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 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, 2022
Date of reporting period: October 1, 2021 through September 30, 2022
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
Annual Report | September 30, 2022
| | | | | |
| A: PSRAX | C: PSRCX | K: STRKX | R: STIRX | Y: STRYX |
visit us: www.amundi.com/us
Pioneer Strategic Income Fund | Annual Report | 9/30/22 1
Table of Contents
President’s Letter
Dear Shareholders,
The last few years have seen investors face some unprecedented challenges, from a global pandemic that shuttered much of the world’s economy for months, to geopolitical strife, to rising inflation that has reached levels not seen in decades.
While economies in most of the world have reopened as COVID-19 has begun slowly transitioning to an “endemic” disease, the pandemic’s effects are still with us. The easier monetary and fiscal policies enacted to provide stimulus as economies struggled through COVID-19-related restrictions and lockdowns, and ongoing supply chain issues, which were, at least in part, an outgrowth of the same virus-containment measures, were among the numerous factors that combined to begin driving inflation levels higher as the 2022 calendar year got underway.
With rising inflation already a concern, investor sentiment sharply deteriorated in the first quarter of this year, with the negativity driven largely by Russia’s invasion of Ukraine in February as well as signs that inflation was more entrenched than transitory in many regions of the world. The war and the resulting economic sanctions placed on Russia by the US and European governments also contributed to a spike in energy prices, given that Russia is a major exporter of natural gas as well as other resources, particularly to Europe.
The persistently high inflation readouts led key central banks, including the US Federal Reserve (Fed), to signal a tightening of monetary policy. The Fed had already announced that it would taper its bond purchases and eventually end its pandemic-era quantitative easing program by the spring of 2022; and, with US inflation hitting 40-year highs, the Fed began aggressively raising its benchmark federal funds rate target range, while indicating that more rate hikes were likely. The magnitude of the rate increases heightened investors’ concerns about the ability of the Fed and other central banks to cool inflation without triggering a recession.
Due to what has been, so far, a tumultuous 2022 calendar year for investors, the performance of most asset classes, especially riskier assets such as equities and corporate bonds, has turned negative, as market participants have tried to ascertain the direction and progression of Fed policy, economic growth, the war in Ukraine, and other factors. In fact, the third quarter of 2022 marked the first time since 1976 that both equities and bonds had posted three consecutive quarters of negative returns. The 2022 US mid-term election results are another important benchmark that investors are closely monitoring, as political uncertainty has often contributed to increased market volatility.
2 Pioneer Strategic Income Fund | Annual Report | 9/30/22
In times like these, we at Amundi US believe our approach to investing is more appropriate than ever. Since 1928, Amundi US’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 risks during periods of market volatility.
At Amundi US, active management begins with our own fundamental, bottom-up research process. Our team of dedicated research analysts and portfolio managers analyzes each security under consideration, communicating frequently with the management teams of the companies and other entities issuing the securities, and working together to identify those securities that we believe best meet our investment criteria for our family of funds. Our risk management approach begins with each security under consideration, as we strive to develop a deep understanding of the potential opportunity, while considering any potential risk factors.
Today, as shareholders, 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 professional to develop an investment plan that paves the way for you to pursue both your short-term and long-term goals.
We greatly appreciate the trust you have placed in us and look forward to continuing to serve you in the future.
Lisa M. Jones
Head of the Americas, President and CEO of US
Amundi Asset Management US, Inc.
November 2022
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 | Annual Report | 9/30/22 3
Portfolio Management Discussion | 9/30/22
In the following interview, Andrew Feltus and Jonathan Scott discuss the factors that affected the performance of Pioneer Strategic Income Fund during the 12-month period ended September 30, 2022. Mr. Feltus, CFA, Managing Director, Co-Director of High Yield, and a portfolio manager at Amundi Asset Management US, Inc. (Amundi US), and Mr. Scott, a senior vice president, Deputy Director of Multi-Sector Fixed Income, and a portfolio manager at Amundi US, are responsible for the day-to-day management of the Fund, along with Brad Komenda, Managing Director, Director of Investment Grade Corporates, and a portfolio manager at Amundi US, and Kenneth J. Taubes, Executive Vice President, Chief Investment Officer, US, and a portfolio manager at Amundi US.
| Q | | How did the Fund perform during the 12-month period ended September 30, 2022? |
| A | | Pioneer Strategic Income Fund’s Class A shares returned -14.12% at net asset value during the 12-month period ended September 30, 2022, while the Fund’s benchmark, the Bloomberg US Universal Index (the Bloomberg Index), returned -14.92%. During the same period, the average return of the 344 mutual funds in Morningstar’s Multisector Bond Funds category was -12.02%. |
| Q | | How would you describe the investment environment for fixed-income investments during the 12-month period ended September 30, 2022? |
| A | | As the period opened in October 2021, the market appeared to shrug off concerns over the prospect of tighter Federal Reserve (Fed) monetary policy and the rapidly spreading Omicron variant of COVID-19, leading to solid performance for credit-sensitive assets. However, the first quarter of 2022 saw a trifecta of increased geopolitical tensions, a worsening growth/inflation mix arising from a spike in commodity prices, and the prospect of rising interest rates due to changing monetary policies of many central banks dominate market sentiment, driving losses across most asset classes. Russia’s invasion of Ukraine in late February, together with subsequent US and European sanctions on Russia, led to a spike in energy, metals, and food prices, adding downside risk to real economic growth and upside risk to inflation. In addition, another round of lockdowns in China in the wake of increasing COVID-19 infection rates exacerbated supply chain disruptions and raised concerns about further risks to the global economic growth landscape. |
4 Pioneer Strategic Income Fund | Annual Report | 9/30/22
As inflation reached levels not seen in many years, the Fed began to move away from its highly accommodative monetary policy stance. At its mid-March meeting, the Fed’s Open Market Committee (FOMC) raised the federal funds rate target range by a quarter-point, moving the range to 0.25%-0.50%, and indicated that further increases would follow rapidly. The Fed also formally ended its pandemic-era quantitative easing program in March, and signaled it would soon begin reducing its holdings of Treasury securities and agency mortgage-backed securities (MBS) by reinvesting only part of the proceeds from maturing securities.
The US consumer price index began to post year-over-year increases in excess of 8% beginning with the March 2022 readout. By late spring, the market began speculating as to whether the Fed would be able to achieve a “soft landing,” in which economic growth slowed yet remained positive as inflation was brought under control. With investors now concerned over inflation, the Fed’s response, and economic growth, returns for riskier assets (such as corporate bonds) turned deeply negative. The Fed continued to increase the federal funds rate target range aggressively between May and September, bringing the range to 3.00%-3.25%. For its part, the European Central Bank (ECB) caught markets somewhat off-guard in July by raising its reference rate by 50 basis points (bps), and followed up in September with an increase of 75 bps (a basis point is equal to 1/100th of a percentage point). US Treasury yields moved sharply higher in response to the Fed’s determined stance, and the yield curve became inverted – with shorter-term yields moving above longer-term yields – as the market anticipated a recession.
The overall weak fixed-income returns for the 12-month period, as reflected by the nearly 15-point decline in the Fund’s benchmark, the Bloomberg Index, derived mainly from the notable rise in Treasury yields. Returns for investment-grade corporate bonds were well into negative territory for the period, while securitized assets such as MBS and asset-backed securities (ABS) held up somewhat better, given continued consumer strength. Less interest-rate-sensitive high-yield corporate issues modestly outperformed their investment-grade counterparts for the 12-month period, while emerging markets bonds were sharply lower.
| Q | | What factors affected the Fund’s performance relative to the benchmark Bloomberg Index during the 12-month period ended September 30, 2022? |
| A | | As a multisector fixed-income portfolio, we have managed the Fund in a way that seeks to deliver strong returns, while working to keep portfolio volatility at a level similar to that typically experienced by the Fund’s |
Pioneer Strategic Income Fund | Annual Report | 9/30/22 5
benchmark, by investing across a diversified* range of investment-grade and non-investment-grade global fixed-income asset classes. We seek to add relative value to the Fund’s performance versus the benchmark through both sector allocation and security selection, focusing on “spread” sectors that trade at a yield advantage relative to US Treasuries. (Spread sectors are defined as non-governmental fixed-income market sectors that offer higher yields, at greater risk, than governmental investments.)
We believe investments such as corporate bonds, agency MBS, securitized-credit assets, and emerging markets bonds have typically offered higher risk-adjusted returns than Treasuries, and greater security selection opportunities. In taking a dynamic approach to sector allocation, we have often increased the Fund’s risk profile during times when the markets have offered suitable compensation for taking on risk, in our view, and have reduced the risk profile when we have felt the markets have offered less attractive values.
During the 12-month period, the largest positive contributor to the Fund’s benchmark-relative returns was duration positioning and corresponding interest-rate sensitivity. (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.) Specifically, the Fund held an underweight to Treasuries and an overall shorter-duration position than the Bloomberg Index, which aided relative performance as Treasury yields moved higher over the period. Positioning along the yield curve also made a modest, positive contribution to the Fund’s relative performance, benefiting from the portfolio’s underweight exposure to the two- and five-year segments of the curve, in particular.
Security selection results were positive overall and aided the Fund’s benchmark-relative performance for the period. Most notably, the portfolio’s holdings of agency MBS and, to a lesser extent, bonds of issuers within the financials sector benefited the Fund's relative returns. Within financials, the Fund’s holdings of the bonds of an aircraft leasing company, preferred securities of a Dutch bank, and surplus notes of US insurers proved additive to relative returns for the period. With respect to agency MBS, a portfolio tilt toward to-be-announced (TBA) pools relative to specified pools helped the Fund’s relative performance early in the period. In addition, an overweight to higher-coupon issues featuring less prepayment sensitivity benefited the Fund’s relative returns, as homeowners displayed typical “burnout” behavior. (Mortgage "burnout” typically has happened after many homeowners have already refinanced their mortgages, which in turn reduces the pool of people who could still
| * | | Diversification does not assure a profit nor protect against loss. |
6 Pioneer Strategic Income Fund | Annual Report | 9/30/22
potentially benefit from refinancing.) TBA’s experienced fewer effects from the widening in credit spreads observed as the period progressed than did other issues. (A TBA serves as a contract to purchase or sell an MBS on a specific date, but it does not include information regarding the pool number, number of pools, or the exact amount that will be included in the transaction. Credit spreads are commonly defined as the differences in yield between Treasuries and other types of fixed-income securities with similar maturities.)
In addition, a small position in Treasury inflation-protected securities (TIPS), an overweight to commercial MBS (CMBS), and an underweight to sovereign bonds proved helpful for the Fund’s relative performance.
On the negative side, the Fund’s exposure to below-investment grade, high-yield corporate bonds within the financials and industrials sectors detracted from benchmark-relative returns, as credit-market sentiment weakened during the period. In terms of sector allocation, the Fund’s substantial underweight versus the Bloomberg Index to US Treasuries also weighed on relative performance, as Treasuries outperformed credit-sensitive issues during the 12-month period. In addition, a significant portfolio allocation to non-agency MBS and a modest position in convertible securities detracted from the Fund’s relative results. Partially offsetting those negatives was our use of index-based credit-default-swap contracts in an effort to hedge the portfolio’s credit-market exposures. Those positions provided a bit of a buffer for the Fund’s relative performance during the period as high-yield corporates sold off.
Finally, the portfolio’s exposures to global currencies detracted from the Fund’s benchmark-relative performance as the US dollar (USD) appreciated over the 12-month period, reflecting underperformance of the Fund’s Australian dollar and Polish zloty positions. Long positions in the Swedish krona and Norwegian krone also detracted from the Fund’s relative results, offsetting the benefits from the portfolio’s short euro position. (Investors maintain “long” security positions on the expectation that the price will rise in the future. “Short” positions represent the opposite expectation - that the price of a security will decline in the future.)
| Q | | Did the Fund have any exposure to derivative securities during the 12-month period ended September 20, 2022? |
| A | | Yes, we invested the Fund in three types of derivatives during the period: Treasury futures, index-based credit-default-swap contracts (noted earlier), and forward foreign currency contracts (“currency forwards”). |
Pioneer Strategic Income Fund | Annual Report | 9/30/22 7
The exposure to Treasury futures was part of our strategy to maintain a shorter-than-benchmark duration in the portfolio, which had a positive effect on the Fund’s relative results for the period. As we discussed earlier, we used the index-based credit-default swaps to manage the Fund’s exposure to credit-sensitive sectors, and the positions that we used for hedging purposes (short risk) resulted in a positive contribution to relative returns. The Fund’s exposure to currency forwards was a technique we used to help manage the risks associated with the portfolio’s investments in non-USD currencies. The currency forwards had a mixed effect on the Fund’s benchmark-relative results, as the hedges benefited performance, while the long exposures detracted.
| Q | | Did the Fund’s distributions** (or yield) to shareholders change during the 12-month period ended September 30, 2022? |
| A | | The Fund’s monthly distribution rate declined over the 12-month period, mainly due to a drop in the rate over the first six months (October 2021 through March 2022), as spreads narrowed for credit-oriented areas of the market during that timeframe. The monthly distribution rate recovered, somewhat, over the second half of the period as interest rates moved higher and spreads widened for the credit-oriented areas of the market. Overall, however, the Fund’s monthly distribution rate ended the 12-month period at 0.02400 cents per share/per month, down from 0.0300 cents per share/per month at the beginning of the period. |
| Q | | What is your investment outlook? |
| A | | At the end of September 2022, the market was projecting the federal funds rate target range to reach a “terminal” level (or the end of the Fed’s tightening cycle) of at least 4.5% in 2023. We think such tightening of financial conditions will have a lagging effect on the economy, thus making a “true” US recession that features a meaningful increase in unemployment likely next year. |
If the US does slip into recession, we expect it will be less severe than the “typical” recession, for several reasons. First, the US economy is presently in better-than-average shape, with a solid employment market and consumer/business balance sheets on relatively strong footing. Second, there have been few signs of financial imbalances, and the strength of the US banking system, following the reforms implemented in the wake of the financial crisis of 2008, reduces the likelihood of isolated financial-institution distress becoming systemic, in our opinion. Finally,
| ** | | Distributions are not guaranteed. |
8 Pioneer Strategic Income Fund | Annual Report | 9/30/22
we think the primary cause of the expected recession will be the Fed’s monetary policy tightening; such policies are reversible, though, and so any reversals could limit the severity of the downturn.
After the increases we have seen over the first three quarters of 2022, bond yields are at their most attractive levels in many years, in our view. We believe there are attractive spreads across a number of sectors, but we remain cautious about adding such exposure to the portfolio until interest-rate volatility moderates. Therefore, we believe selectivity within spread sectors is critical as aggregate economic growth slows and some parts of the economy contract.
Please refer to the Schedule of Investments on pages 20–94 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, armed conflict including Russia’s military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, or adverse investor sentiment. These conditions may continue, recur, worsen or spread.
The Fund’s investments, payment obligations and financing terms may be based on floating rates, such as LIBOR (London Interbank Offered Rate), or SOFR (Secured Overnight Financing Rate). Plans are underway to phase out the use of LIBOR. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the Fund, issuers of instruments in which the Fund invests, and financial markets generally.
Investments in high-yield or lower rated securities are subject to greater-than-average price volatility, illiquidity and possibility of default.
The market price of securities may fluctuate when interest rates change. When interest rates rise, the prices of fixed-income securities in the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed-income securities in 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.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 9
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 portfolio 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 pre-payments.
Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions.
Before investing, consider the product’s investment objectives, risks, charges and expenses. Contact your financial professional or Amundi Asset Management US, 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 | Annual Report | 9/30/22
Portfolio Summary | 9/30/22
10 Largest Holdings
(As a percentage of total investments)*
| 1. | U.S. Treasury Bills, 11/8/22 | 3.20% |
| 2. | Federal National Mortgage Association, 2.00%, 10/1/52 (TBA) | 3.06 |
| 3. | Federal National Mortgage Association, 2.50%, 10/1/52 (TBA) | 2.32 |
| 4. | Federal National Mortgage Association, 5.00%, 10/1/52 | 2.20 |
| 5. | U.S. Treasury Notes, 3.25%, 6/30/27 | 2.14 |
| 6. | U.S. Treasury Bills, 10/4/22 | 1.98 |
| 7. | Wells Fargo & Co., 7.50% | 1.84 |
| 8. | Federal National Mortgage Association, 5.00%, 8/1/52 | 1.59 |
| 9. | U.S. Treasury Bills, 10/18/22 | 1.23 |
| 10. | U.S. Treasury Bills, 10/25/22 | 1.23 |
| * | | Excludes short-term 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 | Annual Report | 9/30/22 11
Prices and Distributions | 9/30/22
Net Asset Value per Share
| Class | 9/30/22 | 9/30/21 |
| A | $9.05 | $11.38 |
| C | $8.85 | $11.14 |
| K | $9.07 | $11.40 |
| R | $9.21 | $11.58 |
| Y | $9.05 | $11.38 |
| Distributions per Share: 10/1/21–9/30/22 | |
| |
| | Net Investment | Short-Term | Long-Term | Tax Return |
| Class | Income | Capital Gains | Capital Gains | of Capital |
| A | $0.1200 | $0.2730 | $0.2598 | $0.1700 |
| C | $0.0465 | $0.2730 | $0.2598 | $0.1700 |
| K | $0.1629 | $0.2730 | $0.2598 | $0.1700 |
| R | $0.0928 | $0.2730 | $0.2598 | $0.1700 |
| Y | $0.1525 | $0.2730 | $0.2598 | $0.1700 |
Index Definitions
The Bloomberg 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 | Annual Report | 9/30/22
| Performance Update | 9/30/22 | 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 U.S. Universal Index.
| Average Annual Total Returns | |
| (As of September 30, 2022) | |
| | Net | Public | Bloomberg |
| | Asset | Offering | U.S. |
| | Value | Price | Universal |
| Period | (NAV) | (POP) | Index |
| 10 years | 2.08% | 1.61% | 1.17% |
| 5 years | 0.52 | -0.41 | -0.18 |
| 1 year | -14.12 | -18.01 | -14.92 |
| Expense Ratio | | |
| (Per prospectus dated February 1, 2022) |
| Gross | | | |
| 1.06% | | | |
Call 1-800-225-6292 or visit www.amundi.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 | Annual Report | 9/30/22 13
| Performance Update | 9/30/22 | 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 U.S. Universal Index.
| Average Annual Total Returns | |
| (As of September 30, 2022) | |
| | | | Bloomberg |
| | | | U.S. |
| | If | If | Universal |
| Period | Held | Redeemed | Index |
| 10 years | 1.40% | 1.40% | 1.17% |
| 5 years | -0.14 | -0.14 | -0.18 |
| 1 year | -14.69 | -15.49 | -14.92 |
| Expense Ratio | | |
| (Per prospectus dated February 1, 2022) |
| Gross | | | |
| 1.73% | | | |
Call 1-800-225-6292 or visit www.amundi.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 reflect deduction of the CDSC for the one-year period, assuming a complete redemption of shares at the last price calculated on the last business day of the period, and no CDSC for the five- and 10-year periods. 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 | Annual Report | 9/30/22
| Performance Update | 9/30/22 | 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 U.S. Universal Index.
| | | |
| Average Annual Total Returns | |
| (As of September 30, 2022) | |
| | Net | Bloomberg |
| | Asset | U.S. |
| | Value | Universal |
| Period | (NAV) | Index |
| 10 years | 2.52% | 1.17% |
| 5 years | 0.95 | -0.18 |
| 1 year | -13.73 | -14.92 |
| Expense Ratio | | |
| (Per prospectus dated February 1, 2022) |
| Gross | Net | |
| 0.63% | 0.59% | |
Call 1-800-225-6292 or visit www.amundi.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.
The net expense ratio reflects the contractual expense limitation in effect through February 1, 2025 for Class K shares. There can be no assurance that Amundi US will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information.
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 more current expense ratios.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 15
| Performance Update | 9/30/22 | 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 U.S. Universal Index.
| Average Annual Total Returns | |
| (As of September 30, 2022) | |
| | Net | Bloomberg |
| | Asset | U.S. |
| | Value | Universal |
| Period | (NAV) | Index |
| 10 years | 1.74% | 1.17% |
| 5 years | 0.20 | -0.18 |
| 1 year | -14.46 | -14.92 |
| Expense Ratio | | |
| (Per prospectus dated February 1, 2022) |
| Gross | | |
| 1.37% | | |
Call 1-800-225-6292 or visit www.amundi.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 | Annual Report | 9/30/22
| Performance Update | 9/30/22 | 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 at public offering price during the periods shown, compared to that of the Bloomberg U.S. Universal Index.
| Average Annual Total Returns | |
| (As of September 30, 2022) | |
| | Net | Bloomberg |
| | Asset | U.S. |
| | Value | Universal |
| Period | (NAV) | Index |
| 10 years | 2.40% | 1.17% |
| 5 years | 0.84 | -0.18 |
| 1 year | -13.85 | -14.92 |
| Expense Ratio | | |
| (Per prospectus dated February 1, 2022) |
| Gross | Net | |
| 0.74% | 0.69% | |
Call 1-800-225-6292 or visit www.amundi.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 in effect through February 1, 2025 for Class Y shares. There can be no assurance that Amundi US will extend the expense limitation beyond such time. Please 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 more current expense ratios.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 17
Comparing Ongoing Fund Expenses
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 April 1, 2022 through September 30, 2022.
| 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 4/1/22 | | | | | |
| Ending Account Value | $904.10 | $900.70 | $906.30 | $902.50 | $905.60 |
| (after expenses) | | | | | |
| on 9/30/22 | | | | | |
| Expenses Paid | $4.82 | $7.91 | $2.82 | $6.39 | $3.30 |
| During Period* | | | | | |
| * | | Expenses are equal to the Fund’s annualized expense ratio of 1.01%, 1.66%, 0.59%, 1.34%, and 0.69% 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 183/365 (to reflect the one-half year period). |
18 Pioneer Strategic Income Fund | Annual Report | 9/30/22
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 April 1, 2022 through September 30, 2022.
| 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 4/1/22 | | | | | |
| Ending Account Value | $1,020.00 | $1,016.75 | $1,022.11 | $1,018.35 | $1,021.61 |
| (after expenses) | | | | | |
| on 9/30/22 | | | | | |
| Expenses Paid | $5.11 | $8.39 | $2.99 | $6.78 | $3.50 |
| During Period* | | | | | |
| * | | Expenses are equal to the Fund’s annualized expense ratio of 1.01%, 1.66%, 0.59%, 1.34%, and 0.69% for Class A, Class C, Class K, Class R, and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). |
Pioneer Strategic Income Fund | Annual Report | 9/30/22 19
Schedule of Investments | 9/30/22
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | UNAFFILIATED ISSUERS — 107.8% | |
| | SENIOR SECURED FLOATING RATE |
| | LOAN INTERESTS — 1.1% of Net ASSETS*(a) | |
| | Airlines — 0.1% | |
| 4,016,907 | LATAM Airlines Group SA, Tranche A Facility, | |
| | 9.666% (Term SOFR + 750 bps), 10/14/22 | $ 4,050,380 |
| | Total Airlines | $ 4,050,380 |
| | Chemicals-Diversified — 0.1% | |
| 1,910,400 | LSF11 A5 HoldCo LLC, Term Loan, 6.649% | |
| | (SOFR + 350 bps), 10/15/28 | $ 1,792,194 |
| | Total Chemicals-Diversified | $ 1,792,194 |
| | Electronic Composition — 0.0%† | |
| 1,362,373 | Energy Acquisition LP, First Lien Initial Term | |
| | Loan, 7.365% (LIBOR + 425 bps), 6/26/25 | $ 1,270,413 |
| | Total Electronic Composition | $ 1,270,413 |
| | Finance-Special Purpose Banks — 0.2% | |
| 6,289,392 | Bank of Industry, Ltd., Facility, 9.27% (LIBOR | |
| | + 600 bps), 12/11/23 | $ 6,273,668 |
| | Total Finance-Special Purpose Banks | $ 6,273,668 |
| | Medical-Wholesale Drug Distribution — 0.1% |
| 3,492,450 | Owens & Minor, Inc., Term B-1 Loan, 6.884% | |
| | (Term SOFR + 375 bps), 3/29/29 | $ 3,426,967 |
| | Total Medical-Wholesale Drug Distribution | $ 3,426,967 |
| | Metal Processors & Fabrication — 0.1% | |
| 4,420,350 | Grinding Media, Inc. (Molycop, Ltd.), First Lien Initial | |
| | Term Loan, 7.702% (LIBOR + 400 bps), 10/12/28 | $ 3,956,213 |
| 1,097,797 | WireCo WorldGroup, Inc., Initial Term Loan, 7.188% | |
| | (LIBOR + 425 bps), 11/13/28 | 1,063,491 |
| | Total Metal Processors & Fabrication | $ 5,019,704 |
| | Oil-Field Services — 0.4% | |
| 12,552,476 | ProFrac Holdings II, LLC, Term Loan, 10.008% | |
| | (Term SOFR + 725 bps), 3/4/25 | $ 12,991,812 |
| | Total Oil-Field Services | $ 12,991,812 |
| | Recreational Centers — 0.1% | |
| 2,711,800 | Fitness International LLC, Term B Loan, 6.365% | |
| | (LIBOR + 325 bps), 4/18/25 | $ 2,540,957 |
| | Total Recreational Centers | $ 2,540,957 |
| | Rental Auto & Equipment — 0.0%† | |
| 1,773,597 | PECF USS Intermediate Holding III Corp., Initial | |
| | Term Loan, 7.365% (LIBOR + 425 bps), 12/15/28 | $ 1,521,968 |
| | Total Rental Auto & Equipment | $ 1,521,968 |
The accompanying notes are an integral part of these financial statements.
20 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | Retail — 0.0%† | |
| 907,515 | Staples, Inc., 2019 Refinancing New Term B-2 Loan, | |
| | 7.282% (LIBOR + 450 bps), 9/12/24 | $ 853,518 |
| | Total Retail | $ 853,518 |
| | Schools — 0.0%† | |
| 438,825 | KUEHG Corp. (fka KC MergerSub, Inc.), Term B-3 | |
| | Loan, 6.865% (LIBOR + 375 bps), 2/21/25 | $ 415,924 |
| | Total Schools | $ 415,924 |
| | TOTAL SENIOR SECURED FLOATING RATE | |
| | LOAN INTERESTS | |
| | (Cost $40,659,765) | $ 40,157,505 |
| Shares | | |
| | COMMON STOCKS — 0.1% of Net Assets |
| | Airlines — 0.0%† | |
| 128,171(b) | Grupo Aeromexico SAB de CV | $ 1,107,364 |
| | Total Airlines | $ 1,107,364 |
| | Household Durables — 0.0%† | |
| 1,018,282(b) | Desarrolladora Homex SAB de CV | $ 1,416 |
| | Total Household Durables | $ 1,416 |
| | Oil, Gas & Consumable Fuels — 0.1% | |
| 9,565,478(b)^ | Ascent CNR Corp., Class A | $ 1,434,821 |
| 336(b) | Frontera Energy Corp. | 2,453 |
| | Total Oil, Gas & Consumable Fuels | $ 1,437,274 |
| | Paper & Forest Products — 0.0%† | |
| 162,828(b)^ | Emerald Plantation Holdings, Ltd. | $ — |
| | Total Paper & Forest Products | $ — |
| | Specialty Retail — 0.0%† | |
| 111,548(b)+^ | Targus Cayman SubCo., Ltd. | $ 137,204 |
| | Total Specialty Retail | $ 137,204 |
| | TOTAL COMMON STOCKS | |
| | (Cost $2,996,358) | $ 2,683,258 |
| Principal | | |
| Amount | | |
| USD ($) | | |
| | ASSET BACKED SECURITIES — 7.7% of |
| | Net Assets | |
| 500,000 | 321 Henderson Receivables III LLC, Series 2008-1A, | |
| | Class C, 9.36%, 1/15/48 (144A) | $ 516,712 |
| 500,000 | 321 Henderson Receivables III LLC, Series 2008-1A, | |
| | Class D, 10.81%, 1/15/50 (144A) | 531,696 |
| 4,000,000(a) | 522 Funding CLO, Ltd., Series 2019-4A, Class E, 9.71% | |
| | (3 Month USD LIBOR + 700 bps), 4/20/30 (144A) | 3,295,212 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 21
Schedule of Investments | 9/30/22 (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | ASSET BACKED SECURITIES — (continued) |
| 4,750,000(a) | 522 Funding CLO, Ltd., Series 2019-5A, Class ER, | |
| | 9.088% (3 Month Term SOFR + 676 bps), | |
| | 4/15/35 (144A) | $ 3,885,362 |
| 3,500,000 | A10 Bridge Asset Financing LLC, Series 2019-B, | |
| | Class D, 4.523%, 8/15/40 (144A) | 3,255,987 |
| 747,919 | Accelerated Assets LLC, Series 2018-1, Class B, | |
| | 4.51%, 12/2/33 (144A) | 713,937 |
| 1,057,286 | Accelerated Assets LLC, Series 2018-1, Class C, | |
| | 6.65%, 12/2/33 (144A) | 1,026,211 |
| 3,000,000 | Amur Equipment Finance Receivables VII LLC, | |
| | Series 2019-1A, Class E, 4.47%, 3/20/25 (144A) | 2,933,729 |
| 1,000,000 | Amur Equipment Finance Receivables X LLC, | |
| | Series 2022-1A, Class E, 5.02%, 12/20/28 (144A) | 903,919 |
| 1,413,000 | Amur Equipment Finance Receivables XI LLC, | |
| | Series 2022-2A, Class E, 9.32%, 10/22/29 (144A) | 1,354,714 |
| 2,000,000(a) | Apidos CLO XXXII, Series 2019-32A, Class E, 9.46% | |
| | (3 Month USD LIBOR + 675 bps), 1/20/33 (144A) | 1,694,336 |
| 3,975,000(a) | Arbor Realty Commercial Real Estate Notes, Ltd., | |
| | Series 2021-FL3, Class D, 5.018% (1 Month USD |
| | LIBOR + 220 bps), 8/15/34 (144A) | 3,708,206 |
| 8,000,000(a) | Arbor Realty Commercial Real Estate Notes, Ltd., | |
| | Series 2021-FL4, Class D, 5.718% (1 Month USD |
| | LIBOR + 290 bps), 11/15/36 (144A) | 7,421,928 |
| 5,400,000(a) | Arbor Realty Commercial Real Estate Notes, Ltd., | |
| | Series 2021-FL4, Class E, 6.218% (1 Month USD |
| | LIBOR + 340 bps), 11/15/36 (144A) | 4,928,337 |
| 8,000,000(a) | Arbor Realty Commercial Real Estate Notes, Ltd., | |
| | Series 2022-FL2, Class D, 7.195% (1 Month Term | |
| | SOFR + 435 bps), 5/15/37 (144A) | 7,852,333 |
| 2,000,000 | Arivo Acceptance Auto Loan Receivables Trust, | |
| | Series 2022-1A, Class D, 7.38%, 9/17/29 (144A) | 1,876,199 |
| 1,054,000(c) | B2R Mortgage Trust, Series 2015-1, Class D, 4.831%, | |
| | 5/15/48 (144A) | 995,008 |
| 3,295,000(a) | Battalion CLO IX, Ltd., Series 2015-9A, Class ER, 8.762% | |
| | (3 Month USD LIBOR + 625 bps), 7/15/31 (144A) | 2,623,841 |
| 1,500,000(a) | BDS, Ltd., Series 2020-FL5, Class C, 5.183% (1 Month | |
| | Term SOFR + 216 bps), 2/16/37 (144A) | 1,451,511 |
| 1,600,000(a) | Benefit Street Partners CLO XIX, Ltd., Series 2019-19A, | |
| | Class D, 6.312% (3 Month USD LIBOR + 380 bps), | |
| | 1/15/33 (144A) | 1,399,227 |
| 4,176,690 | Blackbird Capital Aircraft, Series 2021-1A, Class B, | |
| | 3.446%, 7/15/46 (144A) | 3,135,510 |
| 3,000,000(a) | Carlyle US CLO, Ltd., Series 2019-4A, Class CR, 5.528% | |
| | (3 Month Term SOFR + 320 bps), 4/15/35 (144A) | 2,582,601 |
| 4,250,000(a) | Catskill Park CLO, Ltd., Series 2017-1A, Class D, 8.71% | |
| | (3 Month USD LIBOR + 600 bps), 4/20/29 (144A) | 3,461,119 |
| 7,465,000 | Cologix Canadian Issuer LP, Series 2022-1CAN, | |
| | Class A2, 4.94%, 1/25/52 (144A) | 4,998,083 |
The accompanying notes are an integral part of these financial statements.
22 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | ASSET BACKED SECURITIES — (continued) |
| 2,500,000 | Commercial Equipment Finance LLC, Series 2021-A, | |
| | Class D, 6.49%, 12/17/29 (144A) | $ 2,323,194 |
| 74,011 | Commonbond Student Loan Trust, Series 2017-BGS, | |
| | Class C, 4.44%, 9/25/42 (144A) | 67,289 |
| 4,155,000 | Continental Credit Card ABS LLC, Series 2019-1A, | |
| | Class C, 6.16%, 8/15/26 (144A) | 3,997,146 |
| 6,550,000 | Continental Finance Credit Card ABS Master Trust, | |
| | Series 2022-A, Class C, 9.33%, 10/15/30 (144A) | 6,421,215 |
| 3,000,000 | Continental Finance Credit Card ABS Master Trust, | |
| | Series 2022-A, Class D, 12.42%, 10/15/30 (144A) | 2,947,406 |
| 1,000,000 | Crossroads Asset Trust, Series 2021-A, Class E, 5.48%, | |
| | 1/20/28 (144A) | 937,196 |
| 2,300,000 | DataBank Issuer, Series 2021-1A, Class C, 4.43%, | |
| | 2/27/51 (144A) | 1,934,588 |
| 1,452,959 | Diamond Resorts Owner Trust, Series 2019- 1A, | |
| | Class C, 4.02%, 2/20/32 (144A) | 1,402,083 |
| 745,000 | Encina Equipment Finance LLC, Series 2021- 1A, | |
| | Class E, 4.36%, 3/15/29 (144A) | 710,377 |
| 6,000,000 | ExteNet LLC, Series 2019-1A, Class C, 5.219%, | |
| | 7/26/49 (144A) | 5,594,438 |
| 9,460,000(c) | Finance of America HECM Buyout, Series 2022-HB1, | |
| | Class M6, 9.317%, 2/25/32 (144A) | 8,485,794 |
| 7,822,146 | Finance of America Structured Securities Trust, | |
| | Series 2021-S2, Class A2, 1.75%, 9/25/51 | 7,199,036 |
| 14,785,350 | Finance of America Structured Securities Trust, | |
| | Series 2021-S3, Class A2, 2.25%, 12/25/51 | 13,512,543 |
| 1,000,000(a) | First Eagle BSL CLO, Ltd., Series 2019-1A, Class C, 7.06% | |
| | (3 Month USD LIBOR + 435 bps), 1/20/33 (144A) | 898,598 |
| 3,000,000(a) | First Eagle BSL CLO, Ltd., Series 2019-1A, Class D, | |
| | 10.41% (3 Month USD LIBOR + 770 bps), | |
| | 1/20/33 (144A) | 2,471,007 |
| 3,300,000(a) | Fort Washington CLO, Series 2019-1A, Class ER, 9.46% | |
| | (3 Month USD LIBOR + 675 bps), 10/20/32 (144A) | 2,576,505 |
| 5,500,000 | Four Seas LP, Series 2017-1A, Class A2, 5.927%, | |
| | 8/28/27 (144A) | 4,644,696 |
| 52,623(c) | Gold Key Resorts LLC, Series 2014-A, Class C, 5.87%, | |
| | 3/17/31 (144A) | 51,674 |
| 5,022,000(a) | Goldentree Loan Management US CLO 2, Ltd., Series | |
| | 2017-2A, Class E, 7.41% (3 Month USD LIBOR + |
| | 470 bps), 11/28/30 (144A) | 4,062,055 |
| 4,250,000(a) | Goldentree Loan Management US CLO 6, Ltd., Series | |
| | 2019-6A, Class DR, 5.577% (3 Month Term SOFR + | |
| | 310 bps), 4/20/35 (144A) | 3,667,750 |
| 1,250,000(a) | Gulf Stream Meridian 3, Ltd., Series 2021-IIIA, Class D, | |
| | 9.262% (3 Month USD LIBOR + 675 bps), 4/15/34 (144A) | 1,050,641 |
| 10,000,000 | Hertz Vehicle Financing III LP, Series 2021-2A, Class D, | |
| | 4.34%, 12/27/27 (144A) | 8,000,899 |
| 10,098,000 | HOA Funding LLC - HOA, Series 2021-1A, Class A2, | |
| | 4.723%, 8/20/51 (144A) | 7,744,924 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 23
Schedule of Investments | 9/30/22 (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | ASSET BACKED SECURITIES — (continued) |
| 609,671 | Home Partners of America Trust, Series 2019-1, | |
| | Class F, 4.101%, 9/17/39 (144A) | $ 525,825 |
| 3,175,000(a) | ICG US CLO, Ltd., Series 2016-1A, Class DRR, 10.246% | |
| | (3 Month USD LIBOR + 744 bps), 4/29/34 (144A) | 2,610,183 |
| 2,250,000(a) | ICG US CLO, Ltd., Series 2021-1A, Class E, 9.07% | |
| | (3 Month USD LIBOR + 633 bps), 4/17/34 (144A) | 1,829,081 |
| 3,680,285 | Icon Brand Holdings LLC, Series 2012-1A, Class A, | |
| | 4.229%, 1/25/43 (144A) | 1,103,777 |
| 494,847 | JG Wentworth XXII LLC, Series 2010-3A, Class A, | |
| | 3.82%, 12/15/48 (144A) | 483,326 |
| 3,070,000 | JPMorgan Chase Bank N.A. - CACLN, Series 2021-2, | |
| | Class F, 4.393%, 12/26/28 (144A) | 2,836,253 |
| 2,150,000(a) | KREF Ltd., Series 2021-FL2, Class C, 4.939% (1 Month | |
| | USD LIBOR + 200 bps), 2/15/39 (144A) | 2,013,585 |
| 725,000(a) | KREF Ltd., Series 2021-FL2, Class E, 5.789% (1 Month | |
| | USD LIBOR + 285 bps), 2/15/39 (144A) | 685,942 |
| 7,750,000 | Mercury Financial Credit Card Master Trust, Series | |
| | 2021-1A, Class B, 2.33%, 3/20/26 (144A) | 7,240,879 |
| 4,500,000(a) | MF1, Ltd., Series 2021-FL7, Class D, 5.543% (1 Month | |
| | USD LIBOR + 255 bps), 10/16/36 (144A) | 4,253,931 |
| 7,500,000(a) | MF1, Ltd., Series 2021-FL7, Class E, 5.793% (1 Month | |
| | USD LIBOR + 280 bps), 10/16/36 (144A) | 7,003,050 |
| 2,638,854 | Mosaic Solar Loan Trust, Series 2019-2A, Class D, | |
| | 6.18%, 9/20/40 (144A) | 2,586,525 |
| 3,825,876 | Mosaic Solar Loan Trust, Series 2021-1A, Class D, | |
| | 3.71%, 12/20/46 (144A) | 3,374,593 |
| 5,000,000(a) | Neuberger Berman CLO XVII, Ltd., Series 2014-17A, | |
| | Class ER2, 9.959% (3 Month USD LIBOR + 720 bps), | |
| | 4/22/29 (144A) | 4,339,970 |
| 4,500,000(a) | Newark BSL CLO 1, Ltd., Series 2016-1A, Class DR, | |
| | 9.019% (3 Month USD LIBOR + 625 bps), | |
| | 12/21/29 (144A) | 3,942,774 |
| 414,001(a) | Newtek Small Business Loan Trust, Series 2017-1, | |
| | Class B, 6.084% (1 Month USD LIBOR + 300 bps), | |
| | 2/25/43 (144A) | 412,216 |
| 4,360,000 | NMEF Funding LLC, Series 2019-A, Class D, 4.39%, | |
| | 8/17/26 (144A) | 4,273,354 |
| 1,100,000 | NMEF Funding LLC, Series 2021-A, Class D, 5.78%, | |
| | 12/15/27 (144A) | 1,034,748 |
| 2,000,000(a) | Octagon Investment Partners XXI, Ltd., Series 2014-1A, | |
| | Class DRR, 9.905% (3 Month USD LIBOR + 700 bps), | |
| | 2/14/31 (144A) | 1,720,238 |
| 1,119,000 | Octane Receivables Trust, Series 2020-1A, Class D, | |
| | 5.45%, 3/20/28 (144A) | 1,070,022 |
| 2,170,524 | Orange Lake Timeshare Trust, Series 2019-A, Class D, | |
| | 4.93%, 4/9/38 (144A) | 2,000,233 |
| 5,600,000(a) | Palmer Square Loan Funding, Ltd., Series 2020-1A, | |
| | Class D, 7.834% (3 Month USD LIBOR + 485 bps), | |
| | 2/20/28 (144A) | 5,003,684 |
The accompanying notes are an integral part of these financial statements.
24 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | ASSET BACKED SECURITIES — (continued) |
| 1,900,000(a) | Palmer Square Loan Funding, Ltd., Series 2022-1A, | |
| | Class C, 4.928% (3 Month Term SOFR + 260 bps), | |
| | 4/15/30 (144A) | $ 1,754,413 |
| 6,400,000 | PEAR LLC, Series 2021-1, Class B, 0.000%, | |
| | 1/15/34 (144A) | 4,385,280 |
| 4,300,000 | PG Receivables Finance, Series 2020-1, Class C, 5.44%, | |
| | 7/20/25 (144A) | 4,126,320 |
| 2,000,000(a) | PPM CLO 5, Ltd., Series 2021-5A, Class E, 9.24% | |
| | (3 Month USD LIBOR + 650 bps), 10/18/34 (144A) | 1,619,398 |
| 5,000,000(a) | Race Point VIII CLO, Ltd., Series 2013-8A, Class DR2, | |
| | 6.484% (3 Month USD LIBOR + 350 bps), | |
| | 2/20/30 (144A) | 4,480,160 |
| 9,600,000 | Republic Finance Issuance Trust, Series 2021-A, | |
| | Class D, 5.23%, 12/22/31 (144A) | 7,618,665 |
| 1,500,000 | Rosy Blue Carat SA, Series 2018-1, Class A1, 6.25%, | |
| | 12/15/25 (144A) | 1,500,000 |
| 9,550,000 | Santander Bank Auto Credit-Linked Notes, | |
| | Series 2022-B, Class F, 11.91%, 8/16/32 (144A) | 9,550,000 |
| 1,538,318 | Sierra Timeshare Receivables Funding LLC, | |
| | Series 2019-1A, Class D, 4.75%, 1/20/36 (144A) | 1,478,927 |
| 1,346,985 | Sierra Timeshare Receivables Funding LLC, | |
| | Series 2020-2A, Class D, 6.59%, 7/20/37 (144A) | 1,292,687 |
| 3,500,000(a) | Signal Peak CLO 2 LLC, Series 2015-1A, Class DR2, | |
| | 5.56% (3 Month USD LIBOR + 285 bps), | |
| | 4/20/29 (144A) | 3,201,572 |
| 4,750,000(a) | Sound Point CLO XXI, Ltd., Series 2018-3A, Class C, | |
| | 6.066% (3 Month USD LIBOR + 330 bps), | |
| | 10/26/31 (144A) | 4,203,337 |
| 3,000,000(a) | Sound Point CLO XXVIII, Ltd., Series 2020- 3A, Class E, | |
| | 9.683% (3 Month USD LIBOR + 690 bps), | |
| | 1/25/32 (144A) | 2,384,991 |
| 5,000,000(c) | Towd Point HE Trust, Series 2021-HE1, Class M2, 2.50%, | |
| | 2/25/63 (144A) | 4,381,572 |
| 2,750,000 | Tricolor Auto Securitization Trust, Series 2021-1A, | |
| | Class F, 5.08%, 5/15/28 (144A) | 2,567,624 |
| 4,250,000 | Tricon American Homes Trust, Series 2020- SFR2, | |
| | Class E1, 2.73%, 11/17/39 (144A) | 3,510,666 |
| 1,000,000 | Upstart Securitization Trust, Series 2021-1, Class C, | |
| | 4.06%, 3/20/31 (144A) | 933,037 |
| 1,294,000 | VFI ABS LLC, Series 2022-1A, Class D, 6.68%, | |
| | 11/26/29 (144A) | 1,213,143 |
| 1,578,582 | Westgate Resorts LLC, Series 2020-1A, Class C, | |
| | 6.213%, 3/20/34 (144A) | 1,564,596 |
| 3,877,819 | Westgate Resorts LLC, Series 2022-1A, Class C, | |
| | 2.488%, 8/20/36 (144A) | 3,645,653 |
| 2,449,149 | Westgate Resorts LLC, Series 2022-1A, Class D, | |
| | 3.838%, 8/20/36 (144A) | 2,273,867 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 25
Schedule of Investments | 9/30/22 (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | ASSET BACKED SECURITIES — (continued) |
| 4,000,000(a) | Whitebox CLO II, Ltd., Series 2020-2A, Class ER, | |
| | 9.883% (3 Month USD LIBOR + 710 bps), | |
| | 10/24/34 (144A) | $ 3,371,128 |
| | TOTAL ASSET BACKED SECURITIES | |
| | (Cost $324,923,594) | $ 288,647,997 |
| | COLLATERALIZED MORTGAGE | |
| | OBLIGATIONS — 16.6% of Net Assets |
| 5,970,020(c) | Bayview MSR Opportunity Master Fund Trust, | |
| | Series 2021-2, Class A8, 2.50%, 6/25/51 (144A) | $ 4,015,309 |
| 3,711,378(c) | Bayview MSR Opportunity Master Fund Trust, | |
| | Series 2022-5, Class B2, 3.472%, 2/25/52 (144A) | 2,653,575 |
| 2,120,000(a) | Bellemeade Re, Ltd., Series 2019-1A, Class B1, 7.084% | |
| | (1 Month USD LIBOR + 400 bps), 3/25/29 (144A) | 2,070,306 |
| 3,550,000(a) | Bellemeade Re, Ltd., Series 2019-1A, Class M2, 5.784% | |
| | (1 Month USD LIBOR + 270 bps), 3/25/29 (144A) | 3,529,884 |
| 840,000(a) | Bellemeade Re, Ltd., Series 2020-3A, Class B1, 9.434% | |
| | (1 Month USD LIBOR + 635 bps), 10/25/30 (144A) | 825,027 |
| 3,630,000(a) | Bellemeade Re, Ltd., Series 2020-3A, Class M2, 7.934% | |
| | (1 Month USD LIBOR + 485 bps), 10/25/30 (144A) | 3,597,061 |
| 1,450,000(a) | Bellemeade Re, Ltd., Series 2020-4A, Class B1, 8.084% | |
| | (1 Month USD LIBOR + 500 bps), 6/25/30 (144A) | 1,405,168 |
| 8,610,000(a) | Bellemeade Re, Ltd., Series 2021-3A, Class M2, 5.431% | |
| | (SOFR30A + 315 bps), 9/25/31 (144A) | 7,372,204 |
| 5,270,000(a) | Bellemeade Re, Ltd., Series 2022-1, Class M1C, 5.981% | |
| | (SOFR30A + 370 bps), 1/26/32 (144A) | 4,918,586 |
| 8,062,000(c) | BINOM Securitization Trust, Series 2022-RPL1, Class M3, | |
| | 3.00%, 2/25/61 (144A) | 6,649,129 |
| 3,223,809(c) | Brean Asset Backed Securities Trust, Series 2021-RM1, | |
| | Class A, 1.40%, 10/25/63 (144A) | 2,750,419 |
| 2,543,609 | Brean Asset Backed Securities Trust, Series 2021-RM2, | |
| | Class M1, 1.75%, 10/25/61 (144A) | 2,031,415 |
| 3,243,881(c) | Cascade Funding Mortgage Trust, Series 2019-RM3, | |
| | Class C, 4.00%, 6/25/69 (144A) | 3,060,863 |
| 2,150,000 | Cascade MH Asset Trust, Series 2021-MH1, Class B1, | |
| | 4.573%, 2/25/46 (144A) | 1,667,027 |
| 4,000,000(c) | Cascade MH Asset Trust, Series 2021-MH1, Class B3, | |
| | 7.714%, 2/25/46 (144A) | 3,060,756 |
| 1,250,000(c) | CFMT LLC, Series 2021-HB5, Class M4, 5.683%, | |
| | 2/25/31 (144A) | 1,148,515 |
| 12,000,000(c) | CFMT LLC, Series 2021-HB7, Class M4, 5.072%, | |
| | 10/27/31 (144A) | 10,794,484 |
| 2,650,964(c) | CIM Trust, Series 2021-J2, Class B2, 2.674%, | |
| | 4/25/51 (144A) | 2,040,261 |
| 3,136,813(c) | CIM Trust, Series 2021-J2, Class B3, 2.674%, | |
| | 4/25/51 (144A) | 2,373,805 |
| 5,264,850(c) | Citigroup Mortgage Loan Trust, Series 2018-RP3, | |
| | Class B2, 3.25%, 3/25/61 (144A) | 3,881,051 |
The accompanying notes are an integral part of these financial statements.
26 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Principal | | | |
| Amount | | | |
| USD ($) | | Value |
| | COLLATERALIZED MORTGAGE | | |
| | OBLIGATIONS — (continued) | | |
| 8,853,748(c) | Citigroup Mortgage Loan Trust, Series 2021-INV2, | | |
| | Class B1W, 2.988%, 5/25/51 (144A) | $ 6,723,643 |
| 2,029,190(c) | Citigroup Mortgage Loan Trust, Inc., Series 2018-RP1, | |
| | Class B2, 3.154%, 9/25/64 (144A) | | 1,535,580 |
| 3,920,000(a) | Connecticut Avenue Securities Trust, Series 2020-SBT1, | |
| | Class 1M2, 6.734% (1 Month USD LIBOR + 365 bps), | | |
| | 2/25/40 (144A) | | 3,838,050 |
| 4,940,000(a) | Connecticut Avenue Securities Trust, Series 2020-SBT1, | |
| | Class 2M2, 6.734% (1 Month USD LIBOR + | | |
| | 365 bps), 2/25/40 (144A) | | 4,885,347 |
| 21,230,000(a) | Connecticut Avenue Securities Trust, Series 2022-R02, | |
| | Class 2B1, 6.781% (SOFR30A + 450 bps), | | |
| | 1/25/42 (144A) | | 18,974,332 |
| 613,024(c) | CSFB Mortgage-Backed Pass-Through Certificates, | | |
| | Series 2003-17, Class B1, 5.50% 6/25/33 | | 6 |
| 2,638,958(c) | CSMC, Series 2021-RPL2, Class M3, 3.478%, | | |
| | 1/25/60 (144A) | | 1,865,519 |
| 11,200,000(a) | Eagle Re, Ltd., Series 2019-1, Class B1, 7.584% (1 Month | |
| | USD LIBOR + 450 bps), 4/25/29 (144A) | | 10,688,681 |
| 10,620,000(a) | Eagle Re, Ltd., Series 2021-2, Class M2, 6.531% | | |
| | (SOFR30A + 425 bps), 4/25/34 (144A) | | 9,898,324 |
| 3,085,000(a) | Fannie Mae Connecticut Avenue Securities, Series | | |
| | 2018-C03, Class 1B1, 6.834% (1 Month USD LIBOR + | | |
| | 375 bps), 10/25/30 | | 3,048,513 |
| 1,170,000(a) | Fannie Mae Connecticut Avenue Securities, | | |
| | Series 2021-R02, Class 2B2, 8.481% (SOFR30A + | | |
| | 620 bps), 11/25/41 (144A) | | 998,700 |
| 9,695,277(a)(d) | Federal Home Loan Mortgage Corp. REMICs, | | |
| | Series 4087, Class SB, 3.212% (1 Month USD |
| | LIBOR + 603 bps), 7/15/42 | | 976,292 |
| 5,166,623(a)(d) | Federal Home Loan Mortgage Corp. REMICs, | | |
| | Series 4091, Class SH, 3.732% (1 Month USD |
| | LIBOR + 655 bps), 8/15/42 | | 604,935 |
| 2,479,357(d) | Federal Home Loan Mortgage Corp. REMICs, | | |
| | Series 4999, Class QI, 4.00%, 5/25/50 | | 485,426 |
| 5,084,400(d) | Federal Home Loan Mortgage Corp. REMICs, Series 5018, | |
| | Class EI, 4.00%, 10/25/50 | | 1,051,936 |
| 3,047,518(d) | Federal Home Loan Mortgage Corp. REMICs, Series 5067, | |
| | Class GI, 4.00%, 12/25/50 | | 594,129 |
| 248,737 | Federal National Mortgage Association REMICs, Series | |
| | 2009-36, Class HX, 4.50%, 6/25/29 | | 246,692 |
| 2,957,351(a)(d) | Federal National Mortgage Association REMICs, Series | |
| | 2012-14, Class SP, 3.466% (1 Month USD | | |
| | LIBOR + 655 bps), 8/25/41 | | 238,009 |
| 2,063,821(a)(d) | Federal National Mortgage Association REMICs, | | |
| | Series 2018-43, Class SM, 3.116% (1 Month USD |
| | LIBOR + 620 bps), 6/25/48 | | 194,300 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 27
Schedule of Investments | 9/30/22 (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | COLLATERALIZED MORTGAGE | |
| | OBLIGATIONS — (continued) | |
| 2,540,105(a)(d) | Federal National Mortgage Association REMICs, | |
| | Series 2019-33, Class S, 2.966% (1 Month USD |
| | LIBOR + 605 bps), 7/25/49 | $ 156,643 |
| 2,005,941(a)(d) | Federal National Mortgage Association REMICs, | |
| | Series 2019-41, Class PS, 2.966% (1 Month USD |
| | LIBOR + 605 bps), 8/25/49 | 217,942 |
| 1,935,608(a)(d) | Federal National Mortgage Association REMICs, | |
| | Series 2019-41, Class SM, 2.966% (1 Month USD |
| | LIBOR + 605 bps), 8/25/49 | 202,976 |
| 2,209,996(d) | Federal National Mortgage Association REMICs, | |
| | Series 2020-83, Class EI, 4.00%, 11/25/50 | 455,307 |
| 228,223,240(c)(d) | Flagstar Mortgage Trust, Series 2021-4, Class AX1, | |
| | 0.209%, 6/1/51 (144A) | 2,216,253 |
| 5,800,599(c) | Flagstar Mortgage Trust, Series 2021-7, Class B3, | |
| | 2.935%, 8/25/51 (144A) | 3,895,534 |
| 2,440,983(a) | Freddie Mac STACR REMIC Trust, Series 2020-DNA3, | |
| | Class B1, 8.184% (1 Month USD LIBOR + | |
| | 510 bps), 6/25/50 (144A) | 2,465,394 |
| 6,630,000(a) | Freddie Mac STACR REMIC Trust, Series 2020-DNA4, | |
| | Class B1, 9.084% (1 Month USD LIBOR + | |
| | 600 bps), 8/25/50 (144A) | 6,849,562 |
| 4,120,000(a) | Freddie Mac STACR REMIC Trust, Series 2020-DNA4, | |
| | Class B2, 13.084% (1 Month USD LIBOR + | |
| | 1,000 bps), 8/25/50 (144A) | 4,382,241 |
| 3,585,000(a) | Freddie Mac STACR REMIC Trust, Series 2020-DNA5, | |
| | Class B1, 7.081% (SOFR30A + 480 bps), | |
| | 10/25/50 (144A) | 3,608,871 |
| 2,935,000(a) | Freddie Mac STACR REMIC Trust, Series 2020-DNA5, | |
| | Class B2, 13.781% (SOFR30A + 1,150 bps), |
| | 10/25/50 (144A) | 3,307,270 |
| 2,910,000(a) | Freddie Mac STACR REMIC Trust, Series 2020-DNA6, | |
| | Class B1, 5.281% (SOFR30A + 300 bps), | |
| | 12/25/50 (144A) | 2,690,403 |
| 2,630,000(a) | Freddie Mac STACR REMIC Trust, Series 2020-DNA6, | |
| | Class B2, 7.931% (SOFR30A + 565 bps), | |
| | 12/25/50 (144A) | 2,162,602 |
| 2,669,527(a) | Freddie Mac STACR REMIC Trust, Series 2020-HQA2, | |
| | Class M2, 6.184% (1 Month USD LIBOR + 310 bps), | |
| | 3/25/50 (144A) | 2,668,113 |
| 2,670,000(a) | Freddie Mac STACR REMIC Trust, Series 2020-HQA3, | |
| | Class B2, 13.084% (1 Month USD LIBOR + | |
| | 1,000 bps), 7/25/50 (144A) | 3,003,757 |
| 3,190,000(a) | Freddie Mac STACR REMIC Trust, Series 2020-HQA4, | |
| | Class B1, 8.334% (1 Month USD LIBOR + | |
| | 525 bps), 9/25/50 (144A) | 3,170,085 |
| 2,650,000(a) | Freddie Mac STACR REMIC Trust, Series 2020-HQA4, | |
| | Class B2, 12.484% (1 Month USD LIBOR + | |
| | 940 bps), 9/25/50 (144A) | 2,880,912 |
The accompanying notes are an integral part of these financial statements.
28 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | COLLATERALIZED MORTGAGE | |
| | OBLIGATIONS — (continued) | |
| 9,920,000(a) | Freddie Mac STACR REMIC Trust, Series 2021-DNA1, | |
| | Class B1, 4.931% (SOFR30A + 265 bps), 1/25/51 (144A) | $ 8,964,266 |
| 7,075,000(a) | Freddie Mac STACR REMIC Trust, Series 2021-DNA1, | |
| | Class B2, 7.031% (SOFR30A + 475 bps), 1/25/51 (144A) | 5,308,424 |
| 8,025,000(a) | Freddie Mac STACR REMIC Trust, Series 2021-DNA5, | |
| | Class B1, 5.331% (SOFR30A + 305 bps), 1/25/34 (144A) | 7,119,734 |
| 5,240,000(a) | Freddie Mac STACR REMIC Trust, Series 2021-DNA7, | |
| | Class B1, 5.931% (SOFR30A + 365 bps), 11/25/41 (144A) | 4,611,203 |
| 6,410,000(a) | Freddie Mac STACR REMIC Trust, Series 2021-HQA1, | |
| | Class B2, 7.281% (SOFR30A + 500 bps), 8/25/33 (144A) | 4,962,964 |
| 8,890,000(a) | Freddie Mac STACR REMIC Trust, Series 2021-HQA4, | |
| | Class B1, 6.031% (SOFR30A + 375 bps), | |
| | 12/25/41 (144A) | 7,785,267 |
| 3,650,000(a) | Freddie Mac STACR REMIC Trust, Series 2022-DNA1, | |
| | Class B1, 5.681% (SOFR30A + 340 bps), | |
| | 1/25/42 (144A) | 3,159,768 |
| 21,610,000(a) | Freddie Mac STACR REMIC Trust, Series 2022-DNA2, | |
| | Class B1, 7.031% (SOFR30A + 475 bps), 2/25/42 (144A) | 19,389,527 |
| 4,500,000(a) | Freddie Mac STACR REMIC Trust, Series 2022-DNA3, | |
| | Class M1B, 5.181% (SOFR30A + 290 bps), | |
| | 4/25/42 (144A) | 4,246,869 |
| 8,860,000(a) | Freddie Mac STACR REMIC Trust, Series 2022-DNA3, | |
| | Class M2, 6.631% (SOFR30A + 435 bps), | |
| | 4/25/42 (144A) | 8,129,038 |
| 1,345,000(a) | Freddie Mac STACR REMIC Trust, Series 2022-HQA1, | |
| | Class M1B, 5.781% (SOFR30A + 350 bps), | |
| | 3/25/42 (144A) | 1,287,004 |
| 2,670,000(a) | Freddie Mac STACR REMIC Trust, Series 2022-HQA1, | |
| | Class M2, 7.531% (SOFR30A + 525 bps), | |
| | 3/25/42 (144A) | 2,456,519 |
| 3,000,000(a) | Freddie Mac STACR Trust, Series 2019-HQA1, Class B1, | |
| | 7.484% (1 Month USD LIBOR + 440 bps), | |
| | 2/25/49 (144A) | 2,979,564 |
| 5,510,000(a) | Freddie Mac STACR Trust, Series 2019-HRP1, Class B1, | |
| | 7.134% (1 Month USD LIBOR + 405 bps), | |
| | 2/25/49 (144A) | 5,264,642 |
| 3,630,000(a) | Freddie Mac Structured Agency Credit Risk Debt Notes, | |
| | Series 2017-HRP1, Class B1D, 5.584% (1 Month USD | |
| | LIBOR + 250 bps), 12/25/42 | 3,338,573 |
| 4,110,000(a) | Freddie Mac Structured Agency Credit Risk Debt Notes, | |
| | Series 2020-HQA5, Class B1, 6.281% | |
| | (SOFR30A + 400 bps), 11/25/50 (144A) | 3,744,104 |
| 6,250,000(a) | Freddie Mac Structured Agency Credit Risk Debt Notes, | |
| | Series 2020-HQA5, Class B2, 9.681% | |
| | (SOFR30A + 740 bps), 11/25/50 (144A) | 5,635,032 |
| 4,660,000(a) | Freddie Mac Structured Agency Credit Risk Debt Notes, | |
| | Series 2021-DNA2, Class B1, 5.681% | |
| | (SOFR30A + 340 bps), 8/25/33 (144A) | 4,194,188 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 29
Schedule of Investments | 9/30/22 (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | COLLATERALIZED MORTGAGE | |
| | OBLIGATIONS — (continued) | |
| 2,040,000(a) | Freddie Mac Structured Agency Credit Risk Debt Notes, | |
| | Series 2021-DNA2, Class B2, 8.281% | |
| | (SOFR30A + 600 bps), 8/25/33 (144A) | $ 1,609,285 |
| 171,915 | Global Mortgage Securitization, Ltd., Series 2004-A, | |
| | Class B2, 5.25%, 11/25/32 (144A) | 443 |
| 1,245,677 | Government National Mortgage Association, | |
| | Series 2009-83, Class EB, 4.50%, 9/20/39 | 1,244,771 |
| 217,254 | Government National Mortgage Association, | |
| | Series 2012-130, Class PA, 3.00%, 4/20/41 | 215,481 |
| 2,208,777(a)(d) | Government National Mortgage Association, | |
| | Series 2019-103, Class SB, 3.036% (1 Month USD | |
| | LIBOR + 605 bps), 8/20/49 | 195,025 |
| 11,178,986(d) | Government National Mortgage Association, | |
| | Series 2019-110, Class PI, 3.50%, 9/20/49 | 1,426,773 |
| 18,441,431(a)(d) | Government National Mortgage Association, | |
| | Series 2019-117, Class SB, 0.406% (1 Month USD | |
| | LIBOR + 342 bps), 9/20/49 | 424,039 |
| 18,333,442(a)(d) | Government National Mortgage Association, | |
| | Series 2019-121, Class SA, 0.336% (1 Month USD | |
| | LIBOR + 335 bps), 10/20/49 | 510,863 |
| 26,513,172(d) | Government National Mortgage Association, | |
| | Series 2019-128, Class IB, 3.50%, 10/20/49 | 4,487,140 |
| 26,681,100(d) | Government National Mortgage Association, | |
| | Series 2019-128, Class ID, 3.50%, 10/20/49 | 3,461,051 |
| 12,127,856(d) | Government National Mortgage Association, | |
| | Series 2019-159, Class CI, 3.50%, 12/20/49 | 2,138,022 |
| 7,966,502(a)(d) | Government National Mortgage Association, | |
| | Series 2019-90, Class SA, 0.286% (1 Month USD |
| | LIBOR + 330 bps), 7/20/49 | 109,842 |
| 2,144,486(d) | Government National Mortgage Association, | |
| | Series 2020-15, Class IM, 3.50%, 2/20/50 | 432,667 |
| 5,051,209(d) | Government National Mortgage Association, | |
| | Series 2020-7, Class CI, 3.50%, 1/20/50 | 1,060,048 |
| 15,700,986(a)(d) | Government National Mortgage Association, | |
| | Series 2020-9, Class SA, 0.336% (1 Month USD |
| | LIBOR + 335 bps), 1/20/50 | 345,568 |
| 2,503,326(c) | GS Mortgage-Backed Securities Corp. Trust, | |
| | Series 2019-PJ3, Class B4, 3.985%, 3/25/50 (144A) | 1,927,729 |
| 1,490,000(c) | GS Mortgage-Backed Securities Corp. Trust, | |
| | Series 2019-PJ3, Class B5, 3.985%, 3/25/50 (144A) | 839,097 |
| 4,900,000(c) | GS Mortgage-Backed Securities Corp. Trust, | |
| | Series 2021-RPL1, Class B1, 2.75%, 12/25/60 (144A) | 3,833,743 |
| 9,640,000(c) | GS Mortgage-Backed Securities Corp. Trust, | |
| | Series 2022-PJ4, Class A33, 3.00%, 9/25/52 (144A) | 6,641,449 |
| 1,967,069(c) | GS Mortgage-Backed Securities Trust, Series 2021-GR3, | |
| | Class B2, 3.39%, 4/25/52 (144A) | 1,420,724 |
| 2,585,558(c) | GS Mortgage-Backed Securities Trust, Series 2021-PJ9, | |
| | Class B3, 2.936%, 2/26/52 (144A) | 1,837,666 |
The accompanying notes are an integral part of these financial statements.
