.0259 | $ — |
The Morgan Stanley Capital International (MSCI) Emerging Markets NR Index measures the free-float weighted equity index that captures large and mid-cap representation across emerging markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country. Indices are unmanaged and their returns assume reinvestment of dividends and, unlike fund returns, do not reflect any fees or expenses. You cannot invest directly in an index.
The index defined here pertains to the “Value of $10,000 Investment” and “Value of $5 Million Investment” charts on pages 11–13.
10 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20
Class A Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $10,000 investment made in Class A shares of Pioneer Emerging Markets Equity Fund at public offering price during the periods shown, compared to that of the MSCI Emerging Markets Index.
Average Annual Total Returns | |||
(As of March 31, 2020) | |||
Net | Public | MSCI | |
Asset | Offering | Emerging | |
Value | Price | Markets | |
Period | (NAV) | (POP) | Index |
Life-of-Class | |||
(10/1/19) | -15.42% | 20.28% | -14.55% |
Expense Ratio | |||
(Per prospectus dated February 1, 2020) | |||
Gross | Net | ||
1.35% | 1.30% |
Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. NAV returns would have been lower had sales charges been reflected. POP returns reflect deduction of maximum 5.75% sales charge. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in effect through February 1, 2021 for Class A shares. There can be no assurance that Amundi Pioneer will extend the expense limitation beyond such time. Please see the prospectus for more information.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please refer to the financial highlights for more current expense ratios.
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20 11
Performance Update | 3/31/20 | Class C Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $10,000 investment made in Class C shares of Pioneer Emerging Markets Equity Fund at public offering price during the periods shown, compared to that of the MSCI Emerging Markets Index.
Average Annual Total Returns | ||
(As of March 31, 2020) | ||
Net | MSCI | |
Asset | Emerging | |
Value | Markets | |
Period | (NAV) | Index |
Life-of-Class | ||
(10/1/19) | -15.75% | 14.55% |
Expense Ratio | ||
(Per prospectus dated February 1, 2020) | ||
Gross | Net | |
2.10% | 2.05% |
Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are subject to a 1% contingent deferred sales charge (CDSC). “If Held” results represent the percent change in net asset value per share. “If Redeemed” returns would have been lower had sales charges been reflected. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in effect through February 1, 2021, for Class C shares. There can be no assurance that Amundi Pioneer will extend the expense limitation beyond such time. Please see the prospectus for more information.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please refer to the financial highlights for more current expense ratios.
12 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20
Performance Update | 3/31/20 | Class Y Shares |
Investment Returns
The mountain chart on the right shows the change in value of a $5 million investment made in Class Y shares of Pioneer Emerging Markets Equity Fund at public offering price during the periods shown, compared to that of the MSCI Emerging Markets Index.
Average Annual Total Returns | ||
(As of March 31, 2020) | ||
Net | MSCI | |
Asset | Emerging | |
Value | Markets | |
Period | (NAV) | Index |
Life-of-Class | ||
(10/1/19) | -15.26% | 14.55% |
Expense Ratio | ||
(Per prospectus dated February 1, 2020) | ||
Gross | Net | |
1.03% | 0.99% |
Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in effect through February 1, 2021 for Class Y shares. There can be no assurance that Amundi Pioneer will extend the expense limitation beyond such time. Please see the prospectus for more information.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please refer to the financial highlights for more current expense ratios.
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20 13
As a shareowner in the Fund, you incur two types of costs:
(1) | ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses; and |
(2) | transaction costs, including sales charges (loads) on purchase payments. |
This example is intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 at the beginning of the Fund’s latest six-month period and held throughout the six months.
Using the Tables
Actual Expenses
The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period as follows:
(1) | Divide your account value by $1,000 |
Example: an $8,600 account value ÷ $1,000 = 8.6 | |
(2) | Multiply the result in (1) above by the corresponding share class’s number in the third row under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. |
Expenses Paid on a $1,000 Investment in Pioneer Emerging Markets Equity Fund
Based on actual returns from October 1, 2019 through March 31, 2020.
Share Class | A | C | Y |
Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
Value on 10/1/19 | |||
Ending Account | $845.80 | $842.50 | $847.40 |
Value (after expenses) | |||
on 3/31/20 | |||
Expenses Paid | $6.00 | $9.26 | $4.57 |
During Period* |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.30%, 2.01%, and 0.99% for classes A, C, and Y shares, respectively, multiplied by the average account value over the period, multiplied by 183/366, (to reflect the partial year period). |
14 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Emerging Markets Equity Fund
Based on a hypothetical 5% return per year before expenses, reflecting the period from October 1, 2019 through March 31, 2020.
Share Class | A | C | Y |
Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
Value on 10/1/19 | |||
Ending Account | $1,018.50 | $1,014.95 | $1,020.05 |
Value (after expenses) | |||
on 3/31/20 | |||
Expenses Paid | $6.56 | $10.13 | $5.00 |
During Period* |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.30%, 2.01%, and 0.99% for classes A, C, and Y shares, respectively, multiplied by the average account value over the period, multiplied by 183/366, (to reflect the partial year period). |
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20 15
Shares | Value | ||
UNAFFILIATED ISSUERS — 95.4% | |||
COMMON STOCKS — 95.4% of Net Assets | |||
Auto Components — 0.7% | |||
2,195 | Tupy S.A. | $ 5,552 | |
54,000 | Xinyi Glass Holdings Ltd. | 61,534 | |
Total Auto Components | $ 67,086 | ||
Automobiles — 1.6% | |||
136,400 | Astra International Tbk PT | $ 32,551 | |
78,000 | Brilliance China Automotive Holdings Ltd. | 63,746 | |
181 | Eicher Motors, Ltd. | 30,897 | |
1,452 | Kia Motors Corp. | 30,704 | |
Total Automobiles | $ 157,898 | ||
Banks — 13.3% | |||
106,068(a) | Alpha Bank AE | $ 82,766 | |
10,667 | Banco Bradesco S.A.�� | 42,714 | |
4,337 | Banco Bradesco S.A. (A.D.R.) | 17,608 | |
1,629 | Banco Davivienda S.A. | 12,232 | |
11,886 | Banco do Brasil S.A. | 63,912 | |
770 | Banco Santander Chile (A.D.R.) | 11,650 | |
74,800 | Bank Central Asia Tbk PT | 126,482 | |
151,100 | Bank Mandiri Persero Tbk PT | 43,213 | |
10,275(a) | Commercial International Bank Egypt S.A.E | 38,189 | |
286 | Credicorp, Ltd. | 40,918 | |
92,000 | CTBC Financial Holding Co. Ltd. | 54,452 | |
9,143 | Emirates NBD Bank PJSC | 17,731 | |
3,316 | Erste Group Bank AG | 61,386 | |
10,119 | First Abu Dhabi Bank PJSC | 26,128 | |
23,506 | Grupo Financiero Banorte S.A.B de CV, Class O | 64,741 | |
1,778 | HDFC Bank, Ltd. (A.D.R.) | 68,382 | |
8,689 | ICICI Bank, Ltd. | 37,812 | |
11,237 | ICICI Bank Ltd. (A.D.R.) | 95,514 | |
2,418 | Itau Unibanco Holding S.A. (A.D.R.) | 10,857 | |
16,958 | Itausa - Investimentos Itau S.A. | 28,673 | |
8,911 | National Bank of Greece | 12,162 | |
931 | OTP Bank Nyrt | 26,919 | |
30,335 | Sberbank of Russia PJSC | 72,176 | |
42,693 | Sberbank of Russia PJSC | 96,313 | |
3,530 | Sberbank of Russia PJSC (A.D.R.) | 33,182 | |
5,082 | Shinhan Financial Group Co., Ltd. | 118,204 | |
Total Banks | $1,304,316 |
The accompanying notes are an integral part of these financial statements.
16 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20
Shares | Value | |||
Beverages — 1.1% | ||||
8,000 | China Resources Beer Holdings Co. Ltd. | $ 36,320 | ||
MXN | 3,833(b) | Fomento Economico Mexicano S.A.B de CV | 23,425 | |
363 | Fomento Economico Mexicano S.A.B de CV (A.D.R.) | 21,965 | ||
70,000 | Thai Beverage PCL | 29,823 | ||
Total Beverages | $ 111,533 | |||
Biotechnology — 0.3% | ||||
95(a) | Hugel, Inc. | $ 26,020 | ||
Total Biotechnology | $ 26,020 | |||
Capital Markets — 0.3% | ||||
969 | B3 S.A. - Brasil Bolsa Balcao | $ 6,707 | ||
BRL | 1,256(b) | Banco BTG Pactual S.A. | 8,049 | |
300 | Hong Kong Exchanges & Clearing Ltd. | 9,011 | ||
Total Capital Markets | $ 23,767 | |||
Chemicals — 0.2% | ||||
450 | Sociedad Quimica y Minera de Chile S.A. (A.D.R.) | $ 10,147 | ||
225 | Sociedad Quimica y Minera de Chile S.A., Class B | 5,137 | ||
Total Chemicals | $ 15,284 | |||
Commercial Services & Supplies — 0.9% | ||||
93,000 | China Everbright International, Ltd. | $ 53,144 | ||
32,000 | Greentown Service Group Co., Ltd. | 38,656 | ||
Total Commercial Services & Supplies | $ 91,800 | |||
Construction & Engineering — 1.7% | ||||
203,000 | Beijing Urban Construction Design & Development | |||
Group Co., Ltd., Class H (144A) | $ 50,604 | |||
78,900 | China State Construction Engineering Corp. Ltd. | 58,858 | ||
54,900 | IJM Corp. Bhd | 20,071 | ||
3,447 | Larsen & Toubro Ltd. | 36,706 | ||
Total Construction & Engineering | $ 166,239 | |||
Diversified Consumer Services — 0.5% | ||||
459(a) | New Oriental Education & Technology Group, Inc. (A.D.R.) | $ 49,682 | ||
Total Diversified Consumer Services | $ 49,682 | |||
Diversified Telecommunication Services — 0.2% | ||||
11,072(a) | Orange Polska S.A. | $ 15,871 | ||
Total Diversified Telecommunication Services | $ 15,871 | |||
Electric Utilities — 1.1% | ||||
BRL | 2,229(b) | Alupar Investimento S.A. | $ 9,670 | |
2,289 | Centrais Eletricas Brasileiras S.A. (A.D.R.) | 10,552 | ||
502,918 | Inter RAO UES PJSC | 31,482 | ||
27,113 | Power Grid Corp. of India Ltd. | 56,664 | ||
Total Electric Utilities | $ 108,368 |
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20 17
Schedule of Investments | 3/31/20 (unaudited) (continued)
Shares | Value | |||
Electrical Equipment — 0.4% | ||||
12,100 | Zhuzhou CRRC Times Electric Co. Ltd., Class H | $ 35,696 | ||
Total Electrical Equipment | $ 35,696 | |||
Electronic Equipment, Instruments & | ||||
Components — 1.4% | ||||
7,000 | Chroma ATE, Inc. | $ 28,491 | ||
15,000 | Delta Electronics, Inc. | 59,765 | ||
4,000 | Elite Material Co. Ltd. | 13,776 | ||
488 | Samsung Electro-Mechanics Co. Ltd. | 38,513 | ||
Total Electronic Equipment, Instruments & Components | $ 140,545 | |||
Energy Equipment & Services — 0.5% | ||||
32,000 | China Oilfield Services Ltd., Class H | $ 24,466 | ||
963 | Compania Paranaense de Energia (A.D.R.) | 10,025 | ||
26,800 | Dialog Group Bhd | 18,727 | ||
Total Energy Equipment & Services | $ 53,218 | |||
Entertainment — 2.5% | ||||
1,134 | CD Projekt S.A. | $ 79,026 | ||
68 | NCSoft Corp. | 35,976 | ||
383 | NetEase, Inc. (A.D.R.) | 122,928 | ||
Total Entertainment | $ 237,930 | |||
Equity Real Estate Investment Trust (REIT) — 0.1% | ||||
8,751 | PLA Administradora Industrial S de RL de CV | $ 9,778 | ||
Total Equity Real Estate Investment Trust (REIT) | $ 9,778 | |||
Food & Staples Retailing — 1.7% | ||||
2,294 | Compania Brasileira de Distribuicao (A.D.R.) | $ 28,927 | ||
727(a) | Dino Polska S.A. (144A) | 28,428 | ||
3,299(a) | Massmart Holdings Ltd. | 5,071 | ||
1,000 | President Chain Store Corp. | 9,356 | ||
48,000 | Sun Art Retail Group Ltd. | 71,057 | ||
644 | X5 Retail Group NV (G.D.R.) | 17,296 | ||
Total Food & Staples Retailing | $ 160,135 | |||
Food Products — 2.2% | ||||
2,130 | Gruma S.A.B de CV, Class B | $ 16,469 | ||
12,500 | Health & Happiness H&H International Holdings, Ltd. | 46,048 | ||
36,333 | JBS S.A. | 142,478 | ||
Total Food Products | $ 204,995 |
The accompanying notes are an integral part of these financial statements.
18 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20
Shares | Value | |||
Gas Utilities — 1.2% | ||||
9,000 | Beijing Enterprises Holdings Ltd. | $ 32,757 | ||
34,977 | GAIL India Ltd. | 35,102 | ||
4,692 | Infraestructura Energetica Nova S.A.B de CV | 14,476 | ||
62,000 | Kunlun Energy Co. Ltd. | 35,722 | ||
Total Gas Utilities | $ 118,057 | |||
Hotels, Restaurants & Leisure — 0.3% | ||||
6,000 | Galaxy Entertainment Group, Ltd. | $ 31,788 | ||
Total Hotels, Restaurants & Leisure | $ 31,788 | |||
Household Durables — 0.7% | ||||
683 | Ez Tec Empreendimentos e Participacoes S.A. | $ 3,911 | ||
1,474 | Woongjin Coway Co. Ltd. | 69,488 | ||
Total Household Durables | $ 73,399 | |||
Industrial Conglomerates — 0.5% | ||||
6,212 | Alfa S.A.B de CV | $ 1,669 | ||
3,790 | Ayala Corp. | 34,684 | ||
1,023 | Bidvest Group Ltd. | 8,384 | ||
Total Industrial Conglomerates | $ 44,737 | |||
Insurance — 3.4% | ||||
4,400 | AIA Group, Ltd. | $ 39,592 | ||
70,000 | PICC Property & Casualty Co. Ltd., Class H | 67,343 | ||
20,000 | Ping An Insurance Group Co. of China, Ltd., Class H | 195,682 | ||
216 | Samsung Fire & Marine Insurance Co. Ltd. | 27,002 | ||
Total Insurance | $ 329,619 | |||
Interactive Media & Services — 9.0% | ||||
854(a) | 58.com, Inc. (A.D.R.) | $ 41,607 | ||
573(a) | Autohome, Inc. (A.D.R.) | 40,694 | ||
911(a) | Baidu, Inc. (A.D.R.) | 91,820 | ||
955(a) | Mail.Ru Group Ltd. (G.D.R.) | 15,509 | ||
647 | NAVER Corp. | 88,954 | ||
11,300 | Tencent Holdings, Ltd. | 551,116 | ||
1,667(a) | Yandex NV | 56,761 | ||
Total Interactive Media & Services | $ 886,461 | |||
Internet & Direct Marketing Retail — 13.1% | ||||
3,659(a) | Alibaba Group Holding, Ltd. (A.D.R.) | $ 711,602 | ||
3,872(a) | JD.com, Inc. (A.D.R.) | 156,816 | ||
1,544(a) | MakeMyTrip Ltd. | 18,459 | ||
2,000(a) | Meituan Dianping, Class B | 24,006 | ||
1,720 | Naspersm, Ltd., Class N | 245,554 | ||
732(a) | Prosus NV | 50,657 | ||
3,223(a) | Trip.com Group Ltd. (A.D.R.) | 75,579 | ||
Total Internet & Direct Marketing Retail | $1,282,673 |
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20 19
Schedule of Investments | 3/31/20 (unaudited) (continued)
Shares | Value | |||
IT Services — 1.7% | ||||
6,086 | HCL Technologies, Ltd. | $ 34,735 | ||
3,678 | Infosys Ltd. | 30,941 | ||
7,919 | Infosys Ltd. (A.D.R.) | 65,015 | ||
3,836 | Tech Mahindra Ltd. | 28,372 | ||
Total IT Services | $ 159,063 | |||
Leisure Products — 0.2% | ||||
5,000 | Giant Manufacturing Co. Ltd. | $ 22,156 | ||
Total Leisure Products | $ 22,156 | |||
Machinery — 1.8% | ||||
24,000 | China Conch Venture Holdings Ltd. | $ 106,725 | ||
3,000 | Hiwin Technologies Corp. | 19,491 | ||
3,375 | Iochpe Maxion S.A. | 7,171 | ||
55,600 | Zoomlion Heavy Industry Science & Technology Co. Ltd., | |||
Class H | 40,316 | |||
Total Machinery | $ 173,703 | |||
Metals & Mining — 3.4% | ||||
1,853 | AngloGold Ashanti Ltd. | $ 31,822 | ||
14,700 | Baoshan Iron & Steel Co. Ltd. | 10,126 | ||
7,706 | Bradespar S.A. | 43,322 | ||
2,738 | Gerdau S.A. (A.D.R.) | 5,230 | ||
28,254 | Grupo Mexico S.A.B de CV | 52,665 | ||
24,299 | Hindalco Industries Ltd. | 30,599 | ||
2,454 | Impala Platinum Holdings Ltd. | 10,416 | ||
118 | MMC Norilsk Nickel PJSC | 29,302 | ||
1,963 | MMC Norilsk Nickel PJSC (A.D.R.) | 47,622 | ||
2,301 | Polymetal International PLC | 39,056 | ||
7,200(a) | Sibanye Stillwater Ltd. | 9,130 | ||
1,417 | Ternium S.A. (A.D.R.) | 16,862 | ||
1,225 | Vale S.A., Class B (A.D.R.) | 10,155 | ||
Total Metals & Mining | $ 336,307 | |||
Oil, Gas & Consumable Fuels — 3.8% | ||||
73,000 | CNOOC Ltd. | $ 76,123 | ||
13,435 | Compania Energetica de Minas Gerais (A.D.R.) | 22,839 | ||
2,341(a) | Cosan Ltd. | 28,794 | ||
32,128 | Gazprom PJSC | 74,356 | ||
635 | LUKOIL PJSC | 38,034 | ||
819 | LUKOIL PJSC (A.D.R.) | 48,452 | ||
96 | Novatek PJSC (G.D.R.) | 11,009 | ||
11,111 | Petroleo Brasileiro S.A. | 29,969 | ||
890 | Petroleo Brasileiro S.A. (A.D.R.) | 4,797 |
The accompanying notes are an integral part of these financial statements.