30 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | COLLATERALIZED MORTGAGE | |
| | OBLIGATIONS — (continued) | |
| 2,949,916(c) | GS Mortgage-Backed Securities Trust, Series 2022-MM1, | |
| | Class B3, 2.821%, 7/25/52 (144A) | $ 2,085,971 |
| 4,709,630(c) | GS Mortgage-Backed Securities Trust, Series 2022-PJ1, | |
| | Class B3, 2.834%, 5/28/52 (144A) | 3,126,726 |
| 4,328,933(c) | GS Mortgage-Backed Securities Trust, Series 2022-PJ5, | |
| | Class B3, 3.001%, 10/25/52 (144A) | 3,021,430 |
| 1,220,000(a) | Home Re, Ltd., Series 2020-1, Class B1, 10.084% | |
| | (1 Month USD LIBOR + 700 bps), 10/25/30 (144A) | 1,228,063 |
| 2,870,000(a) | Home Re, Ltd., Series 2020-1, Class M2, 8.334% | |
| | (1 Month USD LIBOR + 525 bps), 10/25/30 (144A) | 2,914,982 |
| 5,640,000(a) | Home Re, Ltd., Series 2021-1, Class M2, 5.934% | |
| | (1 Month USD LIBOR + 285 bps), 7/25/33 (144A) | 5,184,845 |
| 79,717,015(c)(d) | Hundred Acre Wood Trust, Series 2021- INV1, Class | |
| | AX1, 0.224%, 7/25/51 (144A) | 890,862 |
| 2,640,118(c) | Hundred Acre Wood Trust, Series 2021- INV1, | |
| | Class B2, 3.224%, 7/25/51 (144A) | 1,995,857 |
| 4,350,000(c) | Imperial Fund Mortgage Trust, Series 2021- NQM2, | |
| | Class B2, 4.321%, 9/25/56 (144A) | 2,793,944 |
| 931,000(c) | JP Morgan Mortgage Trust, Series 2018- 7FRB, | |
| | Class B5, 3.525%, 4/25/46 (144A) | 799,669 |
| 146,728,741(c)(d) | JP Morgan Mortgage Trust, Series 2021-10, Class AX1, | |
| | 0.123%, 12/25/51 (144A) | 780,700 |
| 4,619,464(c) | JP Morgan Mortgage Trust, Series 2021-14, | |
| | Class B1, 3.161%, 5/25/52 (144A) | 3,547,299 |
| 1,968,969(c) | JP Morgan Mortgage Trust, Series 2021-15, | |
| | Class B1, 3.121%, 6/25/52 (144A) | 1,482,488 |
| 2,000,000(c) | JP Morgan Mortgage Trust, Series 2021-3, | |
| | Class A5, 2.50%, 7/25/51 (144A) | 1,346,416 |
| 6,577,444(c) | JP Morgan Mortgage Trust, Series 2021-7, | |
| | Class B3, 2.803%, 11/25/51 (144A) | 4,257,166 |
| 129,882,825(c)(d) | JP Morgan Mortgage Trust, Series 2021-8, | |
| | Class AX1, 0.126%, 12/25/51 (144A) | 697,731 |
| 8,437,349(c) | JP Morgan Mortgage Trust, Series 2021-8, | |
| | Class B3, 2.851%, 12/25/51 (144A) | 5,473,043 |
| 2,029,877(c) | JP Morgan Mortgage Trust, Series 2021-INV1, | |
| | Class B3, 2.987%, 10/25/51 (144A) | 1,410,457 |
| 1,726,751(c) | JP Morgan Mortgage Trust, Series 2021-INV1, | |
| | Class B4, 2.987%, 10/25/51 (144A) | 922,779 |
| 4,097,983(c) | JP Morgan Mortgage Trust, Series 2021- INV4, | |
| | Class B2, 3.227%, 1/25/52 (144A) | 2,979,428 |
| 4,317,518(c) | JP Morgan Mortgage Trust, Series 2021-INV4, | |
| | Class B3, 3.227%, 1/25/52 (144A) | 3,057,388 |
| 4,366,249(c) | JP Morgan Mortgage Trust, Series 2021- INV6, | |
| | Class A5A, 2.50%, 4/25/52 (144A) | 3,423,584 |
| 4,698,535(c) | JP Morgan Mortgage Trust, Series 2022-3, | |
| | Class B3, 3.117%, 8/25/52 (144A) | 3,328,351 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 31
Schedule of Investments | 9/30/22 (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | COLLATERALIZED MORTGAGE | |
| | OBLIGATIONS — (continued) | |
| 5,650,000(c) | JP Morgan Mortgage Trust, Series 2022-4, | |
| | Class A5, 3.00%, 10/25/52 (144A) | $ 3,960,833 |
| 5,598,531(c) | JP Morgan Mortgage Trust, Series 2022-4, Class B3, | |
| | 3.263%, 10/25/52 (144A) | 3,769,636 |
| 5,987,632(c) | JP Morgan Mortgage Trust, Series 2022-5, Class B3, | |
| | 2.959%, 9/25/52 (144A) | 3,983,311 |
| 4,717,989(c) | JP Morgan Mortgage Trust, Series 2022-6, Class B3, | |
| | 3.309%, 11/25/52 (144A) | 3,283,528 |
| 8,672,963(c) | JP Morgan Mortgage Trust, Series 2022-INV1, Class B3, | |
| | 3.30%, 3/25/52 (144A) | 6,011,545 |
| 6,136,644(c) | JP Morgan Mortgage Trust, Series 2022-INV3, Class B3, | |
| | 3.393%, 9/25/52 (144A) | 4,317,444 |
| 8,736,148(c) | JP Morgan Mortgage Trust, Series 2022-LTV2, Class B3, | |
| | 3.683%, 9/25/52 (144A) | 6,698,434 |
| 6,153,231(a) | JPMorgan Chase Bank N.A. - CHASE, Series 2020-CL1, | |
| | Class M3, 6.434% (1 Month USD LIBOR + 335 bps), | |
| | 10/25/57 (144A) | 6,163,849 |
| 2,402,482(a) | JPMorgan Chase Bank N.A. - JPMWM, Series 2021-CL1, | |
| | Class M3, 4.081% (SOFR30A + 180 bps), 3/25/51 (144A) | 2,257,846 |
| 2,131,779(a) | JPMorgan Chase Bank N.A. - JPMWM, Series 2021-CL1, | |
| | Class M4, 5.031% (SOFR30A + 275 bps), 3/25/51 (144A) | 1,988,056 |
| 1,144,758 | La Hipotecaria El Salvadorian Mortgage Trust, | |
| | Series 2016-1A, Class A, 3.358%, 1/15/46 (144A) | 1,081,797 |
| 2,125,680 | La Hipotecaria Mortgage Trust, Series 2019-2A, | |
| | Class BBB, 4.75%, 9/29/46 (144A) | 2,019,396 |
| 349,197(a) | La Hipotecaria Panamanian Mortgage Trust, | |
| | Series 2010-1GA, Class A, 2.75% (Panamanian |
| | Mortgage Reference Rate - 300 bps), 9/8/39 (144A) | 336,102 |
| 6,851,006 | La Hipotecaria Panamanian Mortgage Trust, | |
| | Series 2021-1, Class GA, 4.35%, 7/13/52 (144A) | 6,354,308 |
| 3,132,957(c) | Mello Mortgage Capital Acceptance, Series 2021-MTG1, | |
| | Class B2, 2.644%, 4/25/51 (144A) | 2,118,741 |
| 4,061,078(c) | Mello Mortgage Capital Acceptance, Series 2021-MTG2, | |
| | Class B2, 2.669%, 6/25/51 (144A) | 2,735,053 |
| 6,141,081(c) | Mello Mortgage Capital Acceptance, Series 2022-INV2, | |
| | Class B1, 3.531%, 4/25/52 (144A) | 4,501,636 |
| 8,160,704(c) | Mello Mortgage Capital Acceptance, Series 2022-INV2, | |
| | Class B3, 3.531%, 4/25/52 (144A) | 5,419,106 |
| 4,347,395(c) | MFA Trust, Series 2021-AEI2, Class B3, 3.292%, | |
| | 10/25/51 (144A) | 3,142,623 |
| 7,172,000(c) | MFA Trust, Series 2021-RPL1, Class M2, 2.855%, | |
| | 7/25/60 (144A) | 5,494,970 |
| 2,956,866(c) | Mill City Mortgage Loan Trust, Series 2017-3, Class B2, | |
| | 3.25%, 1/25/61 (144A) | 2,488,790 |
| 6,145,000(c) | Mill City Mortgage Loan Trust, Series 2019- GS1, | |
| | Class M3, 3.25%, 7/25/59 (144A) | 4,872,222 |
The accompanying notes are an integral part of these financial statements.
32 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | COLLATERALIZED MORTGAGE | |
| | OBLIGATIONS — (continued) | |
| 1,360,273(c) | Morgan Stanley Residential Mortgage Loan Trust, | |
| | Series 2021-1, Class B3, 2.95%, 3/25/51 (144A) | $ 910,906 |
| 6,296,354(c) | Morgan Stanley Residential Mortgage Loan Trust, | |
| | Series 2021-2, Class B2, 2.901%, 5/25/51 (144A) | 4,412,332 |
| 8,760,139(a) | New Residential Mortgage Loan Trust, Series 2020-2A, | |
| | Class B4A, 3.868% (1 Month USD LIBOR + 250 bps), | |
| | 10/25/46 (144A) | 8,321,663 |
| 13,903,950(c) | New Residential Mortgage Loan Trust, Series | |
| | 2020-RPL1, Class B1, 3.879%, 11/25/59 (144A) | 10,287,977 |
| 3,500,000 | NYMT Loan Trust, Series 2022-CP1, Class M2, 3.514%, | |
| | 7/25/61 (144A) | 2,862,606 |
| 2,630,000(a) | Oaktown Re V, Ltd., Series 2020-2A, Class M2, 8.334% | |
| | (1 Month USD LIBOR + 525 bps), 10/25/30 (144A) | 2,649,097 |
| 2,762,427(c) | Oceanview Mortgage Trust, Series 2021-1, Class B2, | |
| | 2.723%, 5/25/51 (144A) | 1,940,023 |
| 3,145,297(c) | Oceanview Mortgage Trust, Series 2021-1, Class B3A, | |
| | 3.243%, 6/25/51 (144A) | 2,233,812 |
| 2,552,331(c) | Oceanview Mortgage Trust, Series 2021-3, Class B3, | |
| | 2.715%, 6/25/51 (144A) | 1,279,772 |
| 1,928,079(c) | PRMI Securitization Trust, Series 2021-1, Class B2, | |
| | 2.479%, 4/25/51 (144A) | 1,289,277 |
| 3,676,847(c) | PRMI Securitization Trust, Series 2021-1, Class B3, | |
| | 2.479%, 4/25/51 (144A) | 2,346,330 |
| 2,882,078(c) | Provident Funding Mortgage Trust, Series 2021-1, | |
| | Class B1, 2.384%, 4/25/51 (144A) | 2,121,274 |
| 2,797,852(c) | Provident Funding Mortgage Trust, Series 2021-2, | |
| | Class B2, 2.355%, 4/25/51 (144A) | 1,903,091 |
| 2,860,357(c) | Provident Funding Mortgage Trust, Series 2021-INV1, | |
| | Class B3, 2.783%, 8/25/51 (144A) | 1,995,479 |
| 2,378,731(c) | Provident Funding Mortgage Trust, Series 2021-J1, | |
| | Class B2, 2.638%, 10/25/51 (144A) | 1,676,881 |
| 3,488,482(c) | Provident Funding Mortgage Trust, Series 2021-J1, | |
| | Class B3, 2.638%, 10/25/51 (144A) | 2,356,291 |
| 3,975,000(a) | Radnor Re, Ltd., Series 2021-2, Class M2, 7.281% | |
| | (SOFR30A + 500 bps), 11/25/31 (144A) | 3,496,154 |
| 3,431,249(c) | Rate Mortgage Trust, Series 2021-HB1, Class B2, | |
| | 2.704%, 12/25/51 (144A) | 2,423,354 |
| 1,876,403(c) | Rate Mortgage Trust, Series 2021-HB1, Class B3, | |
| | 2.704%, 12/25/51 (144A) | 1,207,102 |
| 4,360,273(c) | Rate Mortgage Trust, Series 2021-J1, Class B2, | |
| | 2.703%, 7/25/51 (144A) | 3,114,968 |
| 1,782,781(c) | Rate Mortgage Trust, Series 2021-J1, Class B3, | |
| | 2.703%, 7/25/51 (144A) | 1,059,861 |
| 2,290,510(c) | Rate Mortgage Trust, Series 2021-J3, Class B3, | |
| | 2.712%, 10/25/51 (144A) | 1,551,765 |
| 1,723,000(c) | Rate Mortgage Trust, Series 2021-J4, Class B4, | |
| | 2.63%, 11/25/51 (144A) | 595,137 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 33
Schedule of Investments | 9/30/22 (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | COLLATERALIZED MORTGAGE | |
| | OBLIGATIONS — (continued) | |
| 4,041,532(c) | Rate Mortgage Trust, Series 2022-J1, Class B3, | |
| | 2.75%, 1/25/52 (144A) | $ 2,827,338 |
| 2,026,190(c) | RCKT Mortgage Trust, Series 2021-2, Class B3, | |
| | 2.564%, 6/25/51 (144A) | 1,361,322 |
| 10,150,000(c) | RCKT Mortgage Trust, Series 2022-3, Class A17, | |
| | 3.00%, 5/25/52 (144A) | 6,946,789 |
| 5,093,305(c) | RCKT Mortgage Trust, Series 2022-3, Class B2A, | |
| | 3.193%, 5/25/52 (144A) | 3,742,330 |
| 2,441,141(c) | RCKT Mortgage Trust, Series 2022-3, Class B3, | |
| | 3.193%, 5/25/52 (144A) | 1,708,978 |
| 3,000,000(c) | RMF Buyout Issuance Trust, Series 2021-HB1, | |
| | Class M4, 4.704%, 11/25/31 (144A) | 2,669,398 |
| 6,000,000(c) | RMF Buyout Issuance Trust, Series 2021-HB1, | |
| | Class M5, 6.00%, 11/25/31 (144A) | 5,343,246 |
| 3,750,000(c) | RMF Buyout Issuance Trust, Series 2022-HB1, | |
| | Class M5, 4.50%, 4/25/32 (144A) | 2,705,625 |
| 3,120,136(c) | Sequoia Mortgage Trust, Series 2021-1, Class B3, | |
| | 2.662%, 3/25/51 (144A) | 2,053,259 |
| 1,173,548(c) | Sequoia Mortgage Trust, Series 2021-2, Class B4, | |
| | 2.549%, 4/25/51 (144A) | 524,577 |
| 1,203,588(c) | Sequoia Mortgage Trust, Series 2021-3, Class B4, | |
| | 2.653%, 5/25/51 (144A) | 548,002 |
| 2,447,126(c) | Sequoia Mortgage Trust, Series 2021-4, Class B4, | |
| | 2.669%, 6/25/51 (144A) | 1,116,855 |
| 1,532,480(c) | Sequoia Mortgage Trust, Series 2021-5, Class B4, | |
| | 3.05%, 7/25/51 (144A) | 754,326 |
| 1,783,000(c) | Sequoia Mortgage Trust, Series 2021-9, Class B4, | |
| | 2.865%, 1/25/52 (144A) | 662,823 |
| 4,100,000(c) | Sequoia Mortgage Trust, Series 2022-1, Class A7, | |
| | 2.50%, 2/25/52 (144A) | 2,698,665 |
| 2,743,712(c) | Sequoia Mortgage Trust, Series 2022-1, Class B4, | |
| | 2.947%, 2/25/52 (144A) | 1,089,338 |
| 3,405,000(a) | STACR Trust, Series 2018-DNA3, Class B1, 6.984% | |
| | (1 Month USD LIBOR + 390 bps), 9/25/48 (144A) | 3,370,950 |
| 4,550,000(a) | STACR Trust, Series 2018-HRP2, Class B1, 7.284% | |
| | (1 Month USD LIBOR + 420 bps), 2/25/47 (144A) | 4,447,621 |
| 5,000,000(c) | Towd Point Mortgage Trust, Series 2017-1, Class B3, | |
| | 3.779%, 10/25/56 (144A) | 3,983,510 |
| 6,374,998(c) | Towd Point Mortgage Trust, Series 2017-3, Class B3, | |
| | 3.828%, 7/25/57 (144A) | 5,415,709 |
| 3,750,000(c) | Towd Point Mortgage Trust, Series 2019-4, Class M2B, | |
| | 3.25%, 10/25/59 (144A) | 2,906,614 |
| 9,599,281(c) | Towd Point Mortgage Trust, Series 2021-R1, Class A1, | |
| | 2.918%, 11/30/60 (144A) | 8,449,527 |
| 830,000(a) | Triangle Re, Ltd., Series 2020-1, Class B1, 10.834% | |
| | (1 Month USD LIBOR + 775 bps), 10/25/30 (144A) | 833,918 |
The accompanying notes are an integral part of these financial statements.
34 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | COLLATERALIZED MORTGAGE | |
| | OBLIGATIONS — (continued) | |
| 2,184,096(a) | Triangle Re, Ltd., Series 2020-1, Class M2, 8.684% | |
| | (1 Month USD LIBOR + 560 bps), 10/25/30 (144A) | $ 2,189,417 |
| 1,830,000(a) | Triangle Re, Ltd., Series 2021-1, Class B1, 7.584% | |
| | (1 Month USD LIBOR + 450 bps), 8/25/33 (144A) | 1,801,168 |
| 1,422,142(a) | Triangle Re, Ltd., Series 2021-1, Class M1C, 6.484% | |
| | (1 Month USD LIBOR + 340 bps), 8/25/33 (144A) | 1,421,775 |
| 11,400,000(a) | Triangle Re, Ltd., Series 2021-1, Class M2, 6.984% | |
| | (1 Month USD LIBOR + 390 bps), 8/25/33 (144A) | 11,349,558 |
| 3,500,000(a) | Triangle Re, Ltd., Series 2021-3, Class B1, 7.231% | |
| | (SOFR30A + 495 bps), 2/25/34 (144A) | 3,104,261 |
| 7,030,266(c) | UWM Mortgage Trust, Series 2021-INV4, | |
| | Class B2, 3.23%, 12/25/51 (144A) | 5,105,355 |
| 800,000(c) | Visio Trust, Series 2019-2, Class B1, 3.91%, | |
| | 11/25/54 (144A) | 660,368 |
| 2,250,000(c) | Wells Fargo Mortgage Backed Securities Trust, | |
| | Series 2022-2, Class A5, 3.00%, 12/25/51 (144A) | 1,546,813 |
| 8,970,000(c) | Wells Fargo Mortgage Backed Securities Trust, | |
| | Series 2022-2, Class A6, 2.50%,12/25/51 (144A) | 5,886,675 |
| 8,547,267(c) | Wells Fargo Mortgage Backed Securities Trust, | |
| | Series 2022-INV1, Class B3, 3.444%, 3/25/52 (144A) | 5,989,375 |
| | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | |
| | (Cost $771,662,684) | $ 624,764,278 |
| | COMMERCIAL MORTGAGE-BACKED |
| | SECURITIES — 8.9% of Net Assets | |
| 5,800,000(a) | Alen Mortgage Trust, Series 2021-ACEN, Class E, | |
| | 6.818% (1 Month USD LIBOR + 400 bps), | |
| | 4/15/34 (144A) | $ 5,233,043 |
| 3,600,000(a) | AREIT Trust, Series 2022-CRE6, Class D, 5.134% | |
| | (SOFR30A + 285 bps), 1/16/37 (144A) | 3,403,819 |
| 5,854,124(d)(e) | Bayview Commercial Asset Trust, Series 2007-2A, | |
| | Class IO, 0.000%, 7/25/37 (144A) | 1 |
| 4,500,000 | Benchmark Mortgage Trust, Series 2018-B5, Class A3, | |
| | 3.944%, 7/15/51 | 4,168,197 |
| 2,025,000(c) | Benchmark Mortgage Trust, Series 2020-IG3, Class B, | |
| | 3.39%, 9/15/48 (144A) | 1,617,978 |
| 2,000,000(a) | BSREP Commercial Mortgage Trust, Series 2021-DC, | |
| | Class G, 6.668% (1 Month USD LIBOR + 385 bps), | |
| | 8/15/38 (144A) | 1,770,390 |
| 4,325,000(a) | BX Commercial Mortgage Trust, Series 2021-VOLT, | |
| | Class F, 5.218% (1 Month USD LIBOR + 240 bps), | |
| | 9/15/36 (144A) | 3,976,319 |
| 5,375,000(a) | BX Commercial Mortgage Trust, Series 2021-VOLT, | |
| | Class G, 5.668% (1 Month USD LIBOR + 285 bps), | |
| | 9/15/36 (144A) | 4,919,837 |
| 17,000,000(a) | BX Trust, Series 2021-ARIA, Class E, 5.063% (1 Month | |
| | USD LIBOR + 224 bps), 10/15/36 (144A) | 15,635,266 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 35
Schedule of Investments | 9/30/22 (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | COMMERCIAL MORTGAGE-BACKED | |
| | SECURITIES — (continued) | |
| 5,875,000(a) | BX Trust, Series 2022-PSB, Class F, 10.178% (1 Month | |
| | Term SOFR + 733 bps), 8/15/39 (144A) | $ 5,878,696 |
| 4,500,000(a) | Capital Funding Mortgage Trust, Series 2021-19, | |
| | Class B, 17.77% (1 Month USD LIBOR + 1,521 bps), | |
| | 11/6/23 (144A) | 4,391,915 |
| 2,500,000 | CFCRE Commercial Mortgage Trust, Series 2018-TAN, | |
| | Class D, 6.099%, 2/15/33 (144A) | 2,439,739 |
| 1,500,000(a) | CGDB Commercial Mortgage Trust, Series 2019-MOB, | |
| | Class F, 5.368% (1 Month USD LIBOR + 255 bps), | |
| | 11/15/36 (144A) | 1,422,676 |
| 9,577,678(a) | CHC Commercial Mortgage Trust, Series 2019-CHC, | |
| | Class E, 5.168% (1 Month USD LIBOR + 235 bps), | |
| | 6/15/34 (144A) | 9,008,599 |
| 3,500,000 | Citigroup Commercial Mortgage Trust, Series 2018-B2, | |
| | Class A3, 3.744%, 3/10/51 | 3,227,259 |
| 795,000 | Citigroup Commercial Mortgage Trust, Series | |
| | 2020-GC46, Class A5, 2.717%, 2/15/53 | 666,311 |
| 2,470,000(a) | CLNY Trust, Series 2019-IKPR, Class E,5.539% | |
| | (1 Month USD LIBOR + 272 bps), 11/15/38 (144A) | 2,296,728 |
| 2,484,000(c) | COMM Mortgage Trust, Series 2015-CR24, Class D, | |
| | 3.463%, 8/10/48 | 2,080,387 |
| 5,227,225(c) | COMM Mortgage Trust, Series 2015-DC1, Class B, | |
| | 4.035%, 2/10/48 | 4,904,036 |
| 2,249,076 | COMM Mortgage Trust, Series 2016-CR28, Class AHR, | |
| | 3.651%, 2/10/49 | 2,154,899 |
| 7,650,000(c) | COMM Mortgage Trust, Series 2020-CBM, Class E, | |
| | 3.754%, 2/10/37 (144A) | 6,593,429 |
| 3,912,000(c) | COMM Mortgage Trust, Series 2020-CBM, Class F, | |
| | 3.754%, 2/10/37 (144A) | 3,293,293 |
| 3,750,000 | COMM Mortgage Trust, Series 2020-CX, Class A, | |
| | 2.173%, 11/10/46 (144A) | 2,937,541 |
| 4,083,017(c) | CSAIL Commercial Mortgage Trust, Series 2015-C1, | |
| | Class C, 4.401%, 4/15/50 | 3,513,364 |
| 2,680,000(c) | CSAIL Commercial Mortgage Trust, Series 2015-C4, | |
| | Class D, 3.711%, 11/15/48 | 2,295,534 |
| 4,106,000 | DBGS Mortgage Trust, Series 2018-C1, Class 7EB, | |
| | 5.237%, 9/15/31 (144A) | 3,960,430 |
| 1,455,000(a) | Freddie Mac Multifamily Structured Credit Risk, | |
| | Series 2021-MN1, Class B1, 10.031% | |
| | (SOFR30A + 775 bps), 1/25/51 (144A) | 1,386,616 |
| 2,750,000(a) | Freddie Mac Multifamily Structured Credit Risk, | |
| | Series 2021-MN1, Class M2, 6.031% | |
| | (SOFR30A + 375 bps), 1/25/51 (144A) | 2,522,539 |
| 6,000,000(a) | Freddie Mac Multifamily Structured Credit Risk, | |
| | Series 2021-MN3, Class M2, 6.281% | |
| | (SOFR30A + 400 bps), 11/25/51 (144A) | 5,322,050 |
The accompanying notes are an integral part of these financial statements.
36 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | COMMERCIAL MORTGAGE-BACKED | |
| | SECURITIES — (continued) | |
| 4,500,000(c) | FREMF Mortgage Trust, Series 2017-KW02, Class B, | |
| | 3.922%, 12/25/26 (144A) | $ 4,058,225 |
| 2,800,000(c) | FREMF Mortgage Trust, Series 2017-KW03, Class B, | |
| | 4.213%, 7/25/27 (144A) | 2,562,579 |
| 2,300,000(c) | FREMF Mortgage Trust, Series 2018-K154, Class B, | |
| | 4.16%, 11/25/32 (144A) | 1,970,965 |
| 1,875,000(c) | FREMF Mortgage Trust, Series 2018-K157, Class B, | |
| | 4.446%, 8/25/33 (144A) | 1,627,949 |
| 3,534,000(c) | FREMF Mortgage Trust, Series 2018-KBX1, Class B, | |
| | 3.69%, 1/25/26 (144A) | 3,217,535 |
| 6,364,000(c) | FREMF Mortgage Trust, Series 2018-KHG1, Class B, | |
| | 3.939%, 12/25/27 (144A) | 5,653,510 |
| 2,010,406(a) | FREMF Mortgage Trust, Series 2018-KSW4, Class C, | |
| | 7.553% (1 Month USD LIBOR + 500 bps), 10/25/28 | 1,869,770 |
| 975,000(c) | FREMF Mortgage Trust, Series 2018-KW07, Class B, | |
| | 4.223%, 10/25/31 (144A) | 877,548 |
| 2,900,000(c) | FREMF Mortgage Trust, Series 2019-K88, Class C, | |
| | 4.529%, 2/25/52 (144A) | 2,647,556 |
| 6,087,442(c) | FREMF Mortgage Trust, Series 2019-KJ24, Class B, | |
| | 7.60%, 10/25/27 (144A) | 5,505,070 |
| 8,500,000(a) | FREMF Mortgage Trust, Series 2019-KS12, Class C, | |
| | 9.453% (1 Month USD LIBOR + 690 bps), 8/25/29 | 7,608,262 |
| 3,900,000(c) | FREMF Mortgage Trust, Series 2020-K106, Class B, | |
| | 3.708%, 3/25/53 (144A) | 3,393,267 |
| 3,496,024(a) | FREMF Mortgage Trust, Series 2020-KF74, Class C, | |
| | 8.803% (1 Month USD LIBOR + 625 bps), | |
| | 1/25/27 (144A) | 3,404,536 |
| 3,426,692(a) | FREMF Mortgage Trust, Series 2020-KF83, Class C, | |
| | 11.553% (1 Month USD LIBOR + 900 bps), | |
| | 7/25/30 (144A) | 3,315,521 |
| 5,000,000(f) | FREMF Mortgage Trust, Series 2021-K131, Class D, | |
| | 0.000%, 9/25/54 (144A) | 2,259,412 |
| 81,545,722 | FREMF Mortgage Trust, Series 2021-K131, Class X2A, | |
| | 0.10%, 9/25/54 (144A) | 532,216 |
| 18,374,996 | FREMF Mortgage Trust, Series 2021-K131, Class X2B, | |
| | 0.10%, 9/25/54 (144A) | 112,121 |
| 10,000,000(f) | FREMF Mortgage Trust, Series 2021-KG05, Class C, | |
| | 0.000%, 1/25/31 (144A) | 4,794,018 |
| 123,332,856 | FREMF Mortgage Trust, Series 2021-KG05, Class X2A, | |
| | 0.10%, 1/25/31 (144A) | 763,665 |
| 10,000,000 | FREMF Mortgage Trust, Series 2021-KG05, Class X2B, | |
| | 0.10%, 1/25/31 (144A) | 53,857 |
| 23,071,955(c) | FRESB Mortgage Trust, Series 2020-SB79, Class X1, | |
| | 1.196%, 7/25/40 | 1,086,581 |
| 7,310,000(a) | Great Wolf Trust, Series 2019-WOLF, Class E, 5.55% | |
| | (1 Month USD LIBOR + 273 bps), 12/15/36 (144A) | 6,942,522 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 37
Schedule of Investments | 9/30/22 (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | COMMERCIAL MORTGAGE-BACKED | |
| | SECURITIES — (continued) | |
| 6,000,000(a) | GS Mortgage Securities Corp. Trust, Series 2020-DUNE, | |
| | Class E, 5.318% (1 Month USD LIBOR + 250 bps), | |
| | 12/15/36 (144A) | $ 5,652,437 |
| 5,200,000(a) | GS Mortgage Securities Corp. Trust, Series 2020-DUNE, | |
| | Class G, 6.818% (1 Month USD LIBOR + 400 bps), | |
| | 12/15/36 (144A) | 4,824,842 |
| 2,200,000(a) | GS Mortgage Securities Corp. Trust, Series 2021-IP, | |
| | Class E, 6.368% (1 Month USD LIBOR + 355 bps), | |
| | 10/15/36 (144A) | 2,035,041 |
| 3,750,000(a) | JP Morgan Chase Commercial Mortgage Securities | |
| | Trust, Series 2019-BKWD, Class E, 5.668% (1 Month | |
| | USD LIBOR + 260 bps), 9/15/29 (144A) | 3,545,158 |
| 3,590,000(a) | JP Morgan Chase Commercial Mortgage Securities | |
| | Trust, Series 2019-MFP, Class D, 4.478% (1 Month USD | |
| | LIBOR + 166 bps), 7/15/36 (144A) | 3,434,501 |
| 1,500,000(a) | JP Morgan Chase Commercial Mortgage Securities | |
| | Trust, Series 2019-MFP, Class E, 4.978% (1 Month USD | |
| | LIBOR + 216 bps), 7/15/36 (144A) | 1,408,727 |
| 11,650,000(c) | JP Morgan Chase Commercial Mortgage Securities | |
| | Trust, Series 2020-LOOP, Class F, 3.99%, | |
| | 12/5/38 (144A) | 6,646,798 |
| 5,600,000 | Key Commercial Mortgage Securities Trust, Series | |
| | 2019-S2, Class A3, 3.469%, 6/15/52 (144A) | 4,965,095 |
| 3,100,000(a) | KNDL Mortgage Trust, Series 2019-KNSQ, Class F, | |
| | 4.818% (1 Month USD LIBOR + 200 bps), | |
| | 5/15/36 (144A) | 2,951,167 |
| 20,000,000(a) | Med Trust, Series 2021-MDLN, Class F, 6.818% (1 Month | |
| | USD LIBOR + 400 bps), 11/15/38 (144A) | 18,401,780 |
| 1,250,000(c) | Morgan Stanley Bank of America Merrill Lynch Trust, | |
| | Series 2015-C24, Class C, 4.476%, 5/15/48 | 1,145,697 |
| 3,530,000(c) | Morgan Stanley Bank of America Merrill Lynch Trust, | |
| | Series 2015-C27, Class D, 3.237%, 12/15/47 (144A) | 2,889,572 |
| 2,000,000 | Morgan Stanley Bank of America Merrill Lynch Trust, | |
| | Series 2017-C33, Class D, 3.356%, 5/15/50 (144A) | 1,520,562 |
| 3,350,000 | Morgan Stanley Capital I Trust, Series 2014-150E, | |
| | Class AS, 4.012%, 9/9/32 (144A) | 3,103,120 |
| 3,040,000 | Morgan Stanley Capital I Trust, Series 2016-UBS9, | |
| | Class D, 3.00%, 3/15/49 (144A) | 2,436,726 |
| 2,000,000(c) | Morgan Stanley Capital I Trust, Series 2018- MP, | |
| | Class A, 4.419%, 7/11/40 (144A) | 1,770,236 |
| 11,609,035(a) | Multifamily Connecticut Avenue Securities Trust, | |
| | Series 2019-01, Class M10, 6.334% (1 Month USD | |
| | LIBOR + 325 bps), 10/25/49 (144A) | 11,007,713 |
| 1,030,000(c) | Natixis Commercial Mortgage Securities Trust, Series | |
| | 2019-FAME, Class D, 4.544%, 8/15/36 (144A) | 904,187 |
| 3,190,000 | Palisades Center Trust, Series 2016-PLSD, Class A, | |
| | 2.713%, 4/13/33 (144A) | 2,839,066 |
The accompanying notes are an integral part of these financial statements.
38 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | COMMERCIAL MORTGAGE-BACKED | |
| | SECURITIES — (continued) | |
| 7,050,000(c) | RBS Commercial Funding, Inc. Trust, Series 2013-SMV, | |
| | Class E, 3.704%, 3/11/31 (144A) | $ 6,483,181 |
| 6,450,000(a) | Ready Capital Mortgage Financing LLC, Series | |
| | 2019-FL3, Class D, 5.984% (1 Month USD | |
| | LIBOR + 290 bps), 3/25/34 (144A) | 6,266,379 |
| 5,600,000(a) | Ready Capital Mortgage Financing LLC, Series | |
| | 2021-FL7, Class D, 6.034% (1 Month USD | |
| | LIBOR + 295 bps), 11/25/36 (144A) | 5,231,325 |
| 5,230,000(a) | Ready Capital Mortgage Financing LLC, Series 2022-FL8, | |
| | Class D, 6.005% (SOFR30A + 370 bps), 1/25/37 (144A) | 4,979,366 |
| 2,500,000(a) | Ready Capital Mortgage Financing LLC, Series 2022-FL8, | |
| | Class E, 6.555% (SOFR30A + 425 bps), 1/25/37 (144A) | 2,385,796 |
| 2,659,000(c) | Ready Capital Mortgage Trust, Series 2019-5, Class C, | |
| | 5.054%, 2/25/52 (144A) | 2,416,347 |
| 5,400,000(c) | Ready Capital Mortgage Trust, Series 2019-5, Class E, | |
| | 5.464%, 2/25/52 (144A) | 4,388,224 |
| 2,443,000(c) | ReadyCap Commercial Mortgage Trust, Series 2019-6, | |
| | Class C, 4.127%, 10/25/52(144A) | 2,097,448 |
| 8,350,000 | SLG Office Trust, Series 2021-OVA, Class E, 2.851%, | |
| | 7/15/41 (144A) | 5,893,858 |
| 8,000,000 | SLG Office Trust, Series 2021-OVA, Class F, 2.851%, | |
| | 7/15/41 (144A) | 5,290,876 |
| 1,739,664(a) | Slide, Series 2018-FUN, Class E, 5.368% (1 Month USD | |
| | LIBOR + 255 bps), 6/15/31 (144A) | 1,669,257 |
| 3,000,000(c) | Soho Trust, Series 2021-SOHO, Class A, 2.786%, | |
| | 8/10/38 (144A) | 2,405,031 |
| 16,080,000(a) | Taubman Centers Commercial Mortgage Trust, Series | |
| | 2022-DPM, Class B, 5.777% (1 Month Term |
| | SOFR + 293 bps), 5/15/37 (144A) | 15,445,972 |
| 67,584,000(c) | UBS Commercial Mortgage Trust, Series 2018-C9, | |
| | Class XB, 0.495%, 3/15/51 | 1,216,431 |
| 3,912,000(c) | UBS-Barclays Commercial Mortgage Trust, Series | |
| | 2013-C6, Class B, 3.875%, 4/10/46 (144A) | 3,821,233 |
| 2,400,000(a) | XCALI Mortgage Trust, Series 2020-5, Class A, | |
| | 5.814% (1 Month USD LIBOR + 325 bps), | |
| | 10/15/23 (144A) | 2,382,359 |
| 5,200,000(a) | XCALI Mortgage Trust, Series 2021-CT2, Class A, | |
| | 4.814% (1 Month USD LIBOR + 225 bps), 4/6/23 (144A) | 5,122,210 |
| | TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | |
| | (Cost $373,917,382) | $ 334,255,294 |
| | CONVERTIBLE CORPORATE BONDS — 0.7% of | |
| | Net Assets | |
| | Airlines — 0.1% | |
| 2,595,000 | GOL Equity Finance SA, 3.75%, 7/15/24 (144A) | $ 1,228,732 |
| 5,156,000 | Spirit Airlines, Inc., 1.00%, 5/15/26 | 4,390,334 |
| | Total Airlines | $ 5,619,066 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 39
Schedule of Investments | 9/30/22 (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | Banks — 0.0%† | |
| IDR 15,039,758,000^ | PT Bakrie & Brothers Tbk, 12/22/22 | $ 100,742 |
| | Total Banks | $ 100,742 |
| | Biotechnology — 0.1% | |
| 3,493,000 | Insmed, Inc., 1.75%, 1/15/25 | $ 3,381,661 |
| | Total Biotechnology | $ 3,381,661 |
| | Entertainment — 0.2% | |
| 12,093,000(f) | DraftKings Holdings, Inc., 3/15/28 | $ 7,805,275 |
| 1,892,000 | IMAX Corp., 0.50%, 4/1/26 | 1,558,629 |
| | Total Entertainment | $ 9,363,904 |
| | Pharmaceuticals — 0.1% | |
| 7,025,000 | Tricida, Inc., 3.50%, 5/15/27 | $ 3,761,888 |
| | Total Pharmaceuticals | $ 3,761,888 |
| | Software — 0.2% | |
| 2,231,000 | Bentley Systems, Inc., 0.375%, 7/1/27 | $ 1,681,059 |
| 4,819,000 | Verint Systems, Inc., 0.25%, 4/15/26 | 3,997,360 |
| | Total Software | $ 5,678,419 |
| | TOTAL CONVERTIBLE CORPORATE BONDS |
| | (Cost $38,560,354) | $ 27,905,680 |
| | CORPORATE BONDS — 27.0% of Net Assets | |
| | Advertising — 0.2% | |
| 11,354,000 | Stagwell Global LLC, 5.625%, 8/15/29 (144A) | $ 9,339,460 |
| | Total Advertising | $ 9,339,460 |
| | Aerospace & Defense — 0.9% | |
| 25,979,000 | Boeing Co., 3.75%, 2/1/50 | $ 16,918,244 |
| 18,950,000 | Boeing Co., 5.805%, 5/1/50 | 16,467,395 |
| | Total Aerospace & Defense | $ 33,385,639 |
| | Agriculture — 0.2% | |
| 7,305,000 | Amaggi Luxembourg International S.a.r.l., 5.25%, | |
| | 1/28/28 (144A) | $ 6,400,984 |
| | Total Agriculture | $ 6,400,984 |
| | Airlines — 0.5% | |
| 1,630,000 | American Airlines 2021-1 Class B Pass Through Trust, | |
| | 3.95%, 7/11/30 | $ 1,322,219 |
| 9,180,000 | Gol Finance SA, 8.00%, 6/30/26 (144A) | 5,603,244 |
| 11,390,000 | Grupo Aeromexico SAB de CV, 8.50%, 3/17/27 (144A) | 9,965,671 |
| 1,020,000 | United Airlines, Inc., 4.375%, 4/15/26 (144A) | 910,350 |
| 1,020,000 | United Airlines, Inc., 4.625%, 4/15/29 (144A) | 843,989 |
| | Total Airlines | $ 18,645,473 |
The accompanying notes are an integral part of these financial statements.
40 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | Auto Manufacturers — 0.7% | |
| 4,312,000 | Ford Motor Co., 5.291%, 12/8/46 | $ 3,039,960 |
| 4,430,000 | Ford Motor Co., 6.10%, 8/19/32 | 3,905,488 |
| 7,600,000 | Ford Motor Credit Co. LLC, 3.625%, 6/17/31 | 5,646,420 |
| 15,325,000 | Ford Motor Credit Co. LLC, 3.815%, 11/2/27 | 12,873,000 |
| | Total Auto Manufacturers | $ 25,464,868 |
| | Banks — 6.7% | |
| 20,800,000(c) | ABN AMRO Bank NV, 3.324% (5 Year CMT Index + 190 | |
| | bps), 3/13/37 (144A) | $ 14,827,503 |
| 5,180,000 | Access Bank Plc, 6.125%, 9/21/26 (144A) | 3,888,419 |
| 4,535,000(c) | ANZ Bank New Zealand, Ltd., 5.548% (5 Year CMT | |
| | Index + 300 bps), 8/11/32 (144A) | 4,378,298 |
| ARS 19,500,000(a) | Banco de la Ciudad de Buenos Aires, 71.33% | |
| | (BADLARPP + 399 bps), 12/5/22 | 35,550 |
| 4,845,000 | Banco do Brasil SA, 3.25%, 9/30/26 (144A) | 4,286,371 |
| 4,608,000(c)(g) | Banco Mercantil del Norte SA, 6.75% (5 Year CMT | |
| | Index + 497 bps) (144A) | 4,268,160 |
| 3,460,000(c)(g) | Banco Mercantil del Norte SA, 8.375% (5 Year CMT | |
| | Index + 776 bps) (144A) | 3,165,900 |
| 4,240,000 | Banco Santander Mexico SA Institucion de Banca | |
| | Multiple Grupo Financiero Santand, 5.375%, |
| | 4/17/25 (144A) | 4,122,382 |
| 8,400,000(c) | Banco Santander SA, 3.225% (1 Year CMT Index + 160 | |
| | bps), 11/22/32 | 5,887,754 |
| 14,170,000(c) | Barclays Plc, 5.746% (5 Year CMT Index + 300 | |
| | bps), 8/9/33 | 12,872,642 |
| 14,450,000(c) | BPCE SA, 3.116% (SOFR + 173 bps), 10/19/32 (144A) | 10,337,720 |
| 7,445,000(c) | BPCE SA, 3.648% (5 Year CMT Index + 190 bps), | |
| | 1/14/37 (144A) | 5,519,349 |
| 2,405,000(c)(g) | Credit Suisse Group AG, 5.25% (5 Year CMT Index + | |
| | 489 bps) (144A) | 1,688,829 |
| KZT 1,923,750,000 | Development Bank of Kazakhstan JSC, 10.75%, 2/12/25 | 3,263,760 |
| 1,520,000 | Freedom Mortgage Corp., 6.625%, 1/15/27 (144A) | 1,083,208 |
| 3,005,000 | Freedom Mortgage Corp., 8.25%, 4/15/25 (144A) | 2,482,842 |
| 14,690,000(c) | HSBC Holdings Plc, 5.402% (SOFR + 287 bps), 8/11/33 | 13,062,253 |
| 1,600,000(c) | ING Groep NV, 4.252% (SOFR + 207 bps), 3/28/33 | 1,356,209 |
| 19,337,000(c)(g) | ING Groep NV, 4.25% (5 Year CMT Index + 286 bps) | 11,727,890 |
| 1,245,000(c) | Intesa Sanpaolo S.p.A., 4.198% (1 Year CMT Index | |
| | + 260 bps), 6/1/32 (144A) | 839,377 |
| 4,539,000(c) | Intesa Sanpaolo S.p.A., 4.95% (5 Year CMT Index | |
| | + 275 bps), 6/1/42 (144A) | 2,695,332 |
| 10,350,000(c) | Lloyds Banking Group Plc, 4.976% (5 Year CMT Index | |
| | + 230 bps), 8/11/33 | 9,043,804 |
| 11,185,000(c) | Macquarie Group, Ltd., 2.871% (SOFR + 153 bps), | |
| | 1/14/33 (144A) | 8,404,866 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 41
Schedule of Investments | 9/30/22 (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | | Banks — (continued) | |
| | 5,220,000(c) | Mizuho Financial Group, Inc., 5.669% (5 Year CMT | |
| | | Index + 240 bps), 9/13/33 | $ 5,020,190 |
| | 11,355,000(c) | Morgan Stanley, 5.297% (SOFR + 262 bps), 4/20/37 | 10,203,123 |
| | 9,814,000(c)(g) | Nordea Bank Abp, 3.75% (5 Year CMT Index + 260 | |
| | | bps) (144A) | 6,478,796 |
| | 8,000,000(c) | Societe Generale SA, 4.027% (1 Year CMT Index | |
| | | + 190 bps), 1/21/43 (144A) | 4,955,752 |
| | 4,635,000(c)(g) | Societe Generale SA, 5.375% (5 Year CMT Index | |
| | | + 451 bps) (144A) | 3,176,366 |
| | 10,355,000(c) | Societe Generale SA, 6.221% (1 Year CMT Index | |
| | | + 320 bps), 6/15/33 (144A) | 9,179,541 |
| | 5,010,000(c)(g) | Sovcombank Via SovCom Capital DAC, | |
| | | 7.60% (5 Year CMT Index + 636 bps) (144A) | 140,906 |
| | 21,130,000(c) | Standard Chartered Plc, 3.603% (1 Year CMT | |
| | | Index + 190 bps), 1/12/33 (144A) | 15,569,772 |
| EUR | 28,280,100(e)(g) | Stichting AK Rabobank Certificaten, 6.50% | 25,429,349 |
| | 10,380,000 | Toronto-Dominion Bank, 4.456%, 6/8/32 | 9,478,015 |
| | 9,276,000(c) | UBS Group AG, 4.988% (5 Year CMT Index + 240 bps), | |
| | | 8/5/33 (144A) | 8,334,519 |
| | 23,889,000(c) | UniCredit S.p.A., 5.459% (5 Year CMT Index + 475 bps), | |
| | | 6/30/35 (144A) | 17,762,419 |
| | 9,395,000(c) | UniCredit S.p.A., 7.296% (5 Year USD 1100 Run ICE | |
| | | Swap Rate + 491 bps), 4/2/34 (144A) | 7,973,406 |
| | | Total Banks | $ 252,940,572 |
| | | Biotechnology — 0.2% | |
| | 3,009,000 | Bio-Rad Laboratories, Inc., 3.70%, 3/15/32 | $ 2,536,212 |
| EUR | 2,405,000 | Cidron Aida Finco S.a.r.l., 5.00%, 4/1/28 (144A) | 1,929,928 |
| EUR | 2,625,000 | Grifols Escrow Issuer SA, 3.875%, 10/15/28 (144A) | 1,891,270 |
| | | Total Biotechnology | $ 6,357,410 |
| | | Building Materials — 0.5% | |
| | 7,570,000 | Builders FirstSource, Inc., 6.375%, 6/15/32 (144A) | $ 6,724,008 |
| | 457,000 | Cemex SAB de CV, 5.45%, 11/19/29 (144A) | 408,444 |
| | 5,550,000 | Fortune Brands Home & Security, Inc., 4.50%, 3/25/52 | 3,815,119 |
| | 1,880,000 | Oscar AcquisitionCo LLC/Oscar Finance, Inc., 9.50%, | |
| | | 4/15/30 (144A) | 1,574,538 |
| | 9,325,000 | Standard Industries, Inc., 4.375%, 7/15/30 (144A) | 7,133,625 |
| | | Total Building Materials | $ 19,655,734 |
| | | Chemicals — 0.5% | |
| | 2,700,000 | Braskem Idesa SAPI, 6.99%, 2/20/32 (144A) | $ 1,802,250 |
| | 4,055,000 | Celanese US Holdings LLC, 6.379%, 7/15/32 | 3,768,190 |
| | 5,055,000 | Trinseo Materials Operating SCA/Trinseo | 2,982,450 |
| | | Materials Finance, Inc., 5.125%, 4/1/29 (144A) |
| | 11,740,000 | Tronox, Inc., 4.625%, 3/15/29 (144A) | 8,687,600 |
| | | Total Chemicals | $ 17,240,490 |
The accompanying notes are an integral part of these financial statements.
42 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | | Commercial Services — 1.2% | |
| | 5,196,000 | Allied Universal Holdco LLC/Allied Universal Finance | |
| | | Corp., 6.625%, 7/15/26 (144A) | $ 4,630,935 |
| EUR | 2,470,000 | Allied Universal Holdco LLC/Allied Universal Finance | |
| | | Corp./Atlas Luxco 4 S.a.r.l., 3.625%, 6/1/28 (144A) | 1,799,566 |
| | 1,670,000 | Allied Universal Holdco LLC/Allied Universal Finance | |
| | | Corp./Atlas Luxco 4 S.a.r.l., 4.625%, 6/1/28 (144A) | 1,286,434 |
| | 1,025,000 | Allied Universal Holdco LLC/Allied Universal Finance | |
| | | Corp./Atlas Luxco 4 S.a.r.l., 4.625%, 6/1/28 (144A) | 773,875 |
| | 5,400,000 | Ashtead Capital, Inc., 5.50%, 8/11/32 (144A) | 5,011,820 |
| | 5,270,000 | CoreLogic, Inc., 4.50%, 5/1/28 (144A) | 3,583,600 |
| | 5,375,000 | Garda World Security Corp., 4.625%, 2/15/27 (144A) | 4,609,036 |
| | 3,830,000 | Garda World Security Corp., 6.00%, 6/1/29 (144A) | 2,808,129 |
| | 437,000 | Garda World Security Corp., 9.50%, 11/1/27 (144A) | 383,391 |
| | 3,795,000 | Prime Security Services Borrower LLC/Prime Finance, | |
| | | Inc., 5.75%, 4/15/26 (144A) | 3,570,867 |
| | 10,716,000 | Prime Security Services Borrower LLC/Prime Finance, | |
| | | Inc., 6.25%, 1/15/28 (144A) | 9,144,728 |
| MXN | 70,000,000 | Red de Carreteras de Occidente SAB de CV, 9.00%, | |
| | | 6/10/28 (144A) | 3,431,209 |
| | 4,035,000 | Sotheby's, 7.375%, 10/15/27 (144A) | 3,706,107 |
| | | Total Commercial Services | $ 44,739,697 |
| | | Computers — 0.4% | |
| | 12,551,000 | HP, Inc., 4.75%, 3/1/29 (144A) | $ 12,617,863 |
| | 2,415,000 | NCR Corp., 5.00%, 10/1/28 (144A) | 1,900,069 |
| | 1,215,000 | NCR Corp., 5.25%, 10/1/30 (144A) | 916,909 |
| | | Total Computers | $ 15,434,841 |
| | | Diversified Financial Services — 2.2% | |
| | 8,250,000 | AerCap Ireland Capital DAC/AerCap Global Aviation | |
| | | Trust, 3.30%, 1/30/32 | $ 6,204,562 |
| | 16,065,000 | Air Lease Corp., 2.875%, 1/15/32 | 12,108,288 |
| | 7,310,000 | Air Lease Corp., 3.125%, 12/1/30 | 5,755,692 |
| | 9,950,000 | B3 SA - Brasil Bolsa Balcao, 4.125%, 9/20/31 (144A) | 7,788,686 |
| | 8,607,000 | Bread Financial Holdings, Inc., 7.00%, 1/15/26 (144A) | 7,552,643 |
| | 6,660,000(h) | Credito Real SAB de CV SOFOM ER, 8.00%, | |
| | | 1/21/28 (144A) | 74,925 |
| | 17,870,600(i) | Global Aircraft Leasing Co., Ltd., 6.50% (7.25% PIK | |
| | | or 6.50% Cash), 9/15/24 (144A) | 13,447,626 |
| | 5,575,000 | OneMain Finance Corp., 3.50%, 1/15/27 | 4,342,772 |
| | 2,500,000(a) | OWS Cre Funding I LLC, 8.028% (1 Month USD | |
| | | LIBOR + 490 bps), 9/1/23 (144A) | 2,493,172 |
| EUR | 3,215,000 | Sherwood Financing Plc, 4.50%, 11/15/26 | 2,392,814 |
| GBP | 5,170,000 | Sherwood Financing Plc, 6.00%, 11/15/26 (144A) | 4,322,207 |
| | 8,705,000 | United Wholesale Mortgage LLC, 5.50%, 4/15/29 (144A) | 6,615,800 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 43
Schedule of Investments | 9/30/22 (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | | Diversified Financial Services — (continued) |
| | 8,185,000 | VistaJet Malta Finance Plc/XO Management Holding, | |
| | | Inc., 6.375%, 2/1/30 (144A) | $ 6,691,238 |
| | 1,840,000 | VistaJet Malta Finance Plc/XO Management Holding, | |
| | | Inc., 7.875%, 5/1/27 (144A) | 1,654,160 |
| | | Total Diversified Financial Services | $ 81,444,585 |
| | | Electric — 1.2% | |
| | 7,670,000(c) | Algonquin Power & Utilities Corp., 4.75% (5 Year CMT | |
| | | Index + 325 bps), 1/18/82 | $ 6,264,626 |
| EUR | 3,240,000 | ContourGlobal Power Holdings SA, 2.75%, | |
| | | 1/1/26 (144A) | 2,578,877 |
| EUR | 1,635,000 | ContourGlobal Power Holdings SA, 3.125%, | |
| | | 1/1/28 (144A) | 1,183,439 |
| | 9,225,000 | Light Servicos de Eletricidade SA/Light | |
| | | Energia SA, 4.375%, 6/18/26 (144A) | 7,662,008 |
| | 2,285,000 | NRG Energy, Inc., 3.625%, 2/15/31 (144A) | 1,782,300 |
| | 8,980,000 | NRG Energy, Inc., 3.875%, 2/15/32 (144A) | 7,004,804 |
| | 20,059,000 | NRG Energy, Inc., 4.45%, 6/15/29 (144A) | 17,399,191 |
| | | Total Electric | $ 43,875,245 |
| | | Electrical Components & Equipments — 0.4% |
| EUR | 7,865,000 | Belden, Inc., 3.375%, 7/15/27 (144A) | $ 6,781,195 |
| EUR | 4,585,000 | Belden, Inc., 3.375%, 7/15/31 (144A) | 3,190,406 |
| EUR | 6,020,000 | Energizer Gamma Acquisition BV, 3.50%, | �� |
| | | 6/30/29 (144A) | 4,185,435 |
| | 1,025,000 | Energizer Holdings, Inc., 6.50%, 12/31/27 (144A) | 909,882 |
| | | Total Electrical Components & Equipments | $ 15,066,918 |
| | | Electronics — 0.1% | |
| | 2,600,000 | Atkore, Inc., 4.25%, 6/1/31 (144A) | $ 2,079,220 |
| | | Total Electronics | $ 2,079,220 |
| | | Energy-Alternate Sources — 0.1% | |
| | 3,908,550 | Adani Renewable Energy RJ, Ltd./Kodangal Solar | |
| | | Parks Pvt, Ltd./Wardha Solar Maharash, 4.625%, | |
| | | 10/15/39 (144A) | $ 2,579,643 |
| | 597,400 | Alta Wind Holdings LLC, 7.00%, 6/30/35 (144A) | 596,463 |
| | | Total Energy-Alternate Sources | $ 3,176,106 |
| | | Engineering & Construction — 0.2% | |
| | 7,985,000 | Artera Services LLC, 9.033%, 12/4/25 (144A) | $ 6,427,925 |
| | 1,615,000 | IHS Holding, Ltd., 5.625%, 11/29/26 (144A) | 1,271,812 |
| | 1,425,000 | IHS Holding, Ltd., 6.25%, 11/29/28 (144A) | 1,086,848 |
| | | Total Engineering & Construction | $ 8,786,585 |
The accompanying notes are an integral part of these financial statements.
44 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | | Entertainment — 0.3% | |
| | 11,100,000 | Resorts World Las Vegas LLC/RWLV Capital, Inc., | |
| | | 4.625%, 4/16/29 (144A) | $ 8,445,440 |
| | 3,400,000 | Resorts World Las Vegas LLC/RWLV Capital, Inc., | |
| | | 4.625%, 4/6/31 (144A) | 2,413,907 |
| | 2,910,000 | Scientific Games Holdings LP/Scientific Games US | |
| | | FinCo, Inc., 6.625%, 3/1/30 (144A) | 2,332,656 |
| | | Total Entertainment | $ 13,192,003 |
| | | Food — 0.7% | |
| GBP | 5,520,000 | Bellis Acquisition Co. Plc, 3.25%, 2/16/26 (144A) | $ 4,638,036 |
| | 1,458,000 | JBS USA LUX SA/JBS USA Food Co./JBS | |
| | | USA Finance, Inc., 3.00%, 5/15/32 (144A) | 1,076,733 |
| | 11,860,000 | JBS USA LUX SA/JBS USA Food Co./JBS | |
| | | USA Finance, Inc., 5.75%, 4/1/33 (144A) | 10,711,240 |
| | 4,610,000 | JBS USA LUX SA/JBS USA Food Co./JBS | |
| | | USA Finance, Inc., 6.50%, 12/1/52 (144A) | 4,095,722 |
| | 5,735,000 | Minerva Luxembourg SA, 4.375%, 3/18/31 (144A) | 4,344,263 |
| | | Total Food | $ 24,865,994 |
| | | Forest Products & Paper — 0.1% | |
| EUR | 1,950,000 | Ahlstrom-Munksjo Holding 3 Oy, 3.625%, | |
| | | 2/4/28 (144A) | $ 1,500,212 |
| | 3,004,000 | Inversiones CMPC SA, 3.85%, 1/13/30 (144A) | 2,425,730 |
| | | Total Forest Products & Paper | $ 3,925,942 |
| | | Gas — 0.0%† | |
| | 2,195,000 | Promigas SA ESP/Gases del Pacifico SAC, 3.75%, | |
| | | 10/16/29 (144A) | $ 1,697,150 |
| | | Total Gas | $ 1,697,150 |
| | | Hand/Machine Tools — 0.1% | |
| EUR | 3,950,000 | IMA Industria Macchine Automatiche S.p.A., 3.75%, | |
| | | 1/15/28 (144A) | $ 3,050,155 |
| | | Total Hand/Machine Tools | $ 3,050,155 |
| | | Healthcare-Services — 0.2% | |
| | 4,195,000 | Auna SAA, 6.50%, 11/20/25 (144A) | $ 3,397,950 |
| EUR | 3,860,000 | CAB SELAS, 3.375%, 2/1/28 (144A) | 2,881,884 |
| | 3,421,000 | US Renal Care, Inc., 10.625%, 7/15/27 (144A) | 1,568,723 |
| | | Total Healthcare-Services | $ 7,848,557 |
| | | Insurance — 1.1% | |
| | 2,094,000 | Aon Corp./Aon Global Holdings Plc, 2.60%, 12/2/31 | $ 1,637,244 |
| | 13,080,000(c) | Farmers Insurance Exchange, 4.747% (3 Month USD | |
| | | LIBOR + 323 bps), 11/1/57 (144A) | 10,763,293 |
| EUR | 2,650,000(c) | Liberty Mutual Group, Inc., 3.625% (5 Year EUR | |
| | | Swap + 370 bps), 5/23/59 (144A) | 2,207,770 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 45
Schedule of Investments | 9/30/22 (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | Insurance — (continued) | |
| 22,651,000 | Liberty Mutual Insurance Co., 7.697%, 10/15/97 (144A) | $ 25,670,792 |
| | Total Insurance | $ 40,279,099 |
| | Internet — 0.1% | |
| EUR 4,985,000 | United Group BV, 5.25%, 2/1/30 (144A) | $ 3,406,205 |
| | Total Internet | $ 3,406,205 |
| | Iron & Steel — 0.3% | |
| 3,250,000 | Commercial Metals Co., 4.375%, 3/15/32 | $ 2,567,500 |
| 2,675,000 | Metinvest BV, 7.65%, 10/1/27 (144A) | 1,173,790 |
| 1,880,000 | Mineral Resources, Ltd., 8.00%, 11/1/27 (144A) | 1,808,522 |
| 1,980,000 | Mineral Resources, Ltd., 8.50%, 5/1/30 (144A) | 1,913,472 |
| 4,375,000 | TMS International Corp., 6.25%, 4/15/29 (144A) | 3,105,594 |
| | Total Iron & Steel | $ 10,568,878 |
| | Leisure Time — 0.0%† | |
| 1,130,000 | NCL Finance, Ltd., 6.125%, 3/15/28 (144A) | $ 833,347 |
| 300,000 | Viking Ocean Cruises Ship VII, Ltd., 5.625%, | |
| | 2/15/29 (144A) | 233,250 |
| | Total Leisure Time | $ 1,066,597 |
| | Lodging — 0.2% | |
| 1,715,000 | Genting New York LLC/GENNY Capital, Inc., 3.30%, | |
| | 2/15/26 (144A) | $ 1,464,936 |
| 3,125,000 | Hilton Grand Vacations Borrower Escrow LLC/Hilton | |
| | Grand Vacations Borrower Esc, 5.00%, 6/1/29 (144A) | 2,522,187 |
| 4,500,000 | Sands China, Ltd., 4.875%, 6/18/30 | 3,521,109 |
| | Total Lodging | $ 7,508,232 |
| | Media — 0.4% | |
| 3,910,000 | CCO Holdings LLC/CCO Holdings Capital Corp., | |
| | 4.50%, 6/1/33 (144A) | $ 2,888,591 |
| 6,000,000 | CCO Holdings LLC/CCO Holdings Capital Corp., | |
| | 4.75%, 3/1/30 (144A) | 4,867,500 |
| 6,200,000 | CSC Holdings LLC, 4.625%, 12/1/30 (144A) | 4,216,000 |
| 2,305,000 | CSC Holdings LLC, 5.00%, 11/15/31 (144A) | 1,522,546 |
| 2,034,000 | Diamond Sports Group LLC/Diamond Sports | |
| | Finance Co., 6.625%, 8/15/27 (144A) | 142,380 |
| 190,000 | Univision Communications, Inc., 7.375%, 6/30/30 (144A) | 181,316 |
| 4,205,000 | VZ Secured Financing BV, 5.00%, 1/15/32 (144A) | 3,141,538 |
| | Total Media | $ 16,959,871 |
| | Metal Fabricate/Hardware — 0.1% | |
| 5,988,000 | Park-Ohio Industries, Inc., 6.625%, 4/15/27 | $ 4,491,000 |
| | Total Metal Fabricate/Hardware | $ 4,491,000 |
The accompanying notes are an integral part of these financial statements.
46 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | | Mining — 0.7% | |
| | 4,776,000 | AngloGold Ashanti Holdings Plc, 3.75%, 10/1/30 | $ 3,701,958 |
| | 11,678,000 | Coeur Mining, Inc., 5.125%, 2/15/29 (144A) | 8,823,780 |
| | 8,750,000 | FMG Resources August 2006 Pty, Ltd., 4.375%, | |
| | | 4/1/31 (144A) | 6,717,008 |
| | 2,295,000 | FMG Resources August 2006 Pty, Ltd., 6.125%, | |
| | | 4/15/32 (144A) | 1,971,979 |
| | 11,990,000 | IAMGOLD Corp., 5.75%, 10/15/28 (144A) | 5,654,173 |
| | | Total Mining | $ 26,868,898 |
| | | Multi-National — 0.7% | |
| | 4,880,000 | African Export-Import Bank, 3.994%, 9/21/29 (144A) | $ 4,079,680 |
| | 8,430,000 | Banque Ouest Africaine de Developpement, 4.70%, | |
| | | 10/22/31 (144A) | 6,794,580 |
| | 2,860,000 | Banque Ouest Africaine de Developpement, 5.00%, | |
| | | 7/27/27 (144A) | 2,606,318 |
| IDR | 113,010,000,000 | Inter-American Development Bank, 7.875%, 3/14/23 | 7,458,548 |
| KZT | 2,993,000,000 | International Finance Corp., 7.50%, 2/3/23 | 6,174,910 |
| | | Total Multi-National | $ 27,114,036 |
| | | Oil & Gas — 1.3% | |
| | 7,175,000 | Harbour Energy Plc, 5.50%, 10/15/26 (144A) | $ 6,421,625 |
| | 4,737,000 | International Petroleum Corp., 7.25%, 2/1/27 (144A) | 4,298,827 |
| | 8,060,000 | MC Brazil Downstream Trading S.a.r.l, 7.25%, | |
| | | 6/30/31 (144A) | 6,065,150 |
| | 8,985,000 | Neptune Energy Bondco Plc, 6.625%, 5/15/25 (144A) | 8,341,360 |
| | 4,435,000 | Petroleos Mexicanos, 6.70%, 2/16/32 | 3,111,707 |
| | 2,217,000 | Shelf Drilling Holdings, Ltd., 8.875%, 11/15/24 (144A) | 2,150,490 |
| | 5,825,000 | Tullow Oil Plc, 10.25%, 5/15/26 (144A) | 4,922,125 |
| | 5,050,000 | Vermilion Energy, Inc., 6.875%, 5/1/30 (144A) | 4,646,000 |
| | 12,895,000 | YPF SA, 6.95%, 7/21/27 (144A) | 7,537,127 |
| | | Total Oil & Gas | $ 47,494,411 |
| | | Pharmaceuticals — 0.2% | |
| | 2,424,000 | Par Pharmaceutical, Inc., 7.50%, 4/1/27 (144A) | $ 1,915,006 |
| EUR | 1,625,000 | Teva Pharmaceutical Finance Netherlands II BV, | |
| | | 3.75%, 5/9/27 | 1,338,086 |
| EUR | 2,725,000 | Teva Pharmaceutical Finance Netherlands II BV, | |
| | | 4.375%, 5/9/30 | 2,097,144 |
| | 1,478,000 | Teva Pharmaceutical Finance Netherlands III BV, | |
| | | 4.75%, 5/9/27 | 1,255,280 |
| | 1,328,000 | Teva Pharmaceutical Finance Netherlands III BV, | |
| | | 5.125%, 5/9/29 | 1,095,547 |
| | | Total Pharmaceuticals | $ 7,701,063 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 47
Schedule of Investments | 9/30/22 (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | | Pipelines — 1.6% | |
| | 4,597,000 | DCP Midstream Operating LP, 5.60%, 4/1/44 | $ 4,138,208 |
| | 1,694,000(c)(g) | Energy Transfer LP, 6.625% (3 Month USD LIBOR | |
| | | + 416 bps) | 1,236,617 |
| | 37,035,000(c)(g) | Energy Transfer LP, 7.125% (5 Year CMT Index | |
| | | + 531 bps) | 30,425,886 |
| | 796,000 | EnLink Midstream LLC, 5.375%, 6/1/29 | 728,340 |
| | 3,605,000 | EnLink Midstream LLC, 6.50%, 9/1/30 (144A) | 3,520,283 |
| | 15,145,000 | EnLink Midstream Partners LP, 5.45%, 6/1/47 | 11,062,958 |
| | 3,862,000 | EnLink Midstream Partners LP, 5.60%, 4/1/44 | 2,937,812 |
| | 4,776,000 | Williams Cos., Inc., 7.75%, 6/15/31 | 5,184,241 |
| | | Total Pipelines | $ 59,234,345 |
| | | Real Estate — 0.1% | |
| EUR | 5,800,000 | ADLER Real Estate AG, 3.00%, 4/27/26 | $ 3,918,727 |
| | | Total Real Estate | $ 3,918,727 |
| | | REITs — 0.2% | |
| | 2,359,000 | GLP Capital LP/GLP Financing II, Inc., 3.25%, 1/15/32 | $ 1,773,310 |
| | 6,566,000 | HAT Holdings I LLC/HAT Holdings II LLC, 3.375%, | |
| | | 6/15/26 (144A) | 5,269,215 |
| | 2,975,000 | Uniti Group LP/Uniti Group Finance, Inc./CSL Capital | |
| | | LLC, 6.50%, 2/15/29 (144A) | 1,993,871 |
| | | Total REITs | $ 9,036,396 |
| | | Retail — 0.2% | |
| | 435,000 | Asbury Automotive Group, Inc., 4.75%, 3/1/30 | $ 339,727 |
| EUR | 4,500,000 | Food Service Project SA, 5.50%, 1/21/27 (144A) | 3,770,743 |
| | 3,805,000 | LCM Investments Holdings II LLC, 4.875%, | |
| | | 5/1/29 (144A) | 2,946,463 |
| | | Total Retail | $ 7,056,933 |
| | | Semiconductors — 0.1% | |
| | 6,940,000 | Broadcom, Inc., 4.15%, 4/15/32 (144A) | $ 5,804,254 |
| | | Total Semiconductors | $ 5,804,254 |
| | | Software — 0.1% | |
| | 6,525,000 | Minerva Merger Sub, Inc., 6.50%, 2/15/30 (144A) | $ 5,158,469 |
| | | Total Software | $ 5,158,469 |
| | | Telecommunications — 1.6% | |
| | 475,000 | Altice France SA, 5.125%, 1/15/29 (144A) | $ 350,427 |
| | 1,835,000 | Altice France SA, 5.125%, 7/15/29 (144A) | 1,370,947 |
| | 9,874,000 | Altice France SA, 5.50%, 1/15/28 (144A) | 7,819,122 |
| | 4,600,000 | CommScope Technologies LLC, 5.00%, 3/15/27 (144A) | 3,473,000 |
| | 4,120,000 | CommScope, Inc., 4.75%, 9/1/29 (144A) | 3,360,519 |
| | 1,976,217 | Digicel International Finance Ltd/Digicel international | |
| | | Holdings, Ltd., 8.00%, 12/31/26 (144A) | 1,203,022 |
The accompanying notes are an integral part of these financial statements.
48 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | Telecommunications — (continued) | |
| 4,950,371 | Digicel International Finance Ltd/Digicel international | |
| | Holdings, Ltd., 8.75%, 5/25/24 (144A) | $ 4,529,589 |
| 4,235,000 | GoTo Group, Inc., 5.50%, 9/1/27 (144A) | 2,597,396 |
| 1,240,000 | Level 3 Financing, Inc., 3.75%, 7/15/29 (144A) | 908,300 |
| 4,351,000 | Level 3 Financing, Inc., 4.625%, 9/15/27 (144A) | 3,600,801 |
| EUR 6,915,000 | Lorca Telecom Bondco SA, 4.00%, 9/18/27 (144A) | 5,886,135 |
| 4,250,000 | Lumen Technologies, Inc., 4.50%, 1/15/29 (144A) | 2,985,625 |
| 1,346,400 | Millicom International Cellular SA, 6.25%, 3/25/29 (144A) | 1,142,097 |
| 7,210,000 | T-Mobile USA, Inc., 5.20%, 1/15/33 | 6,895,683 |
| 4,445,000 | T-Mobile USA, Inc., 5.65%, 1/15/53 | 4,198,814 |
| 6,900,000 | Total Play Telecomunicaciones SA de CV, 6.375%, | |
| | 9/20/28 (144A) | 4,899,216 |
| 4,270,000 | Windstream Escrow LLC/Windstream Escrow Finance | |
| | Corp., 7.75%, 8/15/28 (144A) | 3,538,289 |
| | Total Telecommunications | $ 58,758,982 |
| | Transportation — 0.4% | |
| 4,910,000 | Hidrovias International Finance SARL, 4.95%, | |
| | 2/8/31 (144A) | $ 3,785,954 |
| 3,172,000 | Seaspan Corp., 5.50%, 8/1/29 (144A) | 2,442,650 |
| 2,785,000 | Simpar Europe SA, 5.20%, 1/26/31 (144A) | 1,961,113 |
| 6,290,000 | Western Global Airlines LLC, 10.375%, 8/15/25 (144A) | 5,614,139 |
| | Total Transportation | $ 13,803,856 |
| | TOTAL CORPORATE BONDS | |
| | (Cost $1,292,734,541) | $1,014,843,880 |
| Shares | | |
| | CONVERTIBLE PREFERRED STOCKS — |
| | 2.2% of Net Assets | |
| | Banks — 2.2% | |
| 6,897(g) | Bank of America Corp., 7.25% | $ 8,090,181 |
| 61,824(g) | Wells Fargo & Co., 7.50% | 74,436,096 |
| | Total Banks | $ 82,526,277 |
| | TOTAL CONVERTIBLE PREFERRED STOCKS |
| | (Cost $92,359,687) | $ 82,526,277 |
| Principal | | |
| Amount | | |
| USD ($) | | |
| | MUNICIPAL BONDS — 0.8% of Net Assets (j) | |
| | Arizona — 0.1% | |
| 2,370,000 | Maricopa County Industrial Development Authority, | |
| | Banner Health, Series 2019F, 3.00%, 1/1/49 | $ 1,643,666 |
| | Total Arizona | $ 1,643,666 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 49
Schedule of Investments | 9/30/22 (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | California — 0.1% | |
| 2,435,000 | California Health Facilities Financing Authority, | |
| | Cedars-Sinai Health System, Series A, 3.00%, 8/15/51 | $ 1,705,474 |
| 1,220,000 | Regents of the University of California, Medical Center | |
| | Pooled Revenue, Series P, 4.00%, 5/15/53 | 1,054,751 |
| | Total California | $ 2,760,225 |
| | Florida — 0.0%† | |
| 1,825,000 | South Broward Hospital District, South Broward | |
| | Hospital District Obligated Group, Series A, |
| | 2.50%, 5/1/47 | $ 1,134,694 |
| | Total Florida | $ 1,134,694 |
| | Georgia — 0.0%† | |
| 1,055,000 | Gainesville & Hall County Hospital Authority, | |
| | Northeast Georgia Health System, Inc. Project, |
| | Series A, 3.00%, 2/15/51 | $ 710,901 |
| | Total Georgia | $ 710,901 |
| | Massachusetts — 0.0%† | |
| 1,930,000(k) | Commonwealth of Massachusetts, Series B, | |
| | 3.00%, 4/1/47 | $ 1,375,337 |
| | Total Massachusetts | $ 1,375,337 |
| | Missouri — 0.0%† | |
| 480,000 | Health & Educational Facilities Authority of the | |
| | State of Missouri, BJC Health System, Series A, |
| | 3.00%, 7/1/38 | $ 385,027 |
| | Total Missouri | $ 385,027 |
| | Nebraska — 0.1% | |
| 970,000(k) | Lancaster County School District 001, 2.00%, 1/15/43 | $ 578,537 |
| 3,600,000 | University of Nebraska Facilities Corp., Green Bond, | |
| | Series B, 3.00%, 7/15/54 | 2,335,896 |
| | Total Nebraska | $ 2,914,433 |
| | New Jersey — 0.1% | |
| 1,220,000 | New Jersey Health Care Facilities Financing | |
| | Authority, Atlanticare Health System Obligated |
| | Group Issue, 3.00%, 7/1/46 | $ 856,538 |
| 2,620,000 | New Jersey Health Care Facilities Financing | |
| | Authority, RWJ Barnabas Health Obligated Group | |
| | Issue, 3.00%, 7/1/51 | 1,790,691 |
| | Total New Jersey | $ 2,647,229 |
| | New York — 0.0%† | |
| 1,950,000 | New York State Thruway Authority, Series A-1, | |
| | 3.00%, 3/15/50 | $ 1,353,027 |
| | Total New York | $ 1,353,027 |
The accompanying notes are an integral part of these financial statements.
50 Pioneer Strategic Income Fund | Annual Report | 9/30/22
��
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | North Carolina — 0.1% | |
| 1,930,000 | City of Charlotte Airport Revenue, Charlotte | |
| | Douglas International Airport Revenue, Series A, | |
| | 4.00%, 7/1/47 | $ 1,693,189 |
| | Total North Carolina | $ 1,693,189 |
| | Oregon — 0.0%† | |
| 1,705,000 | Oregon Health & Science University, Green Bond, | |
| | Series A, 3.00%, 7/1/51 | $ 1,191,812 |
| | Total Oregon | $ 1,191,812 |
| | Pennsylvania — 0.1% | |
| 3,655,000 | Montgomery County Higher Education and Health | |
| | Authority, Thomas Jefferson University, Series B, | |
| | 4.00%, 5/1/56 | $ 2,936,829 |
| 815,000 | Pennsylvania Turnpike Commission, Series C, | |
| | 3.00%, 12/1/51 | 559,074 |
| | Total Pennsylvania | $ 3,495,903 |
| | Tennessee — 0.0%† | |
| 270,000 | City of Memphis TN Water Revenue, Memphis Light, | |
| | Gas and Water Division, 3.00%, 12/1/45 | $ 208,413 |
| | Total Tennessee | $ 208,413 |
| | Texas — 0.1% | |
| 3,290,000 | Harris County Cultural Education Facilities Finance | |
| | Corp., Texas Children's Hospital, 3.00%, 10/1/51 | $ 2,242,102 |
| 1,220,000 | Texas Water Development Board, State Revolving | |
| | Fund, 3.00%, 8/1/40 | 1,002,511 |
| | Total Texas | $ 3,244,613 |
| | Virginia — 0.1% | |
| 830,000 | Hampton Roads Transportation Accountability | |
| | Commission, Series A, 4.00%, 7/1/57 | $ 732,765 |
| 1,460,000 | Roanoke Economic Development Authority, Carilion | |
| | Clinic Obligated Group, 3.00%, 7/1/45 | 1,052,748 |
| 630,000 | Rockingham County Economic Development | |
| | Authority, Sentara RMH Medical Center, Series A, | |
| | 3.00%, 11/1/46 | 447,754 |
| 2,500,000 | Virginia College Building Authority, Public Higher | |
| | Education Financing Program, Series C, 3.00%, 9/1/51 | 1,765,275 |
| | Total Virginia | $ 3,998,542 |
| | TOTAL MUNICIPAL BONDS | |
| | (Cost $31,833,223) | $ 28,757,011 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 51
Schedule of Investments | 9/30/22 (continued)
| Shares | | Value |
| | RIGHT/WARRANT — 0.0%† of Net Assets |
| | Metals & Mining — 0.0%† | |
| 1,880,020(l) | ANR, Inc., 3/31/23 | $ 13,160 |
| | Total Metals & Mining | $ 13,160 |
| | TOTAL RIGHT/WARRANT | |
| | (Cost $—) | $ 13,160 |
| Principal | | |
| Amount | | |
| USD ($) | | |
| | INSURANCE-LINKED SECURITIES — 3.9% of | |
| | Net Assets# | |
| | Event Linked Bonds — 0.8% | |
| | Earthquakes – California — 0.1% | |
| 750,000(a) | Phoenician Re, 5.747%, (3 Month U.S. Treasury | |
| | Bill + 250 bps), 12/14/24 (144A) | $ 713,250 |
| 750,000(a) | Sutter Re, 8.247%, (3 Month U.S. Treasury Bill + | |
| | 500 bps), 5/23/23 (144A) | 737,250 |
| 3,000,000(a) | Ursa Re II, 6.997%, (3 Month U.S. Treasury Bill + | |
| | 375 bps), 12/7/23 (144A) | 2,910,000 |
| | | $ 4,360,500 |
| | Earthquakes – Mexico — 0.0%† | |
| 250,000(a) | International Bank for Reconstruction & Development, | |
| | 6.665%, (3 Month USD LIBOR + 350 bps), | |
| | 3/13/24 (144A) | $ 248,750 |
| | Health – U.S. — 0.1% | |
| 1,500,000(a) | Vitality Re X, 4.997%, (3 Month U.S. Treasury Bill + | |
| | 175 bps), 1/10/23 (144A) | $ 1,492,200 |
| | Inland Flood – U.S. — 0.0%† | |
| 1,500,000(a) | FloodSmart Re, 14.497%, (3 Month U.S. Treasury | |
| | Bill + 1,125 bps), 2/25/25 (144A) | $ 600,000 |
| 1,000,000(a) | FloodSmart Re, 16.827%, (3 Month U.S. Treasury | |
| | Bill + 1,358 bps), 3/1/24 (144A) | 200,000 |
| 750,000(a) | FloodSmart Re, 18.327%, (3 Month U.S. Treasury | |
| | Bill + 1,508 bps), 2/27/23 (144A) | 75,000 |
| | | $ 875,000 |
| | Multiperil – Florida — 0.0%† | |
| 250,000(a) | Sanders Re II, 9.037%, (3 Month U.S. Treasury | |
| | Bill + 579 bps), 6/7/23 (144A) | $ 225,000 |
| | Multiperil – U.S. — 0.3% | |
| 900,000(a) | Easton Re Pte, 7.247%, (3 Month U.S. Treasury | |
| | Bill + 400 bps), 1/8/24 (144A) | $ 862,200 |
| 500,000(a) | Four Lakes Re, 7.997%, (3 Month U.S. Treasury | |
| | Bill + 475 bps), 1/7/29 (144A) | 495,250 |
The accompanying notes are an integral part of these financial statements.
52 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | Multiperil – U.S. — (continued) | |
| 1,500,000(a) | Four Lakes Re, 10.547%, (3 Month U.S. Treasury | |
| | Bill + 730 bps), 1/5/24 (144A) | $ 1,459,500 |
| 1,500,000(a) | Four Lakes Re, 13.407%, (3 Month U.S. Treasury | |
| | Bill + 1,016 bps), 1/5/24 (144A) | 1,425,000 |
| 500,000(a) | Herbie Re, 12.967%, (3 Month U.S. Treasury Bill + | |
| | 972 bps), 1/8/25 (144A) | 425,000 |
| 1,750,000(a) | Matterhorn Re, 8.287%, (SOFR + 532 bps), | |
| | 3/24/25 (144A) | 1,680,000 |
| 750,000(a) | Matterhorn Re, 10.722%, (SOFR + 775 bps), | |
| | 3/24/25 (144A) | 727,500 |
| 1,500,000(a) | Residential Reinsurance 2020, 9.427%, (3 Month | |
| | U.S. Treasury Bill + 618 bps), 12/6/24 (144A) | 1,470,000 |
| 1,250,000(a) | Residential Reinsurance Re 2020, 11.487%, (3 Month | |
| | U.S. Treasury Bill + 824 bps), 12/6/24 (144A) | 1,212,500 |
| 2,250,000(a) | Sanders Re II, 6.337%, (3 Month U.S. Treasury Bill + | |
| | 309 bps), 4/7/25 (144A) | 2,155,500 |
| 750,000(a) | Sussex Re 2020-1, 11.427%, (3 Month U.S. Treasury | |
| | Bill + 818 bps), 1/8/25 (144A) | 726,750 |
| | | $ 12,639,200 |
| | Multiperil – U.S. & Canada — 0.1% | |
| 1,000,000(a) | Hypatia 2020-1, 13.522%, (3 Month U.S. Treasury | |
| | Bill + 1,028 bps), 6/7/23 (144A) | $ 980,000 |
| 250,000(a) | Matterhorn Re, 8.602%, (SOFR + 575 bps), | |
| | 12/7/28 (144A) | 241,250 |
| 500,000(a) | Mona Lisa Re, 11.247%, (3 Month U.S. Treasury | |
| | Bill + 800 bps), 1/9/23 (144A) | 493,000 |
| 500,000(a) | Northshore Re II, 11.247%, (3 Month U.S. Treasury | |
| | Bill + 800 bps), 7/8/25 (144A) | 493,000 |
| | | $ 2,207,250 |
| | Multiperil – U.S. Regional — 0.1% | |
| 1,000,000(a) | Kilimanjaro III Re, 5.25%, (3 Month U.S. Treasury | |
| | Bill + 525 bps), 6/25/25 (144A) | $ 990,000 |
| 2,500,000(a) | Long Point Re IV, 7.497%, (3 Month USD LIBOR + | |
| | 425 bps), 6/1/26 (144A) | 2,487,500 |
| | | $ 3,477,500 |
| | Multiperil – Worldwide — 0.0%† | |
| 500,000(a) | Northshore Re II, 8.997%, (3 Month U.S. Treasury | |
| | Bill + 575 bps), 1/8/24 (144A) | $ 483,000 |
| | Pandemic – U.S — 0.0%† | |
| 500,000(a) | Vitality Re XI, 5.047%, (3 Month U.S. Treasury | |
| | Bill + 180 bps), 1/9/24 (144A) | $ 488,600 |
| | Windstorm – Florida — 0.0%† | |
| 500,000(a) | Integrity Re, 10.247%, (3 Month U.S. Treasury | |
| | Bill + 700 bps), 6/6/25 (144A) | $ 25,000 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 53
Schedule of Investments | 9/30/22 (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | Windstorm – U.S — 0.0%† | |
| 750,000(a) | Bonanza Re, 7.997%, (3 Month U.S. Treasury Bill + | |
| | 475 bps), 12/23/24 (144A) | $ 300,000 |
| 250,000(a) | Bonanza Re, 8.997%, (3 Month U.S. Treasury Bill + | |
| | 575 bps), 3/16/25 (144A) | 2,500 |
| | | $ 302,500 |
| | Windstorm – U.S. Regional — 0.1% | |
| 750,000(a) | Commonwealth Re, 3.50%, (3 Month U.S. Treasury | |
| | Bill + 350 bps), 7/8/25 (144A) | $ 746,100 |
| 1,500,000(a) | Matterhorn Re, 7.355%, (3 Month USD LIBOR + | |
| | 425 bps), 12/7/22 (144A) | 1,485,000 |
| 2,000,000(a) | Matterhorn Re, 8.605%, (3 Month USD LIBOR + | |
| | 550 bps), 12/7/22 (144A) | 1,990,000 |
| | | $ 4,221,100 |
| | Total Event Linked Bonds | $ 31,045,600 |
| Face | | |
| Amount | | |
| USD ($) | | |
| | Collateralized Reinsurance — 0.9% | |
| | Earthquakes – California — 0.1% | |
| 1,800,000(b)(m)+ | Adare Re 2021, 9/30/27 | $ 1,896,574 |
| 754,500(b)(m)+ | Adare Re 2022, 12/31/27 | 781,961 |
| | | $ 2,678,535 |
| | Multiperil – Massachusetts — 0.1% | |
| 1,250,000(b)(m)+ | Ailsa Re 2022, 5/31/28 | $ 1,229,439 |
| 1,500,000(b)(m)+ | Denning Re 2022, 6/30/28 | 1,474,841 |
| 400,000(b)(m)+ | Portsalon Re 2022, 5/31/28 | 347,634 |
| | | $ 3,051,914 |
| | Multiperil – U.S. — 0.2% | |
| 6,000,000(b)(m)+ | Ballybunion Re 2020, 2/28/23 | $ 677,844 |
| 3,406,059(b)(m)+ | Ballybunion Re 2021-3, 7/31/25 | 152,314 |
| 1,506,560(b)(m)+ | Ballybunion Re 2022, 12/31/27 | 1,526,246 |
| 3,000,000(b)(m)+ | Ballybunion Re 2022-2, 5/31/28 | 3,031,742 |
| 3,500,000(b)(m)+ | Ballybunion Re 2022-3, 6/30/28 | 3,484,140 |
| 550,000(m)+ | Dingle Re 2020, 12/31/22 | 3,273 |
| 250,000(b)(m)+ | Port Royal Re 2022, 4/30/28 | 245,054 |
| | | $ 9,120,613 |
| | Multiperil – Worldwide — 0.2% | |
| 1,683,333(b)(m)+ | Celadon Re 2022, 3/31/28 | $ 1,553,517 |
| 4,500,000(b)(m)+ | Gamboge Re 2022, 3/31/28 | 4,266,426 |
| 20,000(b)(m)+ | Limestone Re, 9/9/22 (144A) | 7 |
| 140,000(m)+ | Limestone Re, 10/1/23 (144A) | — |
The accompanying notes are an integral part of these financial statements.
54 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Face | | |
| Amount | | |
| USD ($) | | Value |
| | Multiperil – Worldwide — (continued) | |
| 1,020,000(m)+ | Limestone Re 2020-1, 3/1/24 (144A) | $ 13,056 |
| 480,000(m)+ | Limestone Re 2020-1, 3/1/24 (144A) | 6,144 |
| 250,000(b)(m)+ | Merion Re 2022-1, 12/31/27 | 240,050 |
| 250,000(b)(m)+ | Old Head Re 2022, 12/31/27 | 233,293 |
| 500,000(b)(m)+ | Pine Valley Re 2022, 12/31/27 | 488,530 |
| 300,000(m)+ | Walton Health Re 2019, 6/30/23 | 165,117 |
| 2,000,000(b)(m)+ | Walton Health Re 2022, 12/15/27 | 1,772,233 |
| | | $ 8,738,373 |
| | Windstorm – Florida — 0.1% | |
| 1,750,000(b)(m)+ | Formby Re 2018, 2/28/23 | $ 116,441 |
| 1,750,000(b)(m)+ | Isosceles Re 2022, 5/31/28 | 1,726,375 |
| 2,200,000(b)(m)+ | Portrush Re 2017, 6/15/23 | 935,880 |
| | | $ 2,778,696 |
| | Windstorm - North Carolina — 0.1% | |
| 1,250,000(b)(m)+ | Isosceles Re 2022-A, 4/30/28 | $ 1,240,375 |
| 1,000,000(b)(m)+ | Isosceles Re 2022-A, 4/30/28 | 992,400 |
| | | $ 2,232,775 |
| | Windstorm – U.S — 0.0%† | |
| 500,000(m)+ | Shadow Creek Re 2021, 7/31/25 | $ 7,593 |
| | Windstorm – U.S. Multistate — 0.0%† | |
| 1,500,000(m)+ | White Heron Re 2021, 6/30/25 | $ 32,100 |
| | Windstorm – U.S. Regional — 0.1% | |
| 1,500,000(b)(m)+ | Isosceles Insurance, Ltd., 7/10/23 | $ 1,477,500 |
| 1,250,000(b)(m)+ | Oakmont Re 2017, 4/30/23 | 36,750 |
| 5,804,192(b)(m)+ | Oakmont Re 2020, 3/31/27 | 216,659 |
| 3,500,000(b)(m)+ | Oakmont Re 2022, 4/1/28 | 3,378,700 |
| | | $ 5,109,609 |
| | Total Collateralized Reinsurance | $ 33,750,208 |
| | Reinsurance Sidecars — 1.7% | |
| | Multiperil – U.S. — 0.0%† | |
| 1,750,000(b)(m)+ | Carnoustie Re 2020, 12/31/23 | $ 237,300 |
| 1,390,289(b)(m)+ | Carnoustie Re 2021, 12/31/24 | 65,899 |
| 1,000,000(b)(m)+ | Carnoustie Re 2022, 12/31/27 | 1,059,539 |
| 3,000,000(b)(n)+ | Harambee Re 2018, 12/31/22 | — |
| 5,000,000(n)+ | Harambee Re 2019, 12/31/22 | 2,500 |
| 3,000,000(n)+ | Harambee Re 2020, 12/31/23 | 47,700 |
| 2,845(a)(m)+ | Sector Re V, 3/1/26 (144A) | 46,500 |
| | | $ 1,459,438 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 55
Schedule of Investments | 9/30/22 (continued)
| Face | | |
| Amount | | |
| USD ($) | | Value |
| | Multiperil – Worldwide — 1.7% | |
| 2,201(b)(m)+ | Alturas Re 2019-1, 3/10/23 (144A) | $ 10,065 |
| 33,410(n)+ | Alturas Re 2019-2, 3/10/23 | 11,366 |
| 357,085(m)+ | Alturas Re 2020-1B, 3/10/23 (144A) | 10,355 |
| 360,465(n)+ | Alturas Re 2020-2, 1/31/23 | 76,419 |
| 250,000(n)+ | Alturas Re 2020-3, 9/30/24 | — |
| 2,639,535(b)(n)+ | Alturas Re 2021-2, 12/31/24 | — |
| 236,951(b)(n)+ | Alturas Re 2021-3, 7/31/25 | 67,294 |
| 2,106,552(b)(n)+ | Alturas Re 2022-2, 12/31/27 | 1,761,288 |
| 4,000,000(b)(m)+ | Bantry Re 2016, 3/31/23 | 120,000 |
| 4,000,000(b)(m)+ | Bantry Re 2019, 12/31/22 | 135,855 |
| 3,821,406(m)+ | Bantry Re 2020, 12/31/23 | 248,691 |
| 3,932,000(b)(m)+ | Bantry Re 2021, 12/31/24 | 510,961 |
| 3,280,525(b)(m)+ | Bantry Re 2022, 12/31/27 | 3,420,545 |
| 13,924,181(b)(m)+ | Berwick Re 2018-1, 12/31/22 | 1,076,339 |
| 9,947,951(b)(m)+ | Berwick Re 2019-1, 12/31/22 | 1,188,780 |
| 2,000,000(m)+ | Berwick Re 2020-1, 12/31/23 | 200 |
| 3,500,000(b)(m)+ | Berwick Re 2022, 12/31/27 | 3,625,801 |
| 73,625(m)+ | Eden Re II, 3/22/23 (144A) | 190,858 |
| 700,000(b)(m)+ | Eden Re II, 3/22/24 (144A) | 361,900 |
| 1,329,689(b)(m)+ | Eden Re II, 3/21/25 (144A) | 1,015,882 |
| 4,400,000(b)(m)+ | Eden Re II, 3/20/26 (144A) | 4,487,560 |
| 1,500,000(b)(m)+ | Gleneagles Re 2018, 12/31/22 | 177,450 |
| 1,250,000(b)(m)+ | Gleneagles Re 2021, 12/31/24 | 277,857 |
| 1,250,000(b)(m)+ | Gleneagles Re 2022, 12/31/27 | 1,302,083 |
| 2,737,878(m)+ | Gullane Re 2018, 12/31/22 | 169,487 |
| 5,000,000(b)(m)+ | Gullane Re 2022, 12/31/27 | 5,372,013 |
| 500,000(b)(n)+ | Lion Rock Re 2019, 1/31/23 | — |
| 500,000(b)(n)+ | Lion Rock Re 2020, 1/31/23 | — |
| 500,000(b)(n)+ | Lion Rock Re 2021, 12/31/24 | 214,250 |
| 2,545,246(b)(n)+ | Lorenz Re 2019, 6/30/23 | 4,836 |
| 8,500,000(b)(m)+ | Merion Re 2018-2, 12/31/22 | 1,286,900 |
| 9,000,000(m)+ | Merion Re 2021-2, 12/31/24 | 1,768,500 |
| 6,551,154(b)(m)+ | Merion Re 2022-2, 12/31/27 | 6,901,361 |
| 6,150,000(b)(m)+ | Pangaea Re 2016-2, 11/30/22 | 10,967 |
| 4,750,000(b)(m)+ | Pangaea Re 2018-1, 12/31/22 | 100,009 |
| 7,100,000(b)(m)+ | Pangaea Re 2018-3, 7/1/23 | 147,278 |
| 3,891,425(b)(m)+ | Pangaea Re 2019-1, 2/1/23 | 81,088 |
| 5,220,725(b)(m)+ | Pangaea Re 2019-3, 7/1/23 | 187,794 |
| 3,500,000(m)+ | Pangaea Re 2020-3, 7/1/24 | 49,274 |
| 4,254,521(b)(m)+ | Pangaea Re 2022-1, 12/31/27 | 4,546,935 |
| 2,500,000(b)(m)+ | Pangaea Re 2022-3, 5/31/28 | 2,565,740 |
| 1,000,000(b)(m)+ | Phoenix One Re, 1/4/27 (144A) | 1,115,900 |
The accompanying notes are an integral part of these financial statements.
56 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Face | | |
| Amount | | |
| USD ($) | | Value |
| | Multiperil – Worldwide — (continued) | |
| 1,515,000(b)(m)+ | Rosapenna Re 2022, 6/30/28 | $ 1,532,611 |
| 360,000(m)+ | Sector Re V, 3/1/24 (144A) | 283,474 |
| 3,608(m)+ | Sector Re V, 3/1/24 (144A) | 89,331 |
| 155,997(m)+ | Sector Re V, 12/1/24 (144A) | 448,722 |
| 150,000(m)+ | Sector Re V, 12/1/24 (144A) | 431,472 |
| 6,578(m)+ | Sector Re V, 3/1/25 (144A) | 94,552 |
| 6,106(m)+ | Sector Re V, 12/1/25 (144A) | 176,144 |
| 2,472(b)(m)+ | Sector Re V, 3/1/26 (144A) | 223,598 |
| 2,753,972(b)(m)+ | Sector Re V, 12/1/26 (144A) | 2,543,877 |
| 2,253,960(b)(m)+ | Sector Re V, 3/1/27 (144A) | 2,051,788 |
| 692,491(b)(m)+ | Sector Re V, 3/1/27 (144A) | 627,765 |
| 3,609,700(m)+ | Sussex Re 2020-1, 12/31/22 | 5,415 |
| 1,000,000(m)+ | Sussex Re 2021-1, 12/31/24 | 94,000 |
| 3,000,000(n)+ | Thopas Re 2019, 12/31/22 | 21,600 |
| 4,000,000(b)(n)+ | Thopas Re 2020, 12/31/23 | — |
| 5,000,000(n)+ | Thopas Re 2021, 12/31/24 | — |
| 3,000,000(b)(n)+ | Thopas Re 2022, 12/31/27 | 2,967,900 |
| 2,818,951(n)+ | Torricelli Re 2021, 7/31/25 | 259,907 |
| 3,000,000(b)(n)+ | Torricelli Re 2022, 6/30/28 | 2,720,400 |
| 3,000,000(m)+ | Versutus Re 2018, 12/31/22 | — |
| 2,647,642(m)+ | Versutus Re 2019-A, 12/31/22 | — |
| 852,358(m)+ | Versutus Re 2019-B, 12/31/22 | — |
| 1,250,000(b)(n)+ | Viribus Re 2018, 12/31/22 | — |
| 3,650,000(n)+ | Viribus Re 2019, 12/31/22 | 25,915 |
| 4,139,570(b)(n)+ | Viribus Re 2020, 12/31/23 | 182,141 |
| 2,500,000(b)(n)+ | Viribus Re 2022, 12/31/27 | 2,550,000 |
| 1,826,168(b)(m)+ | Woburn Re 2018, 12/31/22 | 62,781 |
| 3,539,362(b)(m)+ | Woburn Re 2019, 12/31/22 | 677,203 |
| | | $ 62,670,477 |
| | Total Reinsurance Sidecars | $ 64,129,915 |
| | Industry Loss Warranties — 0.5% | |
| | Earthquakes - U.S. — 0.0%† | |
| 1,750,000(b)(m)+ | Vermillion Re 2022, 12/31/27 | $ 1,729,516 |
| | Windstorm – U.S — 0.1% | |
| 2,000,000(b)(m)+ | Ballylifin Re 2021, 9/15/25 | $ 249,400 |
| 1,750,000(b)(m)+ | Ballylifin Re 2022, 5/31/28 | 1,675,538 |
| | | $ 1,924,938 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 57
Schedule of Investments | 9/30/22 (continued)
| Face | | |
| Amount | | |
| USD ($) | | Value |
| | Windstorm – U.S. Regional — 0.4% | |
| 2,500,000(b)(m)+ | Streamsong Re 2022, 12/15/27 | $ 2,456,840 |
| 12,000,000(b)(m)+ | Flavescent Re 2022, 11/30/27 | 11,685,011 |
| | | $ 14,141,851 |
| | Total Industry Loss Warranties | $ 17,796,305 |
| | TOTAL INSURANCE-LINKED SECURITIES | |
| | (Cost $151,709,778) | $ 146,722,028 |
| Principal | | |
| Amount | | |
| USD ($) | | |
| | FOREIGN GOVERNMENT BONDS — 3.4% of | |
| | Net Assets | |
| | Angola — 0.1% | |
| 6,420,000 | Angolan Government International Bond, | |
| | 8.750%, 4/14/32 (144A) | $ 4,747,590 |
| | Total Angola | $ 4,747,590 |
| | Argentina — 0.2% | |
| 351,880 | Argentine Republic Government International | |
| | Bond, 1.000%, 7/9/29 | $ 67,232 |
| 5,955,800(e) | Argentine Republic Government International | |
| | Bond, 1.500%, 7/9/35 | 1,077,370 |
| 8,500,000 | Ciudad Autonoma De Buenos Aires, 7.500%, | |
| | 6/1/27 (144A) | 7,362,274 |
| | Total Argentina | $ 8,506,876 |
| | Bahamas — 0.1% | |
| 5,815,000 | Bahamas Government International Bond, | |
| | 8.950%, 10/15/32 (144A) | $ 3,372,733 |
| | Total Bahamas | $ 3,372,733 |
| | Colombia — 0.1% | |
| 4,800,000 | Colombia Government International Bond, | |
| | 3.125%, 4/15/31 | $ 3,327,599 |
| | Total Colombia | $ 3,327,599 |
| | Egypt — 0.1% | |
| 2,520,000 | Egypt Government International Bond, | |
| | 5.875%, 2/16/31 (144A) | $ 1,460,965 |
| 5,560,000 | Egypt Government International Bond, | |
| | 7.053%, 1/15/32 (144A) | 3,351,101 |
| 2,000,000 | Egypt Government International Bond, | |
| | 8.875%, 5/29/50 (144A) | 1,108,076 |
| | Total Egypt | $ 5,920,142 |
The accompanying notes are an integral part of these financial statements.
58 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | | Gabon — 0.1% | |
| | 5,045,000 | Gabon Government International Bond, | |
| | | 7.000%, 11/24/31 (144A) | $ 3,312,244 |
| | | Total Gabon | $ 3,312,244 |
| | | Ghana — 0.1% | |
| | 7,018,000 | Ghana Government International Bond, | |
| | | 7.875%, 2/11/35 (144A) | $ 2,596,660 |
| | | Total Ghana | $ 2,596,660 |
| | | Guatemala — 0.1% | |
| | 4,434,000 | Republic of Guatemala, 3.700%, 10/7/33 (144A) | $ 3,214,728 |
| | | Total Guatemala | $ 3,214,728 |
| | | Indonesia — 0.3% | |
| IDR | 219,632,000,000 | Indonesia Treasury Bond, 6.125%, 5/15/28 | $ 13,742,740 |
| | | Total Indonesia | $ 13,742,740 |
| | | Ivory Coast — 0.3% | |
| EUR | 8,965,000 | Ivory Coast Government International Bond, | |
| | | 4.875%, 1/30/32 (144A) | $ 5,867,039 |
| EUR | 3,270,000 | Ivory Coast Government International Bond, | |
| | | 5.875%, 10/17/31 (144A) | 2,310,410 |
| | 2,500,000 | Ivory Coast Government International Bond, | |
| | | 6.125%, 6/15/33 (144A) | 1,900,000 |
| | | Total Ivory Coast | $ 10,077,449 |
| | | Mexico — 0.8% | |
| MXN | 620,140,000 | Mexican Bonos, 8.500%, 5/31/29 | $ 29,003,504 |
| | | Total Mexico | $ 29,003,504 |
| | | Rwanda — 0.1% | |
| | 5,525,000 | Rwanda International Government Bond, | |
| | | 5.500%, 8/9/31 (144A) | $ 3,999,304 |
| | | Total Rwanda | $ 3,999,304 |
| | | Serbia — 0.1% | |
| EUR | 6,600,000 | Serbia International Bond, 2.050%, 9/23/36 (144A) | $ 3,379,702 |
| | | Total Serbia | $ 3,379,702 |
| | | South Africa — 0.5% | |
| ZAR | 404,250,000 | Republic of South Africa Government Bond, | |
| | | 8.250%, 3/31/32 | $ 18,372,157 |
| | | Total South Africa | $ 18,372,157 |
| | | Trinidad — 0.1% | |
| | 3,612,000 | Trinidad & Tobago Government International Bond, | |
| | | 4.500%, 6/26/30 (144A) | $ 3,269,042 |
| | | Total Trinidad | $ 3,269,042 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 59
Schedule of Investments | 9/30/22 (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | Ukraine — 0.1% | |
| EUR | 4,490,000 | Ukraine Government International Bond, | |
| | 4.375%, 1/27/32 (144A) | $ 813,630 |
| 9,575,000 | Ukraine Government International Bond, | |
| | 7.375%, 9/25/34 (144A) | 1,765,477 |
| | Total Ukraine | $ 2,579,107 |
| | Uzbekistan — 0.2% | |
| UZS | 76,270,000,000 | Republic of Uzbekistan International Bond, | $ 6,591,095 |
| | 14.000%, 7/19/24 (144A) | |
| UZS | 33,340,000,000 | Republic of Uzbekistan International Bond, | |
| | 14.500%, 11/25/23 (144A) | 2,908,039 |
| | Total Uzbekistan | $ 9,499,134 |
| | TOTAL FOREIGN GOVERNMENT BONDS | |
| | (Cost $186,263,784) | $ 128,920,711 |
| | U.S. GOVERNMENT AND AGENCY | |
| | OBLIGATIONS — 35.1% of Net Assets |
| 6,661,581 | Federal Home Loan Mortgage Corp., 1.500%, 12/1/41 | $ 5,324,905 |
| 962,031 | Federal Home Loan Mortgage Corp., 1.500%, 1/1/42 | 769,009 |
| 971,570 | Federal Home Loan Mortgage Corp., 1.500%, 1/1/42 | 776,636 |
| 7,643,515 | Federal Home Loan Mortgage Corp., 1.500%, 1/1/42 | 6,109,759 |
| 2,875,238 | Federal Home Loan Mortgage Corp., 1.500%, 2/1/42 | 2,298,360 |
| 4,813,948 | Federal Home Loan Mortgage Corp., 1.500%, 2/1/42 | 3,848,076 |
| 967,095 | Federal Home Loan Mortgage Corp., 1.500%, 3/1/42 | 769,461 |
| 190,319 | Federal Home Loan Mortgage Corp., 2.000%, 2/1/42 | 158,227 |
| 22,648,556 | Federal Home Loan Mortgage Corp., 2.500%, 5/1/51 | 19,165,263 |
| 4,473,681 | Federal Home Loan Mortgage Corp., 2.500%, 8/1/51 | 3,768,962 |
| 1,970,102 | Federal Home Loan Mortgage Corp., 3.000%, 2/1/47 | 1,764,017 |
| 116,965 | Federal Home Loan Mortgage Corp., 3.000%, 11/1/47 | 104,128 |
| 34,111 | Federal Home Loan Mortgage Corp., 3.500%, 1/1/52 | 30,795 |
| 165,933 | Federal Home Loan Mortgage Corp., 3.500%, 1/1/52 | 150,015 |
| 177,452 | Federal Home Loan Mortgage Corp., 3.500%, 3/1/52 | 160,011 |
| 205,509 | Federal Home Loan Mortgage Corp., 3.500%, 3/1/52 | 186,388 |
| 2,806,006 | Federal Home Loan Mortgage Corp., 3.500%, 4/1/52 | 2,538,430 |
| 2,142,210 | Federal Home Loan Mortgage Corp., 3.500%, 4/1/52 | 1,931,483 |
| 824,256 | Federal Home Loan Mortgage Corp., 3.500%, 4/1/52 | 743,104 |
| 220,151 | Federal Home Loan Mortgage Corp., 3.500%, 4/1/52 | 198,450 |
| 345,309 | Federal Home Loan Mortgage Corp., 3.500%, 4/1/52 | 311,272 |
| 490,224 | Federal Home Loan Mortgage Corp., 3.500%, 4/1/52 | 441,679 |
| 244,572 | Federal Home Loan Mortgage Corp., 3.500%, 4/1/52 | 220,465 |
| 258,168 | Federal Home Loan Mortgage Corp., 3.500%, 4/1/52 | 232,774 |
| 170,865 | Federal Home Loan Mortgage Corp., 3.500%, 4/1/52 | 154,073 |
The accompanying notes are an integral part of these financial statements.
60 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | U.S. GOVERNMENT AND AGENCY | |
| | OBLIGATIONS — (continued) | |
| 173,290 | Federal Home Loan Mortgage Corp., 3.500%, 4/1/52 | $ 156,315 |
| 412,206 | Federal Home Loan Mortgage Corp., 3.500%, 4/1/52 | 371,409 |
| 2,025,043 | Federal Home Loan Mortgage Corp., 4.000%, 10/1/42 | 1,932,394 |
| 1,110,299 | Federal Home Loan Mortgage Corp., 4.000%, 4/1/47 | 1,052,688 |
| 761,711 | Federal Home Loan Mortgage Corp., 4.000%, 4/1/47 | 719,235 |
| 380,961 | Federal Home Loan Mortgage Corp., 4.000%, 12/1/48 | 359,429 |
| 558,799 | Federal Home Loan Mortgage Corp., 4.000%, 12/1/48 | 526,369 |
| 15,825 | Federal Home Loan Mortgage Corp., 4.000%, 3/1/49 | 14,767 |
| 108,192 | Federal Home Loan Mortgage Corp., 4.000%, 5/1/50 | 100,892 |
| 199,994 | Federal Home Loan Mortgage Corp., 4.000%, 6/1/50 | 187,113 |
| 123,825 | Federal Home Loan Mortgage Corp., 4.000%, 8/1/50 | 115,426 |
| 100,144 | Federal Home Loan Mortgage Corp., 4.000%, 10/1/50 | 93,966 |
| 190,437 | Federal Home Loan Mortgage Corp., 4.000%, 2/1/51 | 177,795 |
| 104,068 | Federal Home Loan Mortgage Corp., 4.000%, 4/1/51 | 96,781 |
| 92,799 | Federal Home Loan Mortgage Corp., 4.000%, 9/1/51 | 86,223 |
| 574,156 | Federal Home Loan Mortgage Corp., 4.000%, 9/1/51 | 534,099 |
| 1,250,423 | Federal Home Loan Mortgage Corp., 4.000%, 10/1/51 | 1,162,127 |
| 200,767 | Federal Home Loan Mortgage Corp., 4.000%, 10/1/51 | 186,721 |
| 287,778 | Federal Home Loan Mortgage Corp., 4.000%, 10/1/51 | 267,765 |
| 338,780 | Federal Home Loan Mortgage Corp., 4.000%, 5/1/52 | 315,100 |
| 561,757 | Federal Home Loan Mortgage Corp., 4.000%, 5/1/52 | 523,256 |
| 3,013,853 | Federal Home Loan Mortgage Corp., 4.000%, 6/1/52 | 2,799,563 |
| 718,942 | Federal Home Loan Mortgage Corp., 4.000%, 6/1/52 | 669,308 |
| 1,905,867 | Federal Home Loan Mortgage Corp., 4.000%, 6/1/52 | 1,775,234 |
| 348,670 | Federal Home Loan Mortgage Corp., 4.000%, 6/1/52 | 324,254 |
| 162,329 | Federal Home Loan Mortgage Corp., 4.000%, 6/1/52 | 150,826 |
| 2,562,468 | Federal Home Loan Mortgage Corp., 4.000%, 7/1/52 | 2,379,189 |
| 100,233 | Federal Home Loan Mortgage Corp., 4.500%, 10/1/35 | 98,066 |
| 301,566 | Federal Home Loan Mortgage Corp., 4.500%, 7/1/40 | 295,782 |
| 185,676 | Federal Home Loan Mortgage Corp., 4.500%, 11/1/40 | 181,634 |
| 6,324 | Federal Home Loan Mortgage Corp., 4.500%, 9/1/43 | 6,064 |
| 119,675 | Federal Home Loan Mortgage Corp., 4.500%, 10/1/43 | 117,392 |
| 420,399 | Federal Home Loan Mortgage Corp., 4.500%, 11/1/43 | 412,344 |
| 5,341 | Federal Home Loan Mortgage Corp., 4.500%, 3/1/44 | 5,238 |
| 15,964 | Federal Home Loan Mortgage Corp., 4.500%, 5/1/44 | 15,658 |
| 1,192,754 | Federal Home Loan Mortgage Corp., 4.500%, 1/1/50 | 1,148,078 |
| 4,295,018 | Federal Home Loan Mortgage Corp., 4.500%, 7/1/52 | 4,103,208 |
| 24,799,102 | Federal Home Loan Mortgage Corp., 4.500%, 9/1/52 | 23,691,607 |
| 3,191 | Federal Home Loan Mortgage Corp., 5.000%, 4/1/23 | 3,205 |
| 8,390 | Federal Home Loan Mortgage Corp., 5.000%, 5/1/34 | 8,438 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 61
Schedule of Investments | 9/30/22 (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | U.S. GOVERNMENT AND AGENCY | |
| | OBLIGATIONS — (continued) | |
| 10,583 | Federal Home Loan Mortgage Corp., 5.000%, 11/1/34 | $ 10,678 |
| 45,789 | Federal Home Loan Mortgage Corp., 5.000%, 12/1/34 | 46,165 |
| 34,793 | Federal Home Loan Mortgage Corp., 5.000%, 7/1/35 | 35,106 |
| 80,928 | Federal Home Loan Mortgage Corp., 5.000%, 9/1/38 | 81,651 |
| 118,228 | Federal Home Loan Mortgage Corp., 5.000%, 9/1/38 | 119,285 |
| 4,128 | Federal Home Loan Mortgage Corp., 5.000%, 10/1/38 | 4,165 |
| 556 | Federal Home Loan Mortgage Corp., 5.000%, 5/1/39 | 555 |
| 1,830,781 | Federal Home Loan Mortgage Corp., 5.000%, 11/1/39 | 1,841,342 |
| 1,091 | Federal Home Loan Mortgage Corp., 5.000%, 12/1/39 | 1,093 |
| 1,875,751 | Federal Home Loan Mortgage Corp., 5.000%, 12/1/50 | 1,846,680 |
| 6,000,000 | Federal Home Loan Mortgage Corp., 5.000%, 9/1/52 | 5,851,103 |
| 13,800,000 | Federal Home Loan Mortgage Corp., 5.000%, 10/1/52 | 13,457,508 |
| 828,177 | Federal Home Loan Mortgage Corp., 5.500%, 6/1/41 | 856,427 |
| 16,613 | Federal Home Loan Mortgage Corp., 6.000%, 1/1/33 | 16,941 |
| 1,962 | Federal Home Loan Mortgage Corp., 6.000%, 3/1/33 | 1,996 |
| 11,149 | Federal Home Loan Mortgage Corp., 6.000%, 3/1/33 | 11,346 |
| 20,939 | Federal Home Loan Mortgage Corp., 6.000%, 1/1/34 | 22,022 |
| 48,080 | Federal Home Loan Mortgage Corp., 6.000%, 6/1/35 | 48,941 |
| 18,386 | Federal Home Loan Mortgage Corp., 6.000%, 12/1/36 | 18,875 |
| 1,619 | Federal Home Loan Mortgage Corp., 6.000%, 10/1/37 | 1,669 |
| 46,884 | Federal Home Loan Mortgage Corp., 6.000%, 12/1/37 | 49,352 |
| 1,667 | Federal Home Loan Mortgage Corp., 6.500%, 9/1/32 | 1,734 |
| 33,815,267 | Federal National Mortgage Association, | |
| | 1.500%, 11/1/41 | 27,049,516 |
| 8,603,430 | Federal National Mortgage Association, | |
| | 1.500%, 1/1/42 | 6,881,197 |
| 5,735,371 | Federal National Mortgage Association, | |
| | 1.500%, 1/1/42 | 4,588,413 |
| 7,740,787 | Federal National Mortgage Association, | |
| | 1.500%, 2/1/42 | 6,165,084 |
| 2,918,338 | Federal National Mortgage Association, | |
| | 1.500%, 3/1/42 | 2,323,697 |
| 11,405,790 | Federal National Mortgage Association, | |
| | 2.000%, 12/1/41 | 9,546,970 |
| 579,493 | Federal National Mortgage Association, | |
| | 2.000%, 2/1/42 | 481,054 |
| 204,171 | Federal National Mortgage Association, | |
| | 2.000%, 2/1/42 | 169,488 |
| 707,051 | Federal National Mortgage Association, | |
| | 2.000%, 11/1/50 | 578,131 |
| 341,466 | Federal National Mortgage Association, | |
| | 2.000%, 1/1/51 | 280,215 |
The accompanying notes are an integral part of these financial statements.
62 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | U.S. GOVERNMENT AND AGENCY | |
| | OBLIGATIONS — (continued) | |
| 5,916,908 | Federal National Mortgage Association, | |
| | 2.000%, 11/1/51 | $ 4,824,694 |
| 153,000,000 | Federal National Mortgage Association, | |
| | 2.000%, 10/1/52 (TBA) | 123,846,329 |
| 661,633 | Federal National Mortgage Association, | |
| | 2.500%, 9/1/50 | 563,557 |
| 2,086,263 | Federal National Mortgage Association, | |
| | 2.500%, 9/1/50 | 1,769,639 |
| 293,765 | Federal National Mortgage Association, | |
| | 2.500%, 9/1/50 | 251,340 |
| 203,427 | Federal National Mortgage Association, | |
| | 2.500%, 10/1/50 | 173,493 |
| 25,041,506 | Federal National Mortgage Association, | |
| | 2.500%, 5/1/51 | 21,326,100 |
| 9,101,597 | Federal National Mortgage Association, | |
| | 2.500%, 10/1/51 | 7,673,087 |
| 6,608,935 | Federal National Mortgage Association, | |
| | 2.500%, 11/1/51 | 5,592,883 |
| 6,608,252 | Federal National Mortgage Association, | |
| | 2.500%, 12/1/51 | 5,584,995 |
| 13,341,015 | Federal National Mortgage Association, | |
| | 2.500%, 1/1/52 | 11,273,271 |
| 1,528,193 | Federal National Mortgage Association, | |
| | 2.500%, 2/1/52 | 1,293,922 |
| 390,704 | Federal National Mortgage Association, | |
| | 2.500%, 4/1/52 | 329,663 |
| 112,000,000 | Federal National Mortgage Association, | |
| | 2.500%, 10/1/52 (TBA) | 93,946,562 |
| 59,326 | Federal National Mortgage Association, | |
| | 3.000%, 5/1/46 | 52,689 |
| 69,849 | Federal National Mortgage Association, | |
| | 3.000%, 10/1/46 | 62,112 |
| 199,900 | Federal National Mortgage Association, | |
| | 3.000%, 11/1/46 | 177,881 |
| 108,039 | Federal National Mortgage Association, | |
| | 3.000%, 11/1/46 | 94,742 |
| 40,444 | Federal National Mortgage Association, | |
| | 3.000%, 1/1/47 | 35,961 |
| 42,864 | Federal National Mortgage Association, | |
| | 3.000%, 3/1/47 | 38,193 |
| 439,944 | Federal National Mortgage Association, | |
| | 3.000%, 3/1/47 | 385,730 |
| 1,831,323 | Federal National Mortgage Association, | |
| | 3.000%, 3/1/47 | 1,630,472 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 63
Schedule of Investments | 9/30/22 (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | U.S. GOVERNMENT AND AGENCY | |
| | OBLIGATIONS — (continued) | |
| 1,145,842 | Federal National Mortgage Association, | |
| | 3.000%, 4/1/47 | $ 1,019,249 |
| 1,988,664 | Federal National Mortgage Association, | |
| | 3.000%, 5/1/48 | 1,752,888 |
| 11,877,023 | Federal National Mortgage Association, | |
| | 3.000%, 1/1/52 | 10,449,736 |
| 15,941,068 | Federal National Mortgage Association, | |
| | 3.000%, 3/1/52 | 14,114,259 |
| 3,355,891 | Federal National Mortgage Association, | |
| | 3.000%, 2/1/57 | 2,936,871 |
| 1,000,000 | Federal National Mortgage Association, | |
| | 3.500%, 10/1/37 (TBA) | 945,000 |
| 1,347,307 | Federal National Mortgage Association, | |
| | 3.500%, 7/1/42 | 1,237,651 |
| 2,683,129 | Federal National Mortgage Association, | |
| | 3.500%, 6/1/45 | 2,459,535 |
| 5,046,995 | Federal National Mortgage Association, | |
| | 3.500%, 9/1/45 | 4,635,317 |
| 833,265 | Federal National Mortgage Association, | |
| | 3.500%, 9/1/45 | 768,548 |
| 687,256 | Federal National Mortgage Association, | |
| | 3.500%, 6/1/46 | 630,211 |
| 656,274 | Federal National Mortgage Association, | |
| | 3.500%, 9/1/46 | 605,226 |
| 256,191 | Federal National Mortgage Association, | |
| | 3.500%, 10/1/46 | 234,521 |
| 116,032 | Federal National Mortgage Association, | |
| | 3.500%, 7/1/47 | 106,123 |
| 792,419 | Federal National Mortgage Association, | |
| | 3.500%, 4/1/50 | 718,993 |
| 1,360,077 | Federal National Mortgage Association, | |
| | 3.500%, 7/1/51 | 1,237,124 |
| 679,422 | Federal National Mortgage Association, | |
| | 3.500%, 8/1/51 | 612,774 |
| 920,268 | Federal National Mortgage Association, | |
| | 3.500%, 9/1/51 | 830,774 |
| 80,541 | Federal National Mortgage Association, | |
| | 3.500%, 9/1/51 | 72,633 |
| 151,299 | Federal National Mortgage Association, | |
| | 3.500%, 12/1/51 | 136,526 |
| 771,964 | Federal National Mortgage Association, | |
| | 3.500%, 2/1/52 | 696,580 |
| 159,509 | Federal National Mortgage Association, | |
| | 3.500%, 2/1/52 | 143,886 |
The accompanying notes are an integral part of these financial statements.
64 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | U.S. GOVERNMENT AND AGENCY | |
| | OBLIGATIONS — (continued) | |
| 571,333 | Federal National Mortgage Association, | |
| | 3.500%, 2/1/52 | $ 515,420 |
| 1,760,458 | Federal National Mortgage Association, | |
| | 3.500%, 2/1/52 | 1,604,915 |
| 176,498 | Federal National Mortgage Association, | |
| | 3.500%, 3/1/52 | 159,226 |
| 1,881,331 | Federal National Mortgage Association, | |
| | 3.500%, 3/1/52 | 1,704,984 |
| 3,185,215 | Federal National Mortgage Association, | |
| | 3.500%, 3/1/52 | 2,889,979 |
| 6,149,771 | Federal National Mortgage Association, | |
| | 3.500%, 3/1/52 | 5,548,627 |
| 1,244,865 | Federal National Mortgage Association, | |
| | 3.500%, 4/1/52 | 1,122,548 |
| 709,979 | Federal National Mortgage Association, | |
| | 3.500%, 4/1/52 | 639,941 |
| 1,056,926 | Federal National Mortgage Association, | |
| | 3.500%, 4/1/52 | 952,249 |
| 2,505,219 | Federal National Mortgage Association, | |
| | 3.500%, 4/1/52 | 2,258,025 |
| 6,543,609 | Federal National Mortgage Association, | |
| | 3.500%, 4/1/52 | 5,901,995 |
| 1,260,434 | Federal National Mortgage Association, | |
| | 3.500%, 4/1/52 | 1,136,185 |
| 436,867 | Federal National Mortgage Association, | |
| | 3.500%, 4/1/52 | 393,802 |
| 216,717 | Federal National Mortgage Association, | |
| | 3.500%, 4/1/52 | 195,257 |
| 343,515 | Federal National Mortgage Association, | |
| | 3.500%, 4/1/52 | 309,832 |
| 397,712 | Federal National Mortgage Association, | |
| | 3.500%, 4/1/52 | 358,753 |
| 4,538,398 | Federal National Mortgage Association, | |
| | 3.500%, 5/1/52 | 4,089,224 |
| 530,461 | Federal National Mortgage Association, | |
| | 3.500%, 5/1/52 | 487,182 |
| 4,030,629 | Federal National Mortgage Association, | |
| | 3.500%, 6/1/52 | 3,634,301 |
| 1,476,909 | Federal National Mortgage Association, | |
| | 3.500%, 9/1/55 | 1,356,524 |
| 8,062,646 | Federal National Mortgage Association, | |
| | 3.500%, 8/1/58 | 7,302,302 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 65
Schedule of Investments | 9/30/22 (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | U.S. GOVERNMENT AND AGENCY | |
| | OBLIGATIONS — (continued) | |
| 162 | Federal National Mortgage Association, | |
| | 4.000%, 12/1/23 | $ 156 |
| 3,678 | Federal National Mortgage Association, | |
| | 4.000%, 12/1/30 | 3,510 |
| 373,099 | Federal National Mortgage Association, | |
| | 4.000%, 9/1/37 | 353,207 |
| 3,000,000 | Federal National Mortgage Association, | |
| | 4.000%, 10/1/37 (TBA) | 2,894,063 |
| 4,193,054 | Federal National Mortgage Association, | |
| | 4.000%, 10/1/40 | 3,996,621 |
| 1,643,881 | Federal National Mortgage Association, | |
| | 4.000%, 12/1/40 | 1,566,872 |
| 2,345 | Federal National Mortgage Association, | |
| | 4.000%, 11/1/41 | 2,224 |
| 559,070 | Federal National Mortgage Association, | |
| | 4.000%, 11/1/41 | 530,289 |
| 768,404 | Federal National Mortgage Association, | |
| | 4.000%, 12/1/41 | 731,281 |
| 4,359,329 | Federal National Mortgage Association, | |
| | 4.000%, 12/1/41 | 4,155,718 |
| 11,753 | Federal National Mortgage Association, | |
| | 4.000%, 12/1/41 | 10,980 |
| 1,467,316 | Federal National Mortgage Association, | |
| | 4.000%, 1/1/42 | 1,398,866 |
| 460,427 | Federal National Mortgage Association, | |
| | 4.000%, 1/1/42 | 438,907 |
| 937,052 | Federal National Mortgage Association, | |
| | 4.000%, 2/1/42 | 893,897 |
| 573,950 | Federal National Mortgage Association, | |
| | 4.000%, 2/1/42 | 547,100 |
| 1,565,687 | Federal National Mortgage Association, | |
| | 4.000%, 4/1/42 | 1,492,539 |
| 777,373 | Federal National Mortgage Association, | |
| | 4.000%, 4/1/42 | 733,541 |
| 1,494,499 | Federal National Mortgage Association, | |
| | 4.000%, 5/1/42 | 1,424,578 |
| 86,217 | Federal National Mortgage Association, | |
| | 4.000%, 5/1/42 | 81,762 |
| 78,143 | Federal National Mortgage Association, | |
| | 4.000%, 6/1/42 | 73,263 |
| 74,009 | Federal National Mortgage Association, | |
| | 4.000%, 7/1/42 | 70,184 |
| 2,630,314 | Federal National Mortgage Association, | |
| | 4.000%, 8/1/42 | 2,519,291 |
The accompanying notes are an integral part of these financial statements.
66 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | U.S. GOVERNMENT AND AGENCY | |
| | OBLIGATIONS — (continued) | |
| 96,988 | Federal National Mortgage Association, | |
| | 4.000%, 10/1/42 | $ 92,447 |
| 839,793 | Federal National Mortgage Association, | |
| | 4.000%, 8/1/43 | 798,191 |
| 536,003 | Federal National Mortgage Association, | |
| | 4.000%, 11/1/43 | 510,367 |
| 696,211 | Federal National Mortgage Association, | |
| | 4.000%, 2/1/44 | 660,187 |
| 50,806 | Federal National Mortgage Association, | |
| | 4.000%, 6/1/44 | 47,656 |
| 220,765 | Federal National Mortgage Association, | |
| | 4.000%, 10/1/44 | 206,703 |
| 20,369 | Federal National Mortgage Association, | |
| | 4.000%, 6/1/45 | 19,251 |
| 118,116 | Federal National Mortgage Association, | |
| | 4.000%, 7/1/45 | 112,231 |
| 1,557,619 | Federal National Mortgage Association, | |
| | 4.000%, 4/1/47 | 1,470,854 |
| 1,454,508 | Federal National Mortgage Association, | |
| | 4.000%, 4/1/47 | 1,378,924 |
| 562,717 | Federal National Mortgage Association, | |
| | 4.000%, 6/1/47 | 533,226 |
| 240,385 | Federal National Mortgage Association, | |
| | 4.000%, 6/1/47 | 226,460 |
| 1,050,989 | Federal National Mortgage Association, | |
| | 4.000%, 7/1/47 | 991,456 |
| 44,103 | Federal National Mortgage Association, | |
| | 4.000%, 6/1/48 | 41,553 |
| 81,313 | Federal National Mortgage Association, | |
| | 4.000%, 8/1/48 | 76,180 |
| 399,676 | Federal National Mortgage Association, | |
| | 4.000%, 8/1/48 | 376,452 |
| 41,771 | Federal National Mortgage Association, | |
| | 4.000%, 8/1/48 | 39,511 |
| 52,808 | Federal National Mortgage Association, | |
| | 4.000%, 6/1/49 | 49,656 |
| 13,906 | Federal National Mortgage Association, | |
| | 4.000%, 9/1/49 | 13,137 |
| 41,138 | Federal National Mortgage Association, | |
| | 4.000%, 5/1/50 | 38,323 |
| 177,476 | Federal National Mortgage Association, | |
| | 4.000%, 7/1/50 | 165,631 |
| 66,702 | Federal National Mortgage Association, | |
| | 4.000%, 10/1/50 | 62,120 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 67
Schedule of Investments | 9/30/22 (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | U.S. GOVERNMENT AND AGENCY | |
| | OBLIGATIONS — (continued) | |
| 119,417 | Federal National Mortgage Association, | |
| | 4.000%, 11/1/50 | $ 111,457 |
| 1,017,558 | Federal National Mortgage Association, | |
| | 4.000%, 11/1/50 | 950,643 |
| 465,730 | Federal National Mortgage Association, | |
| | 4.000%, 12/1/50 | 434,305 |
| 40,349 | Federal National Mortgage Association, | |
| | 4.000%, 1/1/51 | 37,691 |
| 10,510 | Federal National Mortgage Association, | |
| | 4.000%, 1/1/51 | 9,835 |
| 235,187 | Federal National Mortgage Association, | |
| | 4.000%, 1/1/51 | 219,084 |
| 103,958 | Federal National Mortgage Association, | |
| | 4.000%, 2/1/51 | 97,199 |
| 292,868 | Federal National Mortgage Association, | |
| | 4.000%, 2/1/51 | 272,955 |
| 339,637 | Federal National Mortgage Association, | |
| | 4.000%, 4/1/51 | 316,614 |
| 30,738 | Federal National Mortgage Association, | |
| | 4.000%, 5/1/51 | 28,758 |
| 789,091 | Federal National Mortgage Association, | |
| | 4.000%, 6/1/51 | 734,494 |
| 161,769 | Federal National Mortgage Association, | |
| | 4.000%, 7/1/51 | 151,592 |
| 858,113 | Federal National Mortgage Association, | |
| | 4.000%, 7/1/51 | 798,996 |
| 2,042,336 | Federal National Mortgage Association, | |
| | 4.000%, 7/1/51 | 1,900,359 |
| 99,108 | Federal National Mortgage Association, | |
| | 4.000%, 8/1/51 | 92,178 |
| 2,781,688 | Federal National Mortgage Association, | |
| | 4.000%, 8/1/51 | 2,587,069 |
| 73,198 | Federal National Mortgage Association, | |
| | 4.000%, 9/1/51 | 68,125 |
| 38,014 | Federal National Mortgage Association, | |
| | 4.000%, 10/1/51 | 35,361 |
| 144,449 | Federal National Mortgage Association, | |
| | 4.000%, 6/1/52 | 134,285 |
| 210,185 | Federal National Mortgage Association, | |
| | 4.000%, 6/1/52 | 195,675 |
| 251,961 | Federal National Mortgage Association, | |
| | 4.000%, 6/1/52 | 234,145 |
| 396,019 | Federal National Mortgage Association, | |
| | 4.000%, 7/1/52 | 368,875 |
The accompanying notes are an integral part of these financial statements.
68 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | U.S. GOVERNMENT AND AGENCY | |
| | OBLIGATIONS — (continued) | |
| 41,169 | Federal National Mortgage Association, | |
| | 4.000%, 7/1/56 | $ 38,803 |
| 73,092 | Federal National Mortgage Association, | |
| | 4.000%, 1/1/57 | 68,631 |
| 1,192,277 | Federal National Mortgage Association, | |
| | 4.500%, 11/1/40 | 1,165,038 |
| 3,428,422 | Federal National Mortgage Association, | |
| | 4.500%, 12/1/40 | 3,359,035 |
| 142,548 | Federal National Mortgage Association, | |
| | 4.500%, 3/1/41 | 138,549 |
| 3,529 | Federal National Mortgage Association, | |
| | 4.500%, 4/1/41 | 3,458 |
| 1,799,821 | Federal National Mortgage Association, | |
| | 4.500%, 5/1/41 | 1,763,249 |
| 735,037 | Federal National Mortgage Association, | |
| | 4.500%, 7/1/41 | 720,151 |
| 2,537,890 | Federal National Mortgage Association, | |
| | 4.500%, 8/1/41 | 2,479,986 |
| 286,441 | Federal National Mortgage Association, | |
| | 4.500%, 9/1/41 | 279,894 |
| 34,695 | Federal National Mortgage Association, | |
| | 4.500%, 3/1/43 | 33,990 |
| 1,018,977 | Federal National Mortgage Association, | |
| | 4.500%, 9/1/43 | 998,287 |
| 3,861,325 | Federal National Mortgage Association, | |
| | 4.500%, 9/1/43 | 3,784,349 |
| 2,646,121 | Federal National Mortgage Association, | |
| | 4.500%, 1/1/44 | 2,592,481 |
| 1,140,223 | Federal National Mortgage Association, | |
| | 4.500%, 3/1/44 | 1,122,196 |
| 10,328,242 | Federal National Mortgage Association, | |
| | 4.500%, 7/1/44 | 10,118,469 |
| 232,876 | Federal National Mortgage Association, | |
| | 4.500%, 1/1/47 | 224,093 |
| 1,494,283 | Federal National Mortgage Association, | |
| | 4.500%, 8/1/47 | 1,451,522 |
| 21,775,218 | Federal National Mortgage Association, | |
| | 4.500%, 6/1/52 | 20,802,765 |
| 7,116,377 | Federal National Mortgage Association, | |
| | 4.500%, 8/1/52 | 6,798,569 |
| 965,099 | Federal National Mortgage Association, | |
| | 5.000%, 6/1/35 | 972,646 |
| 287,623 | Federal National Mortgage Association, | |
| | 5.000%, 7/1/35 | 289,874 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 69
Schedule of Investments | 9/30/22 (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | U.S. GOVERNMENT AND AGENCY | |
| | OBLIGATIONS — (continued) | |
| 684,783 | Federal National Mortgage Association, | |
| | 5.000%, 7/1/35 | $ 690,153 |
| 313,048 | Federal National Mortgage Association, | |
| | 5.000%, 8/1/35 | 315,491 |
| 104,159 | Federal National Mortgage Association, | |
| | 5.000%, 5/1/38 | 104,980 |
| 354,883 | Federal National Mortgage Association, | |
| | 5.000%, 1/1/39 | 352,449 |
| 217,035 | Federal National Mortgage Association, | 218,730 |
| | 5.000%, 7/1/39 | |
| 221,835 | Federal National Mortgage Association, | |
| | 5.000%, 7/1/39 | 223,583 |
| 23,276 | Federal National Mortgage Association, | |
| | 5.000%, 7/1/39 | 22,701 |
| 601,809 | Federal National Mortgage Association, | |
| | 5.000%, 6/1/40 | 606,573 |
| 65,347 | Federal National Mortgage Association, | |
| | 5.000%, 6/1/40 | 65,862 |
| 406,611 | Federal National Mortgage Association, | |
| | 5.000%, 7/1/40 | 406,696 |
| 209,563 | Federal National Mortgage Association, | |
| | 5.000%, 10/1/40 | 211,208 |
| 101,065 | Federal National Mortgage Association, | |
| | 5.000%, 5/1/41 | 100,872 |
| 100,468 | Federal National Mortgage Association, | |
| | 5.000%, 7/1/41 | 101,253 |
| 125,669 | Federal National Mortgage Association, | |
| | 5.000%, 12/1/41 | 123,046 |
| 2,221,859 | Federal National Mortgage Association, | |
| | 5.000%, 9/1/43 | 2,216,466 |
| 7,241,948 | Federal National Mortgage Association, | |
| | 5.000%, 11/1/44 | 7,298,974 |
| 1,960,373 | Federal National Mortgage Association, | |
| | 5.000%, 6/1/52 | 1,938,831 |
| 4,990,586 | Federal National Mortgage Association, | |
| | 5.000%, 8/1/52 | 4,873,289 |
| 65,954,646 | Federal National Mortgage Association, | |
| | 5.000%, 8/1/52 | 64,317,836 |
| 91,300,000 | Federal National Mortgage Association, | |
| | 5.000%, 10/1/52 | 89,034,096 |
| 5,211 | Federal National Mortgage Association, | |
| | 5.500%, 5/1/33 | 5,194 |
| 3,482 | Federal National Mortgage Association, | |
| | 5.500%, 6/1/33 | 3,482 |
The accompanying notes are an integral part of these financial statements.
70 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Principal | | | |
| Amount | | | |
| USD ($) | | Value |
| | U.S. GOVERNMENT AND AGENCY | | |
| | OBLIGATIONS — (continued) | | |
| 15,778 | Federal National Mortgage Association, | | |
| | 5.500%, 7/1/33 | $ 16,161 |
| 28,836 | Federal National Mortgage Association, | | |
| | 5.500%, 4/1/34 | | 29,265 |
| 4,679 | Federal National Mortgage Association, | | |
| | 5.500%, 10/1/35 | | 4,810 |
| 49,266 | Federal National Mortgage Association, | | |
| | 5.500%, 12/1/35 | | 50,275 |
| 21,393 | Federal National Mortgage Association, | | |
| | 5.500%, 3/1/36 | | 21,554 |
| 423 | Federal National Mortgage Association, | | |
| | 6.000%, 3/1/32 | | 445 |
| 714 | Federal National Mortgage Association, | | |
| | 6.000%, 10/1/32 | | 750 |
| 2,918 | Federal National Mortgage Association, | | |
| | 6.000%, 11/1/32 | | 2,969 |
| 18,005 | Federal National Mortgage Association, | | |
| | 6.000%, 12/1/32 | | 18,367 |
| 3,288 | Federal National Mortgage Association, | | |
| | 6.000%, 1/1/33 | | 3,454 |
| 1,703 | Federal National Mortgage Association, | | |
| | 6.000%, 3/1/33 | | 1,789 |
| 9,741 | Federal National Mortgage Association, | | |
| | 6.000%, 5/1/33 | | 9,909 |
| 26,561 | Federal National Mortgage Association, | | |
| | 6.000%, 12/1/33 | | 27,904 |
| 21,458 | Federal National Mortgage Association, | | |
| | 6.000%, 1/1/34 | | 22,543 |
| 103,220 | Federal National Mortgage Association, | | |
| | 6.000%, 6/1/37 | | 107,573 |
| 37,861 | Federal National Mortgage Association, | | |
| | 6.000%, 12/1/37 | | 39,779 |
| 67,458 | Federal National Mortgage Association, | | |
| | 6.000%, 4/1/38 | | 70,960 |
| 14,278 | Federal National Mortgage Association, | | |
| | 6.000%, 7/1/38 | | 14,517 |
| 95 | Federal National Mortgage Association, | | |
| | 6.500%, 4/1/29 | | 98 |
| 305 | Federal National Mortgage Association, | | |
| | 6.500%, 5/1/31 | | 315 |
| 106 | Federal National Mortgage Association, | | |
| | 6.500%, 6/1/31 | | 110 |
| 226 | Federal National Mortgage Association, | | |
| | 6.500%, 2/1/32 | | 233 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 71
Schedule of Investments | 9/30/22 (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | U.S. GOVERNMENT AND AGENCY | |
| | OBLIGATIONS — (continued) | |
| 1,594 | Federal National Mortgage Association, | |
| | 6.500%, 3/1/32 | $ 1,643 |
| 702 | Federal National Mortgage Association, | |
| | 6.500%, 8/1/32 | 725 |
| 229 | Federal National Mortgage Association, | |
| | 7.000%, 5/1/28 | 234 |
| 118 | Federal National Mortgage Association, | |
| | 7.000%, 2/1/29 | 121 |
| 247 | Federal National Mortgage Association, | 247 |
| | 7.000%, 7/1/31 | |
| 183 | Federal National Mortgage Association, | |
| | 7.500%, 1/1/28 | 185 |
| 20,000,000 | Government National Mortgage Association, | |
| | 3.000%, 10/20/52 (TBA) | 17,672,656 |
| 22,000,000 | Government National Mortgage Association, | |
| | 5.000%, 10/20/52 (TBA) | 21,530,893 |
| 456,949 | Government National Mortgage Association I, | |
| | 3.500%, 10/15/42 | 425,867 |
| 2,019 | Government National Mortgage Association I, | |
| | 4.000%, 3/15/39 | 1,948 |
| 3,264 | Government National Mortgage Association I, | |
| | 4.000%, 4/15/39 | 3,112 |
| 2,972 | Government National Mortgage Association I, | |
| | 4.000%, 4/15/39 | 2,854 |
| 4,580 | Government National Mortgage Association I, | |
| | 4.000%, 7/15/39 | 4,363 |
| 3,739 | Government National Mortgage Association I, | |
| | 4.000%, 1/15/40 | 3,560 |
| 63,752 | Government National Mortgage Association I, | |
| | 4.000%, 4/15/40 | 61,014 |
| 103,406 | Government National Mortgage Association I, | |
| | 4.000%, 7/15/40 | 98,497 |
| 73,783 | Government National Mortgage Association I, | |
| | 4.000%, 8/15/40 | 70,649 |
| 37,918 | Government National Mortgage Association I, | |
| | 4.000%, 8/15/40 | 36,102 |
| 18,975 | Government National Mortgage Association I, | |
| | 4.000%, 9/15/40 | 18,160 |
| 23,078 | Government National Mortgage Association I, | |
| | 4.000%, 10/15/40 | 22,222 |
| 6,857 | Government National Mortgage Association I, | |
| | 4.000%, 10/15/40 | 6,563 |
| 3,106 | Government National Mortgage Association I, | |
| | 4.000%, 10/15/40 | 2,970 |
The accompanying notes are an integral part of these financial statements.