20 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20
Shares | Value | |||
Oil, Gas & Consumable Fuels — (continued) | ||||
14,543 | Surgutneftegas PJSC | $ 6,976 | ||
39,530 | Surgutneftegas PJSC | 17,037 | ||
3,023(a) | Vista Oil & Gas S.A.B de CV (A.D.R.) | 6,046 | ||
Total Oil, Gas & Consumable Fuels | $ 364,432 | |||
Paper & Forest Products — 0.2% | ||||
2,775 | Suzano S.A. | $ 19,148 | ||
Total Paper & Forest Products | $ 19,148 | |||
Real Estate Management & Development — 4.3% | ||||
95,976 | Aldar Properties PJSC | $ 39,586 | ||
34,000 | China Overseas Land & Investment Ltd. | 104,943 | ||
20,000 | China Resources Land, Ltd. | 82,069 | ||
56,000 | CIFI Holdings Group Co., Ltd. | 40,174 | ||
7,277 | Corp. Inmobiliaria Vesta S.A.B de CV | 8,461 | ||
12,300(a) | Helbor Empreendimentos S.A. | 4,458 | ||
1,135 | Iguatemi Empresa de Shopping Centers S.A. | 6,838 | ||
12,000 | Longfor Group Holdings, Ltd. (144A) | 58,083 | ||
6,408 | Prestige Estates Projects Ltd. | 14,379 | ||
14,000 | Shimao Property Holdings, Ltd. | 49,011 | ||
1,500 | Sun Hung Kai Properties, Ltd. | 19,699 | ||
Total Real Estate Management & Development | $ 427,701 | |||
Semiconductors & Semiconductor Equipment — 8.0% | ||||
7,000 | Alchip Technologies Ltd. | $ 44,688 | ||
21,000 | King Yuan Electronics Co. Ltd. | 20,710 | ||
5,000 | LandMark Optoelectronics Corp. | 42,454 | ||
5,000 | MediaTek, Inc. | 53,242 | ||
2,237 | SK Hynix, Inc. | 151,244 | ||
9,985 | Taiwan Semiconductor Manufacturing Co., Ltd. (A.D.R.) | 477,183 | ||
Total Semiconductors & Semiconductor Equipment | $ 789,521 | |||
Software — 0.8% | ||||
1,700 | Hundsun Technologies, Inc. | $ 20,960 | ||
14,000(a) | Kingsoft Corp. Ltd. | 45,432 | ||
1,980 | Linx S.A. | 6,356 | ||
Total Software | $ 72,748 | |||
Specialty Retail — 1.2% | ||||
5,200 | China International Travel Service Corp. Ltd. | $ 49,504 | ||
38,500 | China Yongda Automobiles Services Holdings, Ltd. | 31,226 | ||
33,855 | Detsky Mir PJSC (144A) | 39,223 | ||
Total Specialty Retail | $ 119,953 |
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20 21
Schedule of Investments | 3/31/20 (unaudited) (continued)
Shares | Value | |||
Technology Hardware, Storage & Peripherals — 6.4% | ||||
6,513 | Samsung Electronics Co., Ltd. | $ 212,482 | ||
8,839 | Samsung Electronics Co., Ltd. | 343,328 | ||
67 | Samsung Electronics Co., Ltd. (G.D.R.) (144A) | 66,531 | ||
Total Technology Hardware, Storage & Peripherals | $ 622,341 | |||
Textiles, Apparel & Luxury Goods — 1.0% | ||||
11,000 | Li Ning Co. Ltd. | $ 31,922 | ||
30,600 | Samsonite International S.A. (144A) | 28,940 | ||
113,000 | Xtep International Holdings Ltd. | 36,727 | ||
Total Textiles, Apparel & Luxury Goods | $ 97,589 | |||
Thrifts & Mortgage Finance — 1.1% | ||||
5,124 | Housing Development Finance Corp. Ltd. | $ 109,339 | ||
Total Thrifts & Mortgage Finance | $ 109,339 | |||
Tobacco — 0.3% | ||||
36,027 | Eastern Co. S.A.E | $ 28,290 | ||
Total Tobacco | $ 28,290 | |||
Trading Companies & Distributors — 0.1% | ||||
56,000 | AKR Corporindo Tbk PT | $ 6,732 | ||
Total Trading Companies & Distributors | $ 6,732 | |||
Transportation Infrastructure — 0.3% | ||||
14,000 | China Merchants Port Holdings Co. Ltd. | $ 15,934 | ||
3,625(a) | EcoRodovias Infraestrutura e Logistica S.A. | 6,604 | ||
Total Transportation Infrastructure | $ 22,538 | |||
Water Utilities — 0.2% | ||||
2,723 | Compania de Saneamento Basico do Estado | |||
de Sao Paulo (A.D.R.) | $ 20,096 | |||
Total Water Utilities | $ 20,096 | |||
Wireless Telecommunication Services — 1.7% | ||||
9,513(a) | Bharti Airtel Ltd. | $ 54,981 | ||
7,500 | China Mobile Ltd. | 56,673 | ||
99,100 | Sistema PJSFC | 16,516 | ||
237 | SK Telecom Co. Ltd. | 34,285 | ||
Total Wireless Telecommunication Services | $ 162,455 | |||
TOTAL COMMON STOCKS | ||||
(Cost $10,882,936) | $9,301,007 | |||
TOTAL INVESTMENTS IN UNAFFILIATED | ||||
ISSUERS — 95.4% | ||||
(Cost $10,882,936) | $9,301,007 | |||
OTHER ASSETS AND LIABILITIES — 4.6% | $ 450,095 | |||
NET ASSETS — 100.0% | $9,751,102 |
The accompanying notes are an integral part of these financial statements.
22 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20
REIT | Real Estate Investment Trust. |
(144A) | Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At March 31, 2020, the value of these securities amounted to $271,809, or 2.8% of net assets. |
(A.D.R.) | American Depositary Receipts. |
(G.D.R.) | Global Depositary Receipts. |
(a) | Non-income producing security. |
(b) | Security is priced as a unit. |
Principal amounts are denominated in U.S. dollars (“USD”) unless otherwise noted.
BRL — Brazilian Real
MXN — Mexican Peso
Purchases and sales of securities (excluding temporary cash investments) for the six months ended March 31, 2020, aggregated $15,049,302 and $3,949,711, respectively.
The Fund is permitted to engage in purchase and sale transactions (“cross trades”) with certain funds and accounts for which Amundi Pioneer Asset Management, Inc. (the “Adviser”) serves as the Fund’s investment adviser, as set forth in Rule 17a-7 under the Investment Company Act of 1940, pursuant to procedures adopted by the Board of Trustees. Under these procedures, cross trades are effected at current market prices. During the six months ended March 31, 2020, the Fund did not engage in any cross trade activity.
At March 31, 2020, the net unrealized depreciation on investments based on cost for federal tax purposes of $10,882,936 was as follows:
Aggregate gross unrealized appreciation for all investments in which | |
there is an excess of value over tax cost | $ 369,387 |
Aggregate gross unrealized depreciation for all investments in which | |
there is an excess of tax cost over value | (1,951,316) |
Net unrealized depreciation | $ (1,581,929) |
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels below.
Level 1 — quoted prices in active markets for identical securities.
Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments).