72 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Principal | | | |
| Amount | | | |
| USD ($) | | Value |
| | U.S. GOVERNMENT AND AGENCY | | |
| | OBLIGATIONS — (continued) | | |
| 2,331 | Government National Mortgage Association I, | | |
| | 4.000%, 11/15/40 | $ 2,243 |
| 29,999 | Government National Mortgage Association I, | | |
| | 4.000%, 11/15/40 | | 28,711 |
| 89,855 | Government National Mortgage Association I, | | |
| | 4.000%, 11/15/40 | | 85,550 |
| 81,932 | Government National Mortgage Association I, | | |
| | 4.000%, 11/15/40 | | 78,051 |
| 450,356 | Government National Mortgage Association I, | | |
| | 4.000%, 12/15/40 | | 431,011 |
| 2,917 | Government National Mortgage Association I, | | |
| | 4.000%, 12/15/40 | | 2,792 |
| 2,874 | Government National Mortgage Association I, | | |
| | 4.000%, 12/15/40 | | 2,736 |
| 1,168 | Government National Mortgage Association I, | | |
| | 4.000%, 1/15/41 | | 1,104 |
| 14,480 | Government National Mortgage Association I, | | |
| | 4.000%, 1/15/41 | | 13,932 |
| 20,762 | Government National Mortgage Association I, | | |
| | 4.000%, 1/15/41 | | 19,608 |
| 5,657 | Government National Mortgage Association I, | | |
| | 4.000%, 2/15/41 | | 5,386 |
| 269,740 | Government National Mortgage Association I, | | |
| | 4.000%, 2/15/41 | | 256,867 |
| 30,690 | Government National Mortgage Association I, | | |
| | 4.000%, 3/15/41 | | 29,523 |
| 5,737 | Government National Mortgage Association I, | | |
| | 4.000%, 4/15/41 | | 5,521 |
| 12,348 | Government National Mortgage Association I, | | |
| | 4.000%, 5/15/41 | | 11,690 |
| 4,697 | Government National Mortgage Association I, | | |
| | 4.000%, 5/15/41 | | 4,442 |
| 1,938 | Government National Mortgage Association I, | | |
| | 4.000%, 6/15/41 | | 1,833 |
| 761 | Government National Mortgage Association I, | | |
| | 4.000%, 6/15/41 | | 727 |
| 591,574 | Government National Mortgage Association I, | | |
| | 4.000%, 6/15/41 | | 563,228 |
| 14,698 | Government National Mortgage Association I, | | |
| | 4.000%, 7/15/41 | | 14,144 |
| 2,994 | Government National Mortgage Association I, | | |
| | 4.000%, 7/15/41 | | 2,850 |
| 94,469 | Government National Mortgage Association I, | | |
| | 4.000%, 7/15/41 | | 90,875 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 73
Schedule of Investments | 9/30/22 (continued)
| Principal | | | |
| Amount | | | |
| USD ($) | | Value |
| | U.S. GOVERNMENT AND AGENCY | | |
| | OBLIGATIONS — (continued) | | |
| 56,805 | Government National Mortgage Association I, | | |
| | 4.000%, 7/15/41 | $ 54,087 |
| 3,040 | Government National Mortgage Association I, | | |
| | 4.000%, 7/15/41 | | 2,885 |
| 31,085 | Government National Mortgage Association I, | | |
| | 4.000%, 7/15/41 | | 29,595 |
| 3,579 | Government National Mortgage Association I, | | |
| | 4.000%, 8/15/41 | | 3,397 |
| 37,625 | Government National Mortgage Association I, | | |
| | 4.000%, 8/15/41 | | 35,833 |
| 2,924 | Government National Mortgage Association I, | | |
| | 4.000%, 8/15/41 | | 2,784 |
| 26,150 | Government National Mortgage Association I, | | |
| | 4.000%, 9/15/41 | | 24,777 |
| 4,671 | Government National Mortgage Association I, | | |
| | 4.000%, 9/15/41 | | 4,493 |
| 13,358 | Government National Mortgage Association I, | | |
| | 4.000%, 9/15/41 | | 12,850 |
| 5,851 | Government National Mortgage Association I, | | |
| | 4.000%, 9/15/41 | | 5,553 |
| 479 | Government National Mortgage Association I, | | |
| | 4.000%, 9/15/41 | | 456 |
| 192,264 | Government National Mortgage Association I, | | |
| | 4.000%, 9/15/41 | | 184,095 |
| 117,533 | Government National Mortgage Association I, | | |
| | 4.000%, 9/15/41 | | 112,100 |
| 2,773 | Government National Mortgage Association I, | | |
| | 4.000%, 9/15/41 | | 2,670 |
| 3,586 | Government National Mortgage Association I, | | |
| | 4.000%, 10/15/41 | | 3,404 |
| 1,826 | Government National Mortgage Association I, | | |
| | 4.000%, 10/15/41 | | 1,738 |
| 5,800 | Government National Mortgage Association I, | | |
| | 4.000%, 10/15/41 | | 5,505 |
| 6,001 | Government National Mortgage Association I, | | |
| | 4.000%, 10/15/41 | | 5,694 |
| 3,926 | Government National Mortgage Association I, | | |
| | 4.000%, 10/15/41 | | 3,759 |
| 4,133 | Government National Mortgage Association I, | | |
| | 4.000%, 11/15/41 | | 3,975 |
| 85,484 | Government National Mortgage Association I, | | |
| | 4.000%, 11/15/41 | | 80,839 |
| 5,930 | Government National Mortgage Association I, | | |
| | 4.000%, 11/15/41 | | 5,675 |
The accompanying notes are an integral part of these financial statements.
74 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Principal | | | |
| Amount | | | |
| USD ($) | | Value |
| | U.S. GOVERNMENT AND AGENCY | | |
| | OBLIGATIONS — (continued) | | |
| 12,173 | Government National Mortgage Association I, | | |
| | 4.000%, 12/15/41 | $ 11,488 |
| 5,479 | Government National Mortgage Association I, | | |
| | 4.000%, 12/15/41 | | 5,268 |
| 5,816 | Government National Mortgage Association I, | | |
| | 4.000%, 12/15/41 | | 5,566 |
| 459,224 | Government National Mortgage Association I, | | |
| | 4.000%, 1/15/42 | | 441,754 |
| 2,219 | Government National Mortgage Association I, | | |
| | 4.000%, 2/15/42 | | 2,123 |
| 82,965 | Government National Mortgage Association I, | | |
| | 4.000%, 2/15/42 | | 78,907 |
| 26,585 | Government National Mortgage Association I, | | |
| | 4.000%, 2/15/42 | | 25,232 |
| 1,030 | Government National Mortgage Association I, | | |
| | 4.000%, 2/15/42 | | 977 |
| 5,075 | Government National Mortgage Association I, | | |
| | 4.000%, 2/15/42 | | 4,884 |
| 770,689 | Government National Mortgage Association I, | | |
| | 4.000%, 5/15/42 | | 733,446 |
| 37,503 | Government National Mortgage Association I, | | |
| | 4.000%, 6/15/42 | | 35,594 |
| 29,584 | Government National Mortgage Association I, | | |
| | 4.000%, 6/15/42 | | 28,153 |
| 22,553 | Government National Mortgage Association I, | | |
| | 4.000%, 6/15/42 | | 21,432 |
| 7,565 | Government National Mortgage Association I, | | |
| | 4.000%, 10/15/42 | | 7,271 |
| 313,801 | Government National Mortgage Association I, | | |
| | 4.000%, 4/15/43 | | 300,000 |
| 115,470 | Government National Mortgage Association I, | | |
| | 4.000%, 5/15/43 | | 109,592 |
| 1,769 | Government National Mortgage Association I, | | |
| | 4.000%, 5/15/43 | | 1,680 |
| 23,529 | Government National Mortgage Association I, | | |
| | 4.000%, 6/15/43 | | 22,332 |
| 146,543 | Government National Mortgage Association I, | | |
| | 4.000%, 8/15/43 | | 140,242 |
| 64,032 | Government National Mortgage Association I, | | |
| | 4.000%, 9/15/43 | | 60,731 |
| 4,032 | Government National Mortgage Association I, | | |
| | 4.000%, 9/15/43 | | 3,838 |
| 44,766 | Government National Mortgage Association I, | | |
| | 4.000%, 2/15/44 | | 42,488 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 75
Schedule of Investments | 9/30/22 (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | U.S. GOVERNMENT AND AGENCY | |
| | OBLIGATIONS — (continued) | |
| 28,773 | Government National Mortgage Association I, | |
| | 4.000%, 3/15/44 | $ 27,701 |
| 763,838 | Government National Mortgage Association I, | |
| | 4.000%, 3/15/44 | 730,995 |
| 1,140,687 | Government National Mortgage Association I, | |
| | 4.000%, 3/15/44 | 1,092,000 |
| 33,788 | Government National Mortgage Association I, | |
| | 4.000%, 3/15/44 | 32,251 |
| 33,512 | Government National Mortgage Association I, | |
| | 4.000%, 3/15/44 | 31,716 |
| 247,633 | Government National Mortgage Association I, | |
| | 4.000%, 3/15/44 | 236,739 |
| 310,482 | Government National Mortgage Association I, | |
| | 4.000%, 4/15/44 | 294,704 |
| 190,785 | Government National Mortgage Association I, | |
| | 4.000%, 4/15/44 | 181,072 |
| 2,818 | Government National Mortgage Association I, | |
| | 4.000%, 4/15/44 | 2,680 |
| 36,006 | Government National Mortgage Association I, | |
| | 4.000%, 4/15/44 | 34,174 |
| 72,174 | Government National Mortgage Association I, | |
| | 4.000%, 5/15/44 | 68,250 |
| 318,194 | Government National Mortgage Association I, | |
| | 4.000%, 8/15/44 | 301,993 |
| 14,090 | Government National Mortgage Association I, | |
| | 4.000%, 8/15/44 | 13,282 |
| 334,530 | Government National Mortgage Association I, | |
| | 4.000%, 8/15/44 | 320,146 |
| 95,732 | Government National Mortgage Association I, | |
| | 4.000%, 8/15/44 | 91,047 |
| 15,995 | Government National Mortgage Association I, | |
| | 4.000%, 8/15/44 | 15,147 |
| 1,014,160 | Government National Mortgage Association I, | |
| | 4.000%, 9/15/44 | 971,041 |
| 69,020 | Government National Mortgage Association I, | |
| | 4.000%, 9/15/44 | 65,269 |
| 215,326 | Government National Mortgage Association I, | |
| | 4.000%, 9/15/44 | 204,223 |
| 2,766 | Government National Mortgage Association I, | |
| | 4.000%, 9/15/44 | 2,635 |
| 120,755 | Government National Mortgage Association I, | |
| | 4.000%, 9/15/44 | 114,142 |
| 118,203 | Government National Mortgage Association I, | |
| | 4.000%, 9/15/44 | 113,004 |
| 516,037 | Government National Mortgage Association I, | |
| | 4.000%, 9/15/44 | 488,051 |
The accompanying notes are an integral part of these financial statements.
76 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | U.S. GOVERNMENT AND AGENCY | |
| | OBLIGATIONS — (continued) | |
| 59,648 | Government National Mortgage Association I, | |
| | 4.000%, 9/15/44 | $ 56,229 |
| 34,122 | Government National Mortgage Association I, | |
| | 4.000%, 9/15/44 | 32,362 |
| 84,529 | Government National Mortgage Association I, | |
| | 4.000%, 9/15/44 | 80,521 |
| 609,691 | Government National Mortgage Association I, | |
| | 4.000%, 9/15/44 | 585,286 |
| 1,538,128 | Government National Mortgage Association I, | |
| | 4.000%, 9/15/44 | 1,471,800 |
| 30,025 | Government National Mortgage Association I, | |
| | 4.000%, 10/15/44 | 28,397 |
| 13,794 | Government National Mortgage Association I, | |
| | 4.000%, 10/15/44 | 13,003 |
| 8,954 | Government National Mortgage Association I, | |
| | 4.000%, 11/15/44 | 8,617 |
| 6,657 | Government National Mortgage Association I, | |
| | 4.000%, 11/15/44 | 6,289 |
| 56,824 | Government National Mortgage Association I, | |
| | 4.000%, 11/15/44 | 53,891 |
| 4,279 | Government National Mortgage Association I, | |
| | 4.000%, 11/15/44 | 4,041 |
| 211,200 | Government National Mortgage Association I, | |
| | 4.000%, 12/15/44 | 201,701 |
| 43,963 | Government National Mortgage Association I, | |
| | 4.000%, 12/15/44 | 42,203 |
| 30,095 | Government National Mortgage Association I, | |
| | 4.000%, 12/15/44 | 28,801 |
| 3,777 | Government National Mortgage Association I, | |
| | 4.000%, 12/15/44 | 3,572 |
| 60,901 | Government National Mortgage Association I, | |
| | 4.000%, 12/15/44 | 57,689 |
| 177,137 | Government National Mortgage Association I, | |
| | 4.000%, 1/15/45 | 168,219 |
| 337,888 | Government National Mortgage Association I, | |
| | 4.000%, 1/15/45 | 320,682 |
| 59,031 | Government National Mortgage Association I, | |
| | 4.000%, 1/15/45 | 56,025 |
| 291,724 | Government National Mortgage Association I, | |
| | 4.000%, 1/15/45 | 275,868 |
| 29,296 | Government National Mortgage Association I, | |
| | 4.000%, 2/15/45 | 27,865 |
| 101,719 | Government National Mortgage Association I, | |
| | 4.000%, 2/15/45 | 96,332 |
| 65,886 | Government National Mortgage Association I, | |
| | 4.000%, 2/15/45 | 62,386 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 77
Schedule of Investments | 9/30/22 (continued)
| Principal | | | |
| Amount | | | |
| USD ($) | | Value |
| | U.S. GOVERNMENT AND AGENCY | | |
| | OBLIGATIONS — (continued) | | |
| 43,241 | Government National Mortgage Association I, | | |
| | 4.000%, 2/15/45 | $ 41,040 |
| 134,628 | Government National Mortgage Association I, | | |
| | 4.000%, 2/15/45 | | 127,772 |
| 56,103 | Government National Mortgage Association I, | | |
| | 4.000%, 2/15/45 | | 52,887 |
| 114,065 | Government National Mortgage Association I, | | |
| | 4.000%, 4/15/45 | | 108,264 |
| 61,549 | Government National Mortgage Association I, | | |
| | 4.000%, 5/15/45 | | 59,233 |
| 15,940 | Government National Mortgage Association I, | | |
| | 4.000%, 7/15/45 | | 15,170 |
| 71,664 | Government National Mortgage Association I, | | |
| | 4.000%, 9/15/45 | | 68,266 |
| 56,715 | Government National Mortgage Association I, | | |
| | 4.500%, 9/15/33 | | 55,616 |
| 55,718 | Government National Mortgage Association I, | | |
| | 4.500%, 10/15/33 | | 54,418 |
| 30,862 | Government National Mortgage Association I, | | |
| | 4.500%, 4/15/35 | | 29,968 |
| 514,763 | Government National Mortgage Association I, | | |
| | 4.500%, 3/15/38 | | 506,216 |
| 192,950 | Government National Mortgage Association I, | | |
| | 4.500%, 1/15/40 | | 190,114 |
| 267,968 | Government National Mortgage Association I, | | |
| | 4.500%, 6/15/40 | | 263,987 |
| 93,015 | Government National Mortgage Association I, | | |
| | 4.500%, 9/15/40 | | 91,719 |
| 477,294 | Government National Mortgage Association I, | | |
| | 4.500%, 11/15/40 | | 470,775 |
| 592,783 | Government National Mortgage Association I, | | |
| | 4.500%, 6/15/41 | | 583,427 |
| 108,336 | Government National Mortgage Association I, | | |
| | 4.500%, 6/15/41 | | 105,774 |
| 175,499 | Government National Mortgage Association I, | | |
| | 4.500%, 7/15/41 | | 172,581 |
| 252,620 | Government National Mortgage Association I, | | |
| | 4.500%, 8/15/41 | | 245,568 |
| 160,764 | Government National Mortgage Association I, | | |
| | 5.000%, 9/15/33 | | 162,718 |
| 50,592 | Government National Mortgage Association I, | | |
| | 5.125%, 10/15/38 | | 50,291 |
| 34,285 | Government National Mortgage Association I, | | |
| | 5.500%, 7/15/33 | | 35,690 |
The accompanying notes are an integral part of these financial statements.
78 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Principal | | | |
| Amount | | | |
| USD ($) | | Value |
| | U.S. GOVERNMENT AND AGENCY | | |
| | OBLIGATIONS — (continued) | | |
| 53,744 | Government National Mortgage Association I, | | |
| | 5.500%, 1/15/34 | $ 56,309 |
| 38,161 | Government National Mortgage Association I, | | |
| | 5.500%, 4/15/34 | | 39,993 |
| 69,363 | Government National Mortgage Association I, | | |
| | 5.500%, 7/15/34 | | 72,663 |
| 75,995 | Government National Mortgage Association I, | | |
| | 5.500%, 10/15/34 | | 77,385 |
| 56,025 | Government National Mortgage Association I, | | |
| | 5.500%, 1/15/35 | | 58,054 |
| 85,536 | Government National Mortgage Association I, | | |
| | 5.500%, 2/15/35 | | 89,390 |
| 76,397 | Government National Mortgage Association I, | | |
| | 5.500%, 2/15/35 | | 77,158 |
| 14,126 | Government National Mortgage Association I, | | |
| | 5.500%, 6/15/35 | | 14,394 |
| 24,433 | Government National Mortgage Association I, | | |
| | 5.500%, 12/15/35 | | 24,681 |
| 4 | Government National Mortgage Association I, | | |
| | 5.500%, 2/15/37 | | 4 |
| 9,045 | Government National Mortgage Association I, | | |
| | 5.500%, 3/15/37 | | 9,135 |
| 44,216 | Government National Mortgage Association I, | | |
| | 5.500%, 3/15/37 | | 44,636 |
| 128,377 | Government National Mortgage Association I, | | |
| | 5.750%, 10/15/38 | | 130,548 |
| 16,969 | Government National Mortgage Association I, | | |
| | 5.750%, 10/15/38 | | 17,374 |
| 40,801 | Government National Mortgage Association I, | | |
| | 6.000%, 8/15/32 | | 42,701 |
| 32,056 | Government National Mortgage Association I, | | |
| | 6.000%, 1/15/33 | | 34,289 |
| 26,259 | Government National Mortgage Association I, | | |
| | 6.000%, 2/15/33 | | 28,088 |
| 47,477 | Government National Mortgage Association I, | | |
| | 6.000%, 2/15/33 | | 50,725 |
| 1,968 | Government National Mortgage Association I, | | |
| | 6.000%, 3/15/33 | | 2,017 |
| 12,932 | Government National Mortgage Association I, | | |
| | 6.000%, 3/15/33 | | 13,605 |
| 39,124 | Government National Mortgage Association I, | | |
| | 6.000%, 3/15/33 | | 41,161 |
| 6,548 | Government National Mortgage Association I, | | |
| | 6.000%, 5/15/33 | | 6,701 |
| 45,751 | Government National Mortgage Association I, | | |
| | 6.000%, 5/15/33 | | 46,928 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 79
Schedule of Investments | 9/30/22 (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | U.S. GOVERNMENT AND AGENCY | |
| | OBLIGATIONS — (continued) | |
| 104,000 | Government National Mortgage Association I, | |
| | 6.000%, 5/15/33 | $ 106,741 |
| 25,819 | Government National Mortgage Association I, | |
| | 6.000%, 6/15/33 | 27,377 |
| 57,132 | Government National Mortgage Association I, | |
| | 6.000%, 6/15/33 | 59,852 |
| 62,022 | Government National Mortgage Association I, | |
| | 6.000%, 7/15/33 | 65,145 |
| 23,928 | Government National Mortgage Association I, | |
| | 6.000%, 7/15/33 | 24,604 |
| 16,314 | Government National Mortgage Association I, | |
| | 6.000%, 9/15/33 | 16,700 |
| 4,034 | Government National Mortgage Association I, | |
| | 6.000%, 9/15/33 | 4,129 |
| 61,542 | Government National Mortgage Association I, | |
| | 6.000%, 11/15/33 | 63,085 |
| 15,588 | Government National Mortgage Association I, | |
| | 6.000%, 1/15/34 | 16,504 |
| 130,681 | Government National Mortgage Association I, | |
| | 6.000%, 10/15/37 | 139,085 |
| 149,563 | Government National Mortgage Association I, | |
| | 6.000%, 7/15/38 | 161,204 |
| 3,910 | Government National Mortgage Association I, | |
| | 6.500%, 1/15/29 | 4,041 |
| 451 | Government National Mortgage Association I, | |
| | 6.500%, 5/15/29 | 467 |
| 467 | Government National Mortgage Association I, | |
| | 6.500%, 10/15/31 | 482 |
| 983 | Government National Mortgage Association I, | |
| | 6.500%, 10/15/31 | 1,043 |
| 99 | Government National Mortgage Association I, | |
| | 6.500%, 12/15/31 | 102 |
| 986 | Government National Mortgage Association I, | |
| | 6.500%, 2/15/32 | 1,022 |
| 408 | Government National Mortgage Association I, | |
| | 6.500%, 3/15/32 | 422 |
| 2,714 | Government National Mortgage Association I, | |
| | 6.500%, 5/15/32 | 2,900 |
| 2,188 | Government National Mortgage Association I, | |
| | 6.500%, 6/15/32 | 2,261 |
| 2,437 | Government National Mortgage Association I, | |
| | 6.500%, 7/15/32 | 2,519 |
| 1,248 | Government National Mortgage Association I, | |
| | 6.500%, 7/15/32 | 1,290 |
| 1,415 | Government National Mortgage Association I, | |
| | 6.500%, 8/15/32 | 1,462 |
The accompanying notes are an integral part of these financial statements.
80 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | U.S. GOVERNMENT AND AGENCY | |
| | OBLIGATIONS — (continued) | |
| 11,809 | Government National Mortgage Association I, | |
| | 6.500%, 8/15/32 | $ 12,203 |
| 1,394 | Government National Mortgage Association I, | |
| | 6.500%, 8/15/32 | 1,441 |
| 15,237 | Government National Mortgage Association I, | |
| | 6.500%, 9/15/32 | 15,745 |
| 26,098 | Government National Mortgage Association I, | |
| | 6.500%, 9/15/32 | 26,969 |
| 8,559 | Government National Mortgage Association I, | |
| | 6.500%, 10/15/32 | 8,845 |
| 17,016 | Government National Mortgage Association I, | |
| | 6.500%, 11/15/32 | 17,810 |
| 18,371 | Government National Mortgage Association I, | |
| | 6.500%, 7/15/35 | 18,984 |
| 235 | Government National Mortgage Association I, | |
| | 7.000%, 5/15/29 | 240 |
| 80 | Government National Mortgage Association I, | |
| | 7.000%, 5/15/29 | 81 |
| 166 | Government National Mortgage Association I, | |
| | 7.000%, 5/15/31 | 166 |
| 577,648 | Government National Mortgage Association II, | |
| | 3.500%, 4/20/45 | 529,141 |
| 1,012,812 | Government National Mortgage Association II, | |
| | 3.500%, 4/20/45 | 927,545 |
| 403,943 | Government National Mortgage Association II, | |
| | 3.500%, 4/20/45 | 369,947 |
| 1,134,119 | Government National Mortgage Association II, | |
| | 3.500%, 3/20/46 | 1,038,559 |
| 13,000,000 | Government National Mortgage Association II, | |
| | 3.500%, 9/1/52 | 11,837,573 |
| 2,216,950 | Government National Mortgage Association II, | |
| | 4.000%, 10/20/46 | 2,104,160 |
| 995,923 | Government National Mortgage Association II, | |
| | 4.000%, 2/20/48 | 938,021 |
| 1,371,467 | Government National Mortgage Association II, | |
| | 4.000%, 4/20/48 | 1,291,023 |
| 1,000,000 | Government National Mortgage Association II, | |
| | 4.000%, 9/20/52 | 934,980 |
| 154,069 | Government National Mortgage Association II, | |
| | 4.500%, 12/20/34 | 152,241 |
| 154,502 | Government National Mortgage Association II, | |
| | 4.500%, 1/20/35 | 152,668 |
| 129,701 | Government National Mortgage Association II, | |
| | 4.500%, 3/20/35 | 128,177 |
| 1,165,421 | Government National Mortgage Association II, | |
| | 4.500%, 9/20/41 | 1,151,618 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 81
Schedule of Investments | 9/30/22 (continued)
| Principal | | |
| Amount | | |
| USD ($) | | Value |
| | U.S. GOVERNMENT AND AGENCY | |
| | OBLIGATIONS — (continued) | |
| 1,680,413 | Government National Mortgage Association II, | |
| | 4.500%, 9/20/44 | $ 1,668,834 |
| 723,331 | Government National Mortgage Association II, | |
| | 4.500%, 10/20/44 | 716,656 |
| 1,428,162 | Government National Mortgage Association II, | |
| | 4.500%, 11/20/44 | 1,415,698 |
| 12,000,000 | Government National Mortgage Association II, | |
| | 4.500%, 9/20/52 | 11,500,544 |
| 40,231 | Government National Mortgage Association II, | |
| | 5.500%, 3/20/34 | 42,031 |
| 1,862 | Government National Mortgage Association II, | |
| | 5.500%, 10/20/37 | 1,865 |
| 15,712 | Government National Mortgage Association II, | |
| | 6.000%, 5/20/32 | 16,400 |
| 59,500 | Government National Mortgage Association II, | |
| | 6.000%, 10/20/33 | 63,015 |
| 67 | Government National Mortgage Association II, | |
| | 6.500%, 1/20/28 | 69 |
| 1,352 | Government National Mortgage Association II, | |
| | 7.000%, 1/20/29 | 1,397 |
| 80,000,000(f) | U.S. Treasury Bills, 10/4/22 | 79,994,630 |
| 50,000,000(f) | U.S. Treasury Bills, 10/18/22 | 49,947,261 |
| 50,000,000(f) | U.S. Treasury Bills, 10/25/22 | 49,922,580 |
| 130,000,000(f) | U.S. Treasury Bills, 11/8/22 | 129,647,862 |
| 90,000,000 | U.S. Treasury Notes, 3.250%, 6/30/27 | 86,737,500 |
| | TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS | |
| | (Cost $1,373,815,445) | $1,317,939,711 |
| Shares | | |
| | SHORT TERM INVESTMENTS — 0.1% of |
| | Net Assets | |
| | Open-End Fund — 0.1% | |
| 1,488,094(o) | Dreyfus Government Cash Management, | |
| | Institutional Shares, 2.75% | $ 1,488,094 |
| | | $ 1,488,094 |
| | TOTAL SHORT TERM INVESTMENTS | |
| | (Cost $1,488,094) | $ 1,488,094 |
The accompanying notes are an integral part of these financial statements.
82 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Number of | | | | Strike | Expiration | |
| Contracts | Description | Counterparty | Amount | Price | Date | Value |
| | OVER THE COUNTER (OTC) CALL | | |
| | OPTIONS PURCHASED — 0.0%† | | |
| 209,523(p)^ | Desarrolladora | Bank of | MXN — | MXN 0.01(q) | 10/23/22 | $ — |
| | Homex SAB | New York | | | | |
| | de CV | Mellon Corp. | | | | |
| 209,523(r)^ | Desarrolladora | Bank of | MXN — | MXN 0.01(q) | 10/23/22 | $ — |
| | Homex SAB | New York | | | | |
| | de CV | Mellon Corp. | | | | |
| | TOTAL OVER THE COUNTER (OTC) CALL | | |
| | OPTIONS PURCHASED | | | | |
| | (Premiums paid $ 0) | | | | $ — |
| | OVER THE COUNTER (OTC) CURRENCY PUT | |
| | OPTIONS PURCHASED — 0.2% | | |
| 42,000,000 | Put EUR | Bank of | EUR 645,437 | EUR 1.15 | 10/19/22 | $ 6,869,300 |
| | Call USD | America NA | | | | |
| 38,500,000 | Put EUR | JPMorgan | EUR 644,691 | EUR 0.99 | 1/23/23 | 1,137,761 |
| | Call USD | Chase Bank NA | | | | |
| | TOTAL OVER THE COUNTER (OTC) CURRENCY PUT | |
| | OPTIONS PURCHASED | | | | |
| | (Premiums paid $ 1,290,128) | | | $ 8,007,061 |
| | TOTAL OPTIONS PURCHASED | | | |
| | (Premiums paid $ 1,290,128) | | | $ 8,007,061 |
| | TOTAL INVESTMENTS IN UNAFFILIATED | | |
| | ISSUERS — 107.8% | | | | |
| | (Cost $ 4,684,214,817) | | | | $4,047,631,945 |
| | OVER THE COUNTER (OTC) CURRENCY CALL | |
| | OPTION WRITTEN — (0.0%)† | | | |
| (42,000,000) | Call EUR | Bank of | EUR 645,437 | EUR 1.20 | 10/19/22 | $ — |
| | Put USD | America NA | | | | |
| (38,500,000) | Call EUR/ | JPMorgan | EUR 644,691 | EUR 1.06 | 1/23/23 | $ (177,802) |
| | Put USD | Chase Bank NA | | | | |
| | TOTAL OVER THE COUNTER (OTC) CURRENCY CALL | |
| | OPTION WRITTEN | | | | |
| | (Premiums received $(1,290,128)) | | | | $ (177,802) |
| | OTHER ASSETS AND LIABILITIES — (7.8)% | | $ (291,296,065) |
| | NET ASSETS — 100.0% | | | | $3,756,158,078 |
(TBA) “To Be Announced” Securities.
BADLARPP Argentine Deposit Rate Badlar Private Banks 30 – 35 Days.
bps Basis Points.
CMT Constant Maturity Treasury Index.
FREMF Freddie Mac Multifamily Fixed-Rate Mortgage Loans.
FRESB Freddie Mac Multifamily Small Balance Certificates.
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 83
Schedule of Investments | 9/30/22 (continued)
ICE Intercontinental Exchange.
LIBOR London Interbank Offered Rate.
REMICs Real Estate Mortgage Investment Conduits.
SOFR Secured Overnight Financing Rate.
SOFR30A Secured Overnight Financing Rate 30 Day Average.
| (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 September 30, 2022, the value of these securities amounted to $1,961,801,668, or 52.2% of net assets. |
| (a) | | Floating rate note. Coupon rate, reference index and spread shown at September 30, 2022. (b) Non-income producing security. |
| (c) | | The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at September 30, 2022. |
| (d) | | Security represents the interest-only portion payments on a pool of underlying mortgages or mortgage-backed securities. |
| (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 September 30, 2022. |
| (f) | | Security issued with a zero coupon. Income is recognized through accretion of discount. |
| (g) | | Security is perpetual in nature and has no stated maturity date. |
| (h) | | Security is in default. |
| (i) | | Payment-in-kind (PIK) security which may pay interest in the form of additional principal amount. |
| (j) | | Consists of Revenue Bonds unless otherwise indicated. |
| (k) | | Represents a General Obligation Bond. |
| (l) | | ANR, Inc., warrants are exercisable into 1,880,020 shares. (m) Issued as participation notes. |
| (n) | | Issued as preference shares. |
| (o) | | Rate periodically changes. Rate disclosed is the 7-day yield at September 30, 2022. |
| (p) | | Option does not become effective until underlying company’s outstanding common shares reach a market capitalization of MXN 12.5 billion. |
| (q) | | Strike price is 1 Mexican Peso (MXN). |
| (r) | | Option does not become effective until underlying company’s outstanding common shares reach a market capitalization of MXN 15.5 billion. |
| * | | Senior secured floating rate loan interests in which the Fund invests generally pay interest at rates that are periodically re-determined 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 or SOFR, (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 September 30, 2022. |
| † | | Amount rounds to less than 0.1%. |
| ^ | | Security is valued using fair value methods (other than prices supplied by independent pricing services or broker dealers). |
| + | | Security is valued using significant unobservable inputs (Level 3). |
| # | | Securities are restricted as to resale. |
The accompanying notes are an integral part of these financial statements.
84 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Restricted Securities | Acquisition date | Cost | Value |
| Adare Re 2021 | 9/29/2021 | $1,800,000 | $ 1,896,574 |
| Adare Re 2022 | 12/30/2021 | 754,500 | 781,961 |
| Ailsa Re 2022 | 6/30/2022 | 1,208,550 | 1,229,439 |
| Alturas Re 2019-1 | 12/20/2018 | 2,201 | 10,065 |
| Alturas Re 2019-2 | 12/19/2018 | 33,410 | 11,366 |
| Alturas Re 2020-1B | 1/1/2020 | 357,085 | 10,355 |
| Alturas Re 2020-2 | 1/1/2020 | 360,465 | 76,419 |
| Alturas Re 2020-3 | 7/1/2020 | — | — |
| Alturas Re 2021-2 | 2/16/2021 | 137,935 | — |
| Alturas Re 2021-3 | 8/16/2021 | 85,777 | 67,294 |
| Alturas Re 2022-2 | 1/18/2022 | 2,106,552 | 1,761,288 |
| Ballybunion Re 2020 | 12/31/2019 | 411,732 | 677,844 |
| Ballybunion Re 2021-3 | 8/2/2021 | 71,590 | 152,314 |
| Ballybunion Re 2022 | 3/9/2022 | 1,506,560 | 1,526,246 |
| Ballybunion Re 2022-2 | 8/9/2022 | 3,000,000 | 3,031,742 |
| Ballybunion Re 2022-3 | 8/5/2022 | 3,500,000 | 3,484,140 |
| Ballylifin Re 2021 | 9/15/2021 | 595,235 | 249,400 |
| Ballylifin Re 2022 | 7/15/2022 | 1,425,375 | 1,675,538 |
| Bantry Re 2016 | 2/6/2019 | 241,800 | 120,000 |
| Bantry Re 2019 | 2/1/2019 | — | 135,855 |
| Bantry Re 2020 | 2/4/2020 | — | 248,691 |
| Bantry Re 2021 | 1/11/2021 | 567,131 | 510,961 |
| Bantry Re 2022 | 2/2/2022 | 3,280,525 | 3,420,545 |
| Berwick Re 2018-1 | 1/10/2018 | 2,033,862 | 1,076,339 |
| Berwick Re 2019-1 | 12/31/2018 | 1,188,696 | 1,188,780 |
| Berwick Re 2020-1 | 9/24/2020 | — | 200 |
| Berwick Re 2022 | 12/28/2021 | 3,500,000 | 3,625,801 |
| Bonanza Re | 12/15/2020 | 750,000 | 300,000 |
| Bonanza Re | 3/11/2022 | 250,000 | 2,500 |
| Carnoustie Re 2020 | 7/16/2020 | 79,638 | 237,300 |
| Carnoustie Re 2021 | 1/25/2021 | 46,580 | 65,899 |
| Carnoustie Re 2022 | 1/20/2022 | 1,000,000 | 1,059,539 |
| Celadon Re 2022 | 9/13/2022 | 1,431,846 | 1,553,517 |
| Commonwealth Re | 6/15/2022 | 750,000 | 746,100 |
| Denning Re 2022 | 7/11/2022 | 1,465,241 | 1,474,841 |
| Dingle Re 2020 | 2/13/2020 | — | 3,273 |
| Easton Re Pte | 12/15/2020 | 900,000 | 862,200 |
| Eden Re II | 1/22/2019 | 8,633 | 190,858 |
| Eden Re II | 12/23/2019 | 578,472 | 361,900 |
| Eden Re II | 1/25/2021 | 1,329,689 | 1,015,882 |
| Eden Re II | 1/21/2022 | 4,400,000 | 4,487,560 |
| Flavescent Re 2022 | 7/26/2022 | 10,830,000 | 11,685,011 |
| FloodSmart Re | 2/9/2021 | 752,101 | 75,000 |
| FloodSmart Re | 2/16/2021 | 1,000,000 | 200,000 |
| FloodSmart Re | 2/14/2022 | 1,500,000 | 600,000 |
| Formby Re 2018 | 7/9/2018 | 65,838 | 116,441 |
| Four Lakes Re | 11/5/2020 | 1,500,000 | 1,459,500 |
| Four Lakes Re | 11/5/2020 | 1,500,000 | 1,425,000 |
| Four Lakes Re | 12/15/2021 | 500,000 | 495,250 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 85
Schedule of Investments | 9/30/22 (continued)
| Restricted Securities | Acquisition date | Cost | Value |
| Gamboge Re 2022 | 4/11/2022 | $4,046,823 | $ 4,266,426 |
| Gleneagles Re 2018 | 12/27/2017 | 120,409 | 177,450 |
| Gleneagles Re 2021 | 1/13/2021 | 300,732 | 277,857 |
| Gleneagles Re 2022 | 1/18/2022 | 1,250,000 | 1,302,083 |
| Gullane Re 2018 | 3/26/2018 | — | 169,487 |
| Gullane Re 2022 | 2/14/2022 | 5,000,000 | 5,372,013 |
| Harambee Re 2018 | 12/19/2017 | 63,696 | — |
| Harambee Re 2019 | 12/20/2018 | — | 2,500 |
| Harambee Re 2020 | 2/27/2020 | — | 47,700 |
| Herbie Re | 10/19/2020 | 500,000 | 425,000 |
| Hypatia 2020-1 | 7/10/2020 | 1,000,000 | 980,000 |
| Integrity Re | 5/9/2022 | 500,000 | 25,000 |
| International Bank for Reconstruction & | | | |
| Development | 2/28/2020 | 250,000 | 248,750 |
| Isosceles Insurance, Ltd. | 6/25/2021 | 1,500,000 | 1,477,500 |
| Isosceles Re 2022 | 8/11/2022 | 1,637,377 | 1,726,375 |
| Isosceles Re 2022-A | 7/6/2022 | 1,212,048 | 1,240,375 |
| Isosceles Re 2022-A | 7/6/2022 | 965,688 | 992,400 |
| Kilimanjaro III Re | 6/15/2022 | 1,000,000 | 990,000 |
| Limestone Re | 6/20/2018 | 1,675 | — |
| Limestone Re | 12/15/2016 | 10,856 | 7 |
| Limestone Re 2020-1 | 12/27/2019 | 5,100 | 13,056 |
| Limestone Re 2020-1 | 12/15/2016 | 2,400 | 6,144 |
| Lion Rock Re 2019 | 12/17/2018 | — | — |
| Lion Rock Re 2020 | 3/27/2020 | — | — |
| Lion Rock Re 2021 | 3/1/2021 | 323,829 | 214,250 |
| Long Point Re IV | 5/13/2022 | 2,500,000 | 2,487,500 |
| Lorenz Re 2019 | 7/10/2019 | 588,240 | 4,836 |
| Matterhorn Re | 11/24/2020 | 1,500,000 | 1,485,000 |
| Matterhorn Re | 11/24/2020 | 2,000,000 | 1,990,000 |
| Matterhorn Re | 12/15/2021 | 250,000 | 241,250 |
| Matterhorn Re | 3/10/2022 | 1,750,000 | 1,680,000 |
| Matterhorn Re | 3/10/2022 | 750,000 | 727,500 |
| Merion Re 2018-2 | 12/28/2017 | 349,793 | 1,286,900 |
| Merion Re 2021-2 | 12/28/2020 | 2,448,846 | 1,768,500 |
| Merion Re 2022-1 | 1/25/2022 | 214,942 | 240,050 |
| Merion Re 2022-2 | 3/1/2022 | 6,551,154 | 6,901,361 |
| Mona Lisa Re | 12/30/2019 | 500,000 | 493,000 |
| Northshore Re II | 12/2/2020 | 500,000 | 483,000 |
| Northshore Re II | 6/22/2022 | 500,000 | 493,000 |
| Oakmont Re 2017 | 5/10/2017 | — | 36,750 |
| Oakmont Re 2020 | 12/3/2020 | 54,766 | 216,659 |
| Oakmont Re 2022 | 5/9/2022 | 3,173,054 | 3,378,700 |
| Old Head Re 2022 | 1/6/2022 | 188,288 | 233,293 |
| Pangaea Re 2016-2 | 5/31/2016 | — | 10,967 |
| Pangaea Re 2018-1 | 12/26/2017 | 679,284 | 100,009 |
| Pangaea Re 2018-3 | 5/31/2018 | 1,710,113 | 147,278 |
| Pangaea Re 2019-1 | 1/9/2019 | 40,855 | 81,088 |
| Pangaea Re 2019-3 | 7/25/2019 | 156,622 | 187,794 |
The accompanying notes are an integral part of these financial statements.
86 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Restricted Securities | Acquisition date | Cost | Value |
| Pangaea Re 2020-3 | 9/15/2020 | $ — | $ 49,274 |
| Pangaea Re 2022-1 | 1/11/2022 | 4,254,521 | 4,546,935 |
| Pangaea Re 2022-3 | 6/15/2022 | 2,500,000 | 2,565,740 |
| Phoenician Re | 12/1/2021 | 750,000 | 713,250 |
| Phoenix One Re | 12/21/2020 | 1,000,000 | 1,115,900 |
| Pine Valley Re 2022 | 1/12/2022 | 455,757 | 488,530 |
| Port Royal Re 2022 | 6/3/2022 | 241,710 | 245,054 |
| Portrush Re 2017 | 6/12/2017 | 1,687,366 | 935,880 |
| Portsalon Re 2022 | 7/15/2022 | 323,453 | 347,634 |
| Residential Reinsurance 2020 | 10/30/2020 | 1,500,000 | 1,470,000 |
| Residential Reinsurance Re 2020 | 10/30/2020 | 1,250,000 | 1,212,500 |
| Rosapenna Re 2022 | 8/26/2022 | 1,515,000 | 1,532,611 |
| Sanders Re II | 5/20/2020 | 250,000 | 225,000 |
| Sanders Re II | 3/1/2022 | 2,254,615 | 2,155,500 |
| Sector Re V | 1/1/2020 | 155,997 | 448,722 |
| Sector Re V | 4/23/2019 | 360,000 | 283,474 |
| Sector Re V | 5/1/2019 | 3,608 | 89,331 |
| Sector Re V | 12/4/2019 | 150,000 | 431,472 |
| Sector Re V | 4/29/2020 | 6,578 | 94,552 |
| Sector Re V | 12/21/2020 | 6,106 | 176,144 |
| Sector Re V | 5/21/2021 | 2,472 | 223,598 |
| Sector Re V | 5/21/2021 | — | 46,500 |
| Sector Re V | 1/5/2022 | 2,753,972 | 2,543,877 |
| Sector Re V | 5/19/2022 | 2,253,960 | 2,051,788 |
| Sector Re V | 5/19/2022 | 692,491 | 627,765 |
| Shadow Creek Re 2021 | 8/31/2021 | — | 7,593 |
| Streamsong Re 2022 | 6/9/2022 | 2,309,375 | 2,456,840 |
| Sussex Re 2020-1 | 1/21/2020 | — | 5,415 |
| Sussex Re 2020-1 | 12/7/2020 | 750,000 | 726,750 |
| Sussex Re 2021-1 | 1/26/2021 | 98,048 | 94,000 |
| Sutter Re | 6/30/2022 | 745,048 | 737,250 |
| Thopas Re 2019 | 12/21/2018 | — | 21,600 |
| Thopas Re 2020 | 12/30/2019 | — | — |
| Thopas Re 2021 | 12/30/2020 | — | — |
| Thopas Re 2022 | 2/15/2022 | 3,000,000 | 2,967,900 |
| Torricelli Re 2021 | 7/2/2021 | — | 259,907 |
| Torricelli Re 2022 | 7/26/2022 | 3,000,000 | 2,720,400 |
| Ursa Re II | 10/8/2020 | 3,000,000 | 2,910,000 |
| Vermillion Re 2022 | 2/22/2022 | 1,672,125 | 1,729,516 |
| Versutus Re 2018 | 1/31/2018 | — | — |
| Versutus Re 2019-A | 1/28/2019 | — | — |
| Versutus Re 2019-B | 12/24/2018 | — | — |
| Viribus Re 2018 | 12/22/2017 | 48,750 | — |
| Viribus Re 2019 | 12/27/2018 | — | 25,915 |
| Viribus Re 2020 | 3/12/2020 | 421,904 | 182,141 |
| Viribus Re 2022 | 4/18/2022 | 2,500,000 | 2,550,000 |
| Vitality Re X | 2/3/2020 | 1,499,822 | 1,492,200 |
| Vitality Re XI | 1/31/2020 | 498,583 | 488,600 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 87
Schedule of Investments | 9/30/22 (continued)
| Restricted Securities | Acquisition date | Cost | Value |
| Walton Health Re 2019 | 7/18/2019 | $ 98,098 | $ 165,117 |
| Walton Health Re 2022 | 7/13/2022 | 1,667,000 | 1,772,233 |
| White Heron Re 2021 | 6/9/2021 | — | 32,100 |
| Woburn Re 2018 | 3/20/2018 | 574,975 | 62,781 |
| Woburn Re 2019 | 1/30/2019 | 554,835 | 677,203 |
| Total Restricted Securities | | | $146,722,028 |
| % of Net assets | | | 3.9% |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
| | | | | | | Unrealized |
| Currency | In | Currency | | | Settlement | Appreciation |
| Purchased | Exchange for | Sold | Deliver | Counterparty | Date | (Depreciation) |
| USD | 22,537,234 | IDR | 337,450,000,000 | HSBC Bank | 12/15/22 | $ 573,668 |
| | | | | Canada NA | | |
| PLN | 92,700,000 | USD | 19,147,702 | Bank of | 11/18/22 | (591,912) |
| | | | | America NA | | |
| SGD | 30,750,000 | USD | 22,050,440 | Bank of | 12/2/22 | (624,672) |
| | | | | America NA | | |
| PLN | 140,690,000 | EUR | 28,892,012 | Bank of New | 11/17/22 | (244,523) |
| | | | | York Mellon Corp. | | |
| AUD | 31,850,000 | NZD | 36,293,680 | Citibank NA | 12/16/22 | 79,603 |
| PEN | 80,225,000 | USD | 20,561,550 | Citibank NA | 11/17/22 | (547,496) |
| USD | 35,320,378 | MXN | 717,205,000 | Citibank NA | 12/15/22 | 196,972 |
| AUD | 2,350,000 | USD | 1,532,717 | Goldman | 11/18/22 | (28,520) |
| | | | | Sachs & Co. | | |
| INR | 1,791,850,000 | USD | 22,229,735 | Goldman | 10/27/22 | (315,995) |
| | | | | Sachs & Co. | | |
| USD | 20,715,370 | ZAR | 368,630,000 | Goldman | 12/15/22 | 485,494 |
| | | | | Sachs & Co. | | |
| KRW | 26,924,700,000 | USD | 20,202,667 | HSBC Bank | 12/7/22 | (1,492,586) |
| | | | | USA NA | | |
| NOK | 183,950,000 | EUR | 17,849,380 | HSBC Bank | 10/7/22 | (608,191) |
| | | | | USA NA | | |
| ZAR | 13,834,000 | USD | 774,887 | HSBC Bank | 12/15/22 | (15,697) |
| | | | | USA NA | | |
| AUD | 65,815,000 | USD | 45,687,766 | JPMorgan | 11/18/22 | (3,560,653) |
| | | | | Chase Bank NA | | |
| EUR | 9,857,500 | USD | 10,220,998 | JPMorgan | 10/27/22 | (542,217) |
| | | | | Chase Bank NA | | |
| NOK | 194,615,000 | USD | 20,241,191 | JPMorgan | 11/2/22 | (2,362,700) |
| | | | | Chase Bank NA | | |
| USD | 53,473,351 | EUR | 53,551,000 | JPMorgan | 11/18/22 | 810,500 |
| | | | | Chase Bank NA | | |
| USD | 9,939,065 | GBP | 8,746,000 | Morgan Stanley | 12/15/22 | 162,603 |
| | | | | & Co., LLC | | |
| EUR | 97,700,000 | USD | 100,830,288 | State Street Bank 10/27/22 | (4,901,610) |
| | | | | & Trust Co. | | |
| USD | 5,819,278 | CAD | 7,465,000 | State Street Bank 11/10/22 | 415,400 |
| | | | | & Trust Co. | | |
The accompanying notes are an integral part of these financial statements.
88 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| | | | | | | Unrealized |
| Currency | In | Currency | | | Settlement | Appreciation |
| Purchased | Exchange for | Sold | Deliver | Counterparty | Date | (Depreciation) |
| USD | 68,983,895 | EUR | 69,200,000 | State Street Bank | 12/15/22 | $ 761,548 |
| | | | | & Trust Co. | | |
| TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | | $(12,350,984) |
FUTURES CONTRACTS
FIXED INCOME INDEX FUTURES CONTRACTS
| Number of | | | | | |
| Contracts | | Expiration | Notional | Market | Unrealized |
| Long | Description | Date | Amount | Value | (Depreciation) |
| 343 | U.S. 2 Year | 12/30/22 | $ 71,588,466 | $ 70,448,985 | $ (1,139,481) |
| | Note (CBT) | | | | |
| 393 | U.S. 5 Year | 12/30/22 | 42,727,416 | 42,250,569 | (476,847) |
| | Note (CBT) | | | | |
| 2,794 | U.S. Ultra | 12/20/22 | 415,160,865 | 382,778,000 | (32,382,865) |
| | Bond (CBT) | | | | |
| | | | $ 529,476,747 | $ 495,477,554 | $ (33,999,193) |
| Number of | | | | | |
| Contracts | | Expiration | Notional | Market | Unrealized |
| Short | Description | Date | Amount | Value | Appreciation |
| 650 | Euro-Bund | 12/8/22 | $ (92,245,050) | $ (88,222,631) | $ 4,022,419 |
| 109 | U.S. 10 Year | 12/20/22 | (12,792,241) | (12,214,813) | 577,428 |
| | Note (CBT) | | | | |
| 479 | U.S. 10 Year | 12/20/22 | (58,457,510) | (56,754,018) | 1,703,492 |
| | Ultra Bond (CBT) | | | | |
| 600 | U.S. Long | 12/20/22 | (81,523,458) | (75,843,750) | 5,679,708 |
| | Bond (CBT) | | | | |
| | | | $ (245,018,259) | $ (233,035,212) | $ 11,983,047 |
| TOTAL FUTURES CONTRACTS | $ 284,458,488 | $ 262,442,342 | $(22,016,146) |
SWAP CONTRACTS
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS — BUY PROTECTION
| | | | Annual | | | | |
| Notional | Reference | Pay/ | Fixed | Expiration Premiums | Unrealized | Market |
| Amount ($)(1) | Obligation/Index | Receive(2) | Rate | Date | Paid | Appreciation | Value |
| 834,520,500 | Markit CDX North | Pay | 5.00% | 6/20/27 | $12,727,457 | $5,450,003 | $18,177,460 |
| | America High Yield | | | | | | |
| | Index Series 38 | | | | | | |
| TOTAL CENTRALLY CLEARED CREDIT DEFAULT | | | | | |
| SWAP CONTRACTS – BUY PROTECTION | | | $12,727,457 | $5,450,003 | $18,177,460 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 89
Schedule of Investments | 9/30/22 (continued)
OVER THE COUNTER (OTC) CREDIT DEFAULT SWAP CONTRACTS — SELL PROTECTION
| | | Obligation | | Annual | | Premiums | Unrealized | |
| Notional | | Reference/ | Pay/ | Fixed | Expiration | Paid/ | Appreciation | Market |
| Amount ($)(1) | Counterparty | Index | Receive(3) | Rate | Date | (Received) | (Depreciation) | Value |
| 7,280,000 | JPMorgan | United | Receive | 5.00% | 12/20/25 | $ (213,765) | $ (413,052) | $ (626,817) |
| | Chase | Airlines | | | | | | |
| | Bank NA | Holdings, | | | | | | |
| | | Inc. | | | | | | |
| 1,455,000 | JPMorgan | United | Receive | 5.00% | 12/20/25 | (45,394) | (79,883) | (125,277) |
| | Chase | Airlines | | | | | | |
| | Bank NA | Holdings, | | | | | | |
| | | Inc. | | | | | | |
| 2,425,000 | JPMorgan | United | Receive | 5.00% | 12/20/25 | (73,300) | (135,495) | (208,795) |
| | Chase | Airlines | | | | | | |
| | Bank NA | Holdings, | | | | | | |
| | | Inc. | | | | | | |
| 4,860,000 | JPMorgan | United | Receive | 5.00% | 12/20/25 | (165,790) | (252,662) | (418,452) |
| | Chase | Airlines | | | | | | |
| | Bank NA | Holdings, | | | | | | |
| | | Inc. | | | | | | |
| 2,000,000 | JPMorgan | United . | Receive | 5.00% | 12/20/25 | (81,829) | (90,374) | (172,203) |
| | Chase | Airlines | | | | | | |
| | Bank NA | Holdings, | | | | | | |
| | | Inc | | | | | | |
| 2,650,000 | JPMorgan | Delta Air | Receive | 5.00% | 12/20/26 | 237,649 | (231,914) | 5,735 |
| | Chase | Lines, Inc. | | | | | | |
| | Bank NA | | | | | | | |
| 5,633,000 | JPMorgan | United | Receive | 5.00% | 6/22/27 | (494,081) | (186,909) | (680,990) |
| | Chase | Airlines | | | | | | |
| | Bank NA | Holdings, | | | | | | |
| | | Inc. | | | | | | |
| 1,878,000 | JPMorgan | United | Receive | 5.00% | 6/22/27 | (187,707) | (39,329) | (227,036) |
| | Chase | Airlines | | | | | | |
| | Bank NA | Holdings, | | | | | | |
| | | Inc. | | | | | | |
| 2,449,000 | JPMorgan | United | Receive | 5.00% | 6/22/27 | (244,917) | (51,150) | (296,067) |
| | Chase | Airlines | | | | | | |
| | Bank NA | Holdings, | | | | | | |
| | | Inc. | | | | | | |
| TOTAL OVER THE COUNTER (OTC) CREDIT DEFAULT | | | | |
| SWAP CONTRACTS — SELL PROTECTION | | | $ (1,269,134) | $ (1,480,768) $ | (2,749,902) |
| TOTAL SWAP CONTRACTS | | | | | $11,458,323 | $ 3,969,235 | $15,427,558 |
| (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. |
The accompanying notes are an integral part of these financial statements.
90 Pioneer Strategic Income Fund | Annual Report | 9/30/22
Principal amounts are denominated in U.S. dollars (“USD”) unless otherwise noted.
| | |
| ARS | — Argentine Peso |
| AUD | — Australia Dollar |
| CAD | — Canada Dollar |
| EUR | — Euro |
| GBP | — Great British Pound |
| IDR | — Indonesian Rupiah |
| INR | — Indian Rupee |
| KRW | — Korean Won |
| KZT | — Kazakhstan Tenge |
| MXN | — Mexican Peso |
| NOK | — Norwegian Krone |
| NZD | — New Zealand Dollar |
| PEN | — Peru Nuevo Sol |
| PLN | — Poland Zloty |
| SGD | — Singapore Dollar |
| USD | — United States Dollar |
| UZS | — Uzbekistan Som |
| ZAR | — South Africa Rand |
Purchases and sales of securities (excluding short-term investments) for the year ended September 30, 2022 were as follows:
| | Purchases | Sales |
| Long-Term U.S. Government Securities | $ 188,765,849 | $ 403,063,615 |
| Other Long-Term Securities | $ 2,195,926,538 | $ 1,679,126,535 |
The Fund is permitted to engage in purchase and sale transactions (“cross trades”) with certain funds and accounts for which Amundi Asset Management US, 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 year ended September 30, 2022, the Fund engaged in purchases of $1,964,497 and sales of $11,588,308 pursuant to these procedures, which resulted in a net realized gain/(loss) of $3,796,375.
At September 30, 2022, the net unrealized depreciation on investments based on cost for federal tax purposes of $4,676,616,138 was as follows:
| Aggregate gross unrealized appreciation for all investments in which | |
| there is an excess of value over tax cost | $ 81,694,232 |
| Aggregate gross unrealized depreciation for all investments in which | |
| there is an excess of tax cost over value | (729,795,799) |
| Net unrealized depreciation | $(648,101,567) |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 91
Schedule of Investments | 9/30/22 (continued)
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 – unadjusted 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 Adviser’s own assumptions in determining fair value of investments). See Notes to Financial Statements — Note 1A.
The following is a summary of the inputs used as of September 30, 2022, in valuing the Fund's investments:
| | Level 1 | Level 2 | Level 3 | Total |
| Senior Secured Floating | | | | | |
| Rate Loan Interests | $ — | $ 40,157,505 | $ — | $ 40,157,505 |
| Common Stocks | | | | | |
| Oil, Gas & | | | | | |
| Consumable Fuels | | 2,453 | 1,434,821 | — | 1,437,274 |
| Paper & Forest Products | | — | —* | — | —* |
| Specialty Retail | | — | — | 137,204 | 137,204 |
| All Other | | | | | |
| Common Stocks | | 1,108,780 | — | — | 1,108,780 |
| Asset Backed Securities | | — | 288,647,997 | — | 288,647,997 |
| Collateralized Mortgage | | | | | |
| Obligations | | — | 624,764,278 | — | 624,764,278 |
| Commercial Mortgage- | | | | | |
| Backed Securities | | — | 334,255,294 | — | 334,255,294 |
| Convertible Corporate | | | | | |
| Bonds | | — | 27,905,680 | — | 27,905,680 |
| Corporate Bonds | | — | 1,014,843,880 | — | 1,014,843,880 |
| Convertible Preferred | | | | | |
| Stocks | 82,526,277 | — | — | 82,526,277 |
| Municipal Bonds | | — | 28,757,011 | — | 28,757,011 |
| Right/Warrant | | 13,160 | — | — | 13,160 |
| Insurance-Linked Securities | | | | | |
| Collateralized Reinsurance | | | | | |
| Earthquakes – California | | — | — | 2,678,535 | 2,678,535 |
| Multiperil – Massachusetts | | — | — | 3,051,914 | 3,051,914 |
| Multiperil – U.S. | | — | — | 9,120,613 | 9,120,613 |
| Multiperil – Worldwide | | — | — | 8,738,373 | 8,738,373 |
| Windstorm – Florida | | — | — | 2,778,696 | 2,778,696 |
| Windstorm - North Carolina | — | — | 2,232,775 | 2,232,775 |
| Windstorm – U.S | | — | — | 7,593 | 7,593 |
| Windstorm – U.S. Multistate | — | — | 32,100 | 32,100 |
| Windstorm – U.S. Regional | — | — | 5,109,609 | 5,109,609 |
| Reinsurance Sidecars | | | | | |
| Multiperil – U.S. | | — | — | 1,459,438 | 1,459,438 |
| Multiperil – Worldwide | | — | — | 62,670,477 | 62,670,477 |
The accompanying notes are an integral part of these financial statements.
92 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| | Level 1 | Level 2 | Level 3 | Total |
| Industry Loss Warranties | | | | | |
| Earthquakes - U.S. | $ — | $ — | $ 1,729,516 | $ 1,729,516 |
| Windstorm – U.S | | — | — | 1,924,938 | 1,924,938 |
| Windstorm – U.S. Regional | — | — | 14,141,851 | 14,141,851 |
| All Other Insurance- | | | | | |
| Linked Securities | | — | 31,045,600 | — | 31,045,600 |
| Foreign Government Bonds | | — | 128,920,711 | — | 128,920,711 |
| U.S. Government and | | | | | |
| Agency Obligations | | — | 1,317,939,711 | — | 1,317,939,711 |
| Open-End Fund | | 1,488,094 | — | — | 1,488,094 |
| Over The Counter (OTC) | | | | | |
| Call Options Purchased | | — | —* | — | —* |
| Over The Counter (OTC) | | | | | |
| Currency Put Options | | | | | |
| Purchased | | — | 8,007,061 | — | 8,007,061 |
| Total Investments | | | | | |
| in Securities | $ 85,138,764 | $3,846,679,549 | $115,813,632 | $4,047,631,945 |
| Other Financial Instruments | | | | | |
| Over The Counter (OTC) | | | | | |
| Currency Call Option | | | | | |
| Written | $ — | $ (177,802) | $ — | $ (177,802) |
| Net unrealized | | | | | |
| depreciation on forward | | | | | |
| foreign currency | | | | | |
| exchange contracts | | — | (12,350,984) | — | (12,350,984) |
| Net unrealized | | | | | |
| depreciation on | | | | | |
| futures contracts | (22,016,146) | — | — | (22,016,146) |
| Swap contracts, at value | | — | 15,427,558 | — | 15,427,558 |
| Total Other | | | | | |
| Financial Instruments | $(22,016,146) | $ 2,898,772 | $ — | $ (19,117,374) |
| * Securities valued at $0. | | | | | |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 93
Schedule of Investments | 9/30/22 (continued)
The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):
| | | Insurance- | | |
| | Common | Linked | Rights/ | |
| | Stocks | Securities | Warrants | Total |
| Balance as of 9/30/21 | $ 457,632 | $100,460,847 | $96,291 | $101,014,770 |
| Realized gain (loss)(1) | — | (5,476,720) | 96,291 | (5,380,429) |
| Change in unrealized | | | | |
| appreciation (depreciation)(2) | 1,114,394 | 1,525,999 | (96,291) | 2,544,102 |
| Return of capital | — | (43,887,452) | — | (43,887,452) |
| Purchases | — | 96,340,413 | — | 96,340,413 |
| Sales | — | (33,286,659) | (96,291) | (33,382,950) |
| Transfers in to Level 3* | — | — | — | — |
| Transfers out of Level 3* | (1,434,822) | — | — | (1,434,822) |
| Balance as of 9/30/22 | $ 137,204 | $115,676,428 | $ — | $115,813,632 |
| (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 value. For the year ended September 30, 2022, an investment having a value of $1,434,822 was transferred out of Level 3 to Level 2 as there were significant observable inputs available to determine its value. There were no other transfers in or out of Level 3 during the period. |
| Net change in unrealized appreciation (depreciation) of Level 3 investments still held | |
| and considered Level 3 at September 30, 2022: | $(462,141) |
The accompanying notes are an integral part of these financial statements.
94 Pioneer Strategic Income Fund | Annual Report | 9/30/22
Statement of Assets and Liabilities | 9/30/22
| ASSETS: | |
| Investments in unaffiliated issuers, at value (cost $4,684,214,817) | $4,047,631,945 |
| Cash | 39,908,995 |
| Foreign currencies, at value (cost $5,190,918) | 4,525,404 |
| Futures collateral | 23,816,821 |
| Options collateral | 1,830,000 |
| Swaps collateral | 33,986,956 |
| Collateral due from broker for TBA Securities | 11,492,512 |
| Variation margin for centrally cleared swap contracts | 1,303,566 |
| Swap contracts, at value (net premiums paid $11,458,323) | 15,427,558 |
| Receivables — | |
| Investment securities sold | 447,601,458 |
| Fund shares sold | 7,539,689 |
| Dividends | 125,008 |
| Interest | 29,642,694 |
| Other assets | 37,966 |
| Total assets | $4,664,870,572 |
| LIABILITIES: | |
| Payables — | |
| Investment securities purchased | $ 875,149,744 |
| Fund shares repurchased | 12,819,076 |
| Distributions | 1,828,504 |
| Forwards collateral | 257,000 |
| Due to Adviser | 42,292 |
| Variation margin for futures contracts | 4,650,390 |
| Written options outstanding (net premiums received $1,290,128) | 177,802 |
| Net unrealized depreciation on forward foreign currency | |
| exchange contracts | 12,350,984 |
| Reserve for repatriation taxes | 121,011 |
| Due to affiliates | 361,185 |
| Accrued expenses | 954,506 |
| Total liabilities | $ 908,712,494 |
| NET ASSETS: | |
| Paid-in capital | $4,463,550,119 |
| Distributable earnings (loss) | (707,392,041) |
| Net assets | $3,756,158,078 |
| NET ASSET VALUE PER SHARE: | |
| No par value (unlimited number of shares authorized) | |
| Class A (based on $637,355,724/70,422,537 shares) | $ 9.05 |
| Class C (based on $73,111,519/8,261,171 shares) | $ 8.85 |
| Class K (based on $403,112,375/44,454,060 shares) | $ 9.07 |
| Class R (based on $62,624,344/6,797,734 shares) | $ 9.21 |
| Class Y (based on $2,579,954,116/285,056,375 shares) | $ 9.05 |
| MAXIMUM OFFERING PRICE PER SHARE: | |
| Class A (based on $9.05 net asset value per share/100%-4.50% | |
| maximum sales charge) | $ 9.48 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 95
Statement of Operations
FOR THE YEAR ENDED 9/30/22
| INVESTMENT INCOME: | | |
| Interest from unaffiliated issuers (net of foreign | | |
| taxes withheld $789,471) | $ 185,261,381 | |
| Dividends from unaffiliated issuers (net of foreign | | |
| taxes withheld $2,651) | 8,362,671 | |
| Total Investment Income | | $ 193,624,052 |
| EXPENSES: | | |
| Management fees | $ 24,397,321 | |
| Administrative expenses | 1,051,612 | |
| Transfer agent fees | | |
| Class A | 1,201,083 | |
| Class C | 50,825 | |
| Class K | 3,121 | |
| Class R | 188,844 | |
| Class Y | 2,913,770 | |
| Distribution fees | | |
| Class A | 1,898,473 | |
| Class C | 936,747 | |
| Class R | 384,548 | |
| Shareowner communications expense | 250,088 | |
| Custodian fees | 81,074 | |
| Registration fees | 158,483 | |
| Professional fees | 297,787 | |
| Printing expense | 87,333 | |
| Pricing fees | 28,192 | |
| Trustees' fees | 224,380 | |
| Insurance expense | 7,381 | |
| Miscellaneous | 265,362 | |
| Total expenses | | $ 34,426,424 |
| Less fees waived and expenses reimbursed by the Adviser | | (1,054,100) |
| Net expenses | | $ 33,372,324 |
| Net investment income | | $ 160,251,728 |
| REALIZED AND UNREALIZED GAIN (LOSS) | | |
| ON INVESTMENTS: | | |
| Net realized gain (loss) on: | | |
| Investments in unaffiliated issuers | $ (121,650,237) | |
| Forward foreign currency exchange contracts | 10,973,293 | |
| Futures contracts | 2,277,837 | |
| Swap contracts | 34,183,396 | |
| Written option | 635,487 | |
| Other assets and liabilities denominated in | | |
| foreign currencies | (35,435) | $ (73,615,659) |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investments in unaffiliated issuers (net of foreign | | |
| capital gains tax of $(466,448)) | $ (715,311,526) | |
| Forward foreign currency exchange contracts | (13,068,121) | |
| Futures contracts | (28,782,239) | |
| Swap contracts | 37,897,415 | |
| Written options | 876,384 | |
| Other assets and liabilities denominated in | | |
| foreign currencies | (908,543) | (719,296,630) |
| Net realized and unrealized gain (loss) on investments | | $(792,912,289) |
| Net decrease in net assets resulting from operations | | $(632,660,561) |
The accompanying notes are an integral part of these financial statements.