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20 23
Schedule of Investments | 3/31/20 (unaudited) (continued)
The following is a summary of the inputs used as of March 31, 2020, in valuing the Fund’s investments:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | ||||||||||||||||
Auto Components | $ | — | $ | 67,086 | $ | — | $ | 67,086 | ||||||||
Automobiles | — | 157,898 | — | 157,898 | ||||||||||||
Banks | 290,273 | 1,014,043 | — | 1,304,316 | ||||||||||||
Beverages | 21,965 | 89,568 | — | 111,533 | ||||||||||||
Biotechnology | — | 26,020 | — | 26,020 | ||||||||||||
Capital Markets | — | 23,767 | — | 23,767 | ||||||||||||
Chemicals | 10,147 | 5,137 | — | 15,284 | ||||||||||||
Commercial Services & | ||||||||||||||||
Supplies | — | 91,800 | — | 91,800 | ||||||||||||
Construction & | ||||||||||||||||
Engineering | — | 166,239 | — | 166,239 | ||||||||||||
Diversified | ||||||||||||||||
Telecommunication | ||||||||||||||||
Services | — | 15,871 | — | 15,871 | ||||||||||||
Electric Utilities | 10,552 | 97,816 | — | 108,368 | ||||||||||||
Electrical Equipment | — | 35,696 | — | 35,696 | ||||||||||||
Electronic Equipment, | ||||||||||||||||
Instruments & | ||||||||||||||||
Components | — | 140,545 | — | 140,545 | ||||||||||||
Energy Equipment & | ||||||||||||||||
Services | 10,025 | 43,193 | — | 53,218 | ||||||||||||
Entertainment | 122,928 | 115,002 | — | 237,930 | ||||||||||||
Equity Real Estate | ||||||||||||||||
Investment Trusts (REITs) | — | 9,778 | — | 9,778 | ||||||||||||
Food & Staples Retailing | 38,283 | 121,852 | — | 160,135 | ||||||||||||
Food Products | — | 204,995 | — | 204,995 | ||||||||||||
Gas Utilities | — | 118,057 | — | 118,057 | ||||||||||||
Hotels, Restaurants & | ||||||||||||||||
Leisure | — | 31,788 | — | 31,788 | ||||||||||||
Household Durables | — | 73,399 | — | 73,399 | ||||||||||||
Industrial Conglomerates | — | 44,737 | — | 44,737 | ||||||||||||
Insurance | — | 329,619 | — | 329,619 | ||||||||||||
Interactive Media & | ||||||||||||||||
Services | 230,882 | 655,579 | — | 886,461 | ||||||||||||
Internet & Direct | ||||||||||||||||
Marketing Retail | 962,456 | 320,217 | — | 1,282,673 | ||||||||||||
IT Services | 65,015 | 94,048 | — | 159,063 | ||||||||||||
Leisure Products | — | 22,156 | — | 22,156 | ||||||||||||
Machinery | — | 173,703 | — | 173,703 | ||||||||||||
Metals & Mining | 79,869 | 256,438 | — | 336,307 | ||||||||||||
Oil, Gas & | ||||||||||||||||
Consumable Fuels | 110,928 | 253,504 | — | 364,432 | ||||||||||||
Paper & Forest Products | — | 19,148 | — | 19,148 | ||||||||||||
Real Estate Management & | ||||||||||||||||
Development | — | 427,701 | — | 427,701 |
The accompanying notes are an integral part of these financial statements.
24 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Semiconductors & | ||||||||||||||||
Semiconductor | ||||||||||||||||
Equipment | $ | 477,183 | $ | 312,338 | $ | — | $ | 789,521 | ||||||||
Software | — | 72,748 | — | 72,748 | ||||||||||||
Specialty Retail | — | 119,953 | — | 119,953 | ||||||||||||
Technology Hardware, | ||||||||||||||||
Storage & Peripherals | — | 622,341 | — | 622,341 | ||||||||||||
Textiles, Apparel & | ||||||||||||||||
Luxury Goods | — | 97,589 | — | 97,589 | ||||||||||||
Thrifts & Mortgage Finance | — | 109,339 | — | 109,339 | ||||||||||||
Tobacco | — | 28,290 | — | 28,290 | ||||||||||||
Trading Companies & | ||||||||||||||||
Distributors | — | 6,732 | — | 6,732 | ||||||||||||
Transportation Infrastructure | — | 22,538 | — | 22,538 | ||||||||||||
Wireless Telecommunication | ||||||||||||||||
Services | — | 162,455 | — | 162,455 | ||||||||||||
All Other Common Stocks | 69,778 | — | — | 69,778 | ||||||||||||
Total Investments in Securities | $ | 2,500,284 | $ | 6,800,723 | $ | — | $ | 9,301,007 |
During the six months ended March 31, 2020, there were no transfers between Levels 1, 2 and 3.
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20 25
ASSETS: | ||||
Investments in unaffiliated issuers, at value (cost $10,882,936) | $ | 9,301,007 | ||
Cash | 439,933 | |||
Foreign currencies, at value (cost $94,016) | 93,729 | |||
Receivables — | ||||
Investment securities sold | 21,789 | |||
Dividends | 27,137 | |||
Due from the Adviser | 62,728 | |||
Other assets | 11,975 | |||
Total assets | $ | 9,958,298 | ||
LIABILITIES: | ||||
Payables — | ||||
Investment securities purchased | $ | 121,690 | ||
Trustees’ fees | 669 | |||
Administrative fees | 12,343 | |||
Professional fees | 22,359 | |||
Printing expense | 13,730 | |||
Custodian fees | 21,023 | |||
Due to affiliates | 8,501 | |||
Accrued expenses | 6,881 | |||
Total liabilities | $ | 207,196 | ||
NET ASSETS: | ||||
Paid-in capital | $ | 11,622,548 | ||
Distributable earnings (loss) | (1,871,446 | ) | ||
Net assets | $ | 9,751,102 | ||
NET ASSET VALUE PER SHARE: | ||||
No par value (unlimited number of shares authorized) | ||||
Class A (based on $3,209,867/381,651 shares) | $ | 8.41 | ||
Class C (based on $2,831,634/337,345 shares) | $ | 8.39 | ||
Class Y (based on $3,709,601/440,728 shares) | $ | 8.42 | ||
MAXIMUM OFFERING PRICE PER SHARE: | ||||
Class A (based on $8.41 net asset value per share/100%-5.75% | ||||
maximum sales charge) | $ | 8.92 |
The accompanying notes are an integral part of these financial statements.
26 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20
Statement of Operations (unaudited) | ||||||
FOR THE SIX MONTHS ENDED 3/31/20 |
INVESTMENT INCOME: | ||||||||
Dividends from unaffiliated issuers (net of | ||||||||
foreign taxes withheld $13,472) | $ | 88,474 | ||||||
Interest from unaffiliated issuers | 2,372 | |||||||
Total investment income | $ | 90,846 | ||||||
EXPENSES: | ||||||||
Management fees | $ | 46,880 | ||||||
Administrative expense | 22,210 | |||||||
Transfer agent fees | ||||||||
Class A | 53 | |||||||
Class C | 17 | |||||||
Class Y | 7 | |||||||
Distribution fees | ||||||||
Class A | 4,547 | |||||||
Class C | 17,412 | |||||||
Shareowner communications expense | 24 | |||||||
Custodian fees | 65,854 | |||||||
Registration fees | 3,960 | |||||||
Professional fees | 55,676 | |||||||
Printing expense | 32,472 | |||||||
Pricing fees | 4,806 | |||||||
Trustees’ fees | 4,676 | |||||||
Miscellaneous | 7,539 | |||||||
Total expenses | $ | 266,133 | ||||||
Less fees waived and expenses reimbursed | ||||||||
by the Adviser | (184,861 | ) | ||||||
Net expenses | $ | 81,272 | ||||||
Net investment income | $ | 9,574 | ||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||
Net realized gain (loss) on: | ||||||||
Investments in unaffiliated issuers | $ | (222,274 | ) | |||||
Forward foreign currency exchange contracts | (59 | ) | ||||||
Other assets and liabilities denominated in | ||||||||
foreign currencies | (9,746 | ) | $ | (232,079 | ) | |||
Change in net unrealized appreciation (depreciation) on: | ||||||||
Investments in unaffiliated issuers (net of foreign | ||||||||
capital gain tax $(1,417)) | $ | (1,580,512 | ) | |||||
Other assets and liabilities denominated in | ||||||||
foreign currencies | (1,291 | ) | $ | (1,581,803 | ) | |||
Net realized and unrealized gain (loss) on investments | $ | (1,813,882 | ) | |||||
Net decrease in net assets resulting from operations | $ | (1,804,308 | ) |
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20 27
Statements of Changes in Net Assets |
Six Months | ||||
Ended | ||||
3/31/20 | ||||
(unaudited) | ||||
FROM OPERATIONS: | ||||
Net investment income (loss) | $ | 9,574 | ||
Net realized gain (loss) on investments | (232,079 | ) | ||
Change in net unrealized appreciation (depreciation) on investments | (1,581,803 | ) | ||
Net decrease in net assets resulting from operations | $ | (1,804,308 | ) | |
DISTRIBUTIONS TO SHAREOWNERS: | ||||
Class A ($0.06 per share) | $ | (21,270 | ) | |
Class C ($0.04 per share) | (14,728 | ) | ||
Class Y ($0.07 per share) | (31,140 | ) | ||
Total distributions to shareowners | $ | (67,138 | ) | |
FROM FUND SHARE TRANSACTIONS: | ||||
Net proceeds from sales of shares | $ | 11,713,359 | ||
Reinvestment of distributions | 67,136 | |||
Cost of shares repurchased | (157,947 | ) | ||
Net increase in net assets resulting from Fund share transactions | $ | 11,622,548 | ||
Net increase in net assets | $ | 9,751,102 | ||
NET ASSETS: | ||||
Beginning of period | $ | — | ||
End of period | $ | 9,751,102 |
The accompanying notes are an integral part of these financial statements.
28 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20
Six Months | Six Months | |||||||
Ended | Ended | |||||||
3/31/20 | 3/31/20 | |||||||
Shares | Amount | |||||||
(unaudited) | (unaudited) | |||||||
Class A | ||||||||
Shares sold | 393,717 | $ | 3,960,153 | |||||
Reinvestment of distributions | 1,945 | 21,270 | ||||||
Less shares repurchased | (14,011 | ) | (153,887 | ) | ||||
Net increase | 381,651 | $ | 3,827,536 | |||||
Class C | ||||||||
Shares sold | 336,361 | $ | 3,374,050 | |||||
Reinvestment of distributions | 1,360 | 14,727 | ||||||
Less shares repurchased | (376 | ) | (4,060 | ) | ||||
Net increase | 337,345 | $ | 3,384,717 | |||||
Class Y | ||||||||
Shares sold | 437,900 | $ | 4,379,156 | |||||
Reinvestment of distributions | 2,828 | 31,139 | ||||||
Less shares repurchased | — | — | ||||||
Net increase | 440,728 | $ | 4,410,295 |
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20 29
Financial Highlights |
Six Months | ||||
Ended | ||||
3/31/20 | ||||
(unaudited) | ||||
Class A | ||||
Net asset value, beginning of period | $ | 9.88 | ||
Increase (decrease) from investment operations: | ||||
Net investment income (loss) (a) | $ | 0.01 | ||
Net realized and unrealized gain (loss) on investments | (1.41 | ) | ||
Net increase (decrease) from investment operations | $ | (1.40 | ) | |
Distributions to shareowners: | ||||
Net investment income | $ | (0.04 | ) | |
Net realized gain | (0.03 | ) | ||
Total distributions | $ | (0.07 | ) | |
Net increase (decrease) in net asset value | $ | (1.47 | ) | |
Net asset value, end of period | $ | 8.41 | ||
Total return (b) | (15.42 | )%(c) | ||
Ratio of net expenses to average net assets | 1.30 | %(d) | ||
Ratio of net investment income (loss) to average net assets | 0.26 | %(d) | ||
Portfolio turnover rate | 41 | %(c) | ||
Net assets, end of period (in thousands) | $ | 3,210 | ||
Ratios with no waiver of fees and assumption of expenses by | ||||
the Adviser and no reduction for fees paid indirectly: | ||||
Total expenses to average net assets | 4.45 | %(d) | ||
Net investment income (loss) to average net assets | (2.89 | )%(d) |
(a) | The per-share data presented above is based upon the average shares outstanding for the periods presented. |
(b) | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. |
(c) | Not annualized. |
(d) | Annualized. |
The accompanying notes are an integral part of these financial statements.
30 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20
Six Months | ||||
Ended | ||||
3/31/20 | ||||
(unaudited) | ||||
Class C | ||||
Net asset value, beginning of period | $ | 9.88 | ||
Increase (decrease) from investment operations: | ||||
Net investment income (loss) (a) | $ | (0.02 | ) | |
Net realized and unrealized gain (loss) on investments | (1.42 | ) | ||
Net increase (decrease) from investment operations | $ | (1.44 | ) | |
Distributions to shareowners: | ||||
Net investment income | $ | (0.02 | ) | |
Net realized gain | (0.03 | ) | ||
Total distributions | $ | (0.05 | ) | |
Net increase (decrease) in net asset value | $ | (1.49 | ) | |
Net asset value, end of period | $ | 8.39 | ||
Total return (b) | (15.75 | )%(c) | ||
Ratio of net expenses to average net assets | 2.01 | %(d) | ||
Ratio of net investment income (loss) to average net assets | (0.46 | )%(d) | ||
Portfolio turnover rate | 41 | %(c) | ||
Net assets, end of period (in thousands) | $ | 2,832 | ||
Ratios with no waiver of fees and assumption of expenses by | ||||
the Adviser and no reduction for fees paid indirectly: | ||||
Total expenses to average net assets | 5.16 | %(d) | ||
Net investment income (loss) to average net assets | (3.61 | )%(d) |
(a) | The per-share data presented above is based upon the average shares outstanding for the periods presented. |
(b) | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. |
(c) | Not annualized. |
(d) | Annualized. |
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20 31
Financial Highlights (continued) |
Six Months | ||||
Ended | ||||
3/31/20 | ||||
(unaudited) | ||||
Class Y | ||||
Net asset value, beginning of period | $ | 9.88 | ||
Increase (decrease) from investment operations: | ||||
Net investment income (loss) (a) | $ | 0.03 | ||
Net realized and unrealized gain (loss) on investments | (1.41 | ) | ||
Net increase (decrease) from investment operations | $ | (1.38 | ) | |
Distributions to shareowners: | ||||
Net investment income | $ | (0.05 | ) | |
Net realized gain | (0.03 | ) | ||
Total distributions | $ | (0.08 | ) | |
Net increase (decrease) in net asset value | $ | (1.46 | ) | |
Net asset value, end of period | $ | 8.42 | ||
Total return (b) | (15.26 | )%(c) | ||
Ratio of net expenses to average net assets | 0.99 | %(d) | ||
Ratio of net investment income (loss) to average net assets | 0.56 | %(d) | ||
Portfolio turnover rate | 41 | %(c) | ||
Net assets, end of period (in thousands) | $ | 3,710 | ||
Ratios with no waiver of fees and assumption of expenses by | ||||
the Adviser and no reduction for fees paid indirectly: | ||||
Total expenses to average net assets | 4.14 | %(d) | ||
Net investment income (loss) to average net assets | (2.59 | )%(d) |
(a) | The per-share data presented above is based upon the average shares outstanding for the periods presented. |
(b) | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. |
(c) | Not annualized. |
(d) | Annualized. |
The accompanying notes are an integral part of these financial statements.
32 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20
1. Organization and Significant Accounting Policies
Pioneer Emerging Markets Equity Fund (the “Fund”) is one of two portfolios comprising Pioneer Series Trust XIV, a Delaware statutory trust. The Fund is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Fund’s investment objective is to seek long-term capital growth.
The Fund offers four classes of shares designated as Class A, Class C, Class K and Class Y shares. Class A, Class C and Class Y commenced operations on October 1, 2019. Class K has not yet commenced operations. Each class of shares represents an interest in the same portfolio of investments of the Fund and has identical rights (based on relative net asset values) to assets and liquidation proceeds. Share classes can bear different rates of class-specific fees and expenses, such as transfer agent and distribution fees. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different dividends from net investment income earned by each class. The Amended and Restated Declaration of Trust of the Fund gives the Board of Trustees the flexibility to specify either per-share voting or dollar-weighted voting when submitting matters for shareowner approval. Under per-share voting, each share of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a shareowner’s voting power is determined not by the number of shares owned, but by the dollar value of the shares on the record date. Each share class has exclusive voting rights with respect to matters affecting only that class, including with respect to the distribution plan for that class. There is no distribution plan for Class Y shares.
Amundi Pioneer Asset Management, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi’s wholly owned subsidiary, Amundi USA, Inc., serves as the Fund’s investment adviser (the “Adviser”). Amundi Pioneer Distributor, Inc., an affiliate of Amundi Pioneer Asset Management, Inc., serves as the Fund’s distributor (the “Distributor”).
In August 2018, the Securities and Exchange Commission (“SEC”) released a Disclosure Update and Simplification Final Rule. The Final Rule amends Regulation S-X disclosures requirements to conform them to U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) for investment companies. The Fund’s financial statements were prepared in compliance with the new amendments to Regulation S-X.
The Fund is an investment company and follows investment company accounting and reporting guidance under U.S. GAAP. U.S. GAAP requires the management of the Fund to make estimates and assumptions that affect the
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20 33
reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income, expenses and gain or loss on investments during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements:
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the New York Stock Exchange (“NYSE”) is open, as of the close of regular trading on the NYSE.