96 Pioneer Strategic Income Fund | Annual Report | 9/30/22
Statements of Changes in Net Assets
| | Year | Year |
| | Ended | Ended |
| | 9/30/22 | 9/30/21 |
| FROM OPERATIONS: | | |
| Net investment income (loss) | $ 160,251,728 | $ 153,019,929 |
| Net realized gain (loss) on investments | (73,615,659) | 203,680,894 |
| Change in net unrealized appreciation | | |
| (depreciation) on investments | (719,296,630) | 1,233,616 |
| Net increase (decrease) in net assets | | |
| resulting from operations | $ (632,660,561) | $ 357,934,439 |
| DISTRIBUTIONS TO SHAREOWNERS: | | |
| Class A ($0.65 and $0.40 per share, respectively) | $ (48,818,369) | $ (30,042,869) |
| Class C ($0.58 and $0.31 per share, respectively) | (5,812,988) | (3,819,157) |
| Class K ($0.69 and $0.45 per share, respectively) | (29,813,091) | (17,473,836) |
| Class R ($0.62 and $0.36 per share, respectively) | (4,713,046) | (3,154,062) |
| Class Y ($0.68 and $0.43 per share, respectively) | (195,193,873) | (115,935,153) |
| Tax return of capital | | |
| Class A ($0.17 and $— per share, respectively) | (12,417,661) | — |
| Class C ($0.17 and $— per share, respectively) | (1,478,618) | — |
| Class K ($0.17 and $— per share, respectively) | (7,583,393) | — |
| Class R ($0.17 and $— per share, respectively) | (1,198,832) | — |
| Class Y ($0.17 and $— per share, respectively) | (49,650,395) | — |
| Total distributions to shareowners | $ (356,680,266) | $ (170,425,077) |
| FROM FUND SHARE TRANSACTIONS: | | |
| Net proceeds from sales of shares | $ 1,349,108,740 | $ 1,252,373,259 |
| Reinvestment of distributions | 297,228,295 | 141,146,069 |
| Cost of shares repurchased | (1,633,660,142) | (1,248,166,526) |
| Net increase in net assets resulting from | | |
| Fund share transactions | $ 12,676,893 | $ 145,352,802 |
| Net increase (decrease) in net assets | $ (976,663,934) | $ 332,862,164 |
| NET ASSETS: | | |
| Beginning of year | $ 4,732,822,012 | $ 4,399,959,848 |
| End of year | $ 3,756,158,078 | $ 4,732,822,012 |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 97
Statements of Changes in Net Assets
(continued)
| | Year | Year | Year | Year |
| | Ended | Ended | Ended | Ended |
| | 9/30/22 | 9/30/22 | 9/30/21 | 9/30/21 |
| | Shares | Amount | Shares | Amount |
| Class A | | | | |
| Shares sold | 9,836,727 | $ 101,540,735 | 15,734,474 | $ 178,146,681 |
| Reinvestment of distributions | 4,860,254 | 51,146,801 | 2,199,892 | 24,922,612 |
| Less shares repurchased | (19,459,588) | (198,638,745) | (16,076,390) | (181,901,606) |
| Net increase | | | | |
| (decrease) | (4,762,607) | $ (45,951,209) | 1,857,976 | $ 21,167,687 |
| Class C | | | | |
| Shares sold | 922,724 | $ 9,348,912 | 1,381,370 | $ 15,316,120 |
| Reinvestment of distributions | 645,184 | 6,672,398 | 316,836 | 3,506,210 |
| Less shares repurchased | (3,432,736) | (34,352,899) | (8,967,163) | (99,262,767) |
| Net decrease | (1,864,828) | $ (18,331,589) | (7,268,957) | $ (80,440,437) |
| Class K | | | | |
| Shares sold | 17,480,233 | $ 179,760,809 | 16,029,442 | $ 182,309,915 |
| Reinvestment of distributions | 3,259,335 | 34,220,532 | 1,393,552 | 15,806,486 |
| Less shares repurchased | (17,088,122) | (171,949,324) | (14,571,104) | (164,783,637) |
| Net increase | 3,651,446 | $ 42,032,017 | 2,851,890 | $ 33,332,764 |
| Class R | | | | |
| Shares sold | 970,206 | $ 10,201,397 | 1,403,543 | $ 16,144,689 |
| Reinvestment of distributions | 548,039 | 5,887,344 | 271,864 | 3,131,259 |
| Less shares repurchased | (2,850,715) | (30,333,453) | (2,883,839) | (33,123,339) |
| Net decrease | (1,332,470) | $ (14,244,712) | (1,208,432) | $ (13,847,391) |
| Class Y | | | | |
| Shares sold | 102,666,365 | $ 1,048,256,887 | 75,931,285 | $ 860,455,854 |
| Reinvestment of distributions | 18,980,365 | 199,301,220 | 8,281,184 | 93,779,502 |
| Less shares repurchased | (118,209,634) | (1,198,385,721) | (68,157,839) | (769,095,177) |
| Net increase | 3,437,096 | $ 49,172,386 | 16,054,630 | $ 185,140,179 |
The accompanying notes are an integral part of these financial statements.
98 Pioneer Strategic Income Fund | Annual Report | 9/30/22
Financial Highlights
| | Year | Year | Year | Year | Year |
| | Ended | Ended | Ended | Ended | Ended |
| | 9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| Class A | | | | | | |
| Net asset value, beginning of period | $ 11.38 | $ 10.91 | $ 10.89 | $ 10.42 | $ 10.82 |
| Increase (decrease) from investment operations: | | | | | | |
| Net investment income (loss) (a) | $ 0.35 | $ 0.35 | $ 0.38 | $ 0.36 | $ 0.35 |
| Net realized and unrealized gain (loss) on investments | (1.86) | 0.52 | (0.02) | 0.42 | | (0.42) |
| Net increase (decrease) from investment operations | $ (1.51) | $ 0.87 | $ 0.36 | $ 0.78 | $ (0.07) |
| Distributions to shareowners: | | | | | | |
| Net investment income | $ (0.12) | $ (0.40) | $ (0.34) | $ (0.27) | $ (0.31) |
| Net realized gain | (0.53) | — | — | — | | — |
| Tax return of capital | (0.17) | — | — | (0.04) | | (0.02) |
| Total distributions | $ (0.82) | $ (0.40) | $ (0.34) | $ (0.31) | $ (0.33) |
| Net increase (decrease) in net asset value | $ (2.33) | $ 0.47 | $ 0.02 | $ 0.47 | $ (0.40) |
| Net asset value, end of period | $ 9.05 | $ 11.38 | $ 10.91 | $ 10.89 | $ 10.42 |
| Total return (b) | (14.12)% | 8.04% | 3.44% | 7.64% | | (0.67)% |
| Ratio of net expenses to average net assets | 1.01% | 1.06% | 1.06% | 1.10% | | 1.03% |
| Ratio of net investment income (loss) to average net assets | 3.44% | 3.12% | 3.59% | 3.39% | | 3.28% |
| Portfolio turnover rate | 56% | 67% | 69% | 53% | | 44% |
| Net assets, end of period (in thousands) | $637,356 | $855,856 | $799,974 | $803,174 | $ 861,517 |
| 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 | 1.03% | | 1.06% | 1.06% | 1.10% | | 1.03% |
| Net investment income (loss) to average net assets | 3.42% | | 3.12% | 3.59% | 3.39% | | 3.28% |
| (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. |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 99
Financial Highlights (continued)
| | Year | Year | Year | Year | Year |
| | Ended | Ended | Ended | Ended | Ended |
| | 9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| Class C | | | | | | | |
| Net asset value, beginning of period | $ 11.14 | $ 10.67 | $ 10.66 | $ 10.20 | $ 10.59 |
| Increase (decrease) from investment operations: | | | | | | | |
| Net investment income (loss) (a) | $ 0.28 | $ 0.27 | $ 0.30 | $ 0.28 | $ 0.27 |
| Net realized and unrealized gain (loss) on investments | (1.82) | | 0.51 | (0.02) | | 0.42 | (0.41) |
| Net increase (decrease) from investment operations | $ (1.54) | $ 0.78 | $ 0.28 | $ 0.70 | $ (0.14) |
| Distributions to shareowners: | | | | | | | |
| Net investment income | $ (0.05) | $ (0.31) | $ (0.27) | $ (0.20) | $ (0.23) |
| Net realized gain | (0.53) | | — | — | | — | — |
| Tax return of capital | (0.17) | | — | — | (0.04) | (0.02) |
| Total distributions | $ (0.75) | $ (0.31) | $ (0.27) | $ (0.24) | $ (0.25) |
| Net increase (decrease) in net asset value | $ (2.29) | $ 0.47 | $ 0.01 | $ 0.46 | $ (0.39) |
| Net asset value, end of period | $ 8.85 | $ 11.14 | $ 10.67 | $ 10.66 | $ 10.20 |
| Total return (b) | (14.69)% | | 7.37% | 2.67% | | 6.96% | (1.30)% |
| Ratio of net expenses to average net assets | 1.66% | | 1.73% | 1.73% | | 1.74% | 1.69% |
| Ratio of net investment income (loss) to average net assets | 2.77% | | 2.49% | 2.89% | | 2.75% | 2.62% |
| Portfolio turnover rate | 56% | | 67% | 69% | | 53% | 44% |
| Net assets, end of period (in thousands) | $ 73,112 | $112,804 | $185,623 | $311,801 | $466,033 |
| 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 | 1.68% | | 1.73% | 1.73% | | 1.74% | 1.69% |
| Net investment income (loss) to average net assets | 2.75% | | 2.49% | 2.89% | | 2.75% | 2.62% |
| (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. |
The accompanying notes are an integral part of these financial statements.
100 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| | Year | Year | Year | Year | Year |
| | Ended | Ended | Ended | Ended | Ended |
| | 9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| Class K | | | | | | | |
| Net asset value, beginning of period | $ 11.40 | $ 10.92 | $ 10.92 | $ 10.44 | $ 10.84 |
| Increase (decrease) from investment operations: | | | | | | | |
| Net investment income (loss) (a) | $ 0.40 | $ 0.40 | $ 0.43 | $ 0.41 | $ 0.39 |
| Net realized and unrealized gain (loss) on investments | (1.87) | | 0.53 | (0.04) | | 0.43 | (0.41) |
| Net increase (decrease) from investment operations | $ (1.47) | $ 0.93 | $ 0.39 | $ 0.84 | $ (0.02) |
| Distributions to shareowners: | | | | | | | |
| Net investment income | $ (0.16) | $ (0.45) | $ (0.39) | $ (0.32) | $ (0.36) |
| Net realized gain | (0.53) | | — | — | | — | — |
| Tax return of capital | (0.17) | | — | — | (0.04) | (0.02) |
| Total distributions | $ (0.86) | $ (0.45) | $ (0.39) | $ (0.36) | $ (0.38) |
| Net increase (decrease) in net asset value | $ (2.33) | $ 0.48 | $ — | $ 0.48 | $ (0.40) |
| Net asset value, end of period | $ 9.07 | $ 11.40 | $ 10.92 | $ 10.92 | $ 10.44 |
| Total return (b) | (13.73)% | | 8.58% | 3.73% | | 8.19% | (0.23)% |
| Ratio of net expenses to average net assets | 0.59% | | 0.63% | 0.62% | | 0.63% | 0.62% |
| Ratio of net investment income (loss) to average net assets | 3.88% | | 3.55% | 4.02% | | 3.86% | 3.70% |
| Portfolio turnover rate | 56% | | 67% | 69% | | 53% | 44% |
| Net assets, end of period (in thousands) | $403,112 | $465,149 | $414,610 | $402,042 | $379,474 |
| 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 | 0.61% | | 0.63% | 0.62% | | 0.63% | 0.62% |
| Net investment income (loss) to average net assets | 3.86% | | 3.55% | 4.02% | | 3.86% | 3.70% |
| (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. |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 101
Financial Highlights (continued)
| | Year | Year | Year | Year | Year |
| | Ended | Ended | Ended | Ended | Ended |
| | 9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| Class R | | | | | | | |
| Net asset value, beginning of period | $ 11.58 | $ 11.09 | $ 11.08 | $ 10.59 | $ 11.00 |
| Increase (decrease) from investment operations: | | | | | | | |
| Net investment income (loss) (a) | $ 0.32 | $ 0.33 | $ 0.35 | $ 0.33 | $ 0.32 |
| Net realized and unrealized gain (loss) on investments | (1.90) | | 0.52 | (0.03) | | 0.44 | (0.43) |
| Net increase (decrease) from investment operations | $ (1.58) | $ 0.85 | $ 0.32 | $ 0.77 | $ (0.11) |
| Distributions to shareowners: | | | | | | | |
| Net investment income | $ (0.09) | $ (0.36) | $ (0.31) | $ (0.24) | $ (0.28) |
| Net realized gain | (0.53) | | — | — | | — | — |
| Tax return of capital | (0.17) | | — | — | (0.04) | (0.02) |
| Total distributions | $ (0.79) | $ (0.36) | $ (0.31) | $ (0.28) | $ (0.30) |
| Net increase (decrease) in net asset value | $ (2.37) | $ 0.49 | $ 0.01 | $ 0.49 | $ (0.41) |
| Net asset value, end of period | $ 9.21 | $ 11.58 | $ 11.09 | $ 11.08 | $ 10.59 |
| Total return (b) | (14.46)% | | 7.77% | 3.03% | | 7.43% | (1.02)% |
| Ratio of net expenses to average net assets | 1.34% | | 1.37% | 1.40% | | 1.39% | 1.34% |
| Ratio of net investment income (loss) to average net assets | 3.09% | | 2.83% | 3.23% | | 3.10% | 2.97% |
| Portfolio turnover rate | 56% | | 67% | 69% | | 53% | 44% |
| Net assets, end of period (in thousands) | $62,624 | $ 94,136 | $103,585 | $131,214 | $168,043 |
| 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 | 1.36% | | 1.37% | 1.40% | | 1.39% | 1.34% |
| Net investment income (loss) to average net assets | 3.07% | | 2.83% | 3.23% | | 3.10% | 2.97% |
| (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. |
The accompanying notes are an integral part of these financial statements.
102 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| | Year | Year | Year | Year | Year |
| | Ended | Ended | Ended | Ended | Ended |
| | 9/30/22 | 9/30/21 | 9/30/20 | 9/30/19 | 9/30/18 |
| Class Y | | | | | | | | | | |
| Net asset value, beginning of period | $ 11.38 | $ 10.91 | $ 10.90 | $ 10.42 | $ 10.82 |
| Increase (decrease) from investment operations: | | | | | | | | | | |
| Net investment income (loss) (a) | $ 0.39 | $ 0.39 | $ 0.42 | $ 0.40 | $ 0.38 |
| Net realized and unrealized gain (loss) on investments | | (1.87) | | 0.51 | | (0.03) | | 0.42 | | (0.42) |
| Net increase (decrease) from investment operations | $ (1.48) | $ 0.90 | $ 0.39 | $ 0.82 | $ (0.04) |
| Distributions to shareowners: | | | | | | | | | | |
| Net investment income | $ (0.15) | $ (0.43) | $ (0.38) | $ (0.30) | $ (0.34) |
| Net realized gain | | (0.53) | | — | | — | | — | | — |
| Tax return of capital | | (0.17) | | — | | — | | (0.04) | | (0.02) |
| Total distributions | $ (0.85) | $ (0.43) | $ (0.38) | $ (0.34) | $ (0.36) |
| Net increase (decrease) in net asset value | $ (2.33) | $ 0.47 | $ 0.01 | $ 0.48 | $ (0.40) |
| Net asset value, end of period | $ 9.05 | $ 11.38 | $ 10.91 | $ 10.90 | $ 10.42 |
| Total return (b) | (13.85)% | | 8.37% | | 3.71% | | 8.09% | | (0.34)% |
| Ratio of net expenses to average net assets | | 0.69% | | 0.74% | | 0.74% | | 0.73% | | 0.72% |
| Ratio of net investment income (loss) to average net assets | | 3.77% | | 3.44% | | 3.91% | | 3.75% | | 3.60% |
| Portfolio turnover rate | | 56% | | 67% | | 69% | | 53% | | 44% |
| Net assets, end of period (in thousands) | $2,579,954 | $3,204,878 | $2,896,168 | $3,010,817 | $3,208,774 |
| 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 | | 0.71% | | 0.74% | | 0.74% | | 0.73% | | 0.72% |
| Net investment income (loss) to average net assets | | 3.75% | | 3.44% | | 3.91% | | 3.75% | | 3.60% |
| (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. |
The accompanying notes are an integral part of these financial statements.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 103
Notes to Financial Statements | 9/30/22
1. Organization and Significant Accounting Policies
Pioneer Strategic Income Fund (the “Fund”) is one of five 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 (the "1940 Act") 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 Trust 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 or Class Y shares.
Amundi Asset Management US, 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 Distributor US, Inc., an affiliate of the Adviser, serves as the Fund’s distributor (the “Distributor”).
In March 2020, FASB issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other LIBOR-based reference rates at the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020
104 Pioneer Strategic Income Fund | Annual Report | 9/30/22
through December 31, 2023. Management is evaluating the impact of ASU 2020-04 on the Fund's investments, derivatives, debt and other contracts, if applicable, that will undergo reference rate-related modifications as a result of the reference rate reform.
Effective August 19, 2022, the Fund is required to comply with Rule 18f-4 under the 1940 Act, which governs the use of derivatives by registered investment companies. Rule 18f-4 permits funds to enter into derivatives transactions (as defined in Rule 18f-4) and certain other transactions notwithstanding the restrictions on the issuance of “senior securities” under Section 18 of the 1940 Act. Rule 18f-4 requires a fund to establish and maintain a comprehensive derivatives risk management program, appoint a derivatives risk manager and comply with a relative or absolute limit on fund leverage risk calculated based on value-at-risk (“VaR”), unless the fund uses derivatives in only a limited manner.
The Fund is an investment company and follows investment company accounting and reporting guidance under U.S. Generally Accepted Accounting Principles (“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:
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,
Pioneer Strategic Income Fund | Annual Report | 9/30/22 105
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 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 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 Adviser 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
106 Pioneer Strategic Income Fund | Annual Report | 9/30/22
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.
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.
Shares of open-end registered investment companies (including money market mutual funds) are valued at such funds’ net asset value.
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. Effective September 8, 2022, the Adviser is designated as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Adviser’s fair valuation team is responsible for monitoring developments that may impact fair valued securities.
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 Adviser 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 September 30, 2022, six securities were valued using fair value methods representing 0.04% of net assets. The value of these fair valued securities was $1,672,767.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 107
| 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.
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.
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,
108 Pioneer Strategic Income Fund | Annual Report | 9/30/22
to its shareowners. Therefore, no provision for federal income taxes is required. As of September 30, 2022, 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.
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 September 30, 2022, the Fund had accrued $121,011 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.
A portion of the dividend income recorded by the Fund is from distributions by publicly traded real estate investment trusts (“REITs”), and such distributions for tax purposes may also consist of capital gains and return of capital. The actual return of capital and capital gains portions of such distributions will be determined by formal notifications from the REITs subsequent to the calendar year-end. Distributions received from the REITs that are determined to be a return of capital are recorded by the Fund as a reduction of the cost basis of the securities held and those determined to be capital gain are reflected as such on the Statement of Operations.
At September 30, 2022, the Fund deferred $4,978,103 of late-year ordinary losses and $21,799,232 of short-term and $30,684,635 of long-term Post-October losses, which will be recognized by the Fund as occurring at the start of the next fiscal year ending September 30, 2023.
At September 30, 2022, the Fund reclassified $433,731 to decrease distributable earnings and $433,731 to increase paid-in capital to reflect permanent book/tax differences. These adjustments have no impact on net assets or the results of operations.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 109
The tax character of distributions paid during the years ended September 30, 2022 and September 30, 2021, was as follows:
| | 2022 | 2021 |
| Distributions paid from: | | |
| Ordinary income | $175,648,822 | $170,425,077 |
| Long-term capital gains | 108,702,546 | — |
| Tax return of capital | 72,328,898 | — |
| Total | $356,680,266 | $170,425,077 |
The following shows the components of distributable earnings (losses) on a federal income tax basis at September 30, 2022:
| | 2022 |
| Distributable earnings/(losses): | |
| Other book/tax temporary differences | $ (1,828,504) |
| Net unrealized depreciation | (648,101,567) |
| Qualified late year loss deferral | (57,461,970) |
| Total | $(707,392,041) |
The difference between book-basis and tax-basis net unrealized depreciation 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, interest on defaulted bonds.
The Fund records sales and repurchases of its shares as of trade date. The Distributor earned $34,500 in underwriting commissions on the sale of Class A shares during the year ended September 30, 2022.
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 5). 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 4).
110 Pioneer Strategic Income Fund | Annual Report | 9/30/22
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.
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, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, 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. In recent years, interest rates and credit spreads in the U.S. have been at historic lows. The U.S. Federal Reserve has raised certain interest rates, and interest rates may continue to go up. A 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. Rates of inflation have recently risen. The value of assets or income from an investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund’s assets can decline as can the value of the Fund’s distributions.
The global pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in 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 sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue to affect adversely the value and liquidity of the Fund’s investments. Following Russia’s invasion of Ukraine, Russian securities have lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future geopolitical or other events or conditions.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 111
Governments and central banks, including the U.S. Federal Reserve, 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 consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time.
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 may invest in mortgage-related and asset-backed securities. The value of mortgage-related and asset-backed securities will be influenced by factors affecting the assets underlying such securities. As a result, during periods of declining asset value, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities tend to be more sensitive to changes in interest rate than other types of debt securities. These securities are also subject to prepayment and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets and are thus subject to the risk of default. The risk of such defaults is generally higher in the case of mortgage-backed investments offered by non-governmental issuers and those that include so-called "sub-prime" mortgages. The structure of some of these securities may be complex and there may be less available information than for other types of debt securities. Upon the occurrence of certain triggering events or defaults, the Fund may become the holder of underlying assets at a time when those assets may be difficult to sell or may be sold only at a loss.
The Fund may invest in credit risk transfer securities. Credit risk transfer securities are unguaranteed and unsecured debt securities issued by government sponsored enterprises and therefore are not directly linked to or backed by the underlying mortgage loans. As a result, in the event that a government sponsored enterprise fails to pay principal or interest on its credit risk transfer securities or goes through a bankruptcy, insolvency or similar proceeding, holders of such credit risk transfer securities have no direct recourse to the underlying mortgage loans and will generally receive recovery on par with other unsecured note holders in such a scenario. The risks associated with an investment in credit risk transfer securities are different than the risks associated with an investment in mortgage-backed securities issued by Fannie Mae and Freddie Mac, or other government
112 Pioneer Strategic Income Fund | Annual Report | 9/30/22
sponsored enterprise or issued by a private issuer, because some or all of the mortgage default or credit risk associated with the underlying mortgage loans is transferred to investors. As a result, investors in these securities could lose some or all of their investment in these securities if the underlying mortgage loans default.
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 with respect to the issuer’s capacity to pay interest and repay principal. These securities involve greater risk of loss, are subject to greater price volatility, and may be less liquid and more difficult to value, especially during periods of economic uncertainty or change, than higher rated debt securities.
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, military conflicts and sanctions, terrorism, sustained economic downturns, financial instability, less liquid trading markets, extreme price volatility, currency risks, reduction of government or central bank support, inadequate accounting standards, tariffs, tax disputes or other tax burdens, nationalization or expropriation of assets, and the imposition of adverse governmental laws, arbitrary application of laws and regulations or lack of rule of law and investment and repatriation 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.
Russia launched a large-scale invasion of Ukraine on February 24, 2022. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia and Belarus and certain companies and individuals. Since then, Russian securities have lost all, or nearly all, their market value, and many other issuers, securities and markets have been adversely affected. The United States and other countries may impose sanctions on other countries, companies and individuals in light of Russia’s military invasion. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future
Pioneer Strategic Income Fund | Annual Report | 9/30/22 113
sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the value and liquidity of certain Fund investments, on Fund performance and the value of an investment in the Fund, particularly with respect to securities and commodities, such as oil, natural gas and food commodities, as well as other sectors with exposure to Russian issuers or issuers in other countries affected by the invasion, and are likely to have collateral impacts on market sectors globally.
The Fund's investments, payment obligations and financing terms may be based on floating rates, such as LIBOR (London Interbank Offered Rate) or SOFR (Secured Overnight Financing Rate). ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. Markets are developing in response to these new rates, but questions around liquidity in these rates and how to appropriately adjust these rates to eliminate any economic value transfer at the time of transition remain a significant concern. The effect of any changes to - or discontinuation of - LIBOR on the Fund will vary depending on, among other things, existing fallback provisions in individual contracts and whether, how, and when industry participants develop and widely adopt new reference rates and fallbacks for both legacy and new products and instruments. In March, 2022, the U.S. federal government enacted legislation to establish a process for replacing LIBOR in existing contracts that do not already provide for the use of a clearly defined or practicable replacement benchmark rate as described in the legislation. Generally speaking, for contracts that do not contain a fallback provision as described in the legislation, a benchmark replacement recommended by the Federal Reserve Board will effectively automatically replace the USD LIBOR benchmark in the contract after June 30, 2023. The recommended benchmark replacement will be based on the Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York, including any recommended spread adjustment and benchmark replacement conforming changes. The process of transitioning from LIBOR may involve, among other things, increased volatility or illiquidity in markets for instruments that rely on LIBOR. The transition may also result in a reduction in the value of certain LIBOR-based investments held by the Fund or reduce the effectiveness of related transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other
114 Pioneer Strategic Income Fund | Annual Report | 9/30/22
unforeseen effects, could result in losses for the Fund. Because the usefulness of LIBOR as a benchmark may deteriorate during the transition period, these effects could occur at any time.
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 the Fund’s custodian and accounting agent, and 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 the Adviser 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 the Adviser 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.
Restricted Securities are subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 115
Disposal of restricted investments may involve negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Fund at September 30, 2022 are listed in the Schedule of Investments.
| I. | | 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 securities by the Fund. These securities may be difficult
116 Pioneer Strategic Income Fund | Annual Report | 9/30/22
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.
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 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 year ended September 30, 2022 was $3,104,638. Open purchased options at September 30, 2022 are listed in the Schedule of Investments.
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
Pioneer Strategic Income Fund | Annual Report | 9/30/22 117
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 year ended September 30, 2022 was $(137,772). Open written options contracts at September 30, 2022 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 8).
During the year ended September 30, 2022, 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 average market value of forward foreign currency exchange contracts open during the year ended September 30, 2022 was $398,610,500 and $370,973,144 for buys and sells, respectively. Open forward foreign currency exchange contracts outstanding at September 30, 2022 are listed in the Schedule of Investments.
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.
118 Pioneer Strategic Income Fund | Annual Report | 9/30/22
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 September 30, 2022 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.
The average market value of futures contracts open during the year ended September 30, 2022 was $(93,740,697). Open futures contracts outstanding at September 30, 2022 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
Pioneer Strategic Income Fund | Annual Report | 9/30/22 119
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, 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
120 Pioneer Strategic Income Fund | Annual Report | 9/30/22
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 September 30, 2022, is recorded as "Swaps collateral" on the Statement of Assets and Liabilities.
The average market value of credit default swap contracts open during the year ended September 30, 2022 was $111,747,139. Open credit default swap contracts at September 30, 2022 are listed in the Schedule of Investments.
| O. | | Total Return Swap 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 September 30, 2022 is recorded as “Futures collateral” on the Statement of Assets and Liabilities. The Fund may enter into a total return swap contracts to attempt to manage and/or gain exposure to a security or market. Pursuant to a total return swap contracts, the Fund negotiates with a counterparty to exchange a periodic stream of payments. One party makes payments based on the total return of a reference asset (such as a security or a basket of securities or securities index), and in return receives fixed or floating rate interest payments. The total return of the reference asset typically includes appreciation or depreciation on the reference asset, plus any interest or dividend payments. To the extent that the total return of the reference asset exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty.
Total return swap contracts are marked-to-market daily using valuations supplied by independent sources, and the change in value, if any, is recorded within “Swap contracts, at value” on the Statement of Assets and Liabilities. Payments received or made are recorded as realized gains or losses on Statement of Operations. Total return swap contracts are subject to counterparty risk and unanticipated movements in value of exchange interest rates, securities or the index.
The average market value of total return swap contracts open during the year ended September 30, 2022 was $28,584,271. There were no open total return swap contracts outstanding at September 30, 2022.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 121
2. Management Agreement
The Adviser manages the Fund’s portfolio. Management fees payable under the Fund’s Investment Management Agreement with the Adviser are calculated daily and paid monthly 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 and 0.50% on assets over $10 billion. For the year ended September 30, 2022, the effective management fee (excluding waivers and/or reimbursements) was equivalent to 0.56% 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 taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, such as litigation) to the extent required to reduce Fund expenses to 0.59% and 0.69% of the average daily net assets attributable to Class K and Class Y shares, respectively. These expense limitations are in effect through February 1, 2025. 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. Fees waived and expenses reimbursed during the year ended September 30, 2022 are reflected on the Statement of Operations
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 $339,375 in management fees, administrative costs and certain other reimbursements payable to the Adviser at September 30, 2022.
3. Compensation of Trustees and Officers
The Fund pays an annual fee to its Trustees. The Adviser reimburses the Fund for fees paid to the Interested Trustees. The Fund does not pay any salary or other compensation to its officers. For the year ended September 30, 2022, the Fund paid $224,380 in Trustees’ compensation, which is reflected on the Statement of Operations as Trustees’ fees. At September 30, 2022, the Fund had a payable for Trustees’ fees on its Statement of Assets and Liabilities of $0.
4. Transfer Agent
For the period from October 1, 2021 to November 21, 2021, DST Asset Manager Solutions, Inc. served as the transfer agent to the Fund at negotiated rates. Effective November 22, 2021, BNY Mellon Investment Servicing (US) Inc. serves as the transfer agent to the Fund at negotiated rates. Transfer agent fees and payables shown on the Statement of
122 Pioneer Strategic Income Fund | Annual Report | 9/30/22
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 year ended September 30, 2022, such out-of-pocket expenses by class of shares were as follows:
| Shareowner Communications: | |
| Class A | $102,814 |
| Class C | 11,482 |
| Class K | 10,426 |
| Class R | 5,238 |
| Class Y | 120,128 |
| Total | $250,088 |
5. 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 Fund's 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 $21,810 in distribution fees payable to the Distributor at September 30, 2022.
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.
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
Pioneer Strategic Income Fund | Annual Report | 9/30/22 123
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 year ended September 30, 2022, CDSCs in the amount of $14,608 were paid to the Distributor.
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds, participates in a committed, unsecured revolving line of credit (“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 February 2, 2022, the Fund participates in a credit facility in the amount of $380 million. Prior to February 2, 2022, the Fund participated in a facility in the amount of $450 million. Under such credit 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 both an upfront fee and an annual commitment fee to participate in the credit facility. The upfront fee in the amount of 0.10% of the total credit facility and the commitment fee in the amount of 0.25% of the daily unused portion of each lender's commitment are allocated among participating funds based on an allocation schedule set forth in the credit agreement. For the year ended September 30, 2022, the Fund had no borrowings under the credit facility.
7. 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 of 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
124 Pioneer Strategic Income Fund | Annual Report | 9/30/22
close out and net 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 September 30, 2022.
| | 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 | $ 6,869,300 | $(1,216,584) | $ — | $ — | $5,652,716 |
| Bank of New York | | | | | |
| Mellon Corp. | —* | — | — | — | —* |
| Citibank NA | 276,575 | (276,575) | — | — | — |
| Goldman Sachs & Co. | 485,494 | (344,515) | — | — | 140,979 |
| HSBC Bank | | | | | |
| Canada NA | 573,668 | — | — | — | 573,668 |
| HSBC Bank USA NA | — | — | — | — | — |
| JPMorgan Chase | | | | | |
| Bank NA | 1,953,996 | (1,953,996) | — | — | — |
| Morgan Stanley | | | | | |
| & Co., LLC | 162,603 | — | — | — | 162,603 |
| State Street | | | | | |
| Bank & Trust Co. | 1,176,948 | (1,176,948) | — | — | — |
| Total | $11,498,584 | $(4,968,618) | $ — | $ — | $6,529,966 |
Pioneer Strategic Income Fund | Annual Report | 9/30/22 125
| | 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 | $ 1,216,584 | $ (1,216,584) | $ — | $ — | $ — |
| Bank of New York | | | | | |
| Mellon Corp. | 244,523 | — | — | — | 244,523 |
| Citibank NA | 547,496 | (276,575) | — | — | 270,921 |
| Goldman Sachs & Co. | 344,515 | (344,515) | — | — | — |
| HSBC Bank | | | | | |
| Canada NA | — | — | — | — | — |
| HSBC Bank USA NA | 2,116,474 | — | — | — | 2,116,474 |
| JPMorgan Chase | | | | | |
| Bank NA | 9,399,009 | (1,953,996) | — | — | 7,445,013 |
| Morgan Stanley | | | | | |
| & Co., LLC | — | — | — | — | — |
| State Street | | | | | |
| Bank & Trust Co. | 4,901,610 | (1,176,948) | — | — | 3,724,662 |
| Total | $18,770,211 | $ (4,968,618) | $ — | $ — | $13,801,593 |
| * | | 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. |
8. 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.
126 Pioneer Strategic Income Fund | Annual Report | 9/30/22
The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at September 30, 2022 was as follows:
Statement of Assets and Liabilities
| | | | Foreign | | |
| | Interest | Credit | Exchange | Equity | Commodity |
| | Rate Risk | Risk | Rate Risk | Risk | Risk |
| Assets: | | | | | | | |
| Options purchased* | $ — | $ — | $ 8,007,061 | $ —** | $ — |
| Swap contracts, at value | | — | 15,427,558 | — | — | — |
| Total Value | $ — | $15,427,558 | $ 8,007,061 | $ —** | $ — |
| Liabilities | | | | | | | |
| Variation margin for | | | | | | | |
| futures contracts^ | $4,650,390 | $ — | $ — | $ — | $ — |
| Net unrealized | | | | | | | |
| depreciation on | | | | | | | |
| forward foreign | | | | | | | |
| currency exchange | | | | | | | |
| contracts | | — | | — | 12,350,984 | — | — |
| Call options written | | — | | — | 177,802 | — | — |
| Total Value | $4,650,390 | $ — | $ 12,528,786 | $ — | $ — |
| * | | Reflects the market value of purchased option contracts (see Note 1J). 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. |
| ^ | | The fair value presented represents the cumulative unrealized appreciation (depreciation) on futures as reported in the table within the Schedule of Investments. In the Statement of Assets and Liabilities, only current days unsettled variation margin is reported in receivables or payables on futures contracts and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). |
The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure at September 30, 2022 was as follows:
Statement of Operations
| | | | Foreign | | |
| | Interest | Credit | Exchange | Equity | Commodity |
| | Rate Risk | Risk | Rate Risk | Risk | Risk |
| Net Realized Gain (Loss) on | | | | | | |
| Futures contracts | $2,277,837 | $ — | $ — | $ — | $ — |
| Forward foreign | | | | | | |
| currency exchange | | | | | | |
| contracts | — | | — | 10,973,293 | — | — |
| Options purchased* | — | | — | (635,487) | — | — |
| Options written | — | | — | 635,487 | — | — |
| Swap contracts | — | 34,183,396 | — | — | — |
| Total Value | $2,277,837 | $ 34,183,396 | $10,973,293 | $ — | $ — |
Pioneer Strategic Income Fund | Annual Report | 9/30/22 127
Statement of Operations
| | | | Foreign | | |
| | Interest | Credit | Exchange | Equity | Commodity |
| | Rate Risk | Risk | Rate Risk | Risk | Risk |
| Change in Net | | | | | |
| Unrealized Appreciation | | | | | |
| (Depreciation) on | | | | | |
| Futures contracts | $(28,782,239) | $ — | $ — | $ — | $ — |
| Forward foreign | | | | | |
| currency exchange | | | | | |
| contracts | — | — | (13,068,121) | — | — |
| Options purchased** | — | — | 6,672,124 | —*** | — |
| Options written | — | — | 876,384 | — | — |
| Swap contracts | — | 37,897,415 | — | — | — |
| Total Value | $(28,782,239) | $37,897,415 | $ (5,519,613) | $ — | $ — |
| * | | Reflects the net realized gain (loss) on purchased option contracts (see Note 1J). These amounts are included in net realized gain (loss) on investments in unaffiliated issuers, on the Statements of Operations. |
| ** | | Reflects the change in net unrealized appreciation (depreciation) on purchased option contracts (see Note 1J). These amounts are included in change in net unrealized appreciation (depreciation) on Investments in unaffiliated issuers, on the Statement of Operations. |
| *** | | Includes securities that are valued at $0. |
9. Unfunded Loan Commitments
The Fund may enter into unfunded loan commitments. Unfunded loan commitments may be partially or wholly unfunded. During the contractual period, the Fund is obliged to provide funding to the borrower upon demand. A fee is earned by the Fund on the unfunded loan commitment and is recorded as interest income on the Statement of Operations.
Unfunded loan commitments are fair valued in accordance with the valuation policy described in Footnote 1A and unrealized appreciation or depreciation, if any, is recorded on the Statement of Assets and Liabilities.
As of September 30, 2022, the Fund had no unfunded loan commitments outstanding.
10. Changes in Custodian and Sub-Administrator, and Transfer Agent
Effective November 22, 2021, The Bank of New York Mellon Corporation ("BNY Mellon") serves as the Fund's Custodian and Sub-Administrator.
Effective November 22, 2021, BNY Mellon Investment Servicing (US) Inc. serves as the Fund's shareholder servicing and transfer agent.
128 Pioneer Strategic Income Fund | Annual Report | 9/30/22
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust XIV and the Shareholders of Pioneer Strategic Income Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pioneer Strategic Income Fund (the “Fund”) (one of the funds constituting Pioneer Series Trust XIV (the “Trust”)), including the schedule of investments, as of September 30, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of Pioneer Strategic Income Fund (one of the funds constituting Pioneer Series Trust XIV) at September 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five years in the period then ended in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 129
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies in the Pioneer family of funds since 2017.
Boston, Massachusetts
November 29, 2022
130 Pioneer Strategic Income Fund | Annual Report | 9/30/22
Additional Information (unaudited)
For the year ended September 30, 2022, certain dividends paid by the Fund may be subject to a maximum tax rate of 20%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act (the Act) of 2003. The Fund intends to designate up to the maximum amount of such dividends allowable under the Act, as taxed at a maximum rate of 20%. Complete information will be computed and reported in conjunction with your 2022 Form 1099-DIV.
The Fund designated $108,702,546 as long-term capital gains distributions during the year ended September 30, 2022. Distributable long-term gains are based on net realized long-term gains determined on a tax basis and may differ from such amounts for financial reporting purposes.
Qualified interest income is exempt from nonresident alien (NRA) tax withholding. The percentage of the Fund’s ordinary income distributions derived from qualified interest income was 58.64%.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 131
Approval of Renewal of Investment Management Agreement
Amundi Asset Management US, Inc. (“Amundi US”) serves as the investment adviser to Pioneer Strategic Income Fund (the “Fund”) pursuant to an investment management agreement between Amundi US and the Fund. In order for Amundi US to remain the investment adviser of the Fund, the Trustees of the Fund, including a majority of the Fund’s Independent Trustees, must determine annually whether to renew the investment management agreement for the Fund.
The contract review process began in January 2022 as the Trustees of the Fund agreed on, among other things, an overall approach and timeline for the process. Contract review materials were provided to the Trustees in March 2022, July 2022 and September 2022. In addition, the Trustees reviewed and discussed the Fund’s performance at regularly scheduled meetings throughout the year, and took into account other information related to the Fund provided to the Trustees at regularly scheduled meetings, in connection with the review of the Fund’s investment management agreement.
In March 2022, the Trustees, among other things, discussed the memorandum provided by Fund counsel that summarized the legal standards and other considerations that are relevant to the Trustees in their deliberations regarding the renewal of the investment management agreement, and reviewed and discussed the qualifications of the investment management teams for the Fund, as well as the level of investment by the Fund’s portfolio managers in the Fund. In July 2022, the Trustees, among other things, reviewed the Fund’s management fees and total expense ratios, the financial statements of Amundi US and its parent companies, profitability analyses provided by Amundi US, and analyses from Amundi US as to possible economies of scale. The Trustees also reviewed the profitability of the institutional business of Amundi US as compared to that of Amundi US’s fund management business, and considered the differences between the fees and expenses of the Fund and the fees and expenses of Amundi US’s institutional accounts, as well as the different services provided by Amundi US to the Fund and to the institutional accounts. The Trustees further considered contract review materials, including additional materials received in response to the Trustees’ request, in September 2022.
At a meeting held on September 20, 2022, based on their evaluation of the information provided by Amundi US and third parties, the Trustees of the Fund, including the Independent Trustees voting separately advised by independent counsel, unanimously approved the renewal of the investment
132 Pioneer Strategic Income Fund | Annual Report | 9/30/22
management agreement for another year. In approving the renewal of the investment management agreement, the Trustees considered various factors that they determined were relevant, including the factors described below. The Trustees did not identify any single factor as the controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had been provided by Amundi US to the Fund, taking into account the investment objective and strategy of the Fund. The Trustees also reviewed Amundi US’s investment approach for the Fund and its research process. The Trustees considered the resources of Amundi US and the personnel of Amundi US who provide investment management services to the Fund. They also reviewed the amount of non-Fund assets managed by the portfolio managers of the Fund. They considered the non-investment resources and personnel of Amundi US that are involved in Amundi US’s services to the Fund, including Amundi US’s compliance, risk management, and legal resources and personnel. The Trustees noted the substantial attention and high priority given by Amundi US’s senior management to the Pioneer Fund complex, including with respect to the increasing regulation to which the Pioneer Funds are subject. The Trustees considered the effectiveness of Amundi US’s business continuity plan in response to the ongoing COVID-19 pandemic.
The Trustees considered that Amundi US supervises and monitors the performance of the Fund’s service providers and provides the Fund with personnel (including Fund officers) and other resources that are necessary for the Fund’s business management and operations. The Trustees also considered that, as administrator, Amundi US is responsible for the administration of the Fund’s business and other affairs. The Trustees considered that the Fund reimburses Amundi US its pro rata share of Amundi US’s costs of providing administration services to the Pioneer Funds.
Based on these considerations, the Trustees concluded that the nature, extent and quality of services that had been provided by Amundi US to the Fund were satisfactory and consistent with the terms of the investment management agreement.
Performance of the Fund
In considering the Fund’s performance, the Trustees regularly review and discuss throughout the year data prepared by Amundi US and information comparing the Fund’s performance with the performance of its peer group of funds, as classified by Morningstar, Inc. (Morningstar), and with the performance of the Fund’s benchmark index. They also discuss the Fund’s
Pioneer Strategic Income Fund | Annual Report | 9/30/22 133
performance with Amundi US on a regular basis. The Trustees’ regular reviews and discussions were factored into the Trustees’ deliberations concerning the renewal of the investment management agreement.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in comparison to the management fees of its peer group of funds as classified by Morningstar and also to the expense ratios of a peer group of funds selected on the basis of criteria determined by the Independent Trustees for this purpose using data provided by Strategic Insight Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent third party. The peer group comparisons referred to below are organized in quintiles. Each quintile represents one-fifth of the peer group. In all peer group comparisons referred to below, first quintile is most favorable to the Fund’s shareowners. The Trustees noted that they separately review and consider the impact of the Fund’s transfer agency and Fund- and Amundi US-paid expenses for sub-transfer agency and intermediary arrangements, and that the results of the most recent such review were considered in the consideration of the Fund’s expense ratio.
The Trustees considered that the Fund’s management fee for the most recent fiscal year was in the third quintile relative to the management fees paid by other funds in its Morningstar category for the comparable period. The Trustees also considered the breakpoints in the management fee schedule and the reduced fee rates above certain asset levels. The Trustees considered that the expense ratio of the Fund’s Class Y shares for the most recent fiscal year was in the fourth quintile relative to its Strategic Insight peer group for the comparable period. The Trustees noted Amundi US’s explanation of the reasons that the expense ratio of the Fund’s Class Y shares was in the fourth quintile relative to its Strategic Insight peer group. The Trustees noted that Amundi US had agreed to waive fees and/or reimburse expenses in order to limit the ordinary operating expenses of the Fund.
The Trustees reviewed management fees charged by Amundi US to institutional and other clients, including publicly offered European funds sponsored by Amundi US’s affiliates, unaffiliated U.S. registered investment companies (in a sub-advisory capacity), and unaffiliated foreign and domestic separate accounts. The Trustees also considered Amundi US’s costs in providing services to the Fund and Amundi US’s costs in providing services to the other clients and considered the differences in management fees and profit margins for fund and non-fund services. In evaluating the fees associated with Amundi US’s client accounts, the Trustees took into account the respective demands, resources and complexity associated with the Fund and other client accounts. The Trustees noted that, in some
134 Pioneer Strategic Income Fund | Annual Report | 9/30/22
instances, the fee rates for those clients were lower than the management fee for the Fund and considered that, under the investment management and administration agreements with the Fund, Amundi US performs additional services for the Fund that it does not provide to those other clients or services that are broader in scope, including oversight of the Fund’s other service providers and activities related to compliance and the extensive regulatory and tax regimes to which the Fund is subject. The Trustees also considered the entrepreneurial risks associated with Amundi US’s management of the Fund.
The Trustees concluded that the management fee payable by the Fund to Amundi US was reasonable in relation to the nature and quality of the services provided by Amundi US.
Profitability
The Trustees considered information provided by Amundi US regarding the profitability of Amundi US with respect to the advisory services provided by Amundi US to the Fund, including the methodology used by Amundi US in allocating certain of its costs to the management of the Fund. The Trustees also considered Amundi US’s profit margin in connection with the overall operation of the Fund. They further reviewed the financial results, including the profit margins, realized by Amundi US from non-fund businesses. The Trustees considered Amundi US’s profit margins in comparison to the limited industry data available and noted that the profitability of any adviser was affected by numerous factors, including its organizational structure and method for allocating expenses. The Trustees concluded that Amundi US’s profitability with respect to the management of the Fund was not unreasonable.
Economies of Scale
The Trustees considered Amundi US’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 the Fund and Fund shareholders. The Trustees noted the breakpoints in the management fee schedule. 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 Amundi US in research and analytical capabilities and Amundi US’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 Fund.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 135
Other Benefits
The Trustees considered the other benefits that Amundi US enjoys from its relationship with the Fund. The Trustees considered the character and amount of fees paid or to be paid by the Fund, other than under the investment management agreement, for services provided by Amundi US and its affiliates. The Trustees further considered the revenues and profitability of Amundi US’s businesses other than the Fund business. To the extent applicable, the Trustees also considered the benefits to the Fund and to Amundi US and its affiliates from the use of “soft” commission dollars generated by the Fund to pay for research and brokerage services.
The Trustees considered that Amundi US 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 $2.2 trillion in assets (including the Pioneer Funds). The Trustees considered that Amundi US’s relationship with Amundi creates potential opportunities for Amundi US and Amundi that derive from Amundi US’s relationships with the Fund, including Amundi’s ability to market the services of Amundi US globally. The Trustees noted that Amundi US 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 Amundi US. The Trustees considered that Amundi US and the Fund receive reciprocal intangible benefits from the relationship, including mutual brand recognition and, for the Fund, direct and indirect access to the resources of a large global asset manager. The Trustees concluded that any such benefits received by Amundi US as a result of its relationship with the Fund were reasonable.
Conclusion
After consideration of the factors described above as well as other factors, the Trustees, including the Independent Trustees, concluded that the investment management agreement for the Fund, including the fees payable thereunder, was fair and reasonable and voted to approve the proposed renewal of the investment management agreement.
136 Pioneer Strategic Income Fund | Annual Report | 9/30/22
Statement Regarding Liquidity Risk Management Program
As required by law, the Fund has adopted and implemented a liquidity risk management program (the “Program”) that is designed to assess and manage liquidity risk. Liquidity risk is the risk that the Fund could not meet requests to redeem its shares without significant dilution of remaining investors’ interests in the Fund. The Fund’s Board of Trustees designated a liquidity risk management committee (the “Committee”) consisting of employees of Amundi Asset Management US, Inc. (the “Adviser”) to administer the Program.
The Committee provided the Board of Trustees with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Reporting Period”).
The Report confirmed that, throughout the Reporting Period, the Committee had monitored the Fund’s portfolio liquidity and liquidity risk on an ongoing basis, as described in the Program and in Board reporting throughout the Reporting Period.
The Report discussed the Committee’s annual review of the Program, which addressed, among other things, the following elements of the Program:
The Committee reviewed the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. The Committee noted that the Fund’s investment strategy continues to be appropriate for an open-end fund, taking into account, among other things, whether and to what extent the Fund held less liquid and illiquid assets and the extent to which any such investments affected the Fund’s ability to meet redemption requests. In managing and reviewing the Fund’s liquidity risk, the Committee also considered the extent to which the Fund’s investment strategy involves a relatively concentrated portfolio or large positions in particular issuers, the extent to which the Fund uses borrowing for investment purposes, and the extent to which the Fund uses derivatives (including for hedging purposes). The Committee also reviewed the Fund’s short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. In assessing the Fund’s cash flow projections, the Committee considered, among other factors, historical net redemption activity, redemption policies, ownership concentration, distribution channels, and the degree of certainty associated with the Fund’s short-term and long-term cash flow projections. The Committee also considered the Fund’s holdings of cash and cash equivalents, as well as borrowing arrangements
Pioneer Strategic Income Fund | Annual Report | 9/30/22 137
and other funding sources, including, if applicable, the Fund’s participation in a credit facility, as components of the Fund’s ability to meet redemption requests. The Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests.
The Committee reviewed the Program’s liquidity classification methodology for categorizing the Fund’s investments into one of four liquidity buckets. In reviewing the Fund’s investments, the Committee considered, among other factors, whether trading varying portions of a position in a particular portfolio investment or asset class in sizes the Fund would reasonably anticipate trading, would be reasonably expected to significantly affect liquidity.
The Committee performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum, and determined that no such minimum is required because the Fund primarily holds highly liquid investments.
The Report stated that the Committee concluded the Program operates adequately and effectively, in all material respects, to assess and manage the Fund’s liquidity risk throughout the Reporting Period.
138 Pioneer Strategic Income Fund | Annual Report | 9/30/22
Trustees, Officers and Service Providers
Investment Adviser and Administrator
Amundi Asset Management US, Inc.
Custodian and Sub-Administrator
The Bank of New York Mellon Corporation
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Amundi Distributor US, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
BNY Mellon Investment Servicing (US) 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.amundi.com/us. This information is also available on the Securities and Exchange Commission’s web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and officers are listed below, together with their principal occupations and other directorships they have held during at least the past five years. Trustees who are interested persons of the Fund within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Fund are referred to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 49 U.S. registered investment portfolios for which Amundi US serves as investment adviser (the “Pioneer Funds”). The address for all Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-225-6292.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 139
Independent Trustees
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Trustee |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Thomas J. Perna (71) | Trustee since 2021. | Private investor (2004 – 2008 and 2013 – present); Chairman | Director, Broadridge Financial |
| Chairman of the Board | Serves until a successor | (2008 – 2013) and Chief Executive Officer (2008 – 2012), Quadriserv, Inc. | Solutions, Inc. (investor |
| and Trustee | trustee is elected or | (technology products for securities lending industry); and Senior Executive | communications and securities |
| | earlier retirement | Vice President, The Bank of New York (financial and securities services) | processing provider for financial |
| | or removal. | (1986 – 2004) | services industry) (2009 – present); |
| | | | Director, Quadriserv, Inc. (2005 – |
| | | | 2013); and Commissioner, New |
| | | | Jersey State Civil Service |
| | | | Commission (2011 – 2015) |
| John E. Baumgardner, | Trustee since 2021. | Of Counsel (2019 – present), Partner (1983-2018), Sullivan & Cromwell | Chairman, The Lakeville Journal |
| Jr. (71)* | Serves until a successor | LLP (law firm). | Company, LLC, (privately-held |
| Trustee | trustee is elected or | | community newspaper group) |
| | earlier retirement | | (2015-present) |
| | or removal. | | |
| Diane Durnin (65) | Trustee since 2021. | Managing Director - Head of Product Strategy and Development, BNY | None |
| Trustee | Serves until a successor | Mellon Investment Management (investment management firm) | |
| | trustee is elected or | (2012-2018); Vice Chairman – The Dreyfus Corporation (2005 – 2018): | |
| | earlier retirement | Executive Vice President Head of Product, BNY Mellon Investment | |
| | or removal. | Management (2007-2012); Executive Director- Product Strategy, Mellon | |
| | | Asset Management (2005-2007); Executive Vice President Head of | |
| | | Products, Marketing and Client Service, Dreyfus Corporation (investment | |
| | | management firm) (2000-2005); Senior Vice President Strategic Product | |
| | | and Business Development, Dreyfus Corporation (1994-2000) | |
140 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Trustee |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Benjamin M. Friedman (78) | Trustee since 2021. | William Joseph Maier Professor of Political Economy, Harvard University | Trustee, Mellon Institutional Funds |
| Trustee | Serves until a successor | (1972 – present) | Investment Trust and Mellon |
| | trustee is elected or | | Institutional Funds Master |
| | earlier retirement | | Portfolio (oversaw 17 portfolios in |
| | or removal. | | fund complex) (1989 - 2008) |
| Craig C. MacKay (59) | Trustee since 2021. | Partner, England & Company, LLC (advisory firm) (2012 – present); Group | Director, Equitable Holdings, Inc. |
| Trustee | Serves until a successor | Head – Leveraged Finance Distribution, Oppenheimer & Company | (financial services holding company) |
| | trustee is elected or | (investment bank) (2006 – 2012); Group Head – Private Finance & High | (2022 – present); Board Member of |
| | earlier retirement | Yield Capital Markets Origination, SunTrust Robinson Humphrey | Carver Bancorp, Inc. (holding |
| | or removal. | (investment bank) (2003 – 2006); and Founder and Chief Executive | company) and Carver Federal |
| | | Officer, HNY Associates, LLC (investment bank) (1996 – 2003) | Savings Bank, NA (2017 – present); |
| | | | Advisory Council Member, |
| | | | MasterShares ETF (2016 – 2017); |
| | | | Advisory Council Member, The Deal |
| | | | (financial market information |
| | | | publisher) (2015 – 2016); Board |
| | | | Co-Chairman and Chief Executive |
| | | | Officer, Danis Transportation |
| | | | Company (privately-owned |
| | | | commercial carrier) (2000 – 2003); |
| | | | Board Member and Chief Financial |
| | | | Officer, Customer Access Resources |
| | | | (privately-owned teleservices |
| | | | company) (1998 – 2000); Board |
| | | | Member, Federation of Protestant |
| | | | Welfare Agencies (human services |
| | | | agency) (1993 – present); and |
| | | | Board Treasurer, Harlem Dowling |
| | | | Westside Center (foster care |
| | | | agency) (1999 – 2018) |
Pioneer Strategic Income Fund | Annual Report | 9/30/22 141
Independent Trustees (continued)
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Trustee |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Lorraine H. Monchak (66) | Trustee since 2021. | Chief Investment Officer, 1199 SEIU Funds (healthcare workers union | None |
| Trustee | (Advisory Trustee from | pension funds) (2001 – present); Vice President – International Investments | |
| | 2014 - 2017). Serves | Group, American International Group, Inc. (insurance company) | |
| | until a successor | (1993 – 2001); Vice President – Corporate Finance and Treasury Group, | |
| | trustee is elected | Citibank, N.A. (1980 – 1986 and 1990 – 1993); Vice President – | |
| | or earlier retirement | Asset/Liability Management Group, Federal Farm Funding Corporation | |
| | or removal. | (government-sponsored issuer of debt securities) (1988 – 1990); Mortgage | |
| | | Strategies Group, Shearson Lehman Hutton, Inc. (investment bank) | |
| | | (1987 – 1988); Mortgage Strategies Group, Drexel Burnham Lambert, Ltd. | |
| | | (investment bank) (1986 – 1987) | |
| Marguerite A. Piret (74) | Trustee since 2021. | Chief Financial Officer, American Ag Energy, Inc. (controlled environment | Director of New America High |
| Trustee | Serves until a successor | and agriculture company) (2016 – present); President and Chief | Income Fund, Inc. (closed-end |
| | trustee is elected or | Executive Officer, Metric Financial Inc. (formerly known as Newbury | investment company) (2004 – |
| | earlier retirement | Piret Company) (investment banking firm) (1981 – 2019) | present); and Member, Board of |
| | or removal. | | Governors, Investment Company |
| | | | Institute (2000 – 2006) |
142 Pioneer Strategic Income Fund | Annual Report | 9/30/22
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Trustee |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Fred J. Ricciardi (75) | Trustee since 2021. | Private investor (2020 – present); Consultant (investment company | None |
| Trustee | Serves until a successor | services) (2012 – 2020); Executive Vice President, BNY Mellon (financial | |
| | trustee is elected or | and investment company services) (1969 – 2012); Director, BNY | |
| | earlier retirement | International Financing Corp. (financial services) (2002 – 2012); Director, | |
| | or removal. | Mellon Overseas Investment Corp. (financial services) (2009 – 2012); | |
| | | Director, Financial Models (technology) (2005-2007); Director, BNY | |
| | | Hamilton Funds, Ireland (offshore investment companies) (2004-2007); | |
| | | Chairman/Director, AIB/BNY Securities Services, Ltd., Ireland (financial | |
| | | services) (1999-2006); Chairman, BNY Alternative Investment Services, | |
| | | Inc. (financial services) (2005-2007) | |
| * | | Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. |
Pioneer Strategic Income Fund | Annual Report | 9/30/22 143
Interested Trustees
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Trustee |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Lisa M. Jones (60)** | Trustee since 2021. | Director, CEO and President of Amundi US, Inc. (investment | Director of Clearwater Analytics |
| Trustee, President and | Serves until a successor | management firm) (since September 2014); Director, CEO and President | (provider of web-based investment |
| Chief Executive Officer | trustee is elected or | of Amundi Asset Management US, Inc. (since September 2014); Director, | accounting software for reporting |
| | earlier retirement | CEO and President of Amundi Distributor US, Inc. (since September 2014); | and reconciliation services) |
| | or removal | Director, CEO and President of Amundi Asset Management US, Inc. (since | (September 2022 – present) |
| | | September 2014); Chair, Amundi US, Inc., Amundi Distributor US, Inc. and | |
| | | Amundi Asset Management US, Inc. (September 2014 – 2018); Managing | |
| | | Director, Morgan Stanley Investment Management (investment | |
| | | management firm) (2010 – 2013); Director of Institutional Business, | |
| | | CEO of International, Eaton Vance Management (investment | |
| | | management firm) (2005 – 2010); Director of Amundi Holdings US, | |
| | | Inc. (since 2017) | |
| Kenneth J. Taubes (64)** | Trustee since 2021. | Director and Executive Vice President (since 2008) and Chief Investment | None |
| Trustee | Serves until a successor | Officer, U.S. (since 2010) of Amundi US, Inc. (investment management | |
| | trustee is elected or | firm); Director and Executive Vice President and Chief Investment Officer, | |
| | earlier retirement | U.S. of Amundi US (since 2008); Executive Vice President and Chief | |
| | or removal | Investment Officer, U.S. of Amundi Asset Management US, Inc. | |
| | | (since 2009); Portfolio Manager of Amundi US (since 1999); Director of | |
| | | Amundi Holdings US, Inc. (since 2017) | |
| ** | | Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Fund’s investment adviser and certain of its affiliates. |
144 Pioneer Strategic Income Fund | Annual Report | 9/30/22
Fund Officers
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Trustee |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Christopher J. Kelley (57) | Since 2021. Serves at | Vice President and Associate General Counsel of Amundi US since | None |
| Secretary and Chief | the discretion of | January 2008; Secretary and Chief Legal Officer of all of the Pioneer Funds | |
| Legal Officer | the Board | since June 2010; Assistant Secretary of all of the Pioneer Funds from | |
| | | September 2003 to May 2010; Vice President and Senior Counsel of | |
| | | Amundi US from July 2002 to December 2007 | |
| Thomas Reyes (59) | Since 2021. Serves at | Assistant General Counsel of Amundi US since May 2013 and Assistant | None |
| Assistant Secretary | the discretion of | Secretary of all the Pioneer Funds since June 2010; Counsel of | |
| | the Board | Amundi US from June 2007 to May 2013 | |
| Heather L. | Since 2022. Serves at | Director - Trustee and Board Relationships of Amundi US since | None |
| Melito-Dezan (45) | the discretion of | September 2019; Private practice from 2017 – 2019. | |
| Assistant Secretary | the Board | | |
| Anthony J. Koenig, Jr. (58) | Since 2021. Serves at | Managing Director, Chief Operations Officer and Fund Treasurer of | None |
| Treasurer and | the discretion of | Amundi US since May 2021; Treasurer of all of the Pioneer Funds since | |
| Chief Financial and | the Board | May 2021; Assistant Treasurer of all of the Pioneer Funds from | |
| Accounting Officer | | January 2021 to May 2021; and Chief of Staff, US Investment | |
| | | Management of Amundi US from May 2008 to January 2021 | |
| Luis I. Presutti (57) | Since 2021. Serves at | Director – Fund Treasury of Amundi US since 1999; and Assistant | None |
| Assistant Treasurer | the discretion of | Treasurer of all of the Pioneer Funds since 1999 | |
| | the Board | | |
| Gary Sullivan (64) | Since 2021. Serves at | Senior Manager – Fund Treasury of Amundi US since 2012; and Assistant | None |
| Assistant Treasurer | the discretion of | Treasurer of all of the Pioneer Funds since 2002 | |
| | the Board | | |
Pioneer Strategic Income Fund | Annual Report | 9/30/22 145
Fund Officers (continued)
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Trustee |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Antonio Furtado (40) | Since 2021. Serves at | Fund Oversight Manager – Fund Treasury of Amundi US since 2020; | None |
| Assistant Treasurer | the discretion of | Assistant Treasurer of all of the Pioneer Funds since 2020; and Senior | |
| | the Board | Fund Treasury Analyst from 2012 - 2020 | |
| Michael Melnick (51) | Since 2021. Serves at | Vice President - Deputy Fund Treasurer of Amundi US since May 2021; | None |
| Assistant Treasurer | the discretion of | Assistant Treasurer of all of the Pioneer Funds since July 2021; | |
| | the Board | Director of Regulatory Reporting of Amundi US from 2001 – 2021; and | |
| | | Director of Tax of Amundi US from 2000 - 2001 | |
| John Malone (51) | Since 2021. Serves at | Managing Director, Chief Compliance Officer of Amundi US Asset | None |
| Chief Compliance Officer | the discretion of | Management; Amundi Asset Management US, Inc.; and the Pioneer | |
| | the Board | Funds since September 2018; Chief Compliance Officer of Amundi | |
| | | Distributor US, Inc. since January 2014. | |
| Brandon Austin (50) | Since March 2022. | Director, Financial Security – Amundi Asset Management; Anti-Money | None |
| Anti-Money Laundering | Serves at the discretion | Laundering Officer of all the Pioneer Funds since March 2022: Director | |
| Officer | of the Board | of Financial Security of Amundi US since July 2021; Vice President, | |
| | | Head of BSA, AML and OFAC, Deputy Compliance Manager, Crédit | |
| | | Agricole Indosuez Wealth Management (investment management | |
| | | firm) (2013 – 2021) | |
146 Pioneer Strategic Income Fund | Annual Report | 9/30/22
This page was intentionally left blank.
Pioneer Strategic Income Fund | Annual Report | 9/30/22 147
This page was intentionally left blank.
148 Pioneer Strategic Income Fund | Annual Report | 9/30/22
How to Contact Amundi
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
P.O. Box 9897
Providence, R.I. 02940-8097
| Our toll-free fax | 1-800-225-4240 |
| | |
| Our internet e-mail address | us.askamundi@amundi.com/us |
| (for general questions about Amundi only) | |
| |
| Visit our web site: www.amundi.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 Asset Management US, Inc.
60 State Street
Boston, MA 02109
www.amundi.com/us
Securities offered through Amundi Distributor US, Inc.,
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
© 2022 Amundi Asset Management US, Inc. 19437-16-1122
Pioneer Emerging Markets Equity Fund
Annual Report | September 30, 2022
visit us: www.amundi.com/us
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22 1
President’s Letter
Dear Shareholders,
The last few years have seen investors face some unprecedented challenges, from a global pandemic that shuttered much of the world’s economy for months, to geopolitical strife, to rising inflation that has reached levels not seen in decades.
While economies in most of the world have reopened as COVID-19 has begun slowly transitioning to an “endemic” disease, the pandemic’s effects are still with us. The easier monetary and fiscal policies enacted to provide stimulus as economies struggled through COVID-19-related restrictions and lockdowns, and ongoing supply chain issues, which were, at least in part, an outgrowth of the same virus-containment measures, were among the numerous factors that combined to begin driving inflation levels higher as the 2022 calendar year got underway.
With rising inflation already a concern, investor sentiment sharply deteriorated in the first quarter of this year, with the negativity driven largely by Russia’s invasion of Ukraine in February as well as signs that inflation was more entrenched than transitory in many regions of the world. The war and the resulting economic sanctions placed on Russia by the US and European governments also contributed to a spike in energy prices, given that Russia is a major exporter of natural gas as well as other resources, particularly to Europe.
The persistently high inflation readouts led key central banks, including the US Federal Reserve (Fed), to signal a tightening of monetary policy. The Fed had already announced that it would taper its bond purchases and eventually end its pandemic-era quantitative easing program by the spring of 2022; and, with US inflation hitting 40-year highs, the Fed began aggressively raising its benchmark federal funds rate target range, while indicating that more rate hikes were likely. The magnitude of the rate increases heightened investors’ concerns about the ability of the Fed and other central banks to cool inflation without triggering a recession.
Due to what has been, so far, a tumultuous 2022 calendar year for investors, the performance of most asset classes, especially riskier assets such as equities and corporate bonds, has turned negative, as market participants have tried to ascertain the direction and progression of Fed policy, economic growth, the war in Ukraine, and other factors. In fact, the third quarter of 2022 marked the first time since 1976 that both equities and bonds had posted three consecutive quarters of negative returns. The 2022 US mid-term election results are another important benchmark that investors are closely monitoring, as political uncertainty has often contributed to increased market volatility.
2 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22
In times like these, we at Amundi US believe our approach to investing is more appropriate than ever. Since 1928, Amundi US’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 risks during periods of market volatility.
At Amundi US, active management begins with our own fundamental, bottom-up research process. Our team of dedicated research analysts and portfolio managers analyzes each security under consideration, communicating frequently with the management teams of the companies and other entities issuing the securities, and working together to identify those securities that we believe best meet our investment criteria for our family of funds. Our risk management approach begins with each security under consideration, as we strive to develop a deep understanding of the potential opportunity, while considering any potential risk factors.
Today, as shareholders, 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 professional to develop an investment plan that paves the way for you to pursue both your short-term and long-term goals.
We greatly appreciate the trust you have placed in us and look forward to continuing to serve you in the future.
Lisa M. Jones
Head of the Americas, President and CEO of US
Amundi Asset Management US, Inc.
November 2022
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 | Annual Report | 9/30/22 3
Portfolio Management Discussion | 9/30/22
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 12-month period ended September 30, 2022. Mr. Lemonnier, Head of Emerging Markets Equity and a portfolio manager at Amundi Asset Management US, Inc. (Amundi US), and Mr. Tricot, Head of Global Emerging Markets Equity and portfolio manager at Amundi US, are responsible for the day-to-day management of the Fund.
| Q | | How did the Fund perform in the 12-month period ended September 30, 2022? |
| A | | Pioneer Emerging Markets Equity Fund’s Class A shares returned -26.28% at net asset value over the 12-month period ended September 30, 2022, while the Fund’s benchmark, the Morgan Stanley Capital International (MSCI) Emerging Markets Index1, returned -28.11%. During the same period, the average return of the 804 mutual funds in Morningstar’s Diversified Emerging Markets Funds category was -28.59%. |
| Q | | How would you describe the investment backdrop for investors in emerging markets equities during the 12-month period ended September 30, 2022? |
| A | | Emerging markets equities suffered a large decline during the 12-month period. The asset class has tended to be very sensitive to the global interest-rate outlook, and that created a significant headwind at a time of aggressive tightening of monetary policies by the US Federal Reserve (Fed) and other central banks. The emerging markets also have tended to be highly responsive to global economic growth trends, which was a further challenge during the 12-month period, amid increasing expectations for a worldwide recession in 2023. Those factors, together |
| 1 | | The MSCI information may only be used for your internal use, may not be reproduced or redisseminated 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 | Annual Report | 9/30/22
with Russia’s invasion of Ukraine and China’s continued lockdowns in response to COVID-19 outbreaks, caused the MSCI Emerging Markets Index (the MSCI Index) to finish September 2022 at close to its lowest level in more than two years. Weakness in emerging markets currencies exacerbated the losses for overseas investors.
Chinese stocks fell sharply during the 12-month period, which depressed headline returns given the country’s sizable weighting in the MSCI Index. Chinese equities struggled due to a combination of slowing economic growth, increased regulation of the technology sector within the country, and strict lockdowns resulting from the government’s “Zero-COVID” policy. Elsewhere in Asia, the technology-driven markets of South Korea and Taiwan traded lower during the period, in response to investors’ worries about slowing global economic growth and a downturn in the semiconductor cycle. Equities in Eastern Europe were also weak, due to the outsized economic impact of the Russia-Ukraine war on the region. On the other hand, equities in Brazil, Indonesia, Turkey, and oil-sensitive countries in the Middle East and Africa bucked the larger downtrend to post gains for the 12-month period. Meanwhile, stocks in Mexico and India, while losing ground in absolute terms, outpaced the MSCI Index.
| Q | | What were the principal factors that affected the Fund’s benchmark-relative performance during the 12-month period ended September 30, 2022? |
| A | | In managing the portfolio, we start with a top-down evaluation of each country in the emerging markets. We view this as a critical step in our process, given the wide divergence in the economic fundamentals and return drivers for individual emerging markets countries. We then analyze the prospects for specific sectors in each country in an attempt to capture another layer of return potential. Finally, we drill down to what we think are the best company ideas in the countries and sectors in which we wish to invest the portfolio’s assets. |
During the 12-month period, country allocations within the portfolio made the largest positive contributions to the Fund’s relative performance. Overweights (versus the MSCI Index) to Brazil and the United Arab Emirates (UAE) aided the Fund’s relative returns for the period, as did underweights to China and Korea. The Fund’s cash position, while not a core aspect of our investments strategy, nonetheless helped relative results for the period, given the extent of the market’s decline. Conversely, the portfolio’s underweight to Thailand was the largest detractor from the Fund’s benchmark-relative performance at the country level.