Equity securities that have traded on an exchange are valued by using the last sale price on the principal exchange where they are traded. Equity securities that have not traded on the date of valuation, or securities for which sale prices are not available, generally are valued using the mean between the last bid and asked prices or, if both last bid and asked prices are not available, at the last quoted bid price. Last sale and bid and asked prices are provided by independent third party pricing services. In the case of equity securities not traded on an exchange, prices are typically determined by independent third party pricing services using a variety of techniques and methods.
The value of foreign securities is translated into U.S. dollars based on foreign currency exchange rate quotations supplied by a third party pricing source. Trading in non-U.S. equity securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund’s shares are determined as of such times. The Fund may use a fair value model developed by an independent pricing service to value non-U.S. equity securities.
Forward foreign currency exchange contracts are valued daily using the foreign exchange rate or, for longer term forward contract positions, the spot currency rate and the forward points on a daily basis, in each case provided by a third party pricing service. Contracts whose forward settlement date falls between two quoted days are valued by interpolation.
Securities for which independent pricing services or broker-dealers are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of the Adviser pursuant to procedures adopted by the Fund’s Board of Trustees. The Adviser’s fair valuation team uses fair value methods approved by the Valuation Committee of the Board of Trustees. The Adviser’s fair valuation team is responsible for
34 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20
monitoring developments that may impact fair valued securities and for discussing and assessing fair values on an ongoing basis, and at least quarterly, with the Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Fund may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Fund’s net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Fund’s securities may differ significantly from exchange prices, and such differences could be material.
At March 31, 2020, no securities were valued using fair value methods (other than securities valued using prices supplied by independent pricing services, broker-dealers or using a third party insurance industry pricing model).
B. Investment Income and Transactions
Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund becomes aware of the ex-dividend data in the exercise of reasonable diligence.
Interest income, including interest on income-bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates and net of income accrued on defaulted securities.
Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interest and dividend income, respectively.
Security transactions are recorded as of trade date. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes.
C. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars using current exchange rates.
Net realized gains and losses on foreign currency transactions, if any, represent, among other things, the net realized gains and losses on foreign currency exchange contracts, disposition of foreign currencies and the
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20 35
D. Federal Income Taxes
It is the Fund’s policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income and net realized capital gains, if any, to its shareowners. Therefore, no provision for federal income taxes is required. As of March 31, 2020, the Fund did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense on the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities.
The amount and character of income and capital gain distributions to shareowners are determined in accordance with federal income tax rules, which may differ from U.S. GAAP. Distributions in excess of net investment income or net realized gains are temporary over distributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The Distributor earned $338 in underwriting commissions on the sale of Class A shares during the six months ended March 31, 2020.
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day. Distribution fees are calculated based on the average daily net asset value attributable to Class A and Class C shares of the Fund, respectively (see Note 4). Class Y shares do not pay distribution fees. All expenses and fees paid to the Fund’s transfer agent for its services are allocated among the classes of shares based on the number of accounts in each class and the ratable allocation of related out-of-pocket expenses (see Note 3).
36 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20
Distributions to shareowners are recorded as of the ex-dividend date. Distributions paid by the Fund with respect to each class of shares are calculated in the same manner and at the same time, except that net investment income dividends to Class A, Class C and Class Y shares can reflect different transfer agent and distribution expense rates.
G. Risks
The value of securities held by the Fund may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, recessions, the spread of infectious illness or other public health issues, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, financial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread.
At times, the Fund’s investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. The Fund’s investments in foreign markets and countries with limited developing markets may subject the Fund to a greater degree of risk than investments in a developed market. These risks include disruptive political or economic conditions and the imposition of adverse governmental laws or currency exchange restrictions. Lack of information and less market regulation also may affect the value of these securities. Withholding and other non-U.S. taxes may decrease the Fund’s return. Non-U.S. issuers may be located in parts of the world that have historically been prone to natural disasters. Investing in depositary receipts is subject to many of the same risks as investing directly in non-U.S. issuers. Depositary receipts may involve higher expenses and may trade at a discount (or premium) to the underlying security. The Fund may invest a substantial amount of its assets in issuers located in a limited number of countries and therefore is susceptible to adverse economic, political or regulatory developments affecting those countries.
With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security and related risks. While the Fund’s Adviser has established business continuity plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by service providers to the Fund such as Brown Brothers Harriman & Co., the Fund’s custodian and accounting agent, and DST Asset
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20 37
Manager Solutions, Inc., the Fund’s transfer agent. In addition, many beneficial owners of Fund shares hold them through accounts at broker-dealers, retirement platforms and other financial market participants over which neither the Fund nor Amundi Pioneer exercises control. Each of these may in turn rely on service providers to them, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at Amundi Pioneer or the Fund’s service providers or intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of Fund shareowners to effect share purchases, redemptions or exchanges or receive distributions, loss of or unauthorized access to private shareowner information and violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks.
The Fund’s prospectus contains unaudited information regarding the Fund’s principal risks. Please refer to that document when considering the Fund’s principal risks.
H. Forward Foreign Currency Exchange Contracts
The Fund may enter into forward foreign currency exchange contracts (“contracts”) for the purchase or sale of a specific foreign currency at a fixed price on a future date. All contracts are marked-to-market daily at the applicable exchange rates, and any resulting unrealized appreciation or depreciation is recorded in the Fund’s financial statements. The Fund records realized gains and losses at the time a contract is offset by entry into a closing transaction or extinguished by delivery of the currency. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of the contract and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.
During the six months ended March 31, 2020, the Fund had entered into various forward foreign currency exchange contracts that obligated the Fund to deliver or take delivery of currencies at specified future maturity dates. Alternatively, prior to the settlement date of a forward foreign currency exchange contract, the Fund may close out such contract by entering into an offsetting contract.
38 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20
As of March 31, 2020, the Fund did not hold any Forward Foreign Currency Exchange Contracts.
2. Management Agreement
The Adviser manages the Fund’s portfolio. Management fees are paid monthly and are calculated daily at the annual rate of 0.80% of the fund’s average daily net assets up to $1 billion and 0.75% of the fund’s average daily net assets over $1 billion. For the six months ended March 31, 2020, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.80% (annualized) of the Fund’s average daily net assets.
The Adviser has contractually agreed to limit ordinary operating expenses (ordinary operating expenses means all fund expenses other than extraordinary expenses, such as litigation, taxes, brokerage commissions and acquired fund fees and expenses) of the Fund to the extent required to reduce Fund expenses to 1.30%, 2.05% and 0.99% of the average daily net assets attributable to Class A, Class C and Class Y shares, respectively. Fees waived and expenses reimbursed during the six months ended March 31, 2020 are reflected on the Statement of Operations. These expense limitations are in effect through February 1, 2021. There can be no assurance that the Adviser will extend the expense limitation agreement for a class of shares beyond the date referred to above.
In addition, under the management and administration agreements, certain other services and costs, including accounting, regulatory reporting and insurance premiums, are paid by the Fund as administrative reimbursements. Included in “Due to affiliates” reflected on the Statement of Assets and Liabilities is $8,007 in management fees, administrative costs and certain other reimbursements payable to the Adviser at March 31, 2020.
3. Transfer Agent
DST Asset Manager Solutions, Inc. serves as the transfer agent to the Fund at negotiated rates. Transfer agent fees and payables shown on the Statement of Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Fund’s omnibus relationship contracts.
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20 39
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses incurred by the transfer agent related to shareowner communications activities such as proxy and statement mailings, and outgoing phone calls. For the six months ended March 31, 2020, such out-of-pocket expenses by class of shares were as follows:
Shareowner Communications: | ||||
Class A | $ | 20 | ||
Class C | 2 | |||
Class Y | 2 | |||
Total | $ | 24 |
4. Distribution and Service Plans
The Fund has adopted a distribution plan (the “Plan”) pursuant to Rule 12b-1 of the Investment Company Act of 1940 with respect to its Class A and Class C shares. Pursuant to the Plan, the Fund pays the Distributor 0.25% of the average daily net assets attributable to Class A shares as compensation for personal services and/or account maintenance services or distribution services with regard to Class A shares. Pursuant to the Plan, the Fund also pays the Distributor 1.00% of the average daily net assets attributable to Class C shares. The fee for Class C shares consists of a 0.25% service fee and a 0.75% distribution fee paid as compensation for personal services and/or account maintenance services or distribution services with regard to Class C shares. Pursuant to the Plan, the Fund further pays the for distribution services. Included in “Due to affiliates” reflected on the Statement of Assets and Liabilities is $494 in distribution fees payable to the Distributor at March 31, 2020.