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22 5
Stock selection results made a modest positive contribution to the Fund’s benchmark-relative performance during the period. Individual portfolio holdings that aided the Fund’s relative returns included Jardine Matheson Holdings, an industrial conglomerate based in Hong Kong, which was the leading positive contributor to relative performance at the individual security level for the 12-month period. Positions in Fertiglobe, a fertilizer company based in UAE, and Samsonite International (listed in Hong Kong), also aided the Fund’s benchmark-relative results.
On the negative side, the Fund’s positions in Russian stocks Sberbank of Russia and Lukoil, among others, weighed on benchmark-relative performance. The country’s market fell to essentially zero in February due to the situation in Ukraine and subsequent economic sanctions placed on Russia by the US and European countries, and then was removed from the MSCI Index altogether. Sberbank and Lukoil remained holdings in the portfolio as of period-end, but it should be noted that the Fund's ability to invest in and hold stocks of Russian companies could be further affected by current and possible future sanctions against Russia. In addition, a portfolio overweight position in Sea, a Singapore-based e-commerce company, detracted from the Fund’s relative performance, as the stock struggled due to investors’ broad-based concerns about China’s economy.
Finally, sector allocation results were a moderate detractor from the Fund’s benchmark-relative returns during the period. Portfolio underweights to Chinese financial stocks and the Indian utilities sector were moderate detractors from relative performance, and offset the benefits of the Fund’s underweight to Chinese health care stocks and overweight to Taiwan’s consumer staples sector.
| Q | | Did the Fund have any exposure to derivative securities during the 12-month period ended September 30, 2022? |
| A | | We made modest use of currency-related derivative instruments during the period, seeking to hedge the Fund’s exposure to the Russian ruble in an effort to offset the downturn in the country’s financial markets. |
| Q | | What are some of the notable current overweights and underweights at the country and sector levels within the Fund’s portfolio as of September 30, 2022? |
| A | | Brazil, where we have seen attractive valuations for both stocks and the nation’s currency, was the Fund’s largest overweight versus the MSCI Index at the end of September. The Fund has overweight positions in some discounted cyclical stocks within the country, as well as positions in banks and some companies that we believe may benefit from positive |
6 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22
domestic consumption trends. Another notable country overweight in the portfolio is to UAE stocks, which we think offer reasonable valuations and a relative “safe haven” from concerns about inflation. In the UAE, we favor stocks of companies in the financial, real estate, and fertilizer industries. The Fund is also overweight to Indonesia. We expect the country’s proposed Omnibus law, aimed at making Indonesia more attractive for investors, could eventually pass, and while implementation of the related policies may take time, we believe the investment landscape there remains well supported in the meantime, due to the country’s solid fiscal position and low debt levels. Argentina, which has no representation in the MSCI Index, is another key portfolio overweight. We have low confidence in the nation’s economic policies, but we think next year’s election could signal the possibility of changes. We therefore see potential in some attractively valued companies in Argentina’s steel and oil sectors.
Taiwanese stocks represented the Fund’s largest country underweight versus the MSCI Index at the close of the 12-month period, due to what we view as unattractive valuations and the likelihood of ongoing weakness in the global technology sector. The Fund was also underweight versus the MSCI Index to China, Malaysia, Thailand, and South Korea as of September 30, 2022.
At the sector level, consumer discretionary, which we think offers a play on a potential recovery in China and a rebound in global consumption trends, post-COVID-19, represented the Fund’s largest overweight versus the benchmark as of period-end. However, we have been careful not to overpay in terms of valuations. The real estate sector represented the Fund’s only other benchmark-relative overweight at the end of the period. On the other hand, the largest portfolio underweights at period-end were to the information technology, health care, and energy sectors.
| Q | | How would you characterize investment conditions in the emerging markets as of September 30, 2022? |
| A | | We believe emerging markets equities could offer a compelling longer-term investment opportunity in the wake of their poor performance over the past year. Assuming no additional major crises on the geopolitical front, we see three factors that could provide a positive underpinning for the asset class. First, we believe there is a large valuation gap between the emerging and developed markets. Second, in our view, the proactive tightening of monetary policies by most emerging markets central banks |
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22 7
in 2021 has limited the need for aggressive rate increases now. Third, it appears to us that the Chinese authorities have been focused on improving the growth trajectory of that nation’s economy.
We believe those dynamics could help limit the potential for continued underperformance by emerging markets equities relative to their developed peers. In the short term, however, we do think the likelihood of market volatility remains high, due to uncertainty related to inflation and the likely policy paths of most major central banks. With that said, from a longer-term standpoint, we believe a lack of major macroeconomic imbalances in the emerging markets could provide support for both economic growth and corporate profits.
Please refer to the Schedule of Investments on pages 17–26 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, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, or adverse investor sentiment. These conditions may continue, recur, worsen or spread.
Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions.
To the extent the Fund invests in issuers located within specific countries or regions, the Fund may be particularly affected by adverse markets, rates, and events, which may occur in those countries and regions.
The portfolio invests in REIT securities, the value of which can fall for a variety of reasons, such as declines in rental income, fluctuating interest rates, poor property management, environmental liabilities, uninsured damage, increased competition, or changes in real estate tax laws.
8 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22
Investing in other investment companies, including exchange traded funds (ETFs), subjects the Fund to the risks of investing in the underlying securities or assets held by those funds.
Before investing, consider the product’s investment objectives, risks, charges and expenses. Contact your financial professional or Amundi Asset Management US, 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.
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22 9
Portfolio Summary | 9/30/22
Sector Distribution
(As a percentage of total investments)*
Geographical Distribution
(As a percentage of total investments based on country of domicile)*
| 10 Largest Holdings | |
| (As a percentage of total investments)* | |
| 1. | Taiwan Semiconductor Manufacturing Co., Ltd. | 5.38% |
| 2. | Tencent Holdings, Ltd. | 4.21 |
| 3. | Samsung Electronics Co., Ltd. | 3.00 |
| 4. | Saudi National Bank | 2.73 |
| 5. | Alibaba Group Holding, Ltd. | 2.71 |
| 6. | Housing Development Finance Corp., Ltd. | 1.94 |
| 7. | ICICI Bank, Ltd. | 1.93 |
| 8. | Bank Central Asia Tbk PT | 1.93 |
| 9. | Samsung Electronics Co., Ltd. | 1.90 |
| 10. | Meituan | 1.63 |
| * | | Excludes short-term 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. |
10 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22
Prices and Distributions | 9/30/22
Net Asset Value per Share
| | | |
| Class | 9/30/22 | 9/30/21 |
| A | $9.41 | $13.24 |
| C | $9.35 | $13.14 |
| Y | $9.43 | $13.27 |
Distributions per Share: 10/1/21–9/30/22
| | | | |
| | Net Investment | Short-Term | Long-Term |
| Class | Income | Capital Gains | Capital Gains |
| A | $0.3117 | $ — | $0.1527 |
| C | $0.2072 | $ — | $0.1527 |
| Y | $0.3458 | $ — | $0.1527 |
Index Definitions
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 12–14.
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22 11
| Performance Update | 9/30/22 | 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 NR Index.*
Average Annual Total Returns
(As of September 30, 2022)
| | Net | Public | MSCI |
| | Asset | Offering | Emerging |
| | Value | Price | Markets |
| Period | (NAV) | (POP) | NR Index |
| Life-of-Class | | | |
| (10/2/19) | -0.32% | -2.27% | -1.99% |
| 1 year | -26.28 | -30.53 | -28.11 |
| Expense Ratio | |
| (Per prospectus dated February 1, 2022) |
| Gross | Net |
| 3.60% | 1.30% |
Call 1-800-225-6292 or visit www.amundi.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, 2023 for Class A shares. There can be no assurance that Amundi US will extend the expense limitation beyond such time. Please see the prospectus for more information.
| * | | Performance of Class A shares shown in the graph above is from the inception of Class A shares on 10/2/19 through 9/30/22. Index information shown in the graph above is from 10/31/19 through 9/30/22. |
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 | Annual Report | 9/30/22
| Performance Update | 9/30/22 | 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 NR Index.*
Average Annual Total Returns
(As of September 30, 2022)
| | | | MSCI |
| | | | Emerging |
| | If | If | Markets NR |
| Period | Held | Redeemed | Index |
| Life-of-Class | | | |
| (10/2/19) | -1.03% | -1.03% | -1.99% |
| 1 year | -26.79 | -27.50 | -28.11 |
| Expense Ratio | |
| (Per prospectus dated February 1, 2022) |
| Gross | Net |
| 4.30% | 2.05% |
Call 1-800-225-6292 or visit www.amundi.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 reflect deduction of the CDSC for the one-year period, assuming a complete redemption of shares at the last price calculated on the last business day of the period, and no CDSC for the Life-of-Class period. 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, 2023 for Class C shares. There can be no assurance that Amundi US will extend the expense limitation beyond such time. Please see the prospectus for more information.
* Performance of Class C shares shown in the graph above is from the inception of Class C shares on 10/2/19 through 9/30/22. Index information shown in the graph above is from 10/31/19 through 9/30/22.
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 | Annual Report | 9/30/22 13
| Performance Update | 9/30/22 | 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 NR Index.*
Average Annual Total Returns
(As of September 30, 2022)
| | Net | MSCI |
| | Asset | Emerging |
| | Value | Markets |
| Period | (NAV) | NR Index |
| Life-of-Class | | |
| (10/2/19) | -0.04% | -1.99% |
| 1 year | -26.10 | -28.11 |
| | |
| Expense Ratio | |
| (Per prospectus dated February 1, 2022) |
| Gross | Net |
| 3.29% | 0.99% |
Call 1-800-225-6292 or visit www.amundi.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, 2023 for Class Y shares. There can be no assurance that Amundi US will extend the expense limitation beyond such time. Please see the prospectus for more information.
* Performance of Class Y shares shown in the graph above is from the inception of Class Y shares on 10/2/19 through 9/30/22. Index information shown in the graph above is from 10/31/19 through 9/30/22.
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.
14 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22
Comparing Ongoing Fund Expenses
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 April 1, 2022 through September 30, 2022.
| | | | |
| Share Class | A | C | Y |
| Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
| Value on 4/1/22 | | | |
| Ending Account Value | $800.20 | $797.10 | $801.20 |
| (after expenses) | | | |
| on 9/30/22 | | | |
| Expenses Paid | $5.82 | $9.01 | $4.47 |
| During Period* | | | |
| * | | Expenses are equal to the Fund’s annualized expense ratio of 1.29%, 2.00%, and 0.99% for Class A, Class C, and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the partial year period). |
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22 15
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 April 1, 2022 through September 30, 2022.
| | | | |
| Share Class | A | C | Y |
| Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
| Value on 4/1/22 | | | |
| Ending Account Value | $1,018.60 | $1,015.04 | $1,020.10 |
| (after expenses) | | | |
| on 9/30/22 | | | |
| Expenses Paid | $6.53 | $10.10 | $5.01 |
| During Period* | | | |
| * | | Expenses are equal to the Fund’s annualized expense ratio of 1.29%, 2.00%, and 0.99% for Class A, Class C, and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the partial year period). |
16 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22
Schedule of Investments | 9/30/22
| Shares | | | Value |
| | | UNAFFILIATED ISSUERS — 98.4% | |
| | | COMMON STOCKS — 89.0% of Net Assets | |
| | | Automobiles — 1.5% | |
| | 56,000(a)+^# | Brilliance China Automotive Holdings, Ltd. | $ 7,134 |
| | 2,054 | Eicher Motors, Ltd. | 91,983 |
| | 28,000 | Great Wall Motor Co., Ltd., Class H | 31,974 |
| | 3,154(a) | NIO, Inc. (A.D.R.) | 49,739 |
| | | Total Automobiles | $ 180,830 |
| | | Banks — 16.1% | |
| | 16,315 | Abu Dhabi Commercial Bank PJSC | $ 40,019 |
| | 483,000 | Agricultural Bank of China, Ltd., Class H | 144,042 |
| | 9,816 | Alinma Bank | 93,983 |
| | 6,275 | Axis Bank, Ltd. | 55,966 |
| | 3,415 | Banco Bradesco S.A. (A.D.R.) | 12,567 |
| | 8,686 | Banco do Brasil S.A. | 62,025 |
| | 374,000 | Bank Central Asia Tbk PT | 208,781 |
| | 12,500 | China Merchants Bank Co., Ltd., Class H | 57,833 |
| | 146 | Credicorp, Ltd. | 17,929 |
| | 111,000 | CTBC Financial Holding Co., Ltd. | 69,048 |
| | 1,072 | Erste Group Bank AG | 23,476 |
| | 15,909 | First Abu Dhabi Bank PJSC | 77,316 |
| | 5,506 | Grupo Financiero Banorte S.A.B de CV, Class O | 35,355 |
| | 1,778 | HDFC Bank, Ltd. (A.D.R.) | 103,871 |
| | 9,977 | ICICI Bank, Ltd. (A.D.R.) | 209,218 |
| | 8,689 | ICICI Bank, Ltd. | 91,019 |
| | 22,439 | Itau Unibanco Holding S.A. (A.D.R.) | 116,009 |
| | 933 | Komercni Banka AS | 23,344 |
| | 4,669 | Nedbank Group, Ltd. | 51,182 |
| | 17,727 | Saudi National Bank | 295,946 |
| | 22,335(a)+^# | Sberbank of Russia PJSC | 2,016 |
| | 2,373 | Shinhan Financial Group Co., Ltd. | 55,198 |
| | 8,027 | State Bank of India | 51,904 |
| | | Total Banks | $ 1,898,047 |
| | | Beverages — 2.3% | |
| | 3,420 | Embotelladora Andina S.A. (A.D.R.) | $ 34,645 |
| | 489 | Fomento Economico Mexicano S.A.B de CV (A.D.R.) | 30,685 |
| | 3,833 | Fomento Economico Mexicano S.A.B de CV | 24,022 |
| | 213,200 | Thai Beverage PCL | 88,700 |
| | 10,000 | Tsingtao Brewery Co., Ltd., Class H | 94,576 |
| | | Total Beverages | $ 272,628 |
| | | Biotechnology — 0.4% | |
| | 2,900(a) | BeiGene, Ltd. | $ 29,823 |
| | 285(a) | Hugel, Inc. | 20,135 |
| | | Total Biotechnology | $ 49,958 |
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22 17
Schedule of Investments | 9/30/22 (continued)
| | | | |
| Shares | | | Value |
| | | Building Products — 0.4% | |
| | 30,000 | Xinyi Glass Holdings, Ltd. | $ 43,452 |
| | | Total Building Products | $ 43,452 |
| | | Capital Markets — 0.4% | |
| | 12,400 | B3 S.A. - Brasil Bolsa Balcao | $ 29,998 |
| | 3,028 | Investec, Ltd. | 11,923 |
| | | Total Capital Markets | $ 41,921 |
| | | Chemicals — 2.9% | |
| | 85,419 | Fertiglobe Plc | $ 132,683 |
| | 14,500 | Hangzhou Oxygen Plant Group Co., Ltd., Class A | 70,012 |
| | 210 | LG Chem, Ltd. | 77,821 |
| | 909 | OCI NV | 33,425 |
| | 24,700 | PTT Global Chemical PCL | 26,982 |
| | | Total Chemicals | $ 340,923 |
| | | Commercial Services & Supplies — 0.3% | |
| | 89,000 | China Everbright Environment Group, Ltd. | $ 36,886 |
| | | Total Commercial Services & Supplies | $ 36,886 |
| | | Construction & Engineering — 1.1% | |
| | 5,734 | Larsen & Toubro, Ltd. | $ 129,208 |
| | | Total Construction & Engineering | $ 129,208 |
| | | Construction Materials — 0.5% | |
| | 2,618 | Grasim Industries, Ltd. | $ 53,303 |
| | | Total Construction Materials | $ 53,303 |
| | | Diversified Consumer Services — 1.3% | |
| | 34,000 | China Education Group Holdings, Ltd. | $ 25,077 |
| | 44,900(a) | Cogna Educacao | 24,471 |
| | 2,301(a) | New Oriental Education & Technology Group, Inc. (A.D.R.) | 55,155 |
| | 16,300 | YDUQS Participacoes S.A. | 43,664 |
| | | Total Diversified Consumer Services | $ 148,367 |
| | | Diversified Financial Services — 0.4% | |
| | 8,820 | Chailease Holding Co., Ltd. | $ 50,180 |
| | | Total Diversified Financial Services | $ 50,180 |
| | | Diversified Telecommunication Services — 0.6% | |
| | 241,400 | Telkom Indonesia Persero Tbk PT | $ 70,319 |
| | | Total Diversified Telecommunication Services | $ 70,319 |
| | | Electric Utilities — 0.4% | |
| | 500 | CEZ AS | $ 17,141 |
| | 18,201 | Enel Chile S.A. (A.D.R.) | 25,117 |
| | | Total Electric Utilities | $ 42,258 |
| | | Electrical Equipment — 0.3% | |
| | 8,700 | Zhuzhou CRRC Times Electric Co., Ltd. | $ 36,485 |
| | | Total Electrical Equipment | $ 36,485 |
The accompanying notes are an integral part of these financial statements.
18 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22
| | | | |
| Shares | | | Value |
| | | Electronic Equipment, Instruments & Components — 0.9% | |
| | 14,000 | Delta Electronics, Inc. | $ 111,257 |
| | | Total Electronic Equipment, Instruments & Components | $ 111,257 |
| | | Entertainment — 0.9% | |
| | 1,447 | NetEase, Inc. (A.D.R.) | $ 109,393 |
| | | Total Entertainment | $ 109,393 |
| | | Food & Staples Retailing — 1.4% | |
| | 18,900 | Atacadao S.A. | $ 67,726 |
| | 231 | BGF retail Co., Ltd. | 26,642 |
| | 3,481 | Cia Brasileira de Distribuicao (A.D.R.) | 12,323 |
| | 4,000 | President Chain Store Corp. | 35,478 |
| | 1,140 | Sendas Distribuidora S.A. (A.D.R.) | 18,388 |
| | | Total Food & Staples Retailing | $ 160,557 |
| | | Food Products — 2.6% | |
| | 2,925 | Almarai Co. JSC | $ 41,242 |
| | 16,133 | JBS S.A. | 75,127 |
| | 44,000 | Tingyi Cayman Islands Holding Corp. | 75,312 |
| | 55,000 | Uni-President Enterprises Corp. | 115,885 |
| | | Total Food Products | $ 307,566 |
| | | Health Care Providers & Services — 0.7% | |
| | 977 | Apollo Hospitals Enterprise, Ltd. | $ 52,302 |
| | 21,900 | Hapvida Participacoes e Investimentos S/A (144A) | 30,733 |
| | | Total Health Care Providers & Services | $ 83,035 |
| | | Hotels, Restaurants & Leisure — 2.4% | |
| | 7,100(a) | Alsea S.A.B de CV | $ 12,793 |
| | 1,905(a) | Kangwon Land, Inc. | 31,140 |
| | 1,544(a) | MakeMyTrip, Ltd. | 47,401 |
| | 3,504(a) | Trip.com Group, Ltd. (A.D.R.) | 95,694 |
| | 2,045 | Yum China Holdings, Inc. | 96,790 |
| | | Total Hotels, Restaurants & Leisure | $ 283,818 |
| | | Household Durables — 1.2% | |
| | 1,661 | Coway Co., Ltd. | $ 62,271 |
| | 7,500 | Ez Tec Empreendimentos e Participacoes S.A. | 29,531 |
| | 6,700 | Midea Group Co., Ltd., Class A | 46,555 |
| | | Total Household Durables | $ 138,357 |
| | | Independent Power and Renewable | |
| | | Electricity Producers — 0.7% | |
| | 68,000 | China Longyuan Power Group Corp., Ltd., Class H | $ 85,035 |
| | | Total Independent Power and Renewable |
| | | Electricity Producers | $ 85,035 |
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22 19
Schedule of Investments | 9/30/22 (continued)
| Shares | | | Value |
| | | Industrial Conglomerates — 1.4% | |
| | 3,138 | Bidvest Group, Ltd. | $ 34,053 |
| | 4,900 | Jardine Cycle & Carriage, Ltd. | 114,630 |
| | 400 | LG Corp. | 20,662 |
| | | Total Industrial Conglomerates | $ 169,345 |
| | | Insurance — 1.9% | |
| | 6,800 | AIA Group, Ltd. | $ 56,457 |
| | 37,800 | Caixa Seguridade Participacoes S/A | 59,632 |
| | 582(a) | Co. for Cooperative Insurance | 12,447 |
| | 8,414 | ICICI Prudential Life Insurance Co., Ltd. (144A) | 53,855 |
| | 28,514 | Rand Merchant Investment Holdings, Ltd. | 45,925 |
| | | Total Insurance | $ 228,316 |
| | | Interactive Media & Services — 4.3% | |
| | 340 | NAVER Corp. | $ 45,314 |
| | 13,500 | Tencent Holdings, Ltd. | 455,922 |
| | | Total Interactive Media & Services | $ 501,236 |
| | | Internet & Direct Marketing Retail — 8.3% |
| | 3,661(a) | Alibaba Group Holding, Ltd. (A.D.R.) | $ 292,843 |
| | 6,700(a) | Alibaba Group Holding, Ltd. | 67,207 |
| | 23,561 | Americanas S.A. | 74,164 |
| | 3,391(a) | Baozun, Inc. (A.D.R.) | 21,296 |
| | 2,928 | JD.com, Inc. (A.D.R.) | 147,279 |
| | 2,564 | JD.com, Inc., Class A | 64,744 |
| | 8,400(a) | Meituan, Class B (144A) | 176,056 |
| | 741 | Naspers, Ltd., Class N | 91,833 |
| | 747(a) | Pinduoduo, Inc. (A.D.R.) | 46,747 |
| | | Total Internet & Direct Marketing Retail | $ 982,169 |
| | | IT Services — 2.1% | |
| | 6,086 | HCL Technologies, Ltd. | $ 68,822 |
| | 4,422 | Infosys, Ltd. (A.D.R.) | 75,041 |
| | 3,678 | Infosys, Ltd. | 63,025 |
| | 2,935 | Tech Mahindra, Ltd. | 35,859 |
| | | Total IT Services | $ 242,747 |
| | | Leisure Products — 0.6% | |
| | 11,000 | Giant Manufacturing Co., Ltd. | $ 70,587 |
| | | Total Leisure Products | $ 70,587 |
| | | Machinery — 1.4% | |
| | 49,971 | Ashok Leyland, Ltd. | $ 93,057 |
| | 14,475 | Iochpe Maxion S.A. | 34,079 |
| | 31,000 | Weichai Power Co., Ltd., Class H | 29,341 |
| | 38,800 | Zoomlion Heavy Industry Science and Technology Co., | |
| | | Ltd., Class H | 13,420 |
| | | Total Machinery | $ 169,897 |
The accompanying notes are an integral part of these financial statements.
20 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22
| Shares | | | Value |
| | | Media — 0.2% | |
| | 26,100 | Grupo Televisa SAB | $ 28,252 |
| | | Total Media | $ 28,252 |
| | | Metals & Mining — 2.3% | |
| | 768 | AngloGold Ashanti, Ltd. | $ 10,502 |
| | 15,654 | Grupo Mexico S.A.B de CV, Class B | 52,948 |
| | 14,777 | Hindalco Industries, Ltd. | 69,944 |
| | 4,435 | Impala Platinum Holdings, Ltd. | 41,152 |
| | 80+^# | MMC Norilsk Nickel PJSC | 817 |
| | 3,912(a) | Saudi Arabian Mining Co. | 72,251 |
| | 976 | Ternium S.A. (A.D.R.) | 26,733 |
| | 48,470(a)+^# | United Co. RUSAL International PJSC | 1,330 |
| | | Total Metals & Mining | $ 275,677 |
| | | Multiline Retail — 0.3% | |
| | 11,246 | Woolworths Holdings, Ltd. | $ 37,874 |
| | | Total Multiline Retail | $ 37,874 |
| | | Oil, Gas & Consumable Fuels — 1.4% | |
| | 25,600 | AKR Corporindo Tbk PT | $ 2,265 |
| | 1,868 | Cosan S.A. (A.D.R.) | 24,060 |
| | 2,310(a)+^# | Gazprom PJSC | 415 |
| | 14,254(a)+^# | Gazprom PJSC | 2,559 |
| | 1,309+^# | LUKOIL PJSC | 4,248 |
| | 7,600 | Petroleo Brasileiro S.A. | 46,606 |
| | 4,968 | Saudi Arabian Oil Co. (144A) | 47,295 |
| | 30+^# | Surgutneftegas PJSC | — |
| | 4,275(a) | Vista Oil & Gas S.A.B de CV (A.D.R.) | 40,270 |
| | | Total Oil, Gas & Consumable Fuels | $ 167,718 |
| | | Paper & Forest Products — 0.3% | |
| | 4,400 | Suzano S.A. | $ 36,297 |
| | | Total Paper & Forest Products | $ 36,297 |
| | | Real Estate Management & Development — 4.8% | |
| | 101,723 | Aldar Properties PJSC | $ 115,983 |
| | 81,800 | Ayala Land, Inc. | 31,694 |
| | 19,900 | BR Malls Participacoes S.A. | 34,788 |
| | 23,500 | China Overseas Land & Investment, Ltd. | 60,608 |
| | 28,000 | China Resources Land, Ltd. | 109,159 |
| | 9,167 | DLF, Ltd. | 39,815 |
| | 67,857 | Emaar Properties PJSC | 106,192 |
| | 34,000 | Greentown Service Group Co., Ltd. | 22,633 |
| | 15,000 | Longfor Group Holdings, Ltd. (144A) | 42,508 |
| | | Total Real Estate Management & Development | $ 563,380 |
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22 21
Schedule of Investments | 9/30/22 (continued)
| Shares | | | Value |
| | | Semiconductors & Semiconductor Equipment — 6.8% | |
| | 1,000 | Global Unichip Corp. | $ 18,279 |
| | 5,000 | LandMark Optoelectronics Corp. | 22,238 |
| | 2,000 | MediaTek, Inc. | 34,808 |
| | 1,617 | SK Hynix, Inc. | 92,781 |
| | 8,488 | Taiwan Semiconductor Manufacturing Co., Ltd. (A.D.R.) | 581,937 |
| | 48,000 | Xinyi Solar Holdings, Ltd. | 49,903 |
| | | Total Semiconductors & Semiconductor Equipment | $ 799,946 |
| | | Specialty Retail — 1.6% | |
| | 2,800 | China Tourism Group Duty Free Corp., Ltd., Class A | $ 77,750 |
| | 67,500 | China Yongda Automobiles Services Holdings, Ltd. | 36,084 |
| | 14,015+^# | Detsky Mir PJSC | 744 |
| | 1,016 | United Electronics Co. | 29,625 |
| | 13,800 | Vibra Energia S.A. | 44,130 |
| | | Total Specialty Retail | $ 188,333 |
| | | Technology Hardware, Storage & Peripherals — 3.1% | |
| | 8,839 | Samsung Electronics Co., Ltd. | $ 324,775 |
| | 47 | Samsung Electronics Co., Ltd. (G.D.R.) | 42,607 |
| | | Total Technology Hardware, Storage & Peripherals | $ 367,382 |
| | | Textiles, Apparel & Luxury Goods — 3.9% | |
| | 8,265 | Cie Financiere Richemont S.A. | $ 77,548 |
| | 2,401 | Fila Holdings Corp. | 51,993 |
| | 4,500 | Li Ning Co., Ltd. | 34,196 |
| | 68,400(a) | Samsonite International S.A. (144A) | 164,175 |
| | 4,800 | Shenzhou International Group Holdings, Ltd. | 36,817 |
| | 90,500 | Xtep International Holdings, Ltd. | 95,832 |
| | | Total Textiles, Apparel & Luxury Goods | $ 460,561 |
| | | Thrifts & Mortgage Finance — 1.8% | |
| | 7,550 | Housing Development Finance Corp., Ltd. | $ 210,243 |
| | | Total Thrifts & Mortgage Finance | $ 210,243 |
| | | Water Utilities — 0.3% | |
| | 3,785 | Cia de Saneamento Basico do Estado de | |
| | | Sao Paulo (A.D.R.) | $ 34,481 |
| | | Total Water Utilities | $ 34,481 |
| | | Wireless Telecommunication Services — 2.5% |
| | 12,715 | Bharti Airtel, Ltd. | $ 124,186 |
| | 24,000 | Far EasTone Telecommunications Co., Ltd. | 54,617 |
| | 5,216 | MTN Group, Ltd. | 34,245 |
| | 1,825 | SK Telecom Co., Ltd. | 64,466 |
| | 1,283 | TIM S.A. (A.D.R.) | 14,344 |
| | | Total Wireless Telecommunication Services | $ 291,858 |
| | | TOTAL COMMON STOCKS | |
| | | (Cost $11,139,943) | $10,500,082 |
The accompanying notes are an integral part of these financial statements.
22 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22
| Shares | | | Value |
| | | PREFERRED STOCK — 2.7% of Net Assets | |
| | | Banks — 0.4% | |
| | 13,131(b) | Banco Bradesco S.A. | $ 48,295 |
| | 21,762(a)(b)+^# | Sberbank of Russia PJSC | 1,890 |
| | | Total Banks | $ 50,185 |
| | | Metals & Mining — 0.1% | |
| | 2,298(b) | Bradespar S.A. | $ 10,122 |
| | | Total Metals & Mining | $ 10,122 |
| | | Oil, Gas & Consumable Fuels — 0.5% | |
| | 9,900(b) | Petroleo Brasileiro S.A. | $ 54,691 |
| | | Total Oil, Gas & Consumable Fuels | $ 54,691 |
| | | Technology Hardware, Storage & Peripherals — 1.7% | |
| | 6,305(b) | Samsung Electronics Co., Ltd. | $ 205,155 |
| | | Total Technology Hardware, Storage & Peripherals | $ 205,155 |
| | | TOTAL PREFERRED STOCK | |
| | | (Cost $422,808) | $ 320,153 |
| | | SHORT TERM INVESTMENTS — 6.7% of |
| | | Net Assets | |
| | | Open-End Fund — 6.7% | |
| | 785,251(c) | Dreyfus Government Cash Management, Institutional | |
| | | Shares, 2.75% | $ 785,251 |
| | | | $ 785,251 |
| | | TOTAL SHORT TERM INVESTMENTS | |
| | | (Cost $785,251) | $ 785,251 |
| | | TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 98.4% | |
| | | (Cost $12,348,002) | $11,605,486 |
| | | OTHER ASSETS AND LIABILITIES — 1.6% | $ 181,534 |
| | | NET ASSETS — 100.0% | $11,787,020 |
| | |
| (A.D.R.) | American Depositary Receipts. |
| (G.D.R.) | Global Depositary Receipts. |
| (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 September 30, 2022, the value of these securities amounted to |
| | $514,622, or 4.4% of net assets. |
| (a) | Non-income producing security. |
| (b) | Issued as preference shares. |
| (c) | Rate periodically changes. Rate disclosed is the 7-day yield at September 30, 2022. |
| + | Security is valued using significant unobservable inputs (Level 3). |
| ^ | Security is valued using fair value methods (other than prices supplied by independent |
| | pricing services or broker dealers). |
| # | Securities are restricted as to resale. |
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22 23
Schedule of Investments | 9/30/22 (continued)
| | | | |
| Restricted Securities | Acquisition date | Cost | Value |
| Brilliance China Automotive Holdings, Ltd. | 11/29/2019 | $54,379 | $ 7,134 |
| Detsky Mir PJSC | 10/1/2019 | 20,368 | 744 |
| Gazprom PJSC | 10/1/2019 | 45,761 | 2,559 |
| Gazprom PJSC | 11/16/2020 | 5,453 | 415 |
| LUKOIL PJSC | 9/15/2020 | 96,414 | 4,248 |
| MMC Norilsk Nickel PJSC | 10/1/2019 | 20,493 | 817 |
| Sberbank of Russia PJSC | 9/15/2020 | 71,103 | 2,016 |
| Sberbank of Russia PJSC | 10/1/2019 | 67,204 | 1,890 |
| Surgutneftegas PJSC | 10/1/2019 | 17 | — |
| United Co. RUSAL International PJSC | 3/29/2021 | 30,782 | 1,330 |
| Total Restricted Securities | | | $21,153 |
| % of Net assets | | | 0.2% |
Distribution of investments by country of domicile (excluding short-term investments) as a percentage of total investments in securities, is as follows:
| China | 25.5% |
| India | 15.9% |
| Taiwan | 10.8% |
| South Korea | 10.4% |
| Brazil | 9.6% |
| Saudi Arabia | 5.5% |
| United Arab Emirates | 4.4% |
| South Africa | 3.3% |
| Hong Kong | 3.1% |
| Indonesia | 2.6% |
| Mexico | 2.1% |
| United States | 1.8% |
| Thailand | 1.1% |
| Singapore | 1.0% |
| Other (individually less than 1%) | 2.9% |
| | 100.0% |
| Principal amounts are denominated in U.S. dollars (“USD”) unless otherwise noted. | |
Purchases and sales of securities (excluding short-term investments) for the year ended September 30, 2022, aggregated $5,814,015 and $6,331,134, respectively.
At September 30, 2022, the net unrealized depreciation on investments based on cost for federal tax purposes of $12,669,842 was as follows:
| Aggregate gross unrealized appreciation for all investments in which | |
| there is an excess of value over tax cost | $ 1,718,268 |
| Aggregate gross unrealized depreciation for all investments in which | |
| there is an excess of tax cost over value | (2,782,624) |
| Net unrealized depreciation | $(1,064,356) |
The accompanying notes are an integral part of these financial statements.
24 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22
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 – unadjusted 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 Adviser’s own assumptions in determining fair value of investments). See Notes to Financial Statements — Note 1A.
The following is a summary of the inputs used as of September 30, 2022, in valuing the Fund’s investments:
| | | | | |
| | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | | | | |
| Automobiles | $ 49,739 | $ 123,957 | $ 7,134 | $ 180,830 |
| Banks | 556,974 | 1,339,057 | 2,016 | 1,898,047 |
| Beverages | 89,352 | 183,276 | — | 272,628 |
| Biotechnology | — | 49,958 | — | 49,958 |
| Building Products | — | 43,452 | — | 43,452 |
| Capital Markets | 29,998 | 11,923 | — | 41,921 |
| Chemicals | 26,982 | 313,941 | — | 340,923 |
| Commercial Services & Supplies | — | 36,886 | — | 36,886 |
| Construction & Engineering | — | 129,208 | — | 129,208 |
| Construction Materials | — | 53,303 | — | 53,303 |
| Diversified Consumer Services | 123,290 | 25,077 | — | 148,367 |
| Diversified Financial Services | — | 50,180 | — | 50,180 |
| Diversified Telecommunication | | | | |
| Services | — | 70,319 | — | 70,319 |
| Electric Utilities | 25,117 | 17,141 | — | 42,258 |
| Electrical Equipment | — | 36,485 | — | 36,485 |
| Electronic Equipment, | | | | |
| Instruments & Components | — | 111,257 | — | 111,257 |
| Food & Staples Retailing | 98,437 | 62,120 | — | 160,557 |
| Food Products | 75,127 | 232,439 | — | 307,566 |
| Health Care Providers & Services | 30,733 | 52,302 | — | 83,035 |
| Hotels, Restaurants & Leisure | 252,678 | 31,140 | — | 283,818 |
| Household Durables | 29,531 | 108,826 | — | 138,357 |
| Independent Power and Renewable | | | | |
| Electricity Producers | — | 85,035 | — | 85,035 |
| Industrial Conglomerates | — | 169,345 | — | 169,345 |
| Insurance | 59,632 | 168,684 | — | 228,316 |
| Interactive Media & Services | — | 501,236 | — | 501,236 |
| Internet & Direct Marketing Retail | 582,329 | 399,840 | — | 982,169 |
| IT Services | 75,041 | 167,706 | — | 242,747 |
| Leisure Products | — | 70,587 | — | 70,587 |
| Machinery | 34,079 | 135,818 | — | 169,897 |
| Metals & Mining | 79,681 | 193,849 | 2,147 | 275,677 |
| Multiline Retail | — | 37,874 | — | 37,874 |
| Oil, Gas & Consumable Fuels | 110,936 | 49,560 | 7,222 | 167,718 |
| Real Estate Management & | | | | |
| Development | 34,788 | 528,592 | — | 563,380 |
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22 25
Schedule of Investments | 9/30/22 (continued)
| | Level 1 | Level 2 | Level 3 | Total |
| Semiconductors & Semiconductor | | | | |
| Equipment | $ 581,937 | $ 218,009 | $ — | $ 799,946 |
| Specialty Retail | 44,130 | 143,459 | 744 | 188,333 |
| Technology Hardware, | | | | |
| Storage & Peripherals | — | 367,382 | — | 367,382 |
| Textiles, Apparel & Luxury Goods | — | 460,561 | — | 460,561 |
| Thrifts & Mortgage Finance | — | 210,243 | — | 210,243 |
| Wireless Telecommunication | | | | |
| Services | 14,344 | 277,514 | — | 291,858 |
| All Other Common Stock | 208,423 | — | — | 208,423 |
| Preferred Stock | | | | |
| Banks | 48,295 | — | 1,890 | 50,185 |
| Technology Hardware, | | | | |
| Storage & Peripherals | — | 205,155 | — | 205,155 |
| All Other Preferred Stock | 64,813 | — | — | 64,813 |
| Open-End Fund | 785,251 | — | — | 785,251 |
| Total Investments in Securities | $4,111,637 | $7,472,696 | $21,153 | $11,605,486 |
The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):
| | | | |
| | Common | Preferred | |
| | Stocks | Stock | Total |
| Balance as of 9/30/21 | $ — | $ — | $ — |
| Realized gain (loss)(1) | (54,023) | (7,269) | (61,292) |
| Change in unrealized appreciation | | | |
| (depreciation)(2) | (494,817) | (103,577) | (598,394) |
| Accrued discounts/premiums | — | — | — |
| Purchases | 36,656 | — | 36,656 |
| Sales | (226,551) | (17,198) | (243,749) |
| Transfers in to Level 3* | 757,998 | 129,934 | 887,932 |
| Transfers out of Level 3* | — | — | — |
| Balance as of 9/30/22 | $ 19,263 | $ 1,890 | $ 21,153 |
| (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 year ended September 30, 2022, securities with aggregate market value of $887,932 were transferred from Level 1 to Level 3 as there were no significant observable inputs available to determine its value, resulting from a decrease in market activity for the securities. There were no other transfers in or out of Level 3 during the period. |
| Net change in unrealized appreciation (depreciation) of Level 3 investments still | |
| held and considered Level 3 at September 30, 2022: | $(598,394) |
The accompanying notes are an integral part of these financial statements.
26 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22
Statement of Assets and Liabilities | 9/30/22
| ASSETS: | |
| Investments in unaffiliated issuers, at value (cost $12,348,002) | $11,605,486 |
| Foreign currencies, at value (cost $244,293) | 231,378 |
| Receivables — | |
| Investment securities sold | 54,320 |
| Dividends | 21,780 |
| Interest | 1,166 |
| Due from the Adviser | 2,477 |
| Other assets | 25,837 |
| Total assets | $11,942,444 |
| LIABILITIES: | |
| Payables — | |
| Investment securities purchased | $ 43,507 |
| Trustees’ fees | 2 |
| Professional fees | 44,620 |
| Custodian fees | 5,437 |
| Printing fees | 6,001 |
| Reserve for repatriation taxes | 50,456 |
| Due to affiliates | 4,598 |
| Accrued expenses | 803 |
| Total liabilities | $ 155,424 |
| NET ASSETS: | |
| Paid-in capital | $12,926,390 |
| Distributable earnings (loss) | (1,139,370) |
| Net assets | $11,787,020 |
| NET ASSET VALUE PER SHARE: | |
| No par value (unlimited number of shares authorized) | |
| Class A (based on $4,132,836/439,267 shares) | $ 9.41 |
| Class C (based on $3,275,245/350,410 shares) | $ 9.35 |
| Class Y (based on $4,378,939/464,351 shares) | $ 9.43 |
| MAXIMUM OFFERING PRICE PER SHARE: | |
| Class A (based on $9.41 net asset value per share/100%-5.75% | |
| maximum sales charge) | $ 9.98 |
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22 27
Statement of Operations
FOR THE YEAR ENDED 9/30/22
| INVESTMENT INCOME: | | |
| Dividends from unaffiliated issuers (net of foreign | | |
| taxes withheld $45,105) | $ 537,476 | |
| Interest from unaffiliated issuers | 3,100 | |
| Total Investment Income | | $ 540,576 |
| EXPENSES: | | |
| Management fees | $ 117,467 | |
| Administrative expenses | 18,912 | |
| Transfer agent fees | | |
| Class A | 1,264 | |
| Class C | 184 | |
| Class Y | 45 | |
| Distribution fees | | |
| Class A | 12,987 | |
| Class C | 40,918 | |
| Shareowner communications expense | 1,501 | |
| Custodian fees | 27,154 | |
| Registration fees | 50,190 | |
| Professional fees | 91,699 | |
| Printing expense | 32,932 | |
| Pricing fees | 1,677 | |
| Trustees’ fees | 7,976 | |
| Miscellaneous | 5,732 | |
| Total expenses | | $ 410,638 |
| Less fees waived and expenses reimbursed by the Adviser | | (208,485) |
| Net expenses | | $ 202,153 |
| Net investment income | | $ 338,423 |
| REALIZED AND UNREALIZED GAIN (LOSS) | | |
| ON INVESTMENTS: | | |
| Net realized gain (loss) on: | | |
| Investments in unaffiliated issuers (net of foreign | | |
| capital gains tax of $(33,630)) | $ (429,156) | |
| Forward foreign currency exchange contracts | 186,446 | |
| Other assets and liabilities denominated in | | |
| foreign currencies | (32,269) | $ (274,979) |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investments in unaffiliated issuers (net of foreign | | |
| capital gains tax of $(31,394)) | $ (4,284,655) | |
| Other assets and liabilities denominated in | | |
| foreign currencies | (12,890) | $ (4,297,545) |
| Net realized and unrealized gain (loss) on investments | | $(4,572,524) |
| Net decrease in net assets resulting from operations | | $(4,234,101) |
The accompanying notes are an integral part of these financial statements.
28 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22
Statement of Changes in Net Assets
| | Year | Year |
| | Ended | Ended |
| | 9/30/22 | 9/30/21 |
| FROM OPERATIONS: | | |
| Net investment income (loss) | $ 338,423 | $ 153,958 |
| Net realized gain (loss) on investments | (274,979) | 748,890 |
| Change in net unrealized appreciation (depreciation) | | |
| on investments | (4,297,545) | 1,642,401 |
| Net increase (decrease) in net assets resulting | | |
| from operations | $ (4,234,101) | $ 2,545,249 |
| DISTRIBUTIONS TO SHAREOWNERS: | | |
| Class A ($0.46 and $0.11 per share, respectively) | $ (202,398) | $ (44,319) |
| Class C ($0.36 and $0.05 per share, respectively) | (125,905) | (15,846) |
| Class Y ($0.50 and $0.16 per share, respectively) | (224,571) | (68,842) |
| Total distributions to shareowners | $ (552,874) | $ (129,007) |
| FROM FUND SHARE TRANSACTIONS: | | |
| Net proceeds from sales of shares | $ 285,574 | $ 2,275,872 |
| Reinvestment of distributions | 552,834 | 129,007 |
| Cost of shares repurchased | (818,187) | (1,080,825) |
| Net increase in net assets resulting from Fund | | |
| share transactions | $ 20,221 | $ 1,324,054 |
| Net increase (decrease) in net assets | $ (4,766,754) | $ 3,740,296 |
| NET ASSETS: | | |
| Beginning of year | $16,553,774 | $12,813,478 |
| End of year | $11,787,020 | $16,553,774 |
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22 29
Statement of Changes in Net Assets
(continued)
| | Year | Year | Year | Year |
| | Ended | Ended | Ended | Ended |
| | 9/30/22 | 9/30/22 | 9/30/21 | 9/30/21 |
| | Shares | Amount | Shares | Amount |
| Class A | | | | |
| Shares sold | 19,336 | $ 239,458 | 140,157 | $ 1,936,659 |
| Reinvestment of | | | | |
| distributions | 16,084 | 202,358 | 3,455 | 44,319 |
| Less shares repurchased | (53,311) | (612,793) | (68,363) | (919,821) |
| Net increase | | | | |
| (decrease) | (17,891) | $(170,977) | 75,249 | $ 1,061,157 |
| Class C | | | | |
| Shares sold | 3,680 | $ 43,560 | 23,982 | $ 329,170 |
| Reinvestment of | | | | |
| distributions | 10,041 | 125,905 | 1,235 | 15,846 |
| Less shares repurchased | (11,418) | (200,519) | (11,904) | (161,004) |
| Net increase | | | | |
| (decrease) | 2,303 | $ (31,054) | 13,313 | $ 184,012 |
| Class Y | | | | |
| Shares sold | 214 | $ 2,556 | 684 | $ 10,043 |
| Reinvestment of | | | | |
| distributions | 17,841 | 224,571 | 5,345 | 68,842 |
| Less shares repurchased | (461) | (4,875) | — | — |
| Net increase | 17,594 | $ 222,252 | 6,029 | $ 78,885 |
The accompanying notes are an integral part of these financial statements.
30 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22
Financial Highlights
| | Year | Year | |
| | Ended | Ended | 10/2/19* to |
| | 9/30/22 | 9/30/21 | 9/30/20 |
| Class A | | | |
| Net asset value, beginning of period | $ 13.24 | $11.08 | $10.00 |
| Increase (decrease) from | | | |
| investment operations: | | | |
| Net investment income (loss) (a) | $ 0.28 | $ 0.14 | $ 0.07 |
| Net realized and unrealized gain | | | |
| (loss) on investments | (3.65) | 2.13 | 1.07 |
| Net increase (decrease) from | | | |
| investment operations | $ (3.37) | $ 2.27 | $ 1.14 |
| Distributions to shareowners: | | | |
| Net investment income | $ (0.31) | $ (0.11) | $ (0.06) |
| Net realized gain | (0.15) | — | — |
| Total distributions | $ (0.46) | $ (0.11) | $ (0.06) |
| Net increase (decrease) in net | | | |
| asset value | $ (3.83) | $ 2.16 | $ (1.08) |
| Net asset value, end of period | $ 9.41 | $13.24 | $11.08 |
| Total return (b) | (26.28)% | 20.55% | 11.43%(c) |
| Ratio of net expenses to average | | | |
| net assets | 1.29% | 1.30% | 1.28%(d) |
| Ratio of net investment income (loss) to | | | |
| average net assets | 2.37% | 1.05% | 0.72%(d) |
| Portfolio turnover rate | 41% | 37% | 61%(c) |
| Net assets, end of period (in thousands) | $ 4,133 | $6,053 | $4,232 |
| 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 | 2.71% | 3.60% | 4.45%(d) |
| Net investment income (loss) to | | | |
| average net assets | 0.95% | (1.25)% | (2.45)%(d) |
| * | | Class A commenced operations on October 2, 2019. |
| (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. |
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22 31
Financial Highlights (continued)
| | Year | Year | |
| | Ended | Ended | 10/2/19* to |
| | 9/30/22 | 9/30/21 | 9/30/20 |
| Class C | | | |
| Net asset value, beginning of period | $ 13.14 | $11.02 | $10.00 |
| Increase (decrease) from | | | |
| investment operations: | | | |
| Net investment income (loss) (a) | $ 0.20 | $ 0.04 | $ (0.00)(b) |
| Net realized and unrealized gain | | | |
| (loss) on investments | (3.63) | 2.13 | 1.06 |
| Net increase (decrease) from | | | |
| investment operations | $ (3.43) | $ 2.17 | $ 1.06 |
| Distributions to shareowners: | | | |
| Net investment income | $ (0.21) | $ (0.05) | $ (0.04) |
| Net realized gain | (0.15) | — | — |
| Total distributions | $ (0.36) | $ (0.05) | $ (0.04) |
| Net increase (decrease) in net asset value | $ (3.79) | $ 2.12 | $ 1.02 |
| Net asset value, end of period | $ 9.35 | $13.14 | $11.02 |
| Total return (c) | (26.79)% | 19.68% | 10.66%(d) |
| Ratio of net expenses to average | | | |
| net assets | 2.00% | 2.01% | 2.01%(e) |
| Ratio of net investment income (loss) to | | | |
| average net assets | 1.70% | 0.30% | (0.02)%(e) |
| Portfolio turnover rate | 41% | 37% | 61%(d) |
| Net assets, end of period (in thousands) | $ 3,275 | $4,574 | $3,689 |
| 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 | 3.42% | 4.30% | 5.17%(e) |
| Net investment income (loss) to | | | |
| average net assets | 0.28% | (1.99)% | (3.18)%(e) |
| * | | Class C commenced operations on October 2, 2019. |
| (a) | | The per-share data presented above is based on the average shares outstanding for the period presented. |
| (b) | | Amount rounds to less than $0.01 or $(0.01) per share. |
| (c) | | 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. |
The accompanying notes are an integral part of these financial statements.
32 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22
| | Year | Year | |
| | Ended | Ended | 10/2/19* to |
| | 9/30/22 | 9/30/21 | 9/30/20 |
| Class Y | | | |
| Net asset value, beginning of period | $ 13.27 | $11.10 | $10.00 |
| Increase (decrease) from | | | |
| investment operations: | | | |
| Net investment income (loss) (a) | $ 0.32 | $ 0.18 | $ 0.10 |
| Net realized and unrealized gain | | | |
| (loss) on investments | (3.66) | 2.15 | 1.07 |
| Net increase (decrease) from | | | |
| investment operations | $ (3.34) | $ 2.33 | $ 1.17 |
| Distributions to shareowners: | | | |
| Net investment income | $ (0.35) | $ (0.16) | $ (0.07) |
| Net realized gain | (0.15) | — | — |
| Total distributions | $ (0.50) | $ (0.16) | $ (0.07) |
| Net increase (decrease) in net asset value | $ (3.84) | $ 2.17 | $ 1.10 |
| Net asset value, end of period | $ 9.43 | $13.27 | $11.10 |
| Total return (b) | (26.10)% | 21.00% | 11.72%(c) |
| Ratio of net expenses to average | | | |
| net assets | 0.99% | 0.99% | 0.99%(d) |
| Ratio of net investment income (loss) to | | | |
| average net assets | 2.70% | 1.30% | 0.99%(d) |
| Portfolio turnover rate | 41% | 37% | 61%(c) |
| Net assets, end of period (in thousands) | $ 4,379 | $5,927 | $4,893 |
| 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 | 2.41% | 3.29% | 4.16%(d) |
| Net investment income (loss) to | | | |
| average net assets | 1.28% | (1.00)% | (2.18)%(d) |
| * | | Class Y commenced operations on October 2, 2019. |
| (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. |
The accompanying notes are an integral part of these financial statements.
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22 33
Notes to Financial Statements | 9/30/22
1. Organization and Significant Accounting Policies
Pioneer Emerging Markets Equity Fund (the “Fund”) is one of five portfolios comprising Pioneer Series Trust XIV (the “Trust”), a Delaware statutory trust. The Fund is registered under the Investment Company Act of 1940 (the “1940 Act”) 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 2, 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 Trust 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 Asset Management US, 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 Distributor US, Inc., an affiliate of the Adviser, serves as the Fund’s distributor (the “Distributor”).
In March 2020, FASB issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other LIBOR-based reference rates at the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related
34 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22
contract modifications that occur during the period from March 12, 2020 through December 31, 2023. Management is evaluating the impact of ASU 2020-04 on the Fund’s investments, derivatives, debt and other contracts, if applicable, that will undergo reference rate-related modifications as a result of the reference rate reform.
Effective August 19, 2022, the Fund is required to comply with Rule 18f-4 under the 1940 Act, which governs the use of derivatives by registered investment companies. Rule 18f-4 permits funds to enter into derivatives transactions (as defined in Rule 18f-4) and certain other transactions notwithstanding the restrictions on the issuance of “senior securities” under Section 18 of the 1940 Act. Rule 18f-4 requires a fund to establish and maintain a comprehensive derivatives risk management program, appoint a derivatives risk manager and comply with a relative or absolute limit on fund leverage risk calculated based on value-at-risk (“VaR”), unless the fund uses derivatives in only a limited manner.
The Fund is an investment company and follows investment company accounting and reporting guidance under U.S. Generally Accepted Accounting Principles (“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.
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.
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22 35
The principal exchanges and markets for non-U.S. equity securities have closing times prior to the close of the NYSE. However, the value of these securities may be influenced by changes in global markets occurring after the closing times of the local exchanges and markets up to the time the Fund determines its net asset value. Consequently, the Fund uses a fair value model developed by an independent pricing service to value non-U.S. equity securities. On a daily basis, the pricing service recommends changes, based on a proprietary model, to the closing market prices of each non-U.S. security held by the Fund to reflect the security’s fair value at the time the Fund determines its net asset value. These recommendations are applied in accordance with the Adviser’s (the valuation designee’s) valuation procedures.
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.
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.
Shares of open-end registered investment companies (including money market mutual funds) are valued at such funds’ net asset value.
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. Effective September 8, 2022, the Adviser is designated as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Adviser’s fair valuation team is responsible for monitoring developments that may impact fair valued securities.
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 Adviser 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.
36 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22
At September 30, 2022, nine securities were valued using fair value methods representing 0.12% of net assets. The value of these fair valued securities was $14,019.
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 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, 2022, the Fund did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable,
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22 37
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.
In determining the daily net asset value, the Fund estimates the reserve for such taxes, if any, associated with investments in certain countries. The estimated reserve for the 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 carryforward (if applicable) and other such factors. As of September 30, 2022, the Fund had accrued $50,456 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.
At September 30, 2022, the Fund reclassified $32,917 to increase distributable earnings and $32,917 to decrease paid-in capital to reflect permanent book/tax differences. These adjustments have no impact on net assets or the results of operations.
At September 30, 2022, the Fund was permitted to carry forward indefinitely $385,621 of short-term losses, which may be subject to limitations imposed by the Internal Revenue Code.
The tax character of distributions paid during the years ended September 30, 2022 and September 30, 2021, were as follows:
| | 2022 | 2021 |
| Distributions paid from: | | |
| Ordinary income | $430,964 | $129,007 |
| Long-term capital gains | 121,910 | — |
| Total | $552,874 | $129,007 |
The following shows the components of distributable earnings (losses) on a federal income tax basis at September 30, 2022:
| | 2022 |
| Distributable earnings/(losses): | |
| Undistributed ordinary income | $ 310,607 |
| Capital loss carryforward | (385,621) |
| Net unrealized depreciation | (1,064,356) |
| Total | $(1,139,370) |
38 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22
The difference between book-basis and tax-basis net unrealized depreciation is attributable to the tax deferral of losses on wash sales and adjustments relating to passive foreign investment companies.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The Distributor earned $444 in underwriting commissions on the sale of Class A shares during the year ended September 30, 2022.
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 5). 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 4).
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, armed conflict including Russia’s military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, 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. In recent years, interest rates and credit spreads in the U.S. have been at historic lows. The U.S. Federal Reserve has raised certain interest rates, and interest rates may continue to go up. A general rise in interest rates could adversely affect the price and liquidity of fixed-income securities and could also result in increased redemptions
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22 39
from the Fund. Rates of inflation have recently risen. The value of assets or income from an investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund’s assets can decline as can the value of the Fund’s distributions.
The global pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in 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 sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue to affect adversely the value and liquidity of the Fund’s investments. Following Russia’s invasion of Ukraine, Russian securities have lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future geopolitical or other events or conditions.
Governments and central banks, including the U.S. Federal Reserve, 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 consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time.
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, military conflicts and sanctions, terrorism, sustained economic downturns, financial instability, less liquid trading markets, extreme price volatility, currency risks, reduction of government or central bank support, inadequate accounting standards, tariffs, tax disputes or other tax burdens, nationalization or expropriation of assets, and the imposition of adverse governmental laws, arbitrary application of laws and regulations or lack of rule of law and investment and repatriation 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
40 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22
directly in non-U.S. issuers. Depositary receipts may involve higher expenses and may trade at a discount (or premium) to the underlying security.
Russia launched a large-scale invasion of Ukraine on February 24, 2022. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia and Belarus and certain companies and individuals. Since then, Russian securities have lost all, or nearly all, their market value, and many other issuers, securities and markets have been adversely affected. The United States and other countries may impose sanctions on other countries, companies and individuals in light of Russia’s military invasion. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the value and liquidity of certain Fund investments, on Fund performance and the value of an investment in the Fund, particularly with respect to securities and commodities, such as oil, natural gas and food commodities, with respect to the issuer’s capacity to pay interest and repay principal, as well as other sectors with exposure to Russian issuers or issuers in other countries affected by the invasion, and are likely to have collateral impacts on market sectors globally.
To the extent that the fund invests from time to time more than 25% of its assets in issuers organized or located in a particular geographic region, including but not limited to issuers organized or located in China and other developing market Asia-Pacific countries, the fund may be particularly affected by adverse securities markets, exchange rates and social, political, regulatory or economic events which may occur in those regions.
Markets in China and other Asian countries are relatively new and undeveloped. China’s economic health is largely dependent upon exports, and may be dependent upon the economies of other Asian countries. Investments in Chinese and other Asian issuers could be adversely affected by changes in government policies, or trade or political disputes with major trading partners, including the U.S. China’s growing trade surplus with the U.S. has given rise to trade disputes and the imposition of tariffs. In addition, the U.S. government has imposed restrictions on U.S. investor participation in certain Chinese investments. These matters could adversely affect China’s economy and also limit investment opportunities for the Fund. The Chinese economy also could be adversely affected by supply chain disruptions. An economic slowdown in China could adversely affect economies of other emerging market countries that trade with China, as
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22 41
well as companies operating in those countries. Economies of Asian countries and Asian issuers could be adversely affected by regional security threats.
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 the Fund’s custodian and accounting agent, and 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 the Adviser 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 the Adviser 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.
42 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22
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 year ended September 30, 2022, 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 average market value of forward foreign currency exchange contracts open during the year ended September 30, 2022, was $0 and $23,014 for buys and sells, respectively. There were no open forward foreign currency exchange contracts outstanding at September 30, 2022.
2. Management Agreement
The Adviser manages the Fund’s portfolio. Management fees payable under the Fund’s Investment Management Agreement with the Adviser are calculated daily and paid monthly 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 year ended September 30, 2022, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.80% 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 taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, such as litigation) 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. These expense limitations are in effect through February 1, 2023. 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. Fees waived and expenses reimbursed during the year ended September 30, 2022 are reflected on the Statement of Operations.
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
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22 43
of Assets and Liabilities is $4,239 in management fees, administrative costs and certain other reimbursements payable to the Adviser at September 30, 2022.
3. Compensation of Trustees and Officers
The Fund pays an annual fee to its Trustees. The Adviser reimburses the Fund for fees paid to the Interested Trustees. The Fund does not pay any salary or other compensation to its officers. For the year ended September 30, 2022, the Fund paid $7,976 in Trustees’ compensation, which is reflected on the Statement of Operations as Trustees’ fees. At September 30, 2022, the Fund had a payable for Trustees’ fees on its Statement of Assets and Liabilities of $2.
4. Transfer Agent
For the period from October 1, 2021 to November 21, 2021, DST Asset Manager Solutions, Inc. served as the transfer agent to the Fund at negotiated rates. Effective November 22, 2021, BNY Mellon Investment Servicing (US) 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 year ended September 30, 2022, such out-of-pocket expenses by class of shares were as follows:
| Shareowner Communications: | |
| Class A | $1,275 |
| Class C | 173 |
| Class Y | 53 |
| Total | $1,501 |
5. Distribution Plan
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%
44 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22
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. Included in “Due to affiliates” reflected on the Statement of Assets and Liabilities is $359 in distribution fees payable to the Distributor at September 30, 2022.
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 year ended September 30, 2022, CDSCs in the amount of $0 were paid to the Distributor.
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds, participates in a committed, unsecured revolving line of credit (“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 February 2, 2022, the Fund participates in a credit facility in the amount of $380 million. Prior to February 2, 2022, the Fund participated in a facility in the amount of $450 million. Under such credit 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 both an upfront fee and an annual commitment fee to participate in the credit facility. The upfront fee in the amount of 0.10% of the total credit facility and the commitment fee in the amount of 0.25% of the daily unused portion of each lender’s commitment are allocated among participating funds based on an allocation schedule set forth in the credit agreement. For the year ended September 30, 2022, the Fund had no borrowings under the credit facility.
7. Changes in Custodian and Sub-Administrator, and Transfer Agent
Effective November 22, 2021, The Bank of New York Mellon Corporation (“BNY Mellon”) serves as the Fund’s Custodian and Sub-Administrator.
Effective November 22, 2021, BNY Mellon Investment Servicing (US) Inc. serves as the Fund’s shareholder servicing and transfer agent.
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22 45
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust XIV and the Shareholders of Pioneer Emerging Markets Equity Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pioneer Emerging Markets Equity Fund (the “Fund”) (one of the funds constituting Pioneer Series Trust XIV (the “Trust”)), including the schedule of investments, as of September 30, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Pioneer Emerging Markets Equity Fund (one of the funds constituting Pioneer Series Trust XIV) at September 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the three years in the period then ended in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
46 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies in the Pioneer family of funds since 2017.
Boston, Massachusetts
November 29, 2022
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22 47
Additional Information (unaudited)
For the year ended September 30, 2022, certain dividends paid by the Fund may be subject to a maximum tax rate of 20%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act (the Act) of 2003. The Fund intends to designate up to the maximum amount of such dividends allowable under the Act, as taxed at a maximum rate of 20%. Complete information will be computed and reported in conjunction with your 2022 Form 1099-DIV.
The Fund designated $121,910 as long-term capital gains distributions during the year ended September 30, 2022. Distributable long-term gains are based on net realized long-term gains determined on a tax basis and may differ from such amounts for financial reporting purposes.
48 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22
Approval of Renewal of Investment Management Agreement
Amundi Asset Management US, Inc. (“Amundi US”) serves as the investment adviser to Pioneer Emerging Markets Equity Fund (the “Fund”) pursuant to an investment management agreement between Amundi US and the Fund. In order for Amundi US to remain the investment adviser of the Fund, the Trustees of the Fund, including a majority of the Fund’s Independent Trustees, must determine annually whether to renew the investment management agreement for the Fund.
The contract review process began in January 2022 as the Trustees of the Fund agreed on, among other things, an overall approach and timeline for the process. Contract review materials were provided to the Trustees in March 2022, July 2022 and September 2022. In addition, the Trustees reviewed and discussed the Fund’s performance at regularly scheduled meetings throughout the year, and took into account other information related to the Fund provided to the Trustees at regularly scheduled meetings, in connection with the review of the Fund’s investment management agreement.
In March 2022, the Trustees, among other things, discussed the memorandum provided by Fund counsel that summarized the legal standards and other considerations that are relevant to the Trustees in their deliberations regarding the renewal of the investment management agreement, and reviewed and discussed the qualifications of the investment management teams for the Fund, as well as the level of investment by the Fund’s portfolio managers in the Fund. In July 2022, the Trustees, among other things, reviewed the Fund’s management fees and total expense ratios, the financial statements of Amundi US and its parent companies, profitability analyses provided by Amundi US, and analyses from Amundi US as to possible economies of scale. The Trustees also reviewed the profitability of the institutional business of Amundi US as compared to that of Amundi US’s fund management business, and considered the differences between the fees and expenses of the Fund and the fees and expenses of Amundi US’s institutional accounts, as well as the different services provided by Amundi US to the Fund and to the institutional accounts. The Trustees further considered contract review materials, including additional materials received in response to the Trustees’ request, in September 2022.
At a meeting held on September 20, 2022, based on their evaluation of the information provided by Amundi US and third parties, the Trustees of the Fund, including the Independent Trustees voting separately advised by independent counsel, unanimously approved the renewal of the investment
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22 49
management agreement for another year. In approving the renewal of the investment management agreement, the Trustees considered various factors that they determined were relevant, including the factors described below. The Trustees did not identify any single factor as the controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had been provided by Amundi US to the Fund, taking into account the investment objective and strategy of the Fund. The Trustees also reviewed Amundi US’s investment approach for the Fund and its research process. The Trustees considered the resources of Amundi US and the personnel of Amundi US who provide investment management services to the Fund. They also reviewed the amount of non-Fund assets managed by the portfolio managers of the Fund. They considered the non-investment resources and personnel of Amundi US that are involved in Amundi US’s services to the Fund, including Amundi US’s compliance, risk management, and legal resources and personnel. The Trustees noted the substantial attention and high priority given by Amundi US’s senior management to the Pioneer Fund complex, including with respect to the increasing regulation to which the Pioneer Funds are subject. The Trustees considered the effectiveness of Amundi US’s business continuity plan in response to the ongoing COVID-19 pandemic.
The Trustees considered that Amundi US supervises and monitors the performance of the Fund’s service providers and provides the Fund with personnel (including Fund officers) and other resources that are necessary for the Fund’s business management and operations. The Trustees also considered that, as administrator, Amundi US is responsible for the administration of the Fund’s business and other affairs. The Trustees considered that the Fund reimburses Amundi US its pro rata share of Amundi US’s costs of providing administration services to the Pioneer Funds.
Based on these considerations, the Trustees concluded that the nature, extent and quality of services that had been provided by Amundi US to the Fund were satisfactory and consistent with the terms of the investment management agreement.
Performance of the Fund
In considering the Fund’s performance, the Trustees regularly review and discuss throughout the year data prepared by Amundi US and information comparing the Fund’s performance with the performance of its peer group of funds, as classified by Morningstar, Inc. (Morningstar), and with the performance of the Fund’s benchmark index. They also discuss the Fund’s
50 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22
performance with Amundi US on a regular basis. The Trustees’ regular reviews and discussions were factored into the Trustees’ deliberations concerning the renewal of the investment management agreement.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in comparison to the management fees of its peer group of funds as classified by Morningstar and also to the expense ratios of a peer group of funds selected on the basis of criteria determined by the Independent Trustees for this purpose using data provided by Strategic Insight Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent third party. The peer group comparisons referred to below are organized in quintiles. Each quintile represents one-fifth of the peer group. In all peer group comparisons referred to below, first quintile is most favorable to the Fund’s shareowners. The Trustees noted that they separately review and consider the impact of the Fund’s transfer agency and Fund- and Amundi US-paid expenses for sub-transfer agency and intermediary arrangements, and that the results of the most recent such review were considered in the consideration of the Fund’s expense ratio.
The Trustees considered that the Fund’s management fee for the most recent fiscal year was in the fifth quintile relative to the management fees paid by other funds in its Morningstar category for the comparable period. The Trustees noted Amundi US’s explanation of the reasons that the Fund’s management fee was in the fifth quintile relative to the management fees paid by other funds in its Morningstar category. The Trustees considered that the expense ratio of the Fund’s Class Y shares for the most recent fiscal year was in the second quintile relative to its Strategic Insight peer group for the comparable period. The Trustees noted that Amundi US had agreed to waive fees and/or reimburse expenses in order to limit the ordinary operating expenses of the Fund.
The Trustees reviewed management fees charged by Amundi US to institutional and other clients, including publicly offered European funds sponsored by Amundi US’s affiliates, unaffiliated U.S. registered investment companies (in a sub-advisory capacity), and unaffiliated foreign and domestic separate accounts. The Trustees also considered Amundi US’s costs in providing services to the Fund and Amundi US’s costs in providing services to the other clients and considered the differences in management fees and profit margins for fund and non-fund services. In evaluating the fees associated with Amundi US’s client accounts, the Trustees took into account the respective demands, resources and complexity associated with the Fund and other client accounts. The Trustees noted that, in some instances, the fee rates for those clients were lower than the management
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22 51
fee for the Fund and considered that, under the investment management and administration agreements with the Fund, Amundi US performs additional services for the Fund that it does not provide to those other clients or services that are broader in scope, including oversight of the Fund’s other service providers and activities related to compliance and the extensive regulatory and tax regimes to which the Fund is subject. The Trustees also considered the entrepreneurial risks associated with Amundi US’s management of the Fund.
The Trustees concluded that the management fee payable by the Fund to Amundi US was reasonable in relation to the nature and quality of the services provided by Amundi US.
Profitability
The Trustees considered information provided by Amundi US regarding the profitability of Amundi US with respect to the advisory services provided by Amundi US to the Fund, including the methodology used by Amundi US in allocating certain of its costs to the management of the Fund. The Trustees also considered Amundi US’s profit margin in connection with the overall operation of the Fund. They further reviewed the financial results, including the profit margins, realized by Amundi US from non-fund businesses. The Trustees considered Amundi US’s profit margins in comparison to the limited industry data available and noted that the profitability of any adviser was affected by numerous factors, including its organizational structure and method for allocating expenses. The Trustees concluded that Amundi US’s profitability with respect to the management of the Fund was not unreasonable.
Economies of Scale
The Trustees considered Amundi US’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 the Fund 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 Amundi US in research and analytical capabilities and Amundi US’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 Fund.
52 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22
Other Benefits
The Trustees considered the other benefits that Amundi US enjoys from its relationship with the Fund. The Trustees considered the character and amount of fees paid or to be paid by the Fund, other than under the investment management agreement, for services provided by Amundi US and its affiliates. The Trustees further considered the revenues and profitability of Amundi US’s businesses other than the Fund business. To the extent applicable, the Trustees also considered the benefits to the Fund and to Amundi US and its affiliates from the use of “soft” commission dollars generated by the Fund to pay for research and brokerage services.
The Trustees considered that Amundi US 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 $2.2 trillion in assets (including the Pioneer Funds). The Trustees considered that Amundi US’s relationship with Amundi creates potential opportunities for Amundi US and Amundi that derive from Amundi US’s relationships with the Fund, including Amundi’s ability to market the services of Amundi US globally. The Trustees noted that Amundi US 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 Amundi US. The Trustees considered that Amundi US and the Fund receive reciprocal intangible benefits from the relationship, including mutual brand recognition and, for the Fund, direct and indirect access to the resources of a large global asset manager. The Trustees concluded that any such benefits received by Amundi US as a result of its relationship with the Fund were reasonable.
Conclusion
After consideration of the factors described above as well as other factors, the Trustees, including the Independent Trustees, concluded that the investment management agreement for the Fund, including the fees payable thereunder, was fair and reasonable and voted to approve the proposed renewal of the investment management agreement.
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22 53
Statement Regarding Liquidity Risk Management Program
As required by law, the Fund has adopted and implemented a liquidity risk management program (the “Program”) that is designed to assess and manage liquidity risk. Liquidity risk is the risk that the Fund could not meet requests to redeem its shares without significant dilution of remaining investors’ interests in the Fund. The Fund’s Board of Trustees designated a liquidity risk management committee (the “Committee”) consisting of employees of Amundi Asset Management US, Inc. (the “Adviser”) to administer the Program.
The Committee provided the Board of Trustees with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Reporting Period”).
The Report confirmed that, throughout the Reporting Period, the Committee had monitored the Fund’s portfolio liquidity and liquidity risk on an ongoing basis, as described in the Program and in Board reporting throughout the Reporting Period.
The Report discussed the Committee’s annual review of the Program, which addressed, among other things, the following elements of the Program:
The Committee reviewed the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. The Committee noted that the Fund’s investment strategy continues to be appropriate for an open-end fund, taking into account, among other things, whether and to what extent the Fund held less liquid and illiquid assets and the extent to which any such investments affected the Fund’s ability to meet redemption requests. In managing and reviewing the Fund’s liquidity risk, the Committee also considered the extent to which the Fund’s investment strategy involves a relatively concentrated portfolio or large positions in particular issuers, the extent to which the Fund uses borrowing for investment purposes, and the extent to which the Fund uses derivatives (including for hedging purposes). The Committee also reviewed the Fund’s short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. In assessing the Fund’s cash flow projections, the Committee considered, among other factors, historical net redemption activity, redemption policies, ownership concentration, distribution channels, and the degree of certainty associated with the Fund’s short-term and long-term cash flow projections. The Committee also considered the Fund’s holdings of cash and cash equivalents, as well as borrowing arrangements and other
54 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22
funding sources, including, if applicable, the Fund’s participation in a credit facility, as components of the Fund’s ability to meet redemption requests. The Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests.
The Committee reviewed the Program’s liquidity classification methodology for categorizing the Fund’s investments into one of four liquidity buckets. In reviewing the Fund’s investments, the Committee considered, among other factors, whether trading varying portions of a position in a particular portfolio investment or asset class in sizes the Fund would reasonably anticipate trading, would be reasonably expected to significantly affect liquidity.
The Committee performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum, and determined that no such minimum is required because the Fund primarily holds highly liquid investments.
The Report stated that the Committee concluded the Program operates adequately and effectively, in all material respects, to assess and manage the Fund’s liquidity risk throughout the Reporting Period.
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22 55
Trustees, Officers and Service Providers
Investment Adviser and Administrator
Amundi Asset Management US, Inc.
Custodian and Sub-Administrator
The Bank of New York Mellon Corporation
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Amundi Distributor US, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
BNY Mellon Investment Servicing (US) 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.amundi.com/us. This information is also available on the Securities and Exchange Commission’s web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and officers are listed below, together with their principal occupations and other directorships they have held during at least the past five years. Trustees who are interested persons of the Fund within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Fund are referred to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 49 U.S. registered investment portfolios for which Amundi US serves as investment adviser (the “Pioneer Funds”). The address for all Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-225-6292.
56 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22
Independent Trustees
| | | | |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Trustee |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Thomas J. Perna (71) | Trustee since 2019. | Private investor (2004 – 2008 and 2013 – present); Chairman | Director, Broadridge Financial |
| Chairman of the Board | Serves until a successor | (2008 – 2013) and Chief Executive Officer (2008 – 2012), Quadriserv, Inc. | Solutions, Inc. (investor |
| and Trustee | trustee is elected or | (technology products for securities lending industry); and Senior Executive | communications and securities |
| | earlier retirement | Vice President, The Bank of New York (financial and securities services) | processing provider for financial |
| | or removal. | (1986 – 2004) | services industry) (2009 – present); |
| | | | Director, Quadriserv, Inc. (2005 – |
| | | | 2013); and Commissioner, New |
| | | | Jersey State Civil Service |
| | | | Commission (2011 – 2015) |
| John E. Baumgardner, | Trustee since 2019. | Of Counsel (2019 – present), Partner (1983-2018), Sullivan & Cromwell | Chairman, The Lakeville Journal |
| Jr. (71)* | Serves until a successor | LLP (law firm). | Company, LLC, (privately-held |
| Trustee | trustee is elected or | | community newspaper group) |
| | earlier retirement | | (2015-present) |
| | or removal. | | |
| Diane Durnin (65) | Trustee since 2019. | Managing Director - Head of Product Strategy and Development, BNY | None |
| Trustee | Serves until a successor | Mellon Investment Management (investment management firm) | |
| | trustee is elected or | (2012-2018); Vice Chairman – The Dreyfus Corporation (2005 – 2018): | |
| | earlier retirement | Executive Vice President Head of Product, BNY Mellon Investment | |
| | or removal. | Management (2007-2012); Executive Director- Product Strategy, Mellon | |
| | | Asset Management (2005-2007); Executive Vice President Head of | |
| | | Products, Marketing and Client Service, Dreyfus Corporation (investment | |
| | | management firm) (2000-2005); Senior Vice President Strategic Product | |
| | | and Business Development, Dreyfus Corporation (1994-2000) | |
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22 57
Independent Trustees (continued)
| | | | |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Trustee |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Benjamin M. Friedman (78) | Trustee since 2019. | William Joseph Maier Professor of Political Economy, Harvard University | Trustee, Mellon Institutional Funds |
| Trustee | Serves until a successor | (1972 – present) | Investment Trust and Mellon |
| | trustee is elected or | | Institutional Funds Master |
| | earlier retirement | | Portfolio (oversaw 17 portfolios in |
| | or removal. | | fund complex) (1989 - 2008) |
| Craig C. MacKay (59) | Trustee since 2021. | Partner, England & Company, LLC (advisory firm) (2012 – present); Group | Director, Equitable Holdings, Inc. |
| Trustee | Serves until a successor | Head – Leveraged Finance Distribution, Oppenheimer & Company | (financial services holding company) |
| | trustee is elected or | (investment bank) (2006 – 2012); Group Head – Private Finance & High | (2022 – present); Board Member of |
| | earlier retirement | Yield Capital Markets Origination, SunTrust Robinson Humphrey | Carver Bancorp, Inc. (holding |
| | or removal. | (investment bank) (2003 – 2006); and Founder and Chief Executive | company) and Carver Federal |
| | | Officer, HNY Associates, LLC (investment bank) (1996 – 2003) | Savings Bank, NA (2017 – present); |
| | | | Advisory Council Member, |
| | | | MasterShares ETF (2016 – 2017); |
| | | | Advisory Council Member, The Deal |
| | | | (financial market information |
| | | | publisher) (2015 – 2016); Board |
| | | | Co-Chairman and Chief Executive |
| | | | Officer, Danis Transportation |
| | | | Company (privately-owned |
| | | | commercial carrier) (2000 – 2003); |
| | | | Board Member and Chief Financial |
| | | | Officer, Customer Access Resources |
| | | | (privately-owned teleservices |
| | | | company) (1998 – 2000); Board |
| | | | Member, Federation of Protestant |
| | | | Welfare Agencies (human services |
| | | | agency) (1993 – present); and |
| | | | Board Treasurer, Harlem Dowling |
| | | | Westside Center (foster care |
| | | | agency) (1999 – 2018) |
58 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22
| | | | |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Trustee |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Lorraine H. Monchak (66) | Trustee since 2019. | Chief Investment Officer, 1199 SEIU Funds (healthcare workers union | None |
| Trustee | (Advisory Trustee from | pension funds) (2001 – present); Vice President – International Investments | |
| | 2014 - 2017). Serves | Group, American International Group, Inc. (insurance company) | |
| | until a successor | (1993 – 2001); Vice President – Corporate Finance and Treasury Group, | |
| | trustee is elected | Citibank, N.A. (1980 – 1986 and 1990 – 1993); Vice President – | |
| | or earlier retirement | Asset/Liability Management Group, Federal Farm Funding Corporation | |
| | or removal. | (government-sponsored issuer of debt securities) (1988 – 1990); Mortgage | |
| | | Strategies Group, Shearson Lehman Hutton, Inc. (investment bank) | |
| | | (1987 – 1988); Mortgage Strategies Group, Drexel Burnham Lambert, Ltd. | |
| | | (investment bank) (1986 – 1987) | |
| Marguerite A. Piret (74) | Trustee since 2019. | Chief Financial Officer, American Ag Energy, Inc. (controlled environment | Director of New America High |
| Trustee | Serves until a successor | and agriculture company) (2016 – present); President and Chief | Income Fund, Inc. (closed-end |
| | trustee is elected or | Executive Officer, Metric Financial Inc. (formerly known as Newbury | investment company) (2004 – |
| | earlier retirement | Piret Company) (investment banking firm) (1981 – 2019) | present); and Member, Board of |
| | or removal. | | Governors, Investment Company |
| | | | Institute (2000 – 2006) |
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22 59
Independent Trustees (continued)
| | | | |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Trustee |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Fred J. Ricciardi (75) | Trustee since 2019. | Private investor (2020 – present); Consultant (investment company | None |
| Trustee | Serves until a successor | services) (2012 – 2020); Executive Vice President, BNY Mellon (financial | |
| | trustee is elected or | and investment company services) (1969 – 2012); Director, BNY | |
| | earlier retirement | International Financing Corp. (financial services) (2002 – 2012); Director, | |
| | or removal. | Mellon Overseas Investment Corp. (financial services) (2009 – 2012); | |
| | | Director, Financial Models (technology) (2005-2007); Director, BNY | |
| | | Hamilton Funds, Ireland (offshore investment companies) (2004-2007); | |
| | | Chairman/Director, AIB/BNY Securities Services, Ltd., Ireland (financial | |
| | | services) (1999-2006); Chairman, BNY Alternative Investment Services, | |
| | | Inc. (financial services) (2005-2007) | |
* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund.
60 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22
Interested Trustees
| | | | |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Trustee |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Lisa M. Jones (60)** | Trustee since 2019. | Director, CEO and President of Amundi US, Inc. (investment | Director of Clearwater Analytics |
| Trustee, President and | Serves until a successor | management firm) (since September 2014); Director, CEO and President | (provider of web-based investment |
| Chief Executive Officer | trustee is elected or | of Amundi Asset Management US, Inc. (since September 2014); Director, | accounting software for reporting |
| | earlier retirement | CEO and President of Amundi Distributor US, Inc. (since September 2014); | and reconciliation services) |
| | or removal | Director, CEO and President of Amundi Asset Management US, Inc. (since | (September 2022 – present) |
| | | September 2014); Chair, Amundi US, Inc., Amundi Distributor US, Inc. and | |
| | | Amundi Asset Management US, Inc. (September 2014 – 2018); Managing | |
| | | Director, Morgan Stanley Investment Management (investment | |
| | | management firm) (2010 – 2013); Director of Institutional Business, | |
| | | CEO of International, Eaton Vance Management (investment | |
| | | management firm) (2005 – 2010); Director of Amundi Holdings US, | |
| | | Inc. (since 2017) | |
| Kenneth J. Taubes (64)** | Trustee since 2019. | Director and Executive Vice President (since 2008) and Chief Investment | None |
| Trustee | Serves until a successor | Officer, U.S. (since 2010) of Amundi US, Inc. (investment management | |
| | trustee is elected or | firm); Director and Executive Vice President and Chief Investment Officer, | |
| | earlier retirement | U.S. of Amundi US (since 2008); Executive Vice President and Chief | |
| | or removal | Investment Officer, U.S. of Amundi Asset Management US, Inc. | |
| | | (since 2009); Portfolio Manager of Amundi US (since 1999); Director of | |
| | | Amundi Holdings US, Inc. (since 2017) | |
** Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Fund’s investment adviser and certain of its affiliates.
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22 61
Fund Officers
| | | | |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Officer |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Christopher J. Kelley (57) | Since 2019. Serves at | Vice President and Associate General Counsel of Amundi US since | None |
| Secretary and Chief | the discretion of | January 2008; Secretary and Chief Legal Officer of all of the Pioneer Funds | |
| Legal Officer | the Board | since June 2010; Assistant Secretary of all of the Pioneer Funds from | |
| | | September 2003 to May 2010; Vice President and Senior Counsel of | |
| | | Amundi US from July 2002 to December 2007 | |
| Thomas Reyes (59) | Since 2019. Serves at | Assistant General Counsel of Amundi US since May 2013 and Assistant | None |
| Assistant Secretary | the discretion of | Secretary of all the Pioneer Funds since June 2010; Counsel of | |
| | the Board | Amundi US from June 2007 to May 2013 | |
| Heather L. | Since 2022. Serves at | Director - Trustee and Board Relationships of Amundi US since | None |
| Melito-Dezan (45) | the discretion of | September 2019; Private practice from 2017 – 2019. | |
| Assistant Secretary | the Board | | |
| Anthony J. Koenig, Jr. (58) | Since 2021. Serves at | Managing Director, Chief Operations Officer and Fund Treasurer of | None |
| Treasurer and | the discretion of | Amundi US since May 2021; Treasurer of all of the Pioneer Funds since | |
| Chief Financial and | the Board | May 2021; Assistant Treasurer of all of the Pioneer Funds from | |
| Accounting Officer | | January 2021 to May 2021; and Chief of Staff, US Investment | |
| | | Management of Amundi US from May 2008 to January 2021 | |
| Luis I. Presutti (57) | Since 2019. Serves at | Director – Fund Treasury of Amundi US since 1999; and Assistant | None |
| Assistant Treasurer | the discretion of | Treasurer of all of the Pioneer Funds since 1999 | |
| | the Board | | |
| Gary Sullivan (64) | Since 2019. Serves at | Senior Manager – Fund Treasury of Amundi US since 2012; and Assistant | None |
| Assistant Treasurer | the discretion of | Treasurer of all of the Pioneer Funds since 2002 | |
| | the Board | | |
62 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22
| | | | |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Officer |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Antonio Furtado (40) | Since 2020. Serves at | Fund Oversight Manager – Fund Treasury of Amundi US since 2020; | None |
| Assistant Treasurer | the discretion of | Assistant Treasurer of all of the Pioneer Funds since 2020; and Senior | |
| | the Board | Fund Treasury Analyst from 2012 - 2020 | |
| Michael Melnick (51) | Since 2021. Serves at | Vice President - Deputy Fund Treasurer of Amundi US since May 2021; | None |
| Assistant Treasurer | the discretion of | Assistant Treasurer of all of the Pioneer Funds since July 2021; | |
| | the Board | Director of Regulatory Reporting of Amundi US from 2001 – 2021; and | |
| | | Director of Tax of Amundi US from 2000 - 2001 | |
| John Malone (51) | Since 2019. Serves at | Managing Director, Chief Compliance Officer of Amundi US Asset | None |
| Chief Compliance Officer | the discretion of | Management; Amundi Asset Management US, Inc.; and the Pioneer | |
| | the Board | Funds since September 2018; Chief Compliance Officer of Amundi | |
| | | Distributor US, Inc. since January 2014. | |
| Brandon Austin (50) | Since March 2022. | Director, Financial Security – Amundi Asset Management; Anti-Money | None |
| Anti-Money Laundering | Serves at the discretion | Laundering Officer of all the Pioneer Funds since March 2022: Director | |
| Officer | of the Board | of Financial Security of Amundi US since July 2021; Vice President, | |
| | | Head of BSA, AML and OFAC, Deputy Compliance Manager, Crédit | |
| | | Agricole Indosuez Wealth Management (investment management | |
| | | firm) (2013 – 2021) | |
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22 63
This page was intentionally left blank.
64 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22
This page was intentionally left blank.
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22 65
This page was intentionally left blank.
66 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22
This page was intentionally left blank.
Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22 67
This page was intentionally left blank.
68 Pioneer Emerging Markets Equity Fund | Annual Report | 9/30/22
How to Contact Amundi
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
P.O. Box 9897
Providence, R.I. 02940-8097
| | |
| Our toll-free fax | 1-800-225-4240 |
| Our internet e-mail address | us.askamundi@amundi.com/us |
| (for general questions about Amundi only) | |
| |
| Visit our web site: www.amundi.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 Asset Management US, Inc.
60 State Street
Boston, MA 02109
www.amundi.com/us
Securities offered through Amundi Distributor US, Inc.,
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
© 2022 Amundi Asset Management US, Inc. 32311-02-1122
Pioneer Global Sustainable Growth Fund
Annual Report | September 30, 2022
visit us: www.amundi.com/us
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22 1
President’s Letter
Dear Shareholders,
The last few years have seen investors face some unprecedented challenges, from a global pandemic that shuttered much of the world’s economy for months, to geopolitical strife, to rising inflation that has reached levels not seen in decades.
While economies in most of the world have reopened as COVID-19 has begun slowly transitioning to an “endemic” disease, the pandemic’s effects are still with us. The easier monetary and fiscal policies enacted to provide stimulus as economies struggled through COVID-19-related restrictions and lockdowns, and ongoing supply chain issues, which were, at least in part, an outgrowth of the same virus-containment measures, were among the numerous factors that combined to begin driving inflation levels higher as the 2022 calendar year got underway.
With rising inflation already a concern, investor sentiment sharply deteriorated in the first quarter of this year, with the negativity driven largely by Russia’s invasion of Ukraine in February as well as signs that inflation was more entrenched than transitory in many regions of the world. The war and the resulting economic sanctions placed on Russia by the US and European governments also contributed to a spike in energy prices, given that Russia is a major exporter of natural gas as well as other resources, particularly to Europe.
The persistently high inflation readouts led key central banks, including the US Federal Reserve (Fed), to signal a tightening of monetary policy. The Fed had already announced that it would taper its bond purchases and eventually end its pandemic-era quantitative easing program by the spring of 2022; and, with US inflation hitting 40-year highs, the Fed began aggressively raising its benchmark federal funds rate target range, while indicating that more rate hikes were likely. The magnitude of the rate increases heightened investors’ concerns about the ability of the Fed and other central banks to cool inflation without triggering a recession.
Due to what has been, so far, a tumultuous 2022 calendar year for investors, the performance of most asset classes, especially riskier assets such as equities and corporate bonds, has turned negative, as market participants have tried to ascertain the direction and progression of Fed policy, economic growth, the war in Ukraine, and other factors. In fact, the third quarter of 2022 marked the first time since 1976 that both equities and bonds had posted three consecutive quarters of negative returns. The 2022 US mid-term election results are another important benchmark that investors are closely monitoring, as political uncertainty has often contributed to increased market volatility.
2 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22
In times like these, we at Amundi US believe our approach to investing is more appropriate than ever. Since 1928, Amundi US’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 risks during periods of market volatility.
At Amundi US, active management begins with our own fundamental, bottom-up research process. Our team of dedicated research analysts and portfolio managers analyzes each security under consideration, communicating frequently with the management teams of the companies and other entities issuing the securities, and working together to identify those securities that we believe best meet our investment criteria for our family of funds. Our risk management approach begins with each security under consideration, as we strive to develop a deep understanding of the potential opportunity, while considering any potential risk factors.
Today, as shareholders, 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 professional to develop an investment plan that paves the way for you to pursue both your short-term and long-term goals.
We greatly appreciate the trust you have placed in us and look forward to continuing to serve you in the future.
Lisa M. Jones
Head of the Americas, President and CEO of US
Amundi Asset Management US, Inc.
November 2022
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 Global Sustainable Growth Fund | Annual Report | 9/30/22 3
Portfolio Management Discussion | 9/30/22
In the following discussion, portfolio managers John Peckham, Brian Chen, and Jeff Sacknowitz discuss the market environment during the 12-month period ended September 30, 2022, and the performance of Pioneer Global Sustainable Growth Fund during the period. Mr. Peckham, a senior vice president and a portfolio manager at Amundi Asset Management US, Inc. (Amundi US), Mr. Chen, a senior vice president and a portfolio manager at Amundi US, and Mr. Sacknowitz, a vice president and a portfolio manager at Amundi US, are responsible for the day-to-day management of the Fund.
| Q | | How did the Fund perform during the 12-month period ended September 30, 2022? |
| A | | Pioneer Global Sustainable Growth Fund’s Class A shares returned -20.12% at net asset value during the 12-month period ended September 30, 2022, while the Fund’s benchmark, the Morgan Stanley Capital International (MSCI) All Country World (ACWI) Growth Index1, returned -27.48%. During the same 12-month period, the average return of the 367 mutual funds in Morningstar’s World Large-Stock Growth category was -31.08%. |
| Q | | How would you describe the investment backdrop during the 12-month period ended September 30, 2022? |
| A | | Returns for global equities in aggregate were well into negative territory for the 12-month period, as shifts from accommodative to tighter monetary policies by many central banks, including the US Federal Reserve (Fed), and heightened geopolitical uncertainty weighed on the global economic outlook and served to dampen investors’ appetites for riskier assets, including equities. |
| 1 | | The MSCI information may only be used for your internal use, may not be reproduced or redisseminated 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 Global Sustainable Growth Fund | Annual Report | 9/30/22
Entering the reporting period, equities were in the latter stages of a protracted rally stemming from the combination of robust economic growth and rising corporate earnings. After performing well through mid-November 2021, equity markets experienced a brief stretch of weakness following the emergence of the Omicron variant of COVID-19 and the Fed’s announcement that it was set to adopt tighter monetary policies. Stocks quickly recovered from that initial spate of bad news and climbed higher moving into year-end. As 2022 began, however, the outlook for higher interest rates started to weigh on the more growth-oriented sectors of the market and supported a shift in performance leadership towards value stocks.
As the first quarter of 2022 progressed, geopolitical developments began to have a negative effect on market sentiment. Russia’s late-February invasion of Ukraine exacerbated existing concerns surrounding supply chain disruptions, even as China’s government raised the risks to global economic growth by imposing strict lockdowns in major cities as part of its “Zero-COVID” policy. Energy prices, which had already been on the rise since late 2021, spiked in the wake of sanctions levied against Russia by the United States and certain European countries, further fueling inflationary pressures. As a result, the market began to factor in more rapid tightening of monetary policy on the part of the Fed.
US consumer price inflation would post year-over-year increases of at least 7.5% in each of the first eight months of 2022, peaking at 9.1% in June. By late spring, the market began speculating as to whether the Fed would be able to achieve a “soft landing,” in which economic growth slowed yet remained positive as inflation was brought under control. With investors now concerned over inflation, the Fed’s response, and economic growth, returns for riskier assets turned deeply negative.
The Fed had already begun increasing the upper bound of the federal funds rate target range at its March 2022 meeting, moving the range to 0.25%–0.50%, and then continued to raise the federal funds target range aggressively between May and September, bringing it to 3.00%–3.25%. For its part, the European Central Bank (ECB) caught markets somewhat off-guard in July by raising its reference rate by 50 basis points (bps), and followed up in September with an increase of 75 bps (a basis point is equal to 1/100th of a percentage point). US Treasury yields moved sharply higher in response to the Fed’s determined stance, and the yield curve became inverted – with shorter-term yields moving above longer-term yields – as the market anticipated a recession.
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22 5
In that environment, growth stocks, as measured by the MSCI ACWI Growth Index, the Fund’s benchmark, returned -27.48% for the 12-month period, significantly underperforming value stocks, as measured by the MSCI ACWI Value Index, which returned -13.97%.
| Q | | Could you review the Fund’s commitment to environmental, social, and governance (ESG) investing? |
| A | | The Fund’s primary investment objective is to seek long-term capital growth. The Fund seeks to hold a portfolio of what we believe to be stocks of quality growth-oriented companies globally, across any market capitalization. The Fund’s portfolio managers adhere to an ESG mandate. |
In managing the Fund, we seek to invest the portfolio mainly in shares of companies located around the world that we feel have above-average potential for earnings and revenue growth as well as sustainable business models. Our investment process includes evaluating individual companies’ ESG practices. In keeping with that focus, we apply the ESG criteria when considering which investments to include in the Fund’s portfolio. Under normal circumstances, we will seek to invest at least 80% of the Fund’s net assets (plus the amount of borrowings, if any, for investment purposes) in securities of issuers that we believe adhere to the ESG criteria. Amundi US believes that ESG-related information helps us gain a more complete understanding of a company and its business.
For purposes of the 80% investment policy, “ESG criteria” is defined as the exclusion of investments issued by companies significantly involved in the production of tobacco products and controversial military weapons, consisting of cluster weapons, anti-personnel mines, nuclear weapons, and biological and chemical weapons, and the operation of thermal coal mines.
| Q | | What were the principal factors affecting the Fund’s benchmark-relative performance during the 12-month period ended September 30, 2022? |
| A | | Stock selection results within the communication services, health care, and industrials sectors drove the Fund’s benchmark-relative outperformance during the 12-month period. Sector allocations had no material effect on the Fund’s relative returns for the period. |
At the individual stock level, positive contributors to the Fund’s relative performance for the period included a position in Germany-based Hensoldt, within the industrials sector. Hensoldt develops sensor
6 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22
technologies and other electronics for the defense and aerospace sectors. The stock price slumped in mid-August, as a French subsidiary of the company was the target of a serious cyberattack, which affected its data centers. However, despite the temporary setback, Hensoldt eventually benefited from the German government’s announcement of plans to increase defense spending. We have retained the Fund’s position, given the company’s huge order backlog and even larger project pipeline, which we believe could support future earnings.
Another position that aided the Fund’s relative performance was insurer Progressive, which posted strong earnings driven by its repricing initiatives and expense-control measures. The defensive nature of the company’s business also provided the stock price a measure of stability during a relatively weak period in the equity markets. We have a positive view of Progressive’s longer-term outlook, as auto policies have continued to renew at higher rates to compensate for increased claim costs over the past year.
Our investment focus has led us to avoid taking a position in Meta, the parent of Facebook, within the communication services sector. Lack of portfolio exposure to the stock proved additive to the Fund’s benchmark-relative performance during the period, as Meta’s share price declined sharply on fears of a pullback in online advertising driven by recession fears.
On the downside, detractors from the Fund’s relative performance for the 12-month period included a position in Chinese e-commerce giant Alibaba. The company, like many Chinese counterparts, came under heavy pressure during the period as the Chinese authorities have continued to impose sporadic lockdowns due to the government’s aforementioned “Zero-COVID” policy, which has severely disrupted economic activity. Meanwhile, in late July, the US SEC added Alibaba to a growing list of Chinese stocks at risk of possible delisting because of Beijing’s refusal to permit American officials to review their auditors’ work. Alibaba has since responded that it would continue to comply with applicable laws and regulations, and strive to maintain its listing status. Fundamentally, Alibaba is, in our view, attractively valued, and has strong market positioning. In addition, from a global perspective, the shares have traded much less expensively than Alibaba’s e-commerce peers. We remain optimistic on the company’s growth potential, and continue to hold the stock in the portfolio.
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22 7
Another detractor from the Fund’s relative returns during the 12-month period was a position in Associated British Foods, a UK-based diversified international food, ingredients, and apparel retail company. British Food’s shares slumped during the period as the company’s budget-apparel retail segment has faced continued challenges in passing on rapidly rising costs (due to inflation) to customers. However, the company has remained profitable, particularly in its retail business (Primark), and has continued to make substantial dividend** payouts. With inflation expected to ease in 2023, we remain positive on British Food’s earnings growth outlook, and have retained the Fund’s position.
Finally, while the Fund has had a large position in consumer electronics and online services company Apple, the portfolio was nonetheless underweight to the stock, given Apple’s outsized representation within the MSCI ACWI Growth Index as well as our belief that the shares are not as attractively valued as those of some other companies within the information technology sector. The underweight position weighed on the Fund’s relative performance over the 12-month period, as Apple continued to take smartphone market share and grow its services business.
| Q | | Did the Fund have any exposure to derivative securities during the 12-month period ended September 30, 2022? |
| A | | No. The Fund had no derivatives exposure during the reporting period. |
| Q | | How would you characterize your outlook and the Fund’s overall positioning as of September 30, 2022? |
| A | | Global economic growth has been slowing as various central banks have continued to raise interest rates to address inflation. With respect to the US, the market so far appears to believe the Fed will be able to bring inflation under control, while avoiding a spike in unemployment as well as a deep recession. |
The significant year-to-date decline in equities has derived primarily from a contraction in valuations as a multiple of earnings (price-to-earnings multiples), the result of rising interest rates and the newfound availability of higher returns for investments considered less risky than stocks. We think market multiples could be more stable going forward, and so corporate earnings will be the key to the market’s direction and the performance of growth stocks relative to value stocks, in our view.
** Dividends are not guaranteed.
8 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22
In the second quarter, a number of companies reported margin pressures, despite strong revenue growth. We view this as a typical development at this stage of an inflationary breakout. We believe downgrades to future earnings could spur continued volatility and downside risk for equities until there are signs that the Fed is ready to pause its policy tightening. In addition, events in Ukraine and China’s COVID-19 containment efforts continue to be sources of uncertainty affecting the outlook for global economic growth and corporate earnings.
From a positioning perspective, the portfolio is overweight versus the benchmark to the financials, health care, and consumer staples sectors. Our view is that profitability for financial companies, particularly banks, may increase as net-interest margins potentially benefit from higher interest rates. Furthermore, we have found what we believe to be attractive valuations in select consumer staples and health care names.
Our expectations are for slower economic growth; and, as such, we have increased the Fund’s weighting to what we view as more stable and less-cyclical sectors. Conversely, the Fund is underweight to the information technology and communication services sectors, where we believe earnings and valuations could face challenges presented by both higher interest rates and inflation.
Please refer to the Schedule of Investments on pages 18–22 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, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, or adverse investor sentiment. These conditions may continue, recur, worsen or spread.
Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions.
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22 9
The Fund is subject to currency risk, meaning that the Fund could experience losses based on changes in the exchange rate between non-U.S. currencies and the U.S. dollar.
The Fund generally excludes corporate issuers that do not meet or exceed minimum ESG standards. Excluding specific issuers limits the universe of investments available to the Fund, which may mean forgoing some investment opportunities available to funds without similar ESG standards.
The market price of securities may fluctuate when interest rates change. When interest rates rise, the prices of fixed-income securities in the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed-income securities in the Fund will generally rise.
The Fund may use derivatives, which may have a potentially large impact on Fund performance.
The Fund may invest in IPOs (Initial Public Offerings), which may involve additional risks.
Before investing, consider the product’s investment objectives, risks, charges and expenses. Contact your financial professional or Amundi Asset Management US, 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 Global Sustainable Growth Fund | Annual Report | 9/30/22
Portfolio Summary | 9/30/22
| 10 Largest Holdings | |
| (As a percentage of total investments)* | |
| 1. | Apple, Inc. | 4.59% |
| 2. | Alphabet, Inc. | 4.41 |
| 3. | Microsoft Corp. | 2.96 |
| 4. | Progressive Corp. | 2.94 |
| 5. | PepsiCo., Inc. | 2.89 |
| 6. | RELX Plc | 2.86 |
| 7. | Eli Lilly & Co. | 2.71 |
| 8. | Thermo Fisher Scientific, Inc. | 2.64 |
| 9. | Hilton Worldwide Holdings, Inc. | 2.49 |
| 10. | Telkom Indonesia Persero Tbk PT | 2.45 |
* Excludes short-term 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 Global Sustainable Growth Fund | Annual Report | 9/30/22 11
Prices and Distributions | 9/30/22
Net Asset Value per Share
| Class | 9/30/22 | 9/30/21 |
| A | $7.86 | $9.84 |
| C | $7.76 | $9.81 |
| Y | $7.87 | $9.85 |
Distributions per Share: 10/1/21–9/30/22
| | | | |
| | Net Investment | Short-Term | Long-Term |
| Class | Income | Capital Gains | Capital Gains |
| A | $ — | $ — | $ — |
| C | $ — | $ — | $ — |
| Y | $0.0079 | $ — | $ — |
Index Definitions
The Morgan Stanley Capital International (MSCI) All Country World Growth 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 13–15.
12 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22
| Performance Update | 9/30/22 | 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 Global Sustainable Growth Fund at public offering price during the periods shown, compared to that of the MSCI All Country World Growth NR Index.*
| Average Annual Total Returns | |
| (As of September 30, 2022) | |
| | | | MSCI All |
| | Net | Public | Country |
| | Asset | Offering | World |
| | Value | Price | Growth |
| Period | (NAV) | (POP) | NR Index |
| Life-of-Class | | | |
| (5/10/21)* | -15.80% | -19.29% | -18.43% |
| 1 year | -20.12 | -24.71 | -27.48 |
| Expense Ratio | |
| (Per prospectus dated February 1, 2022) |
| Gross | Net |
| 12.69% | 1.00% |
Call 1-800-225-6292 or visit www.amundi.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 shown 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, 2023 for Class A shares. There can be no assurance that Amundi US will extend the expense limitation beyond such time. Please see the prospectus for more information.
| * | | Performance of Class A shares shown in the table and graph above is from the inception of Class A shares on 5/10/21 through 9/30/22. Index information shown in the graph above is from 5/31/21 through 9/30/22. |
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 Global Sustainable Growth Fund | Annual Report | 9/30/22 13
| Performance Update | 9/30/22 | 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 Global Sustainable Growth Fund at public offering price during the periods shown, compared to that of the MSCI All Country World Growth NR Index.*
| | | | |
| Average Annual Total Returns | |
| (As of September 30, 2022) | |
| |
| | | | MSCI All |
| | | | Country |
| | | | World |
| | If | If | Growth |
| Period | Held | Redeemed | NR Index |
| Life-of-Class | | | |
| (5/10/21)* | -16.57% | -16.57% | -18.43% |
| 1 year | -20.90 | -21.69 | -27.48 |
| | |
| Expense Ratio | |
| (Per prospectus dated February 1, 2022) |
| Gross | Net |
| 13.63% | 1.75% |
Call 1-800-225-6292 or visit www.amundi.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 reflect deduction of the CDSC for the one-year period, assuming a complete redemption of shares at the last price calculated on the last business day of the period, and no CDSC for the other time periods. 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, 2023 for Class C shares. There can be no assurance that Amundi US will extend the expense limitation beyond such time. Please see the prospectus for more information.
| * | | Performance of Class C shares shown in the table and graph above is from the inception of Class C shares on 5/10/21 through 9/30/22. Index information shown in the graph above is from 5/31/21 through 9/30/22. |
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.
14 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22
| Performance Update | 9/30/22 | 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 Global Sustainable Growth Fund at public offering price during the periods shown, compared to that of the MSCI All Country World Growth NR Index.*
| Average Annual Total Returns |
| (As of September 30, 2022) | |
| | | MSCI All |
| | Net | Country |
| | Asset | World |
| | Value | Growth |
| Period | (NAV) | NR Index |
| Life-of-Class | | |
| (5/10/21)* | -15.68% | -18.43% |
| 1 year | -20.04 | -27.48 |
| Expense Ratio | |
| (Per prospectus dated February 1, 2022) |
| Gross | Net |
| 12.64% | 0.70% |
Call 1-800-225-6292 or visit www.amundi.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 shown 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, 2023 for Class Y shares. There can be no assurance that Amundi US will extend the expense limitation beyond such time. Please see the prospectus for more information.
| * | | Performance of Class Y shares shown in the table and graph above is from the inception of Class Y shares on 5/10/21 through 9/30/22. Index information shown in the graph above is from 5/31/21 through 9/30/22. |
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 Global Sustainable Growth Fund | Annual Report | 9/30/22 15
Comparing Ongoing Fund Expenses
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 Global Sustainable Growth Fund
Based on actual returns from April 1, 2022 through September 30, 2022.
| | | | |
| Share Class | A | C | Y |
| Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
| Value on 4/1/22 | | | |
| Ending Account Value | $794.70 | $791.00 | $794.90 |
| (after expenses) | | | |
| on 9/30/22 | | | |
| Expenses Paid | $4.50 | $7.81 | $3.15 |
| During Period* | | | |
| * | | Expenses are equal to the Fund’s annualized expense ratio of 1.00%, 1.74%, and 0.70% for Class A, Class C, and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the partial year period). |
16 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22
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 Global Sustainable Growth Fund
Based on a hypothetical 5% return per year before expenses, reflecting the period from April 1, 2022 through September 30, 2022.
| | | | |
| Share Class | A | C | Y |
| Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
| Value on 4/1/22 | | | |
| Ending Account Value | $1,020.05 | $1,016.34 | $1,021.56 |
| (after expenses) | | | |
| on 9/30/22 | | | |
| Expenses Paid | $5.06 | $8.80 | $3.55 |
| During Period* | | | |
| * | | Expenses are equal to the Fund’s annualized expense ratio of 1.00%, 1.74%, and 0.70% for Class A, Class C, and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the partial year period). |
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22 17
Schedule of Investments | 9/30/22
| | | | |
| Shares | | | Value |
| | | UNAFFILIATED ISSUERS — 101.8% | |
| | | COMMON STOCKS — 93.2% of Net Assets |
| | | Aerospace & Defense — 1.8% | |
| | 1,540 | Hensoldt AG | $ 30,931 |
| | | Total Aerospace & Defense | $ 30,931 |
| | | Beverages — 2.7% | |
| | 289 | PepsiCo., Inc. | $ 47,182 |
| | | Total Beverages | $ 47,182 |
| | | Capital Markets — 6.2% | |
| | 498 | Charles Schwab Corp. | $ 35,792 |
| | 593 | Euronext NV (144A) | 37,524 |
| | 392 | Intercontinental Exchange, Inc. | 35,417 |
| | | Total Capital Markets | $ 108,733 |
| | | Communications Equipment — 1.7% | |
| | 132 | Motorola Solutions, Inc. | $ 29,564 |
| | | Total Communications Equipment | $ 29,564 |
| | | Diversified Telecommunication Services — 2.3% | |
| | 137,700 | Telkom Indonesia Persero Tbk PT | $ 40,112 |
| | | Total Diversified Telecommunication Services | $ 40,112 |
| | | Electrical Equipment — 0.3% | |
| | 35(a) | Generac Holdings, Inc. | $ 6,235 |
| | | Total Electrical Equipment | $ 6,235 |
| | | Electronic Equipment, Instruments & Components — 3.5% | |
| | 384 | Amphenol Corp., Class A | $ 25,713 |
| | 231 | CDW Corp. | 36,054 |
| | | Total Electronic Equipment, Instruments & Components | $ 61,767 |
| | | Energy Equipment & Services — 1.7% | |
| | 1,423 | Baker Hughes Co. | $ 29,826 |
| | | Total Energy Equipment & Services | $ 29,826 |
| | | Entertainment — 1.9% | |
| | 290 | Electronic Arts, Inc. | $ 33,556 |
| | | Total Entertainment | $ 33,556 |
| | | Food & Staples Retailing — 2.1% | |
| | 900 | Seven & i Holdings Co., Ltd. | $ 36,152 |
| | | Total Food & Staples Retailing | $ 36,152 |
| | | Food Products — 1.8% | |
| | 2,240 | Associated British Foods Plc | $ 31,229 |
| | | Total Food Products | $ 31,229 |
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22
| Shares | | | Value |
| | | Health Care Equipment & Supplies — 3.8% |
| | 342(a) | Edwards Lifesciences Corp. | $ 28,259 |
| | 400 | Hoya Corp. | 38,458 |
| | | Total Health Care Equipment & Supplies | $ 66,717 |
| | | Health Care Providers & Services — 2.9% | |
| | 497 | Cardinal Health, Inc. | $ 33,140 |
| | 40 | Elevance Health, Inc. | 18,170 |
| | | Total Health Care Providers & Services | $ 51,310 |
| | | Hotels, Restaurants & Leisure — 2.3% | |
| | 337 | Hilton Worldwide Holdings, Inc. | $ 40,649 |
| | | Total Hotels, Restaurants & Leisure | $ 40,649 |
| | | Household Durables — 2.2% | |
| | 600 | Sony Group Corp. | $ 38,617 |
| | | Total Household Durables | $ 38,617 |
| | | Household Products — 2.2% | |
| | 594 | Reckitt Benckiser Group Plc | $ 39,258 |
| | | Total Household Products | $ 39,258 |
| | | Insurance — 4.3% | |
| | 5,500 | Ping An Insurance Group Co. of China, Ltd., Class H | $ 27,348 |
| | 413 | Progressive Corp. | 47,995 |
| | | Total Insurance | $ 75,343 |
| | | Interactive Media & Services — 5.1% | |
| | 750(a) | Alphabet, Inc., Class C | $ 72,113 |
| | 500 | Tencent Holdings, Ltd. | 16,886 |
| | | Total Interactive Media & Services | $ 88,999 |
| | | Internet & Direct Marketing Retail — 4.0% |
| | 3,700(a) | Alibaba Group Holding, Ltd. | $ 37,114 |
| | 292(a) | Amazon.com, Inc. | 32,996 |
| | | Total Internet & Direct Marketing Retail | $ 70,110 |
| | | IT Services — 6.9% | |
| | 356(a) | Amadeus IT Group S.A. | $ 16,479 |
| | 262 | Cognizant Technology Solutions Corp., Class A | 15,049 |
| | 316 | International Business Machines Corp. | 37,544 |
| | 114 | Mastercard, Inc., Class A | 32,415 |
| | 2,074(a) | TDCX, Inc. (A.D.R.) | 19,433 |
| | | Total IT Services | $ 120,920 |
| | | Life Sciences Tools & Services — 2.4% | |
| | 85 | Thermo Fisher Scientific, Inc. | $ 43,111 |
| | | Total Life Sciences Tools & Services | $ 43,111 |
The accompanying notes are an integral part of these financial statements.
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22 19
Schedule of Investments | 9/30/22 (continued)
| | | | |
| Shares | | | Value |
| | | Pharmaceuticals — 6.4% | |
| | 300 | Eisai Co., Ltd. | $ 16,092 |
| | 137 | Eli Lilly & Co. | 44,299 |
| | 153 | Johnson & Johnson | 24,994 |
| | 621 | Pfizer, Inc. | 27,175 |
| | | Total Pharmaceuticals | $ 112,560 |
| | | Professional Services — 2.7% | |
| | 1,912 | RELX Plc | $ 46,677 |
| | | Total Professional Services | $ 46,677 |
| | | Semiconductors & Semiconductor Equipment — 6.2% | |
| | 342(a) | Advanced Micro Devices, Inc. | $ 21,669 |
| | 45 | ASML Holding NV | 18,666 |
| | 259 | QUALCOMM, Inc. | 29,262 |
| | 517 | Taiwan Semiconductor Manufacturing Co., Ltd. (A.D.R.) | 35,446 |
| | 100 | Ulvac, Inc. | 3,557 |
| | | Total Semiconductors & Semiconductor Equipment | $ 108,600 |
| | | Software — 5.7% | |
| | 208 | Microsoft Corp. | $ 48,443 |
| | 528 | Oracle Corp. | 32,245 |
| | 130(a) | Salesforce, Inc. | 18,699 |
| | | Total Software | $ 99,387 |
| | | Specialty Retail — 1.4% | |
| | 392 | TJX Cos., Inc. | $ 24,351 |
| | | Total Specialty Retail | $ 24,351 |
| | | Technology Hardware, Storage & Peripherals — 6.5% | |
| | 543 | Apple, Inc. | $ 75,043 |
| | 1,054 | Samsung Electronics Co., Ltd. | 38,727 |
| | | Total Technology Hardware, Storage & Peripherals | $ 113,770 |
| | | Textiles, Apparel & Luxury Goods — 2.2% | |
| | 66 | LVMH Moet Hennessy Louis Vuitton SE | $ 38,797 |
| | | Total Textiles, Apparel & Luxury Goods | $ 38,797 |
| | | TOTAL COMMON STOCKS | |
| | | (Cost $2,011,931) | $1,634,463 |
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22
| | | | |
| Shares | | | Value |
| | | SHORT TERM INVESTMENTS — 8.6% of Net Assets | |
| | | Open-End Fund — 8.6% | |
| | 151,334(b) | Dreyfus Government Cash Management, Institutional | |
| | | Shares, 2.75% | $ 151,334 |
| | | | $ 151,334 |
| | | TOTAL SHORT TERM INVESTMENTS | |
| | | (Cost $151,334) | $ 151,334 |
| | | TOTAL INVESTMENTS IN UNAFFILIATED | |
| | | ISSUERS — 101.8% | |
| | | (Cost $2,163,265) | $1,785,797 |
| | | OTHER ASSETS AND LIABILITIES — (1.8)% | $ (31,774) |
| | | NET ASSETS — 100.0% | $1,754,023 |
(A.D.R.) American Depositary Receipts.
(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 September 30, 2022, the value of these securities amounted to $37,524, or 2.1% of net assets.
(a) Non-income producing security.
(b) Rate periodically changes. Rate disclosed is the 7-day yield at September 30, 2022.
Distribution of investments by country of domicile (excluding short-term investments) as a percentage of total investments in securities, is as follows:
| United States | 62.8% |
| Japan | 8.1% |
| United Kingdom | 7.2% |
| China | 5.0% |
| Netherlands | 3.4% |
| Indonesia | 2.4% |
| France | 2.4% |
| South Korea | 2.4% |
| Taiwan | 2.2% |
| Germany | 1.9% |
| Singapore | 1.2% |
| Spain | 1.0% |
| | 100.0% |
Principal amounts are denominated in U.S. dollars (“USD”) unless otherwise noted.
Purchases and sales of securities (excluding short-term investments) for the year ended September 30, 2022, aggregated $845,532 and $762,071, respectively.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22 21
Schedule of Investments | 9/30/22 (continued)
At September 30, 2022, the net unrealized depreciation on investments based on cost for federal tax purposes of $2,166,711 was as follows:
| | |
| Aggregate gross unrealized appreciation for all investments in which | |
| there is an excess of value over tax cost | $ 58,923 |
| Aggregate gross unrealized depreciation for all investments in which | |
| there is an excess of tax cost over value | (439,837) |
| |
| Net unrealized depreciation | $(380,914) |
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 – unadjusted 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 Adviser's own assumptions in determining fair value of investments). See Notes to Financial Statements — Note 1A.
The following is a summary of the inputs used as of September 30, 2022, in valuing the Fund’s investments:
| | | | | |
| | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | | | | |
| Aerospace & Defense | $ — | $ 30,931 | $ | $ 30,931 |
| Capital Markets | 71,209 | 37,524 | — | 108,733 |
| Diversified Telecommunication | | | | |
| Services | — | 40,112 | — | 40,112 |
| Food & Staples Retailing | — | 36,152 | — | 36,152 |
| Food Products | — | 31,229 | — | 31,229 |
| Health Care Equipment & Supplies | 28,259 | 38,458 | — | 66,717 |
| Household Durables | — | 38,617 | — | 38,617 |
| Household Products | — | 39,258 | — | 39,258 |
| Insurance | 47,995 | 27,348 | — | 75,343 |
| Interactive Media & Services | 72,113 | 16,886 | — | 88,999 |
| Internet & Direct Marketing Retail | 32,996 | 37,114 | — | 70,110 |
| IT Services | 104,441 | 16,479 | — | 120,920 |
| Pharmaceuticals | 96,468 | 16,092 | — | 112,560 |
| Professional Services | — | 46,677 | — | 46,677 |
| Semiconductors & Semiconductor | | | | |
| Equipment | 86,377 | 22,223 | — | 108,600 |
| Technology Hardware, | | | | |
| Storage & Peripherals | 75,043 | 38,727 | — | 113,770 |
| Textiles, Apparel & Luxury Goods | — | 38,797 | — | 38,797 |
| All Other Common Stocks | 466,938 | — | — | 466,938 |
| Open-End Fund | 151,334 | — | — | 151,334 |
| Total Investments in Securities | $1,233,173 | $552,624 | $ — | $1,785,797 |
During the year ended September 30, 2022, there were no transfers in or out of Level 3.
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22
Statement of Assets and Liabilities | 9/30/22
| ASSETS: | |
| Investments in unaffiliated issuers, at value (cost $2,163,265) | $1,785,797 |
| Receivables — | |
| Investment securities sold | 23,104 |
| Dividends | 2,189 |
| Interest | 218 |
| Due from the Adviser | 1,430 |
| Due from affiliates | 512 |
| Other assets | 15,846 |
| Total assets | $1,829,096 |
| LIABILITIES: | |
| Payables — | |
| Investment securities purchased | $ 23,922 |
| Professional fees | 44,460 |
| Printing expense | 6,000 |
| Due to affiliates | 224 |
| Accrued expenses | 467 |
| Total liabilities | $ 75,073 |
| NET ASSETS: | |
| Paid-in capital | $2,239,458 |
| Distributable earnings (loss) | (485,435) |
| Net assets | $1,754,023 |
| NET ASSET VALUE PER SHARE: | |
| No par value (unlimited number of shares authorized) | |
| Class A (based on $650,053/82,726 shares) | $ 7.86 |
| Class C (based on $473,517/60,984 shares) | $ 7.76 |
| Class Y (based on $630,453/80,060 shares) | $ 7.87 |
| MAXIMUM OFFERING PRICE PER SHARE: | |
| Class A (based on $7.86 net asset value per share/100%-5.75% | |
| maximum sales charge) | $ 8.34 |
The accompanying notes are an integral part of these financial statements.
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22 23
Statement of Operations
FOR THE YEAR ENDED 9/30/22
| INVESTMENT INCOME: | | |
| Dividends from unaffiliated issuers (net of foreign taxes | | |
| withheld $972) | $ 24,827 | |
| Interest from unaffiliated issuers | 540 | |
| Total Investment Income | | $ 25,367 |
| EXPENSES: | | |
| Management fees | $ 13,660 | |
| Administrative expenses | 12,840 | |
| Transfer agent fees | | |
| Class A | 128 | |
| Class C | 38 | |
| Class Y | 16 | |
| Distribution fees | | |
| Class A | 1,927 | |
| Class C | 5,706 | |
| Shareowner communications expense | 508 | |
| Custodian fees | 71 | |
| Registration fees | 92,948 | |
| Professional fees | 72,368 | |
| Printing expense | 33,571 | |
| Pricing fees | 1,686 | |
| Trustees’ fees | 8,031 | |
| Miscellaneous | 4,340 | |
| Total expenses | | $ 247,838 |
| Less fees waived and expenses reimbursed by the Adviser | | (224,904) |
| Net expenses | | $ 22,934 |
| Net investment income | | $ 2,433 |
| REALIZED AND UNREALIZED GAIN (LOSS) | | |
| ON INVESTMENTS: | | |
| Net realized gain (loss) on: | | |
| Investments in unaffiliated issuers | $ (97,146) | |
| Other assets and liabilities denominated in | | |
| foreign currencies | (589) | $ (97,735) |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investments in unaffiliated issuers | $ (350,163) | |
| Other assets and liabilities denominated in | | |
| foreign currencies | (135) | $ (350,298) |
| Net realized and unrealized gain (loss) on investments | | $ (448,033) |
| Net decrease in net assets resulting from operations | | $(445,600) |
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22
Statement of Changes in Net Assets
| | | |
| | Year | |
| | Ended | 5/10/21* to |
| | 9/30/22 | 9/30/21 |
| FROM OPERATIONS: | | |
| Net investment income (loss) | $ 2,433 | $ 394 |
| Net realized gain (loss) on investments | (97,735) | (12,702) |
| Change in net unrealized appreciation (depreciation) | | |
| on investments | (350,298) | (27,310) |
| Net decrease in net assets resulting from operations | $ (445,600) | $ (39,618) |
| DISTRIBUTIONS TO SHAREOWNERS: | | |
| Class Y ($0.01 and $— per share, respectively) | $ (632) | $ — |
| Total distributions to shareowners | $ (632) | $ — |
| FROM FUND SHARE TRANSACTIONS: | | |
| Net proceeds from sales of shares | $ 63,015 | $2,195,315 |
| Reinvestment of distributions | 632 | — |
| Cost of shares repurchased | (19,089) | — |
| Net increase in net assets resulting from Fund | | |
| share transactions | $ 44,558 | $2,195,315 |
| Net increase (decrease) in net assets | $ (401,674) | $2,155,697 |
| NET ASSETS: | | |
| Beginning of year | $2,155,697 | $ — |
| End of year | $1,754,023 | $2,155,697 |
* The Fund commenced operations on May 10, 2021.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22 25
Statement of Changes in Net Assets
(continued)
| | Year | Year | | |
| | Ended | Ended | 5/10/21* to | 5/10/21* to |
| | 9/30/22 | 9/30/22 | 9/30/21 | 9/30/21 |
| | Shares | Amount | Shares | Amount |
| Class A | | | | |
| Shares sold | 6,379 | $ 63,015 | 78,223 | $785,315 |
| Reinvestment of | | | | |
| distributions | — | — | — | — |
| Less shares repurchased | (1,876) | (19,089) | — | — |
| Net increase | 4,503 | $ 43,926 | 78,223 | $785,315 |
| Class C | | | | |
| Shares sold | — | $ — | 60,984 | $610,000 |
| Reinvestment of | | | | |
| distributions | — | — | — | — |
| Less shares repurchased | — | — | — | — |
| Net increase | — | $ — | 60,984 | $610,000 |
| Class Y | | | | |
| Shares sold | — | $ — | 80,000 | $800,000 |
| Reinvestment of | | | | |
| distributions | 60 | 632 | — | — |
| Less shares repurchased | — | — | — | — |
| Net increase | 60 | $ 632 | 80,000 | $800,000 |
* The Fund commenced operations on May 10, 2021.
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22
Financial Highlights
| | Year | |
| | Ended | 5/10/21* to |
| | 9/30/22 | 9/30/21 |
| Class A | | |
| Net asset value, beginning of period | $ 9.84 | $ 10.00 |
| Increase (decrease) from investment operations: | | |
| Net investment income (loss) (a) | $ 0.02 | $ 0.01 |
| Net realized and unrealized gain (loss) on investments | (2.00) | (0.17) |
| Net increase (decrease) from investment operations | $ (1.98) | $ (0.16) |
| Net increase (decrease) in net asset value | $ (1.98) | $ (0.16) |
| Net asset value, end of period | $ 7.86 | $ 9.84 |
| Total return (b) | (20.12)% | (1.60)%(c) |
| Ratio of net expenses to average net assets | 1.00% | 0.75%(d) |
| Ratio of net investment income (loss) to average | | |
| net assets | 0.21% | 0.28%(d) |
| Portfolio turnover rate | 38% | 11%(c) |
| Net assets, end of period (in thousands) | $ 650 | $ 770 |
| 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 | 11.71% | 12.69%(d) |
| Net investment income (loss) to average net assets | (10.50)% | (11.66)%(d) |
| * | | Class A commenced operations on May 10, 2021. |
| (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. |
The accompanying notes are an integral part of these financial statements.
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22 27
Financial Highlights (continued)
| | Year | |
| | Ended | 5/10/21* to |
| | 9/30/22 | 9/30/21 |
| Class C | | |
| Net asset value, beginning of period | $ 9.81 | $ 10.00 |
| Increase (decrease) from investment operations: | | |
| Net investment income (loss) (a) | $ (0.05) | $ (0.03) |
| Net realized and unrealized gain (loss) on investments | (2.00) | (0.16) |
| Net increase (decrease) from investment operations | $ (2.05) | $ (0.19) |
| Net increase (decrease) in net asset value | $ (2.05) | $ (0.19) |
| Net asset value, end of period | $ 7.76 | $ 9.81 |
| Total return (b) | (20.90)% | (1.90)%(c) |
| Ratio of net expenses to average net assets | 1.74% | 1.69%(d) |
| Ratio of net investment income (loss) to average | | |
| net assets | (0.53)% | (0.64)%(d) |
| Portfolio turnover rate | 38% | 11%(c) |
| Net assets, end of period (in thousands) | $ 474 | $ 598 |
| 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 | 12.43% | 13.63%(d) |
| Net investment income (loss) to average net assets | (11.22)% | (12.58)%(d) |
| * | | Class C commenced operations on May 10, 2021. |
| (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. |
The accompanying notes are an integral part of these financial statements.
28 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22
| | Year | |
| | Ended | 5/10/21* to |
| | 9/30/22 | 9/30/21 |
| Class Y | | |
| Net asset value, beginning of period | $ 9.85 | $ 10.00 |
| Increase (decrease) from investment operations: | | |
| Net investment income (loss) (a) | $ 0.05 | $ 0.01 |
| Net realized and unrealized gain (loss) on investments | (2.02) | (0.16) |
| Net increase (decrease) from investment operations | $ (1.97) | $ (0.15) |
| Distributions to shareowners: | | |
| Net investment income | $ (0.01) | $ — |
| Net increase (decrease) in net asset value | $ (1.98) | $ (0.15) |
| Net asset value, end of period | $ 7.87 | $ 9.85 |
| Total return (b) | (20.04)% | (1.50)%(c) |
| Ratio of net expenses to average net assets | 0.70% | 0.70%(d) |
| Ratio of net investment income (loss) to average | | |
| net assets | 0.51% | 0.35%(d) |
| Portfolio turnover rate | 38% | 11%(c) |
| Net assets, end of period (in thousands) | $ 630 | $ 788 |
| 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 | 11.40% | 12.64%(d) |
| Net investment income (loss) to average net assets | (10.19)% | (11.59)%(d) |
| * | | Class Y commenced operations on May 10, 2021. |
| (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. |
The accompanying notes are an integral part of these financial statements.
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22 29
Notes to Financial Statements | 9/30/22
1. Organization and Significant Accounting Policies
Pioneer Global Sustainable Growth Fund (the “Fund”) is one of five portfolios comprising Pioneer Series Trust XIV (the “Trust”), a Delaware statutory trust. The Fund is registered under the Investment Company Act of 1940 (the “1940 Act”) as a diversified, open end management investment company. The Fund’s investment objective is to seek long-term capital growth.
The Fund offers three classes of shares designated as Class A, Class C and Class Y shares. Class A, Class C and Class Y commenced operations on May 10, 2021. 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 Trust 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 Asset Management US, 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 Distributor US, Inc., an affiliate of the Adviser, serves as the Fund’s distributor (the “Distributor”).
In March 2020, FASB issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other LIBOR-based reference rates at the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2023. Management is evaluating the impact of
30 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22
ASU 2020-04 on the Fund’s investments, derivatives, debt and other contracts, if applicable, that will undergo reference rate-related modifications as a result of the reference rate reform.
Effective August 19, 2022, the Fund is required to comply with Rule 18f-4 under the 1940 Act, which governs the use of derivatives by registered investment companies. Rule 18f-4 permits funds to enter into derivatives transactions (as defined in Rule 18f-4) and certain other transactions notwithstanding the restrictions on the issuance of “senior securities” under Section 18 of the 1940 Act. Rule 18f-4 requires a fund to establish and maintain a comprehensive derivatives risk management program, appoint a derivatives risk manager and comply with a relative or absolute limit on fund leverage risk calculated based on value-at-risk (“VaR”), unless the fund uses derivatives in only a limited manner.
The Fund is an investment company and follows investment company accounting and reporting guidance under U.S. Generally Accepted Accounting Principles (“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.
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
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22 31
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 Adviser may use a fair value model developed by an independent pricing service to value non-U.S. equity securities.
Shares of open-end registered investment companies (including money market mutual funds) are valued at such funds’ net asset value.
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. Effective September 8, 2022, the Adviser is designated as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Adviser’s fair valuation team is responsible for monitoring developments that may impact fair valued securities.
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 Adviser 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.
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.
32 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22
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, 2022, 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.
At September 30, 2022, the Fund was permitted to carry forward indefinitely $80,111 of short-term losses and $26,249 of long-term losses, which may be subject to limitations imposed by the Internal Revenue Code.
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22 33
The tax character of distributions paid during the years ended September 30, 2022 and September 30, 2021, were as follows:
| |
| | 2022 | 2021 |
| Distributions paid from: | | |
| Ordinary income | $632 | $— |
| Total | $632 | $— |
The following shows the components of distributable earnings (losses) on a federal income tax basis at September 30, 2022:
| | |
| | 2022 |
| Distributable earnings/(losses): | |
| Undistributed ordinary income | $ 1,839 |
| Capital loss carryforward | (106,360) |
| Net unrealized depreciation | (380,914) |
| Total | $(485,435) |
The difference between book basis and tax basis unrealized depreciation is attributable to the tax deferral of losses on wash sales.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The Distributor earned $211 in underwriting commissions on the sale of Class A shares during the year ended September 30, 2022.
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 5). 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 4).
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.
34 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22
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, armed conflict including Russia’s military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, 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. In recent years, interest rates and credit spreads in the U.S. have been at historic lows. The U.S. Federal Reserve has raised certain interest rates, and interest rates may continue to go up. A 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. Rates of inflation have recently risen. The value of assets or income from an investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund’s assets can decline as can the value of the Fund’s distributions.
The global pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in 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 sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue to affect adversely the value and liquidity of the Fund’s investments. Following Russia’s invasion of Ukraine, Russian securities have lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future geopolitical or other events or conditions.
Governments and central banks, including the U.S. Federal Reserve, 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 consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time.
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.
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22 35
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, military conflicts and sanctions, terrorism, sustained economic downturns, financial instability, less liquid trading markets, extreme price volatility, currency risks, reduction of government or central bank support, inadequate accounting standards, tariffs, tax disputes or other tax burdens, nationalization or expropriation of assets, and the imposition of adverse governmental laws, arbitrary application of laws and regulations or lack of rule of law and investment and repatriation 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.
Russia launched a large-scale invasion of Ukraine on February 24, 2022. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia and Belarus and certain companies and individuals. Since then, Russian securities have lost all, or nearly all, their market value, and many other issuers, securities and markets have been adversely affected. The United States and other countries may impose sanctions on other countries, companies and individuals in light of Russia’s military invasion. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the value and liquidity of certain Fund investments, on Fund performance and the value of an investment in the Fund, particularly with respect to securities and commodities, such as oil and natural gas, and food commodities, with respect to the issuer’s capacity to pay interest and repay principal, as well as other sectors with exposure to Russian issuers or issuers in other countries affected by the invasion, and are likely to have collateral impacts on market sectors globally.
The Fund's ESG criteria exclude securities of issuers in certain industries, and the Adviser considers ESG factors in making investment decisions. Excluding specific issuers limits the universe of investments available to the Fund as compared with other funds that do not consider ESG criteria or ESG factors, which may mean forgoing some investment opportunities
36 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22
available to funds that do not consider ESG criteria or ESG factors. Accordingly, the Fund may underperform other funds that do not utilize an investment strategy that considers ESG criteria or ESG factors. However, the strategy of seeking to identify companies with sustainable business models is believed to provide potential return and risk benefits, including the selection of issuers with fewer ESG-related risks. In considering ESG factors, the Adviser may use third party ESG ratings information that it believes to be reliable, but such information may not be accurate or complete, or may be biased.
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 the Fund’s custodian and accounting agent, and 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 the Adviser 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 the Adviser 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.
2. Management Agreement
The Adviser manages the Fund’s portfolio. Management fees payable under the Fund’s Investment Management Agreement with the Adviser are calculated daily and paid monthly at the annual rate of 0.65% of the Portfolio’s average daily net assets up to $1 billion and 0.60% of the Fund’s
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22 37
average daily net assets over $1 billion. For the year ended September 30, 2022, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.65% of the Fund’s average daily net assets.
The Adviser has contractually agreed to waive and/or reimburse ordinary operating expenses (ordinary operating expenses means all fund expenses other than taxes, brokerage commissions, acquired Fund fees and expenses, and extraordinary expenses, such as litigation) of the Fund to the extent required to reduce Fund expenses to 1.00%, 1.75% and 0.70% of the average daily net assets attributable to Class A, Class C and Class Y Shares, respectively. These expense limitations are in effect through February 1, 2023. 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. Fees waived and expenses reimbursed during the year ended September 30, 2022, are reflected on the Statement of Operations.
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 $171 in management fees, administrative costs and certain other reimbursements payable to the Adviser at September 30, 2022. Included in “Due from affiliates” reflected on the Statement of Assets and Liabilities is $512 in accounting fees receivable from the Distributor at September 30, 2022.
3. Compensation of Trustees and Officers
The Fund pays an annual fee to its Trustees. The Adviser reimburses the Fund for fees paid to the Interested Trustees. The Fund does not pay any salary or other compensation to its officers. For the year ended September 30, 2022, the Fund paid $8,031 in Trustees’ compensation, which is reflected on the Statement of Operations as Trustees’ fees. At September 30, 2022, the Fund had no payable for Trustees’ fees on its Statement of Assets and Liabilities.
4. Transfer Agent
For the period from October 1, 2021 to November 21, 2021, DST Asset Manager Solutions, Inc. served as the transfer agent to the Fund at negotiated rates. Effective November 22, 2021, BNY Mellon Investment Servicing (US) 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.
38 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22
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 year ended September 30, 2022, such out-of-pocket expenses by class of shares were as follows:
| Shareowner Communications: | |
| Class A | $337 |
| Class C | 162 |
| Class Y | 9 |
| Total | $508 |
5. Distribution Plan
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. Included in “Due to affiliates” reflected on the Statement of Assets and Liabilities is $53 in distribution fees payable to the Distributor at September 30, 2022.
In addition, redemptions of each 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 year ended September 30, 2022, CDSCs in the amount of $0 were paid to the Distributor.
6. Changes in Custodian and Sub-Administrator, and Trans-fer Agent
Effective November 22, 2021, The Bank of New York Mellon Corporation (“BNY Mellon”) serves as the Fund’s Custodian and Sub-Administrator.
Effective November 22, 2021, BNY Mellon Investment Servicing (US) Inc. serves as the Fund’s shareholder servicing and transfer agent.
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22 39
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust XIV and the Shareowners of Pioneer Global Sustainable Growth Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pioneer Global Sustainable Growth Fund (the “Fund”) (one of the funds constituting Pioneer Series Trust XIV (the “Trust”)), including the schedule of investments, as of September 30, 2022, and the related statement of operations for the year then ended, the statement of changes in net assets and the financial highlights for the year ended September 30, 2022 and the period from May 10, 2021 (commencement of operations) through September 30, 2021 and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of Pioneer Global Sustainable Growth Fund (one of the funds constituting Pioneer Series Trust XIV) at September 30, 2022, and the results of its operations for the year then ended, the changes in its net assets and its financial highlights for the year ended September 30, 2022 and the period from May 10, 2021 (commencement of operations) through September 30, 2021, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities law and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audits of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
40 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies in the Pioneer family of funds since 2017.
Boston, Massachusetts
November 29, 2022
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22 41
Additional Information (unaudited)
For the year ended September 30, 2022, certain dividends paid by the Fund may be subject to a maximum tax rate of 20%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act (the Act) of 2003. The Fund intends to designate up to the maximum amount of such dividends allowable under the Act, as taxed at a maximum rate of 20%. Complete information will be computed and reported in conjunction with your 2022 Form 1099-DIV.
The qualifying percentage of the Fund’s ordinary income dividends for the purpose of the corporate dividends received deduction was 100%.
42 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22
Approval of Renewal of Investment Management Agreement
Amundi Asset Management US, Inc. (“Amundi US”) serves as the investment adviser to Pioneer Global Sustainable Growth Fund (the “Fund”) pursuant to an investment management agreement between Amundi US and the Fund. In order for Amundi US to remain the investment adviser of the Fund, the Trustees of the Fund, including a majority of the Fund’s Independent Trustees, must determine annually whether to renew the investment management agreement for the Fund.
The contract review process began in January 2022 as the Trustees of the Fund agreed on, among other things, an overall approach and timeline for the process. Contract review materials were provided to the Trustees in March 2022, July 2022 and September 2022. In addition, the Trustees reviewed and discussed the Fund’s performance at regularly scheduled meetings throughout the year, and took into account other information related to the Fund provided to the Trustees at regularly scheduled meetings, in connection with the review of the Fund’s investment management agreement.