In addition, redemptions of Class A and Class C shares may be subject to a contingent deferred sales charge (“CDSC”). A CDSC of 1.00% may be imposed on redemptions of certain net asset value purchases of Class A shares within 12 months of purchase. Redemptions of Class C shares within 12 months of purchase are subject to a CDSC of 1.00%, based on the lower of cost or market value of shares being redeemed. Shares purchased as part of an exchange remain subject to any CDSC that applied to the original purchase of those shares. There is no CDSC for Class Y shares. Proceeds from the CDSCs are paid to the Distributor. For the six months ended March 31, 2020, CDSCs in the amount of $1,8045 were paid to the Distributor.
40 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20
5. Subsequent Event
The COVID-19 respiratory illness COVID-19 caused by a novel coronavirus has resulted in a global pandemic and major disruption to economies and markets around the world, including the United States. Global financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Some sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the Fund’s investments. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. Governments and central banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. The consequences of high public debt, including its future impact on the economy and securities markets, likewise may not be known for some time.
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20 41
Amundi Pioneer Asset Management, Inc. (“APAM”) serves as the investment adviser to Pioneer Emerging Markets Equity Fund (the “Fund”) pursuant to an investment management agreement between APAM and the Fund. Based on their evaluation of the information provided by APAM, the Trustees, including the Independent Trustees voting separately, unanimously approved an investment management agreement for the Fund. In approving the investment management agreement, the Trustees considered various factors that they determined were relevant, including the factors described below. In all quartile rankings referred to throughout this disclosure, the first quartile is most favorable to Fund shareowners. The Trustees did not identify any single factor as the controlling factor in determining to approve the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that would be provided by APAM to the Fund under the investment management agreement. The Trustees reviewed APAM’s investment approach for the Fund and its research process, and considered the resources of APAM and the personnel of APAM who would provide investment management services to the Fund. The Trustees also considered that, as administrator, APAM would be responsible for the administration of the Fund’s business and other affairs. The Trustees considered the quality of such services provided by APAM to the other Pioneer Funds. The Trustees considered the fees to be paid to APAM for the provision of administration services. Based on these considerations, the Trustees concluded that the nature, extent and quality of services that APAM would provide to the Fund were satisfactory and consistent with the terms of the investment management agreement.
Performance of the Fund
The Trustees did not consider the Fund’s performance in approving the investment management agreement because the Fund was newly-offered and did not have a performance history.
Management Fee and Expenses
The Trustees considered information compiled by Strategic Insight Simfund, an independent third party, to compare the Fund’s proposed management fee and anticipated expense ratio with a peer group of funds included in the Morningstar Diversified Emerging Markets Equity category (excluding quantitative funds and index funds). The Trustees considered that the Fund’s proposed management fee would rank in the first quartile of the peer group.
42 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20
The Trustees also considered that the Fund’s anticipated net expense ratio would rank in the first quartile of the peer group. The Trustees concluded that the proposed management fee payable by the Fund to APAM was reasonable in relation to the nature and quality of services to be provided by APAM.
Profitability
The Trustees did not consider APAM’s profitability with respect to the management of the Fund in approving the investment management agreement because the Fund was newly-offered and profitability information was not available.
Economies of Scale
The Trustees considered APAM’s views relating to economies of scale in connection with the Pioneer Funds as fund assets grow and the extent to which any such economies of scale are shared with funds and fund shareholders. The Trustees recognize that economies of scale are difficult to identify and quantify, and that, among other factors that may be relevant, are the following: fee levels, expense subsidization, investment by APAM in research and analytical capabilities and APAM’s commitment and resource allocation to the Fund. The Trustees noted that profitability also may be an indicator of the availability of any economies of scale, although profitability may vary for other reasons including due to reductions in expenses. The Trustees concluded that economies of scale, if any, were being appropriately shared with the Funds.
Other Benefits
The Trustees considered the other potential benefits to APAM from its relationship with the Fund, including the character and amount of fees that would be paid by the Fund, other than under the investment management agreement, for services that would be provided by APAM and its affiliates, and the revenues and profitability of APAM’s businesses other than the fund business. The Trustees considered that Amundi Pioneer is the principal U.S. asset management business of Amundi, which is one of the largest asset managers globally. Amundi’s worldwide asset management business manages over $1.7 trillion in assets (including the Pioneer Funds). The Trustees considered that APAM’s relationship with Amundi creates potential opportunities for APAM and Amundi that derive from APAM’s relationships with the Fund, including Amundi’s ability to market the services of APAM globally. The Trustees noted that APAM has access to additional research and portfolio management capabilities as a result of its relationship with Amundi and Amundi’s enhanced global presence that may contribute to an increase in the resources available to APAM. The Trustees considered that APAM and the
Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20 43
Funds receive reciprocal intangible benefits from the relationship, including mutual brand recognition and, for the Funds, direct and indirect access to the resources of a large global asset manager. The Trustees concluded that any such benefits received by APAM as a result of its relationship with the Funds were reasonable.
Conclusion
After consideration of the factors described above as well as other factors, the Trustees, including all of the Independent Trustees, concluded that the investment management agreement between for the Fund, including the fees payable thereunder, was fair and reasonable and voted to approve the investment management agreement.
44 Pioneer Emerging Markets Equity Fund | Semiannual Report | 3/31/20
Trustees | Officers |
Thomas J. Perna, Chairman | Lisa M. Jones, President and |
John E. Baumgardner, Jr. | Chief Executive Officer |
Diane Durnin | Mark E. Bradley, Treasurer and |
Benjamin M. Friedman | Chief Financial and |
Lisa M. Jones | Accounting Officer |
Lorraine H. Monchak | Christopher J. Kelley, Secretary and |
Marguerite A. Piret | Chief Legal Officer |
Fred J. Ricciardi | |
Kenneth J. Taubes |
Investment Adviser and Administrator
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
DST Asset Manager Solutions, Inc.
Brown Brothers Harriman & Co.
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
DST Asset Manager Solutions, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge, upon request, by calling our toll free number (1-800-225-6292). Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is publicly available to shareowners at www.amundipioneer.com/us. This information is also available on the Securities and Exchange Commission’s web site at www.sec.gov.
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How to Contact Amundi Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for assistance or information.
Call us for: | ||
Account Information, including existing accounts, | ||
new accounts, prospectuses, applications | ||
and service forms | 1-800-225-6292 | |
FactFoneSM for automated fund yields, prices, | ||
account information and transactions | 1-800-225-4321 | |
Retirement plans information | 1-800-622-0176 | |
Write to us: | ||
Amundi Pioneer | ||
P.O. Box 219427 | ||
Kansas City, MO 64121-9427 | ||
Our toll-free fax | 1-800-225-4240 | |
Our internet e-mail address | us.askamundipioneer@amundipioneer.com | |
(for general questions about Amundi Pioneer only) | ||
Visit our web site: www.amundipioneer.com/us |
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the Commission’s web site at https://www.sec.gov.
Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer. com/us
60 State Street
Boston, MA 02109
www.amundipioneer. com/us
Securities offered through Amundi Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
© 2020 Amundi Pioneer Asset Management 32079-00-0520
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
© 2020 Amundi Pioneer Asset Management 32079-00-0520
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.
The registrant has adopted, as of the end of the period covered by this report, a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term “code of ethics” means written standards that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and regulations;
(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless the registrant has elected to satisfy paragraph (f) of this Item by posting its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period covered by this report.
(d) If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from, a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions and that relates to any element of the code of ethics definition
enumerated in paragraph (b) of this Item by posting such information on its Internet website, disclose the registrant’s Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 12(a)(1), a copy of its code of ethics that applies to the registrant’s principal executive officer,principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and disclose, in its most recent report on this Form N-CSR, its Internet address and the fact that it has posted such code of ethics on its Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to any person without charge, upon request, a copy of such code of ethics and explain the manner in which such request may be made. See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant’s board of trustees has determined that the registrant either:
(i) Has at least one audit committee financial expert serving on its audit committee; or
(ii) Does not have an audit committee financial expert serving on its audit committee.
The registrant’s Board of Trustees has determined that the registrant has at least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or
(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Mr. Fred J. Ricciardi, an independent trustee, is such an audit committee financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1) (ii) of this Item, it must explain why it does not have an audit committee financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of their outside auditors. Maintaining independence is a shared responsibility involving Amundi Pioneer Asset Management, Inc, the audit committee and the independent auditors.
The Funds recognize that a Fund’s independent auditors: 1) possess knowledge of the Funds, 2) are able to incorporate certain services into the scope of the audit, thereby avoiding redundant work, cost and disruption of Fund personnel and processes, and 3) have expertise that has value to the Funds. As a result, there are situations where it is desirable to use the Fund’s independent auditors for services in addition to the annual audit and where the potential for conflicts of interests are minimal. Consequently, this policy, which is intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and procedures to be followed by the Funds when retaining the independent audit firm to perform audit, audit-related tax and other services under those circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also constitute approval for any other Fund whose pre-approval is required pursuant to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services that may be provided consistently with Rule 210.2-01 may be approved by the Audit Committee itself and any pre-approval that may be waived in accordance with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund’s independent auditors and their compensation shall be determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY | ||
SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES |
I. AUDIT SERVICES | Services that are directly | o Accounting research assistance |
related to performing the | o SEC consultation, registration | |
independent audit of the Funds | statements, and reporting | |
o Tax accrual related matters | ||
o Implementation of new accounting standards | ||
o Compliance letters (e.g. rating agency letters) | ||
o Regulatory reviews and assistance | ||
regarding financial matters | ||
o Semi-annual reviews (if requested) | ||
o Comfort letters for closed end offerings | ||
II. AUDIT-RELATED | Services which are not | o AICPA attest and agreed-upon procedures |
SERVICES | prohibited under Rule | o Technology control assessments |
210.2-01(C)(4) (the “Rule”) | o Financial reporting control assessments | |
and are related extensions of | o Enterprise security architecture | |
the audit services support the | assessment | |
audit, or use the knowledge/expertise | ||
gained from the audit procedures as a | ||
foundation to complete the project. | ||
In most cases, if the Audit-Related | ||
Services are not performed by the | ||
Audit firm, the scope of the Audit | ||
Services would likely increase. | ||
The Services are typically well-defined | ||
and governed by accounting | ||
professional standards (AICPA, | ||
SEC, etc.) | ||
AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY | |
o “One-time” pre-approval | o A summary of all such | |
for the audit period for all | services and related fees | |
pre-approved specific service | reported at each regularly | |
subcategories. Approval of the | scheduled Audit Committee | |
independent auditors as | meeting. | |
auditors for a Fund shall | ||
constitute pre approval for | ||
these services. | ||
o “One-time” pre-approval | o A summary of all such | |
for the fund fiscal year within | services and related fees | |
a specified dollar limit | (including comparison to | |
for all pre-approved | specified dollar limits) | |
specific service subcategories | reported quarterly. | |
o Specific approval is | |
needed to exceed the | |
pre-approved dollar limit for | |
these services (see general | |
Audit Committee approval policy | |
below for details on obtaining | |
specific approvals) | |
o Specific approval is | |
needed to use the Fund’s | |
auditors for Audit-Related | |
Services not denoted as | |
“pre-approved”, or | |
to add a specific service | |
subcategory as “pre-approved” |
SECTION III - POLICY DETAIL, CONTINUED
SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PRE-APPROVED SERVICE |
SUBCATEGORIES | ||
III. TAX SERVICES | Services which are not | o Tax planning and support |
prohibited by the Rule, | o Tax controversy assistance | |
if an officer of the Fund | o Tax compliance, tax returns, excise | |
determines that using the | tax returns and support | |
Fund’s auditor to provide | o Tax opinions | |
these services creates | ||
significant synergy in | ||
the form of efficiency, | ||
minimized disruption, or | ||
the ability to maintain a | ||
desired level of | ||
confidentiality. |
AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY |
o “One-time” pre-approval | o A summary of |
for the fund fiscal year | all such services and |
within a specified dollar limit | related fees |
(including comparison | |
to specified dollar | |
limits) reported | |
quarterly. | |
o Specific approval is | |
needed to exceed the | |
pre-approved dollar limits for | |
these services (see general | |
Audit Committee approval policy | |
below for details on obtaining | |
specific approvals) | |
o Specific approval is | |
needed to use the Fund’s | |
auditors for tax services not | |
denoted as pre-approved, or to | |
add a specific service subcategory as | |
“pre-approved” |
SECTION III - POLICY DETAIL, CONTINUED
SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PRE-APPROVED SERVICE |
SUBCATEGORIES | ||
IV. OTHER SERVICES | Services which are not | o Business Risk Management support |
prohibited by the Rule, | o Other control and regulatory | |
A. SYNERGISTIC, | if an officer of the Fund | compliance projects |
UNIQUE QUALIFICATIONS | determines that using the | |
Fund’s auditor to provide | ||
these services creates | ||
significant synergy in | ||
the form of efficiency, | ||
minimized disruption, | ||
the ability to maintain a | ||
desired level of | ||
confidentiality, or where | ||
the Fund’s auditors | ||
posses unique or superior | ||
qualifications to provide | ||
these services, resulting | ||
in superior value and | ||
results for the Fund. |
AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY |
o “One-time” pre-approval | o A summary of |
for the fund fiscal year within | all such services and |
a specified dollar limit | related fees |
(including comparison | |
to specified dollar | |
limits) reported | |
quarterly. | |
o Specific approval is | |
needed to exceed the | |
pre-approved dollar limits for | |
these services (see general | |
Audit Committee approval policy | |
below for details on obtaining | |
specific approvals) | |
o Specific approval is | |
needed to use the Fund’s | |
auditors for “Synergistic” or | |
“Unique Qualifications” Other | |
Services not denoted as | |
pre-approved to the left, or to | |
add a specific service | |
subcategory as “pre-approved” |
SECTION III - POLICY DETAIL, CONTINUED
SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PROHIBITED SERVICE |
SUBCATEGORIES | ||
PROHIBITED SERVICES | Services which result | 1. Bookkeeping or other services |
in the auditors losing | related to the accounting records or | |
independence status | financial statements of the audit | |
under the Rule. | client* | |
2. Financial information systems design | ||
and implementation* | ||
3. Appraisal or valuation services, | ||
fairness* opinions, or | ||
contribution-in-kind reports | ||
4. Actuarial services (i.e., setting | ||
actuarial reserves versus actuarial | ||
audit work)* | ||
5. Internal audit outsourcing services* | ||
6. Management functions or human | ||
resources | ||
7. Broker or dealer, investment | ||
advisor, or investment banking services | ||
8. Legal services and expert services | ||
unrelated to the audit | ||
9. Any other service that the Public | ||
Company Accounting Oversight Board | ||
determines, by regulation, is | ||
impermissible |
AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY |
o These services are not to be | o A summary of all |
performed with the exception of the(*) | services and related |
services that may be permitted | fees reported at each |
if they would not be subject to audit | regularly scheduled |
procedures at the audit client (as | Audit Committee meeting |
defined in rule 2-01(f)(4)) level | will serve as continual |
the firm providing the service. | confirmation that has |
not provided any | |
restricted services. |
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund’s auditors will each make an assessment to determine that any proposed projects will not impair independence.
o Potential services will be classified into the four non-restricted service categories and the “Approval of Audit, Audit-Related, Tax and Other Services” Policy above will be applied. Any services outside the specific pre-approved service subcategories set forth above must be specifically approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the services by service category, including fees, provided by the Audit firm as set forth in the above policy.
(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountants engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant for services rendered to the registrant, and rendered to the registrants investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrants audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrants investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
The Fund’s audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the Affiliates (as defined) that were not pre- approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17 CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in 210.1212 of Regulation S-X [17 CFR 210.12-12], unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.
Not applicable to open-end management investment companies.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that is filing an annual report on this Form N-CSR, provide the following information:
(1) State the name, title, and length of service of the person or persons employed by or associated with the registrant or an investment adviser of the registrant who are primarily responsible for the day-to-day management of the registrant’s portfolio (“Portfolio Manager”). Also state each Portfolio Manager’s business experience during the past 5 years.
Not applicable to open-end management investment companies.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company, in the following tabular format, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any affiliated purchaser, as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors since the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A) in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant’s principal executive and principal financials officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures are effective based on the evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occured during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
There were no significant changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
(a) If the registrant is a closed-end management investment company, provide the following dollar amounts of income and compensation related to the securities lending activities of the registrant during its most recent fiscal year:
N/A
(1) Gross income from securities lending activities;
N/A
(2) All fees and/or compensation for each of the following securities lending activities and related services: any share of revenue generated by the securities lending program paid to the securities lending agent(s) (revenue split); fees paid for cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split; administrative fees that are not included in the revenue split; fees for indemnification that are not included in the revenue split; rebates paid to borrowers; and any other fees relating to the securities lending program that are not included in the revenue split, including a description of those other fees;
N/A
(3) The aggregate fees/compensation disclosed pursuant to paragraph (2); and
N/A
(4) Net income from securities lending activities (i.e., the dollar amount in paragraph (1) minus the dollar amount in paragraph (3)).
If a fee for a service is included in the revenue split, state that the fee is included in the revenue split.
N/A
(b) If the registrant is a closed-end management investment company, describe the services provided to the registrant by the securities lending agent in the registrants most recent fiscal year.
N/A
ITEM 13. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Series Trust XIV
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date June 5, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date June 5, 2020
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date June 5, 2020
* Print the name and title of each signing officer under his or her signature.