In March 2022, the Trustees, among other things, discussed the memorandum provided by Fund counsel that summarized the legal standards and other considerations that are relevant to the Trustees in their deliberations regarding the renewal of the investment management agreement, and reviewed and discussed the qualifications of the investment management teams for the Fund, as well as the level of investment by the Fund’s portfolio managers in the Fund. In July 2022, the Trustees, among other things, reviewed the Fund’s management fees and total expense ratios, the financial statements of Amundi US and its parent companies, profitability analyses provided by Amundi US, and analyses from Amundi US as to possible economies of scale. The Trustees also reviewed the profitability of the institutional business of Amundi US as compared to that of Amundi US’s fund management business, and considered the differences between the fees and expenses of the Fund and the fees and expenses of Amundi US’s institutional accounts, as well as the different services provided by Amundi US to the Fund and to the institutional accounts. The Trustees further considered contract review materials, including additional materials received in response to the Trustees’ request, in September 2022.
At a meeting held on September 20, 2022, based on their evaluation of the information provided by Amundi US and third parties, the Trustees of the Fund, including the Independent Trustees voting separately advised by independent counsel, unanimously approved the renewal of the investment
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22 43
management agreement for another year. In approving the renewal of the investment management agreement, the Trustees considered various factors that they determined were relevant, including the factors described below. The Trustees did not identify any single factor as the controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had been provided by Amundi US to the Fund, taking into account the investment objective and strategy of the Fund. The Trustees also reviewed Amundi US’s investment approach for the Fund and its research process. The Trustees considered the resources of Amundi US and the personnel of Amundi US who provide investment management services to the Fund. They also reviewed the amount of non-Fund assets managed by the portfolio managers of the Fund. They considered the non-investment resources and personnel of Amundi US that are involved in Amundi US’s services to the Fund, including Amundi US’s compliance, risk management, and legal resources and personnel. The Trustees noted the substantial attention and high priority given by Amundi US’s senior management to the Pioneer Fund complex, including with respect to the increasing regulation to which the Pioneer Funds are subject. The Trustees considered the effectiveness of Amundi US’s business continuity plan in response to the ongoing COVID-19 pandemic.
The Trustees considered that Amundi US supervises and monitors the performance of the Fund’s service providers and provides the Fund with personnel (including Fund officers) and other resources that are necessary for the Fund’s business management and operations. The Trustees also considered that, as administrator, Amundi US is responsible for the administration of the Fund’s business and other affairs. The Trustees considered that the Fund reimburses Amundi US its pro rata share of Amundi US’s costs of providing administration services to the Pioneer Funds.
Based on these considerations, the Trustees concluded that the nature, extent and quality of services that had been provided by Amundi US to the Fund were satisfactory and consistent with the terms of the investment management agreement.
Performance of the Fund
In considering the Fund’s performance, the Trustees regularly review and discuss throughout the year data prepared by Amundi US and information comparing the Fund’s performance with the performance of its peer group of funds, as classified by Morningstar, Inc. (Morningstar), and with the performance of the Fund’s benchmark index. They also discuss the Fund’s
44 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22
performance with Amundi US on a regular basis. The Trustees’ regular reviews and discussions were factored into the Trustees’ deliberations concerning the renewal of the investment management agreement.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in comparison to the management fees of its peer group of funds as classified by Morningstar and also to the expense ratios of a peer group of funds selected on the basis of criteria determined by the Independent Trustees for this purpose using data provided by Strategic Insight Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent third party. The peer group comparisons referred to below are organized in quintiles. Each quintile represents one-fifth of the peer group. In all peer group comparisons referred to below, first quintile is most favorable to the Fund’s shareowners. The Trustees noted that they separately review and consider the impact of the Fund’s transfer agency and Fund- and Amundi US-paid expenses for sub-transfer agency and intermediary arrangements, and that the results of the most recent such review were considered in the consideration of the Fund’s expense ratio.
The Trustees considered that the Fund’s management fee for the most recent fiscal year was in the fifth quintile relative to the management fees paid by other funds in its Morningstar category for the comparable period. The Trustees noted Amundi US’s explanation of the reasons that the Fund’s management fee was in the fifth quintile relative to the management fees paid by other funds in its Morningstar category. The Trustees considered that the expense ratio of the Fund’s Class Y shares for the most recent fiscal year was in the first quintile relative to its Strategic Insight peer group for the comparable period. The Trustees noted that Amundi US had agreed to waive fees and/or reimburse expenses in order to limit the ordinary operating expenses of the Fund.
The Trustees reviewed management fees charged by Amundi US to institutional and other clients, including publicly offered European funds sponsored by Amundi US’s affiliates, unaffiliated U.S. registered investment companies (in a sub-advisory capacity), and unaffiliated foreign and domestic separate accounts. The Trustees also considered Amundi US’s costs in providing services to the Fund and Amundi US’s costs in providing services to the other clients and considered the differences in management fees and profit margins for fund and non-fund services. In evaluating the fees associated with Amundi US’s client accounts, the Trustees took into account the respective demands, resources and complexity associated with the Fund and other client accounts. The Trustees noted that, in some instances, the fee rates for those clients were lower than the management
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22 45
fee for the Fund and considered that, under the investment management and administration agreements with the Fund, Amundi US performs additional services for the Fund that it does not provide to those other clients or services that are broader in scope, including oversight of the Fund’s other service providers and activities related to compliance and the extensive regulatory and tax regimes to which the Fund is subject. The Trustees also considered the entrepreneurial risks associated with Amundi US’s management of the Fund.
The Trustees concluded that the management fee payable by the Fund to Amundi US was reasonable in relation to the nature and quality of the services provided by Amundi US.
Profitability
The Trustees considered information provided by Amundi US regarding the profitability of Amundi US with respect to the advisory services provided by Amundi US to the Fund, including the methodology used by Amundi US in allocating certain of its costs to the management of the Fund. The Trustees also considered Amundi US’s profit margin in connection with the overall operation of the Fund. They further reviewed the financial results, including the profit margins, realized by Amundi US from non-fund businesses. The Trustees considered Amundi US’s profit margins in comparison to the limited industry data available and noted that the profitability of any adviser was affected by numerous factors, including its organizational structure and method for allocating expenses. The Trustees concluded that Amundi US’s profitability with respect to the management of the Fund was not unreasonable.
Economies of Scale
The Trustees considered Amundi US’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 the Fund 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 Amundi US in research and analytical capabilities and Amundi US’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 Fund.
46 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22
Other Benefits
The Trustees considered the other benefits that Amundi US enjoys from its relationship with the Fund. The Trustees considered the character and amount of fees paid or to be paid by the Fund, other than under the investment management agreement, for services provided by Amundi US and its affiliates. The Trustees further considered the revenues and profitability of Amundi US’s businesses other than the Fund business. To the extent applicable, the Trustees also considered the benefits to the Fund and to Amundi US and its affiliates from the use of “soft” commission dollars generated by the Fund to pay for research and brokerage services.
The Trustees considered that Amundi US 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 $2.2 trillion in assets (including the Pioneer Funds). The Trustees considered that Amundi US’s relationship with Amundi creates potential opportunities for Amundi US and Amundi that derive from Amundi US’s relationships with the Fund, including Amundi’s ability to market the services of Amundi US globally. The Trustees noted that Amundi US 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 Amundi US. The Trustees considered that Amundi US and the Fund receive reciprocal intangible benefits from the relationship, including mutual brand recognition and, for the Fund, direct and indirect access to the resources of a large global asset manager. The Trustees concluded that any such benefits received by Amundi US as a result of its relationship with the Fund were reasonable.
Conclusion
After consideration of the factors described above as well as other factors, the Trustees, including the Independent Trustees, concluded that the investment management agreement for the Fund, including the fees payable thereunder, was fair and reasonable and voted to approve the proposed renewal of the investment management agreement.
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22 47
Statement Regarding Liquidity Risk Management Program
As required by law, the Fund has adopted and implemented a liquidity risk management program (the “Program”) that is designed to assess and manage liquidity risk. Liquidity risk is the risk that the Fund could not meet requests to redeem its shares without significant dilution of remaining investors’ interests in the Fund. The Fund’s Board of Trustees designated a liquidity risk management committee (the “Committee”) consisting of employees of Amundi Asset Management US, Inc. (the “Adviser”) to administer the Program.
The Committee provided the Board of Trustees with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Reporting Period”).
The Report confirmed that, throughout the Reporting Period, the Committee had monitored the Fund’s portfolio liquidity and liquidity risk on an ongoing basis, as described in the Program and in Board reporting throughout the Reporting Period.
The Report discussed the Committee’s annual review of the Program, which addressed, among other things, the following elements of the Program:
The Committee reviewed the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. The Committee noted that the Fund’s investment strategy continues to be appropriate for an open-end fund, taking into account, among other things, whether and to what extent the Fund held less liquid and illiquid assets and the extent to which any such investments affected the Fund’s ability to meet redemption requests. In managing and reviewing the Fund’s liquidity risk, the Committee also considered the extent to which the Fund’s investment strategy involves a relatively concentrated portfolio or large positions in particular issuers, the extent to which the Fund uses borrowing for investment purposes, and the extent to which the Fund uses derivatives (including for hedging purposes). The Committee also reviewed the Fund’s short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. In assessing the Fund’s cash flow projections, the Committee considered, among other factors, historical net redemption activity, redemption policies, ownership concentration, distribution channels, and the degree of certainty associated with the Fund’s short-term and long-
48 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22
term cash flow projections. The Committee also considered the Fund’s holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources, including, if applicable, the Fund’s participation in a credit facility, as components of the Fund’s ability to meet redemption requests. The Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests.
The Committee reviewed the Program’s liquidity classification methodology for categorizing the Fund’s investments into one of four liquidity buckets. In reviewing the Fund’s investments, the Committee considered, among other factors, whether trading varying portions of a position in a particular portfolio investment or asset class in sizes the Fund would reasonably anticipate trading, would be reasonably expected to significantly affect liquidity.
The Committee performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum, and determined that no such minimum is required because the Fund primarily holds highly liquid investments.
The Report stated that the Committee concluded the Program operates adequately and effectively, in all material respects, to assess and manage the Fund’s liquidity risk throughout the Reporting Period.
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22 49
Trustees, Officers and Service Providers
Investment Adviser and Administrator
Amundi Asset Management US, Inc.
Custodian and Sub-Administrator
The Bank of New York Mellon Corporation
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Amundi Distributor US, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
BNY Mellon Investment Servicing (US) 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.amundi.com/us. This information is also available on the Securities and Exchange Commission’s web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and officers are listed below, together with their principal occupations and other directorships they have held during at least the past five years. Trustees who are interested persons of the Fund within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Fund are referred to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 49 U.S. registered investment portfolios for which Amundi US serves as investment adviser (the “Pioneer Funds”). The address for all Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-225-6292.
50 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22
Independent Trustees
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Trustee |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Thomas J. Perna (71) | Trustee since 2021. | Private investor (2004 – 2008 and 2013 – present); Chairman | Director, Broadridge Financial |
| Chairman of the Board | Serves until a successor | (2008 – 2013) and Chief Executive Officer (2008 – 2012), Quadriserv, Inc. | Solutions, Inc. (investor |
| and Trustee | trustee is elected or | (technology products for securities lending industry); and Senior Executive | communications and securities |
| | earlier retirement | Vice President, The Bank of New York (financial and securities services) | processing provider for financial |
| | or removal. | (1986 – 2004) | services industry) (2009 – present); |
| | | | Director, Quadriserv, Inc. (2005 – |
| | | | 2013); and Commissioner, New |
| | | | Jersey State Civil Service |
| | | | Commission (2011 – 2015) |
| John E. Baumgardner, | Trustee since 2021. | Of Counsel (2019 – present), Partner (1983-2018), Sullivan & Cromwell | Chairman, The Lakeville Journal |
| Jr. (71)* | Serves until a successor | LLP (law firm). | Company, LLC, (privately-held |
| Trustee | trustee is elected or | | community newspaper group) |
| | earlier retirement | | (2015-present) |
| | or removal. | | |
| Diane Durnin (65) | Trustee since 2021. | Managing Director - Head of Product Strategy and Development, BNY | None |
| Trustee | Serves until a successor | Mellon Investment Management (investment management firm) | |
| | trustee is elected or | (2012-2018); Vice Chairman – The Dreyfus Corporation (2005 – 2018): | |
| | earlier retirement | Executive Vice President Head of Product, BNY Mellon Investment | |
| | or removal. | Management (2007-2012); Executive Director- Product Strategy, Mellon | |
| | | Asset Management (2005-2007); Executive Vice President Head of | |
| | | Products, Marketing and Client Service, Dreyfus Corporation (investment | |
| | | management firm) (2000-2005); Senior Vice President Strategic Product | |
| | | and Business Development, Dreyfus Corporation (1994-2000) | |
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22 51
Independent Trustees (continued)
| | | | |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Trustee |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Benjamin M. Friedman (78) | Trustee since 2021. | William Joseph Maier Professor of Political Economy, Harvard University | Trustee, Mellon Institutional Funds |
| Trustee | Serves until a successor | (1972 – present) | Investment Trust and Mellon |
| | trustee is elected or | | Institutional Funds Master |
| | earlier retirement | | Portfolio (oversaw 17 portfolios in |
| | or removal. | | fund complex) (1989 - 2008) |
| Craig C. MacKay (59) | Trustee since 2021. | Partner, England & Company, LLC (advisory firm) (2012 – present); Group | Director, Equitable Holdings, Inc. |
| Trustee | Serves until a successor | Head – Leveraged Finance Distribution, Oppenheimer & Company | (financial services holding company) |
| | trustee is elected or | (investment bank) (2006 – 2012); Group Head – Private Finance & High | (2022 – present); Board Member of |
| | earlier retirement | Yield Capital Markets Origination, SunTrust Robinson Humphrey | Carver Bancorp, Inc. (holding |
| | or removal. | (investment bank) (2003 – 2006); and Founder and Chief Executive | company) and Carver Federal |
| | | Officer, HNY Associates, LLC (investment bank) (1996 – 2003) | Savings Bank, NA (2017 – present); |
| | | | Advisory Council Member, |
| | | | MasterShares ETF (2016 – 2017); |
| | | | Advisory Council Member, The Deal |
| | | | (financial market information |
| | | | publisher) (2015 – 2016); Board |
| | | | Co-Chairman and Chief Executive |
| | | | Officer, Danis Transportation |
| | | | Company (privately-owned |
| | | | commercial carrier) (2000 – 2003); |
| | | | Board Member and Chief Financial |
| | | | Officer, Customer Access Resources |
| | | | (privately-owned teleservices |
| | | | company) (1998 – 2000); Board |
| | | | Member, Federation of Protestant |
| | | | Welfare Agencies (human services |
| | | | agency) (1993 – present); and |
| | | | Board Treasurer, Harlem Dowling |
| | | | Westside Center (foster care |
| | | | agency) (1999 – 2018) |
52 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22
| | | | |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Trustee |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Lorraine H. Monchak (66) | Trustee since 2021. | Chief Investment Officer, 1199 SEIU Funds (healthcare workers union | None |
| Trustee | (Advisory Trustee from | pension funds) (2001 – present); Vice President – International Investments | |
| | 2014 - 2017). Serves | Group, American International Group, Inc. (insurance company) | |
| | until a successor | (1993 – 2001); Vice President – Corporate Finance and Treasury Group, | |
| | trustee is elected | Citibank, N.A. (1980 – 1986 and 1990 – 1993); Vice President – | |
| | or earlier retirement | Asset/Liability Management Group, Federal Farm Funding Corporation | |
| | or removal. | (government-sponsored issuer of debt securities) (1988 – 1990); Mortgage | |
| | | Strategies Group, Shearson Lehman Hutton, Inc. (investment bank) | |
| | | (1987 – 1988); Mortgage Strategies Group, Drexel Burnham Lambert, Ltd. | |
| | | (investment bank) (1986 – 1987) | |
| Marguerite A. Piret (74) | Trustee since 2021. | Chief Financial Officer, American Ag Energy, Inc. (controlled environment | Director of New America High |
| Trustee | Serves until a successor | and agriculture company) (2016 – present); President and Chief | Income Fund, Inc. (closed-end |
| | trustee is elected or | Executive Officer, Metric Financial Inc. (formerly known as Newbury | investment company) (2004 – |
| | earlier retirement | Piret Company) (investment banking firm) (1981 – 2019) | present); and Member, Board of |
| | or removal. | | Governors, Investment Company |
| | | | Institute (2000 – 2006) |
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22 53
Independent Trustees (continued)
| | | | |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Trustee |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Fred J. Ricciardi (75) | Trustee since 2021. | Private investor (2020 – present); Consultant (investment company | None |
| Trustee | Serves until a successor | services) (2012 – 2020); Executive Vice President, BNY Mellon (financial | |
| | trustee is elected or | and investment company services) (1969 – 2012); Director, BNY | |
| | earlier retirement | International Financing Corp. (financial services) (2002 – 2012); Director, | |
| | or removal. | Mellon Overseas Investment Corp. (financial services) (2009 – 2012); | |
| | | Director, Financial Models (technology) (2005-2007); Director, BNY | |
| | | Hamilton Funds, Ireland (offshore investment companies) (2004-2007); | |
| | | Chairman/Director, AIB/BNY Securities Services, Ltd., Ireland (financial | |
| | | services) (1999-2006); Chairman, BNY Alternative Investment Services, | |
| | | Inc. (financial services) (2005-2007) | |
| * | | Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. |
54 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22
Interested Trustees
| | | | |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Trustee |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Lisa M. Jones (60)** | Trustee since 2021. | Director, CEO and President of Amundi US, Inc. (investment | Director of Clearwater Analytics |
| Trustee, President and | Serves until a successor | management firm) (since September 2014); Director, CEO and President | (provider of web-based investment |
| Chief Executive Officer | trustee is elected or | of Amundi Asset Management US, Inc. (since September 2014); Director, | accounting software for reporting |
| | earlier retirement | CEO and President of Amundi Distributor US, Inc. (since September 2014); | and reconciliation services) |
| | or removal | Director, CEO and President of Amundi Asset Management US, Inc. (since | (September 2022 – present) |
| | | September 2014); Chair, Amundi US, Inc., Amundi Distributor US, Inc. and | |
| | | Amundi Asset Management US, Inc. (September 2014 – 2018); Managing | |
| | | Director, Morgan Stanley Investment Management (investment | |
| | | management firm) (2010 – 2013); Director of Institutional Business, | |
| | | CEO of International, Eaton Vance Management (investment | |
| | | management firm) (2005 – 2010); Director of Amundi Holdings US, | |
| | | Inc. (since 2017) | |
| Kenneth J. Taubes (64)** | Trustee since 2021. | Director and Executive Vice President (since 2008) and Chief Investment | None |
| Trustee | Serves until a successor | Officer, U.S. (since 2010) of Amundi US, Inc. (investment management | |
| | trustee is elected or | firm); Director and Executive Vice President and Chief Investment Officer, | |
| | earlier retirement | U.S. of Amundi US (since 2008); Executive Vice President and Chief | |
| | or removal | Investment Officer, U.S. of Amundi Asset Management US, Inc. | |
| | | (since 2009); Portfolio Manager of Amundi US (since 1999); Director of | |
| | | Amundi Holdings US, Inc. (since 2017) | |
| ** | | Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Fund’s investment adviser and certain of its affiliates. |
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22 55
Fund Officers
| | | | |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Officer |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Christopher J. Kelley (57) | Since 2021. Serves at | Vice President and Associate General Counsel of Amundi US since | None |
| Secretary and Chief | the discretion of | January 2008; Secretary and Chief Legal Officer of all of the Pioneer Funds | |
| Legal Officer | the Board | since June 2010; Assistant Secretary of all of the Pioneer Funds from | |
| | | September 2003 to May 2010; Vice President and Senior Counsel of | |
| | | Amundi US from July 2002 to December 2007 | |
| Thomas Reyes (59) | Since 2021. Serves at | Assistant General Counsel of Amundi US since May 2013 and Assistant | None |
| Assistant Secretary | the discretion of | Secretary of all the Pioneer Funds since June 2010; Counsel of | |
| | the Board | Amundi US from June 2007 to May 2013 | |
| Heather L. | Since 2022. Serves at | Director - Trustee and Board Relationships of Amundi US since | None |
| Melito-Dezan (45) | the discretion of | September 2019; Private practice from 2017 – 2019. | |
| Assistant Secretary | the Board | | |
| Anthony J. Koenig, Jr. (58) | Since 2021. Serves at | Managing Director, Chief Operations Officer and Fund Treasurer of | None |
| Treasurer and | the discretion of | Amundi US since May 2021; Treasurer of all of the Pioneer Funds since | |
| Chief Financial and | the Board | May 2021; Assistant Treasurer of all of the Pioneer Funds from | |
| Accounting Officer | | January 2021 to May 2021; and Chief of Staff, US Investment | |
| | | Management of Amundi US from May 2008 to January 2021 | |
| Luis I. Presutti (57) | Since 2021. Serves at | Director – Fund Treasury of Amundi US since 1999; and Assistant | None |
| Assistant Treasurer | the discretion of | Treasurer of all of the Pioneer Funds since 1999 | |
| | the Board | | |
| Gary Sullivan (64) | Since 2021. Serves at | Senior Manager – Fund Treasury of Amundi US since 2012; and Assistant | None |
| Assistant Treasurer | the discretion of | Treasurer of all of the Pioneer Funds since 2002 | |
| | the Board | | |
56 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22
| | | | |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Officer |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Antonio Furtado (40) | Since 2021. Serves at | Fund Oversight Manager – Fund Treasury of Amundi US since 2020; | None |
| Assistant Treasurer | the discretion of | Assistant Treasurer of all of the Pioneer Funds since 2020; and Senior | |
| | the Board | Fund Treasury Analyst from 2012 - 2020 | |
| Michael Melnick (51) | Since 2021. Serves at | Vice President - Deputy Fund Treasurer of Amundi US since May 2021; | None |
| Assistant Treasurer | the discretion of | Assistant Treasurer of all of the Pioneer Funds since July 2021; | |
| | the Board | Director of Regulatory Reporting of Amundi US from 2001 – 2021; and | |
| | | Director of Tax of Amundi US from 2000 - 2001 | |
| John Malone (51) | Since 2021. Serves at | Managing Director, Chief Compliance Officer of Amundi US Asset | None |
| Chief Compliance Officer | the discretion of | Management; Amundi Asset Management US, Inc.; and the Pioneer | |
| | the Board | Funds since September 2018; Chief Compliance Officer of Amundi | |
| | | Distributor US, Inc. since January 2014. | |
| Brandon Austin (50) | Since March 2022. | Director, Financial Security – Amundi Asset Management; Anti-Money | None |
| Anti-Money Laundering | Serves at the discretion | Laundering Officer of all the Pioneer Funds since March 2022: Director | |
| Officer | of the Board | of Financial Security of Amundi US since July 2021; Vice President, | |
| | | Head of BSA, AML and OFAC, Deputy Compliance Manager, Crédit | |
| | | Agricole Indosuez Wealth Management (investment management | |
| | | firm) (2013 – 2021) | |
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22 57
This page was intentionally left blank.
58 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22
This page was intentionally left blank.
Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22 59
This page was intentionally left blank.
60 Pioneer Global Sustainable Growth Fund | Annual Report | 9/30/22
How to Contact Amundi
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
P.O. Box 9897
Providence, R.I. 02940-8097
| Our toll-free fax | 1-800-225-4240 |
| Our internet e-mail address | us.askamundi@amundi.com/us |
| (for general questions about Amundi only) | |
| |
| Visit our web site: www.amundi.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 Asset Management US, Inc.
60 State Street
Boston, MA 02109
www.amundi.com/us
Securities offered through Amundi Distributor US, Inc.,
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
© 2022 Amundi Asset Management US, Inc. 32715-01-1122
Pioneer Global Sustainable Value Fund
Annual Report | September 30, 2022
visit us: www.amundi.com/us
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22 1
President’s Letter
Dear Shareholders,
The last few years have seen investors face some unprecedented challenges, from a global pandemic that shuttered much of the world’s economy for months, to geopolitical strife, to rising inflation that has reached levels not seen in decades.
While economies in most of the world have reopened as COVID-19 has begun slowly transitioning to an “endemic” disease, the pandemic’s effects are still with us. The easier monetary and fiscal policies enacted to provide stimulus as economies struggled through COVID-19-related restrictions and lockdowns, and ongoing supply chain issues, which were, at least in part, an outgrowth of the same virus-containment measures, were among the numerous factors that combined to begin driving inflation levels higher as the 2022 calendar year got underway.
With rising inflation already a concern, investor sentiment sharply deteriorated in the first quarter of this year, with the negativity driven largely by Russia’s invasion of Ukraine in February as well as signs that inflation was more entrenched than transitory in many regions of the world. The war and the resulting economic sanctions placed on Russia by the US and European governments also contributed to a spike in energy prices, given that Russia is a major exporter of natural gas as well as other resources, particularly to Europe.
The persistently high inflation readouts led key central banks, including the US Federal Reserve (Fed), to signal a tightening of monetary policy. The Fed had already announced that it would taper its bond purchases and eventually end its pandemic-era quantitative easing program by the spring of 2022; and, with US inflation hitting 40-year highs, the Fed began aggressively raising its benchmark federal funds rate target range, while indicating that more rate hikes were likely. The magnitude of the rate increases heightened investors’ concerns about the ability of the Fed and other central banks to cool inflation without triggering a recession.
Due to what has been, so far, a tumultuous 2022 calendar year for investors, the performance of most asset classes, especially riskier assets such as equities and corporate bonds, has turned negative, as market participants have tried to ascertain the direction and progression of Fed policy, economic growth, the war in Ukraine, and other factors. In fact, the third quarter of 2022 marked the first time since 1976 that both equities and bonds had posted three consecutive quarters of negative returns. The 2022 US mid-term election results are another important benchmark that investors are closely monitoring, as political uncertainty has often contributed to increased market volatility.
2 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22
In times like these, we at Amundi US believe our approach to investing is more appropriate than ever. Since 1928, Amundi US’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 risks during periods of market volatility.
At Amundi US, active management begins with our own fundamental, bottom-up research process. Our team of dedicated research analysts and portfolio managers analyzes each security under consideration, communicating frequently with the management teams of the companies and other entities issuing the securities, and working together to identify those securities that we believe best meet our investment criteria for our family of funds. Our risk management approach begins with each security under consideration, as we strive to develop a deep understanding of the potential opportunity, while considering any potential risk factors.
Today, as shareholders, 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 professional to develop an investment plan that paves the way for you to pursue both your short-term and long-term goals.
We greatly appreciate the trust you have placed in us and look forward to continuing to serve you in the future.
Lisa M. Jones
Head of the Americas, President and CEO of US
Amundi Asset Management US, Inc.
November 2022
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 Global Sustainable Value Fund | Annual Report | 9/30/22 3
Portfolio Management Discussion | 9/30/22
In the following discussion, portfolio managers John Peckham, Brian Chen, and Jeff Sacknowitz discuss the market environment during the 12-month period ended September 30, 2022, and the performance of Pioneer Global Sustainable Value Fund during the period. Mr. Peckham, a senior vice president and a portfolio manager at Amundi Asset Management US, Inc. (Amundi US), Mr. Chen, a senior vice president and a portfolio manager at Amundi US, and Mr. Sacknowitz, a vice president and a portfolio manager at Amundi US, are responsible for the day-to-day management of the Fund.
| Q | | How did the Fund perform during the 12-month period ended September 30, 2022? |
| A | | Pioneer Global Sustainable Value Fund’s Class A shares returned -12.40% at net asset value during the 12-month period ended September 30, 2022, while the Fund’s benchmark, the Morgan Stanley Capital International (MSCI) All Country World (ACWI) Value Index1, returned -13.97%. During the same 12-month period, the average return of the 367 mutual funds in Morningstar’s World Large-Stock Value category was -15.86%. |
| Q | | How would you describe the investment backdrop during the 12-month period ended September 30, 2022? |
| A | | Returns for global equities in aggregate were well into negative territory for the 12-month period, as shifts from accommodative to tighter monetary policies by many central banks, including the US Federal Reserve (Fed), and heightened geopolitical uncertainty weighed on the global economic outlook and served to dampen investors’ appetites for riskier assets, including equities. |
Entering the reporting period, equities were in the latter stages of a protracted rally stemming from the combination of robust economic growth and rising corporate earnings. After performing well through mid-
| 1 | | The MSCI information may only be used for your internal use, may not be reproduced or redisseminated 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 Global Sustainable Value Fund | Annual Report | 9/30/22
November 2021, equity markets experienced a brief stretch of weakness following the emergence of the Omicron variant of COVID-19 and the Fed’s announcement that it was set to adopt tighter monetary policies. Stocks quickly recovered from that initial spate of bad news and climbed higher moving into year-end. As 2022 began, however, the outlook for higher interest rates started to weigh on the more growth-oriented sectors of the market and supported a shift in performance leadership towards value stocks.
As the first quarter of 2022 progressed, geopolitical developments began to have a negative effect on market sentiment. Russia’s late-February invasion of Ukraine exacerbated existing concerns surrounding supply chain disruptions, even as China’s government raised the risks to global economic growth by imposing strict lockdowns in major cities as part of its “Zero-COVID” policy. Energy prices, which had already been on the rise since late 2021, spiked in the wake of sanctions levied against Russia by the United States and certain European countries, further fueling inflationary pressures. As a result, the market began to factor in more rapid tightening of monetary policy on the part of the Fed.
US consumer price inflation would post year-over-year increases of at least 7.5% in each of the first eight months of 2022, peaking at 9.1% in June. By late spring, the market began speculating as to whether the Fed would be able to achieve a “soft landing,” in which economic growth slowed yet remained positive as inflation was brought under control. With investors now concerned over inflation, the Fed’s response, and economic growth, returns for riskier assets turned deeply negative.
The Fed had already begun increasing the upper bound of the federal funds rate target range at its March 2022 meeting, moving the range to 0.25%–0.50%, and then continued to raise the federal funds target range aggressively between May and September, bringing it to 3.00%–3.25%. For its part, the European Central Bank (ECB) caught markets somewhat off-guard in July by raising its reference rate by 50 basis points (bps), and followed up in September with an increase of 75 bps (a basis point is equal to 1/100th of a percentage point). US Treasury yields moved sharply higher in response to the Fed’s determined stance, and the yield curve became inverted – with shorter-term yields moving above longer-term yields – as the market anticipated a recession.
In that environment, value stocks, as measured by the MSCI ACWI Value Index, the Fund’s benchmark, returned -13.97% for the 12-month period, significantly outperforming growth stocks, as measured by the MSCI ACWI Growth Index, which returned -27.48%.
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22 5
| Q | | Could you review the Fund’s commitment to environmental, social, and governance (ESG) investing? |
| A | | The Fund’s primary objective is to seek long-term capital growth. The Fund seeks to hold a portfolio of stocks of what we believe to be quality value-oriented companies globally, across any market capitalization. The Fund’s portfolio managers adhere to an environmental, social, and governance (ESG) mandate. |
In managing the Fund, we seek to invest the portfolio mainly in shares of companies located around the world that we feel have strong business prospects as well as sustainable business models, with shares that trade at attractive valuations, in our view. Our investment process includes evaluating individual companies’ ESG practices. In keeping with that focus, we apply the ESG criteria when considering which investments to include in the Fund’s portfolio. Under normal circumstances, we will seek to invest at least 80% of the Fund’s net assets (plus the amount of borrowings, if any, for investment purposes) in securities of issuers that we believe adhere to the ESG criteria. Amundi US believes that ESG-related information helps us gain a more complete understanding of a company and its business.
For purposes of the 80% investment policy, “ESG criteria” is defined as the exclusion of investments issued by companies significantly involved in the production of tobacco products and controversial military weapons, consisting of cluster weapons, anti-personnel mines, nuclear weapons, and biological and chemical weapons, and the operation of thermal coal mines.
| Q | | What were the principal factors affecting the Fund’s benchmark-relative performance during the 12-month period ended September 30, 2022? |
| A | | Stock selection results in the health care, information technology, and materials sectors led positive contributions to the Fund’s benchmark-relative performance during the period, while selection results in the consumer staples sector weighed most heavily on relative returns. Sector allocations had little to no material effect on the Fund’s relative returns for the 12-month period. |
At the individual stock level, positive contributors to the Fund’s relative performance for the period included a position in US-based biopharmaceutical company AbbVie. While there were no glaring
6 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22
headlines that would have helped drive the stock price higher during the period, there were a few positive updates regarding the company’s pipeline of treatments. In that vein, entering the period, AbbVie had received US Food and Drug Administration (FDA) approval for its orally administered treatment for the prevention of chronic migraines. Then, in early 2022, the company’s existing drug for patients suffering from plaque psoriasis and psoriatic arthritis had Crohn’s disease added as another treatment indication. Finally, a “cocktail” combining AbbVie’s treatment for various types of lymphomas/leukemias, and its blockbuster blood cancer drug, received approval for treatment of chronic lymphocytic leukemia in Europe, which could help stabilize the latter drug’s market share as well as increase revenues generated by the leukemia drug.
Another positive contributor to the Fund’s relative performance for the 12-month period was a position in Teck Resources, a diversified mining company headquartered in Canada, but with global operations. Rising prices for copper and other commodities helped buoy the stock price during the period. Furthermore, the company has made progress on the expansion of a copper mine in Chile that may allow it to increase production, significantly, later this year. Teck also reported higher net sales and earnings versus the prior year, helped by strong commodity prices. In addition, the company raised its annual base dividend**, while announcing a supplemental dividend and a share buyback plan. We have retained the Fund’s position, given Teck’s strong fundamentals and our view that commodity prices are likely to remain structurally high.
On the downside, the Fund’s position in KB Financial, Korea’s largest bank and diversified financial institution, detracted from benchmark-relative results for the 12-month period. After a strong gain in the first quarter of 2022, the shares were sharply down and lagged the broader banking segment over the final six months of the period. We believe that a rising-interest-rate environment may continue to drive higher interest revenues for KB Financial, as evidenced by the company’s strong year-over-year growth since the Korean central bank hiked rates in November 2021 and January 2022. Moreover, KB Financial plans to implement a quarterly dividend payout for the 2022 fiscal year, and has expressed a willingness to engage in share repurchases going forward. Finally, KB Financial compares favorably to other financial institutions from an earnings growth, shareholder return, and valuation perspective, in our view.
Finally, due to increased geopolitical tensions, the Fund’s exposure to Russia, though modest, detracted from relative returns for the period, most notably a position in integrated oil company Rosneft Oil. The war in
| ** | | Dividends are not guaranteed. |
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22 7
Ukraine and the resulting sanctions on Russia have significantly affected Rosneft’s business and valuation. Rosneft remained a portfolio holding as of period-end, but it should be noted that the Fund's ability to invest in and hold stocks of Russian companies could be further affected by current and possible future sanctions against Russia. We continue to evaluate the risk/reward profile of the stock relative to its market price.
| Q | | Did the Fund have any exposure to derivative securities during the 12-month period ended September 30, 2022? |
| A | | No. The Fund had no derivatives exposure during the reporting period. |
| Q | | How would you characterize your outlook and the Fund’s overall positioning as of September 30, 2022? |
| A | | Global economic growth has been slowing as various central banks have continued to raise interest rates to address inflation. With respect to the US, the market so far appears to believe the Fed will be able bring inflation under control, while avoiding a spike in unemployment as well as a deep recession. |
The significant year-to-date decline in equities has derived primarily from a contraction in valuations as a multiple of earnings (price-to-earnings multiples), the result of rising interest rates and the newfound availability of higher returns for investments considered less risky than stocks. We think market multiples could be more stable going forward, and so corporate earnings will be the key to the market’s direction and the performance of growth stocks relative to value stocks, in our view.
In the second quarter, a number of companies reported margin pressures, despite strong revenue growth. We view this as a typical development at this stage of an inflationary breakout. We believe downgrades to future earnings could spur continued volatility and downside risk for equities until there are signs that the Fed is ready to pause its policy tightening. In addition, events in Ukraine and China’s COVID-19 containment efforts continue to be sources of uncertainty affecting the outlook for global economic growth and corporate earnings.
For our part, rather than focus on day-to-day headlines, we have continued to look for individual companies with share prices that we believe have declined due to the market’s overreactions to short-term developments, and fallen to what we see as attractive valuations. We
8 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22
believe this approach could help us use market volatility to our advantage, and create the foundation for the Fund’s longer-term performance.
As the Fund enters a new fiscal year, we have positioned the portfolio for an environment of higher inflation and higher interest rates, favoring investments in the financials and energy sectors. We think the Fund’s allocation to the financials sector could benefit as rising interest rates potentially drive higher net-interest income. In fact, we have begun to see that scenario reflected in some recent earnings reports. We believe inflation in commodity prices driven by supply-and-demand imbalances could persist, which in our view may lend support to the energy sector.
Conversely, the portfolio is underweight versus the benchmark to the information technology sector, due to rising costs of capital and concerns over valuation. (Cost of capital represents a calculation of the minimum return a company would need to justify a capital-budgeting project.) Other underweight allocations in the Fund include the “bond proxy” consumer staples, utilities, and real estate sectors, due to valuation concerns.
Please refer to the Schedule of Investments on pages 18–24 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, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, or adverse investor sentiment. These conditions may continue, recur, worsen or spread.
Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions.
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22 9
The Fund is subject to currency risk, meaning that the Fund could experience losses based on changes in the exchange rate between non-U.S. currencies and the U.S. dollar.
The Fund generally excludes corporate issuers that do not meet or exceed minimum ESG standards. Excluding specific issuers limits the universe of investments available to the Fund, which may mean forgoing some investment opportunities available to funds without similar ESG standards.
The market price of securities may fluctuate when interest rates change. When interest rates rise, the prices of fixed-income securities in the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed-income securities in the Fund will generally rise.
The Fund may use derivatives, which may have a potentially large impact on Fund performance.
The Fund may invest in IPOs (Initial Public Offerings), which may involve additional risks.
Before investing, consider the product’s investment objectives, risks, charges and expenses. Contact your financial professional or Amundi Asset Management US, 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 Global Sustainable Value Fund | Annual Report | 9/30/22
Portfolio Summary | 9/30/22
Sector Distribution
(As a percentage of total investments)*
Geographical Distribution
(As a percentage of total investments based on country of domicile)*
| 10 Largest Holdings | |
| (As a percentage of total investments)* | |
| 1. | Wells Fargo & Co. | 3.84% |
| 2. | Occidental Petroleum Corp. | 3.70 |
| 3. | Alibaba Group Holding, Ltd. | 3.11 |
| 4. | KB Financial Group, Inc. (A.D.R.) | 2.83 |
| 5. | Cigna Corp. | 2.70 |
| 6. | EQT Corp. | 2.67 |
| 7. | AbbVie, Inc. | 2.60 |
| 8. | Toshiba Corp. | 2.46 |
| 9. | Elevance Health, Inc. | 2.45 |
| 10. | Chubb, Ltd. | 2.37 |
| * | | Excludes short-term 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 Global Sustainable Value Fund | Annual Report | 9/30/22 11
Prices and Distributions | 9/30/22
Net Asset Value per Share
| Class | 9/30/22 | 9/30/21 |
| A | $8.34 | $9.64 |
| C | $8.29 | $9.61 |
| Y | $8.35 | $9.65 |
Distributions per Share: 10/1/21–9/30/22
| | Net Investment | Short-Term | Long-Term |
| Class | Income | Capital Gains | Capital Gains |
| A | $0.1245 | $ — | $ — |
| C | $0.0836 | $ — | $ — |
| Y | $0.1482 | $ — | $ — |
Index Definitions
The Morgan Stanley Capital International (MSCI) All Country World Value 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 13–15.
12 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22
| Performance Update | 9/30/22 | 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 Global Sustainable Value Fund at public offering price during the periods shown, compared to that of the MSCI All Country World Value NR Index.*
Average Annual Total Returns
(As of September 30, 2022)
| | | | MSCI All |
| | Net | Public | Country |
| | Asset | Offering | World |
| | Value | Price | Value |
| Period | (NAV) | (POP) | NR Index |
| Life of Class | | | |
| (5/10/21)* | -11.37% | -15.05% | -11.82% |
| 1 Year | -12.40 | -17.45 | -13.97 |
| Expense Ratio | |
| (Per prospectus dated February 1, 2022) |
| Gross | Net |
| 13.75% | 1.00% |
Call 1-800-225-6292 or visit www.amundi.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 shown 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, 2023 for Class A shares. There can be no assurance that Amundi US will extend the expense limitation beyond such time. Please see the prospectus for more information.
| * | | Performance of Class A shares shown in the table and graph above is from the inception of Class A shares on 5/10/21 through 9/30/22. Index information shown in the graph above is from 5/31/21 through 9/30/22. |
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 Global Sustainable Value Fund | Annual Report | 9/30/22 13
| Performance Update | 9/30/22 | 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 Global Sustainable Value Fund at public offering price during the periods shown, compared to that of the MSCI All Country World Value NR Index.*
Average Annual Total Returns
(As of September 30, 2022)
| | | | MSCI All |
| | | | Country |
| | | | World |
| | If | If | Value |
| Period | Held | Redeemed | NR Index |
| Life of Class | | | |
| (5/10/21)* | -12.01% | -12.01% | -11.82% |
| 1 Year | -13.01 | -13.87 | -13.97 |
| | |
| Expense Ratio | |
| (Per prospectus dated February 1, 2022) |
| Gross | Net |
| 14.52% | 1.75% |
Call 1-800-225-6292 or visit www.amundi.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 reflect deduction of the CDSC for the one-year period, assuming a complete redemption of shares at the last price calculated on the last business day of the period, and no CDSC for the other time periods. 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, 2023 for Class C shares. There can be no assurance that Amundi US will extend the expense limitation beyond such time. Please see the prospectus for more information.
| * | | Performance of Class C shares shown in the table and graph above is from the inception of Class C shares on 5/10/21 through 9/30/22. Index information shown in the graph above is from 5/31/21 through 9/30/22. |
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.
14 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22
| Performance Update | 9/30/22 | 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 Global Sustainable Value Fund at public offering price during the periods shown, compared to that of the MSCI All Country World Value NR Index.*
Average Annual Total Returns
(As of September 30, 2022)
| | | |
| | | MSCI All |
| | Net | Country |
| | Asset | World |
| | Value | Value |
| Period | (NAV) | NR Index |
| Life of Class | | |
| (5/10/21)* | -11.15% | -11.82% |
| 1 Year | -12.18 | -13.97 |
| Expense Ratio | |
| (Per prospectus dated February 1, 2022) |
| Gross | Net |
| 13.51% | 0.70% |
Call 1-800-225-6292 or visit www.amundi.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 shown 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, 2023 for Class Y shares. There can be no assurance that Amundi US will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information.
| * | | Performance of Class Y shares shown in the table and graph above is from the inception of Class Y shares on 5/10/21 through 9/30/22. Index information shown in the graph above is from 5/31/21 through 9/30/22. |
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 Global Sustainable Value Fund | Annual Report | 9/30/22 15
Comparing Ongoing Fund Expenses
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 Global Sustainable Value Fund
Based on actual returns from April 1, 2022 through September 30, 2022.
| | | | |
| Share Class | A | C | Y |
| Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
| Value on 4/1/22 | | | |
| Ending Account Value | $841.60 | $839.10 | $842.60 |
| (after expenses) | | | |
| on 9/30/22 | | | |
| Expenses Paid | $4.57 | $7.84 | $3.23 |
| During Period* | | | |
| * | | Expenses are equal to the Fund’s annualized expense ratio of 0.99%, 1.70%, and 0.70% for Class A, Class C, and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the partial year period). |
16 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22
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 Global Sustainable Value Fund
Based on a hypothetical 5% return per year before expenses, reflecting the period from April 1, 2022 through September 30, 2022.
| | | | |
| Share Class | A | C | Y |
| Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
| Value on 4/1/22 | | | |
| Ending Account Value | $1,020.10 | $1,016.55 | $1,021.56 |
| (after expenses) | | | |
| on 9/30/22 | | | |
| Expenses Paid | $5.01 | $8.59 | $3.55 |
| During Period* | | | |
| * | | Expenses are equal to the Fund’s annualized expense ratio of 0.99%, 1.70%, and 0.70% for Class A, Class C, and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the partial year period). |
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22 17
Schedule of Investments | 9/30/22
| Shares | | | Value |
| | | UNAFFILIATED ISSUERS — 101.4% | |
| | | COMMON STOCKS — 94.3% of Net Assets | |
| | | Aerospace & Defense — 1.3% | |
| | 1,192 | Hensoldt AG | $ 23,942 |
| | | Total Aerospace & Defense | $ 23,942 |
| | | Air Freight & Logistics — 1.5% | |
| | 168 | United Parcel Service, Inc., Class B | $ 27,139 |
| | | Total Air Freight & Logistics | $ 27,139 |
| | | Automobiles — 2.6% | |
| | 1,626 | Stellantis NV | $ 19,201 |
| | 1,900 | Subaru Corp. | 28,498 |
| | | Total Automobiles | $ 47,699 |
| | | Banks — 15.0% | |
| | 3,803 | ABN AMRO Bank NV (C.V.A.) (144A) | $ 34,088 |
| | 3,600 | Grupo Financiero Banorte S.A.B de CV, Class O | 23,116 |
| | 1,538 | Hana Financial Group, Inc. | 37,774 |
| | 1,634 | KB Financial Group, Inc. (A.D.R.) | 49,249 |
| | 6,771 | NatWest Group Plc | 16,898 |
| | 153 | PNC Financial Services Group, Inc. | 22,861 |
| | 2,515 | UniCredit S.p.A. | 25,432 |
| | 1,662 | Wells Fargo & Co. | 66,846 |
| | | Total Banks | $ 276,264 |
| | | Biotechnology — 2.5% | |
| | 337 | AbbVie, Inc. | $ 45,229 |
| | | Total Biotechnology | $ 45,229 |
| | | Capital Markets — 1.6% | |
| | 485 | State Street Corp. | $ 29,493 |
| | | Total Capital Markets | $ 29,493 |
| | | Chemicals — 0.9% | |
| | 336 | Mosaic Co. | $ 16,239 |
| | | Total Chemicals | $ 16,239 |
| | | Communications Equipment — 1.6% | |
| | 739 | Cisco Systems, Inc. | $ 29,560 |
| | | Total Communications Equipment | $ 29,560 |
| | | Construction & Engineering — 0.9% | |
| | 39,000 | Sinopec Engineering Group Co., Ltd., Class H | $ 15,572 |
| | | Total Construction & Engineering | $ 15,572 |
| | | Construction Materials — 1.6% | |
| | 923 | CRH Plc | $ 29,763 |
| | | Total Construction Materials | $ 29,763 |
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22
| Shares | | | Value |
| | | Diversified Telecommunication Services — 2.6% | |
| | 1,670 | Deutsche Telekom AG | $ 28,627 |
| | 68,800 | Telkom Indonesia Persero Tbk PT | 20,041 |
| | | Total Diversified Telecommunication Services | $ 48,668 |
| | | Electric Utilities — 2.8% | |
| | 196 | American Electric Power Co., Inc. | $ 16,944 |
| | 952 | FirstEnergy Corp. | 35,224 |
| | | Total Electric Utilities | $ 52,168 |
| | | Entertainment — 1.5% | |
| | 242 | Electronic Arts, Inc. | $ 28,002 |
| | | Total Entertainment | $ 28,002 |
| | | Food & Staples Retailing — 0.1% | |
| | 268+^# | Magnit PJSC | $ 1,042 |
| | | Total Food & Staples Retailing | $ 1,042 |
| | | Food Products — 0.7% | |
| | 974 | Associated British Foods Plc | $ 13,579 |
| | | Total Food Products | $ 13,579 |
| | | Health Care Providers & Services — 9.0% | |
| | 565 | Cardinal Health, Inc. | $ 37,674 |
| | 169 | Cigna Corp. | 46,892 |
| | 410 | CVS Health Corp. | 39,102 |
| | 94 | Elevance Health, Inc. | 42,699 |
| | | Total Health Care Providers & Services | $ 166,367 |
| | | Industrial Conglomerates — 2.3% | |
| | 1,200 | Toshiba Corp. | $ 42,741 |
| | | Total Industrial Conglomerates | $ 42,741 |
| | | Insurance — 8.7% | |
| | 227 | Chubb, Ltd. | $ 41,287 |
| | 570 | Hartford Financial Services Group, Inc. | 35,306 |
| | 6,000 | Ping An Insurance Group Co. of China, Ltd., Class H | 29,834 |
| | 1,200 | Tokio Marine Holdings, Inc. | 21,328 |
| | 166 | Willis Towers Watson Plc | 33,356 |
| | | Total Insurance | $ 161,111 |
| | | Internet & Direct Marketing Retail — 4.3% |
| | 5,400(a) | Alibaba Group Holding, Ltd. | $ 54,167 |
| | 703 | eBay, Inc. | 25,877 |
| | | Total Internet & Direct Marketing Retail | $ 80,044 |
| | | IT Services — 1.8% | |
| | 280 | International Business Machines Corp. | $ 33,267 |
| | | Total IT Services | $ 33,267 |
The accompanying notes are an integral part of these financial statements.
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22 19
Schedule of Investments | 9/30/22 (continued)
| Shares | | | Value |
| | | Metals & Mining — 3.7% | |
| | 1,769 | Barrick Gold Corp. | $ 27,420 |
| | 700 | First Quantum Minerals, Ltd. | 11,883 |
| | 217 | Rio Tinto Plc | 11,753 |
| | 543 | Teck Resources, Ltd., Class B | 16,513 |
| | | Total Metals & Mining | $ 67,569 |
| | | Multi-Utilities — 1.8% | |
| | 1,192 | CenterPoint Energy, Inc. | $ 33,590 |
| | | Total Multi-Utilities | $ 33,590 |
| | | Oil, Gas & Consumable Fuels — 14.2% | |
| | 1,035(a) | Comstock Resources, Inc. | $ 17,895 |
| | 1,141 | EQT Corp. | 46,496 |
| | 1,341 | MPLX LP | 40,243 |
| | 1,046 | Occidental Petroleum Corp. | 64,277 |
| | 2,753(a) | Permian Resources Corp. | 18,720 |
| | 1,576 | Range Resources Corp. | 39,810 |
| | 4,480+^# | Rosneft Oil Co. PJSC | 971 |
| | 684 | Shell Plc (A.D.R.) | 34,036 |
| | | Total Oil, Gas & Consumable Fuels | $ 262,448 |
| | | Pharmaceuticals — 2.6% | |
| | 200 | Eisai Co., Ltd. | $ 10,728 |
| | 834 | Pfizer, Inc. | 36,496 |
| | | Total Pharmaceuticals | $ 47,224 |
| | | Software — 1.9% | |
| | 572 | Oracle Corp. | $ 34,932 |
| | | Total Software | $ 34,932 |
| | | Technology Hardware, Storage & Peripherals — 0.9% | |
| | 1,384 | Hewlett Packard Enterprise Co. | $ 16,580 |
| | | Total Technology Hardware, Storage & Peripherals | $ 16,580 |
| | | Textiles, Apparel & Luxury Goods — 1.9% | |
| | 1,255 | Tapestry, Inc. | $ 35,680 |
| | | Total Textiles, Apparel & Luxury Goods | $ 35,680 |
| | | Trading Companies & Distributors — 4.0% |
| | 878(a) | AerCap Holdings NV | $ 37,166 |
| | 1,700 | Mitsui & Co., Ltd. | 36,471 |
| | | Total Trading Companies & Distributors | $ 73,637 |
| | | TOTAL COMMON STOCKS | |
| | | (Cost $2,091,093) | $1,739,549 |
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22
| Shares | | | Value |
| | | SHORT TERM INVESTMENTS — 7.1% of Net Assets | |
| | | Open-End Fund — 7.1% | |
| | 130,509(b) | Dreyfus Government Cash Management, Institutional | |
| | | Shares, 2.75% | $ 130,509 |
| | | | $ 130,509 |
| | | TOTAL SHORT TERM INVESTMENTS | |
| | | (Cost $130,509) | $ 130,509 |
| | | TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 101.4% | |
| | | (Cost $2,221,602) | $1,870,058 |
| | | OTHER ASSETS AND LIABILITIES — (1.4)% | $ (26,288) |
| | | NET ASSETS — 100.0% | $1,843,770 |
| | |
| (A.D.R.) | American Depositary Receipts. |
| (C.V.A.) | Certificaaten van aandelen (Share Certificates). |
| (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 September 30, 2022, the value of these securities amounted to |
| | $34,088, or 1.8% of net assets. |
| (a) | Non-income producing security. |
| (b) | Rate periodically changes. Rate disclosed is the 7-day yield at September 30, 2022. |
| + | Security is valued using significant unobservable inputs (Level 3). |
| ^ | Security is valued using fair value methods (other than prices supplied by independent |
| | pricing services or broker dealers). |
| # | Securities are restricted as to resale. |
| | | | | |
| Restricted Securities | Acquisition date | Cost | Value | |
| Magnit PJSC | 5/10/2021 | $19,543 | | $1,042 |
| Rosneft Oil Co. PJSC | 6/23/2021 | 37,564 | | 971 |
| Total Restricted Securities | | | | $2,013 |
| % of Net assets | | | | 0.1% |
The accompanying notes are an integral part of these financial statements.
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22 21
Schedule of Investments | 9/30/22 (continued)
Distribution of investments by country of domicile (excluding short-term investments) as a percentage of total investments in securities, is as follows:
| United States | 55.4% |
| Japan | 8.0% |
| United Kingdom | 6.3% |
| China | 5.7% |
| South Korea | 5.0% |
| Ireland | 3.8% |
| Canada | 3.2% |
| Netherlands | 3.1% |
| Germany | 3.0% |
| Switzerland | 2.4% |
| Italy | 1.5% |
| Mexico | 1.3% |
| Indonesia | 1.2% |
| Other (individually less than 1%) | 0.1% |
| | 100.0% |
Purchases and sales of securities (excluding short-term investments) for the year ended September 30, 2022, aggregated $1,534,493 and $1,335,132, respectively.
At September 30, 2022, the net unrealized depreciation on investments based on cost for federal tax purposes of $2,221,966 was as follows:
| Aggregate gross unrealized appreciation for all investments in which | |
| there is an excess of value over tax cost | $ 65,297 |
| Aggregate gross unrealized depreciation for all investments in which | |
| there is an excess of tax cost over value | (417,205) |
| Net unrealized depreciation | $(351,908) |
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22
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 – unadjusted 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 Adviser’s own assumptions in determining fair value of investments). See Notes to Financial Statements — Note 1A.
The following is a summary of the inputs used as of September 30, 2022, in valuing the Fund's investments:
| | | | | |
| | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | | | | |
| Aerospace & Defense | $ — | $ 23,942 | $ — | $ 23,942 |
| Automobiles | — | 47,699 | — | 47,699 |
| Banks | 162,072 | 114,192 | — | 276,264 |
| Construction & Engineering | — | 15,572 | — | 15,572 |
| Construction Materials | — | 29,763 | — | 29,763 |
| Diversified Telecommunication | | | | |
| Services | — | 48,668 | — | 48,668 |
| Food & Staples Retailing | — | — | 1,042 | 1,042 |
| Food Products | — | 13,579 | — | 13,579 |
| Industrial Conglomerates | — | 42,741 | — | 42,741 |
| Insurance | 109,949 | 51,162 | — | 161,111 |
| Internet & Direct Marketing Retail | 25,877 | 54,167 | — | 80,044 |
| Metals & Mining | 55,816 | 11,753 | — | 67,569 |
| Oil, Gas & Consumable Fuels | 261,477 | — | 971 | 262,448 |
| Pharmaceuticals | 36,496 | 10,728 | — | 47,224 |
| Trading Companies & Distributors | 37,166 | 36,471 | — | 73,637 |
| All Other Common Stocks | 548,246 | — | — | 548,246 |
| Open-End Fund | 130,509 | — | — | 130,509 |
| Total Investments in Securities | $1,367,608 | $500,437 | $2,013 | $ 1,870,058 |
The accompanying notes are an integral part of these financial statements.
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22 23
Schedule of Investments | 9/30/22 (continued)
The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):
| | Common |
| | Stocks |
| Balance as of 9/30/21 | $ — |
| Realized gain (loss)(1) | (14) |
| Changed in unrealized appreciation (depreciation)(2) | (58,990) |
| Accrued discounts/premiums | — |
| Purchases | 80,534 |
| Sales^ | (57,122) |
| Transfers in to Level 3* | 37,605 |
| Transfers out of Level 3* | — |
| Balance as of 9/30/22 | $ 2,013 |
| (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 year ended September 30, 2022, securities with aggregate market value of $37,605 were transferred from Level 2 to Level 3, due to valuing the securities using significant unobservable inputs, resulting from a decrease in market activity for the securities. There were no other transfers in or out of Level 3 during the year. |
| ^ | | Includes corporate action activity. |
| | |
| Net change in unrealized appreciation (depreciation) of Level 3 investments still held | |
| and considered Level 3 at September 30, 2022: | $(58,990) |
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22
Statement of Assets and Liabilities | 9/30/22
| ASSETS: | |
| Investments in unaffiliated issuers, at value (cost $2,221,602) | $1,870,058 |
| Receivables — | |
| Dividends | 6,059 |
| Due from the Adviser | 1,885 |
| Due from affiliates | 511 |
| Other assets | 15,674 |
| Total assets | $1,894,187 |
| LIABILITIES: | |
| Payables — | |
| Trustees' fees | $ 4 |
| Professional fees | 44,943 |
| Printing expense | 5,133 |
| Due to affiliates | 231 |
| Accrued expenses | 106 |
| Total liabilities | $ 50,417 |
| NET ASSETS: | |
| Paid-in capital | $2,210,038 |
| Distributable earnings (loss) | (366,268) |
| Net assets | $1,843,770 |
| NET ASSET VALUE PER SHARE: | |
| No par value (unlimited number of shares authorized) | |
| Class A (based on $629,364/75,435 shares) | $ 8.34 |
| Class C (based on $517,496/62,444 shares) | $ 8.29 |
| Class Y (based on $696,910/83,440 shares) | $ 8.35 |
| MAXIMUM OFFERING PRICE PER SHARE: | |
| Class A (based on $8.34 net asset value per share/100%-5.75% maximum | |
| sales charge) | $ 8.85 |
The accompanying notes are an integral part of these financial statements.
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22 25
Statement of Operations
FOR THE YEAR ENDED 9/30/22
| INVESTMENT INCOME: | | |
| Dividends from unaffiliated issuers (net of foreign | | |
| taxes withheld $4,564) | $ 64,592 | |
| Total Investment Income | | $ 64,592 |
| EXPENSES: | | |
| Management fees | $ 13,324 | |
| Administrative expenses | 12,863 | |
| Transfer agent fees | | |
| Class A | 82 | |
| Class C | 25 | |
| Class Y | 33 | |
| Distribution fees | | |
| Class A | 1,670 | |
| Class C | 5,866 | |
| Shareowner communications expense | 369 | |
| Custodian fees | 2,343 | |
| Registration fees | 93,164 | |
| Professional fees | 71,273 | |
| Printing expense | 31,486 | |
| Pricing fees | 1,717 | |
| Trustees' fees | 8,013 | |
| Miscellaneous | 3,774 | |
| Total expenses | | $ 246,002 |
| Less fees waived and expenses reimbursed | | |
| by the Adviser | | (223,816) |
| Net expenses | | $ 22,186 |
| Net investment income | | $ 42,406 |
| REALIZED AND UNREALIZED GAIN (LOSS) | | |
| ON INVESTMENTS: | | |
| Net realized gain (loss) on: | | |
| Investments in unaffiliated issuers | $ (23,626) | |
| Other assets and liabilities denominated in | | |
| foreign currencies | (1,172) | $ (24,798) |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investments in unaffiliated issuers | $(286,539) | |
| Other assets and liabilities denominated in | | |
| foreign currencies | (128) | $(286,667) |
| Net realized and unrealized gain (loss) on investments | | $(311,465) |
| Net increase in net assets resulting from operations | | $(269,059) |
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22
Statement of Changes in Net Assets
| | | |
| | Year | 5/10/21* |
| | Ended | to |
| | 9/30/22 | 9/30/21 |
| FROM OPERATIONS: | | |
| Net investment income (loss) | $ 42,406 | $ 14,521 |
| Net realized gain (loss) on investments | (24,798) | (22,779) |
| Change in net unrealized appreciation (depreciation) | | |
| on investments | (286,667) | (65,011) |
| Net decrease in net assets resulting | | |
| from operations | $ (269,059) | $ (73,269) |
| DISTRIBUTIONS TO SHAREOWNERS: | | |
| Class A ($0.12 and $— per share, respectively) | $ (7,641) | $ — |
| Class C ($0.08 and $— per share, respectively) | (5,016) | — |
| Class Y ($0.15 and $— per share, respectively) | (12,004) | — |
| Total distributions to shareowners | $ (24,661) | $ — |
| FROM FUND SHARE TRANSACTIONS: | | |
| Net proceeds from sales of shares | $ 183,746 | $2,020,000 |
| Reinvestment of distributions | 24,661 | — |
| Cost of shares repurchased | (17,648) | — |
| Net increase in net assets resulting from Fund | | |
| share transactions | $ 190,759 | $2,020,000 |
| Net increase (decrease) in net assets | $ (102,961) | $1,946,731 |
| NET ASSETS: | | |
| Beginning of year | $1,946,731 | $ — |
| End of year | $1,843,770 | $1,946,731 |
* The Fund commenced operations on May 10, 2021.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22 27
Statement of Changes in Net Assets
(continued)
| | Year | Year | | |
| | Ended | Ended | 5/10/21* to | 5/10/21* to |
| | 9/30/22 | 9/30/22 | 9/30/21 | 9/30/21 |
| | Shares | Amount | Shares | Amount |
| Class A | | | | |
| Shares sold | 14,532 | $145,446 | 61,022 | $610,000 |
| Reinvestment of | | | | |
| distributions | 770 | 7,641 | — | — |
| Less shares | | | | |
| repurchased | (889) | (8,595) | — | — |
| Net increase | 14,413 | $144,492 | 61,022 | $610,000 |
| Class C | | | | |
| Shares sold | 1,938 | $ 18,689 | 60,000 | $600,000 |
| Reinvestment of | | | | |
| distributions | 506 | 5,016 | — | — |
| Less shares | | | | |
| repurchased | — | 61 | — | — |
| Net increase | 2,444 | $ 23,766 | 60,000 | $600,000 |
| Class Y | | | | |
| Shares sold | 2,243 | $ 19,611 | 81,000 | $810,000 |
| Reinvestment of | | | | |
| distributions | 1,212 | 12,004 | — | — |
| Less shares | | | | |
| repurchased | (1,015) | (9,114) | — | — |
| Net increase | 2,440 | $ 22,501 | 81,000 | $810,000 |
* The Fund commenced operations on May 10, 2021.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22
Financial Highlights
| | | |
| | Year | |
| | Ended | 5/10/21* to |
| | 9/30/22 | 9/30/21 |
| Class A | | |
| Net asset value, beginning of period | $ 9.64 | $ 10.00 |
| Increase (decrease) from investment operations: | | |
| Net investment income (loss) (a) | $ 0.21 | $ 0.08 |
| Net realized and unrealized gain (loss) on investments | (1.39) | (0.44) |
| Net increase (decrease) from investment operations | $(1.18) | $ (0.36) |
| Distributions to shareowners: | | |
| Net investment income | $ (0.12) | $ — |
| Net increase (decrease) in net asset value | $(1.30) | $ (0.36) |
| Net asset value, end of period | $ 8.34 | $ 9.64 |
| Total return (b) | (12.40)% | (3.60)%(c) |
| Ratio of net expenses to average net assets | 0.99% | 0.94%(d) |
| Ratio of net investment income (loss) to average net assets | 2.24% | 1.99%(d) |
| Portfolio turnover rate | 68% | 26%(c) |
| Net assets, end of period (in thousands) | $ 629 | $ 588 |
| 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 | 11.90% | 13.75%(d) |
| Net investment income (loss) to average net assets | (8.67)% | (10.82)%(d) |
| * | | Class A commenced operations on May 10, 2021. |
| (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. |
The accompanying notes are an integral part of these financial statements.
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22 29
Financial Highlights (continued)
| | | |
| | Year | |
| | Ended | 5/10/21* to |
| | 9/30/22 | 9/30/21 |
| Class C | | |
| Net asset value, beginning of period | $ 9.61 | $ 10.00 |
| Increase (decrease) from investment operations: | | |
| Net investment income (loss) (a) | $ 0.13 | $ 0.05 |
| Net realized and unrealized gain (loss) on investments | (1.37) | (0.44) |
| Net increase (decrease) from investment operations | $(1.24) | $ (0.39) |
| Distributions to shareowners: | | |
| Net investment income | $ (0.08) | $ — |
| Net increase (decrease) in net asset value | $(1.32) | $ (0.39) |
| Net asset value, end of period | $ 8.29 | $ 9.61 |
| Total return (b) | (13.01)% | (3.90)%(c) |
| Ratio of net expenses to average net assets | 1.70% | 1.71%(d) |
| Ratio of net investment income (loss) to average net assets | 1.38% | 1.22%(d) |
| Portfolio turnover rate | 68% | 26%(c) |
| Net assets, end of period (in thousands) | $ 517 | $ 577 |
| 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 | 12.61% | 14.52%(d) |
| Net investment income (loss) to average net assets | (9.53)% | (11.59)%(d) |
| * | | Class C commenced operations on May 10, 2021. |
| (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. |
The accompanying notes are an integral part of these financial statements.
30 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22
| | Year | |
| | Ended | 5/10/21* to |
| | 9/30/22 | 9/30/21 |
| Class Y | | |
| Net asset value, beginning of period | $ 9.65 | $ 10.00 |
| Increase (decrease) from investment operations: | | |
| Net investment income (loss) (a) | $ 0.23 | $ 0.09 |
| Net realized and unrealized gain (loss) on investments | (1.38) | (0.44) |
| Net increase (decrease) from investment operations | $(1.15) | $ (0.35) |
| Distributions to shareowners: | | |
| Net investment income | $ (0.15) | $ — |
| Net increase (decrease) in net asset value | $(1.30) | $ (0.35) |
| Net asset value, end of period | $ 8.35 | $ 9.65 |
| Total return (b) | (12.18)% | (3.50)%(c) |
| Ratio of net expenses to average net assets | 0.70% | 0.70%(d) |
| Ratio of net investment income (loss) to average net assets | 2.43% | 2.22%(d) |
| Portfolio turnover rate | 68% | 26%(c) |
| Net assets, end of period (in thousands) | $ 697 | $ 782 |
| 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 | 11.63% | 13.51%(d) |
| Net investment income (loss) to average net assets | (8.50)% | (10.59)%(d) |
| * | | Class Y commenced operations on May 10, 2021. |
| (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. |
The accompanying notes are an integral part of these financial statements.
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22 31
Notes to Financial Statements | 9/30/22
1. Organization and Significant Accounting Policies
Pioneer Global Sustainable Value Fund (the “Fund”) is one of five portfolios comprising Pioneer Series Trust XIV (the “Trust”), a Delaware statutory trust. The Fund is registered under the Investment Company Act of 1940 (the “1940 Act”) as a diversified, open end management investment company. The Fund’s investment objective is to seek long-term capital growth.
The Fund offers three classes of shares designated as Class A, Class C and Class Y shares. Class A, Class C and Class Y commenced operations on May 10, 2021. 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 Trust 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 Asset Management US, 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 Distributor US, Inc., an affiliate of the Adviser, serves as the Fund’s distributor (the “Distributor”).
In March 2020, FASB issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other LIBOR-based reference rates at the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020
32 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22
through December 31, 2023. Management is evaluating the impact of ASU 2020-04 on the Fund's investments, derivatives, debt and other contracts, if applicable, that will undergo reference rate-related modifications as a result of the reference rate reform.
Effective August 19, 2022, the Fund is required to comply with Rule 18f-4 under the 1940 Act, which governs the use of derivatives by registered investment companies. Rule 18f-4 permits funds to enter into derivatives transactions (as defined in Rule 18f-4) and certain other transactions notwithstanding the restrictions on the issuance of “senior securities” under Section 18 of the 1940 Act. Rule 18f-4 requires a fund to establish and maintain a comprehensive derivatives risk management program, appoint a derivatives risk manager and comply with a relative or absolute limit on fund leverage risk calculated based on value-at-risk (“VaR”), unless the fund uses derivatives in only a limited manner.
The Fund is an investment company and follows investment company accounting and reporting guidance under U.S. Generally Accepted Accounting Principles (“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.
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.
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22 33
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 Adviser may use a fair value model developed by an independent pricing service to value non-U.S. equity securities.
Shares of open-end registered investment companies (including money market mutual funds) are valued at such funds' net asset value.
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. Effective September 8, 2022, the Adviser is designated as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Adviser’s fair valuation team is responsible for monitoring developments that may impact fair valued securities.
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 Adviser 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 September 30, 2022, two securities were valued using fair value methods representing 0.11% of net assets. The value of these fair valued securities was $2,013.
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 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.
34 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22
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, 2022, 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.
At September 30, 2022, the Fund was permitted to carry forward indefinitely $4,668 of short-term losses and $41,886 of long-term losses, which maybe subject to limitations imposed by the Internal Revenue Code.
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22 35
The tax character of distributions paid during the years ended September 30, 2022 and September 30, 2021, were as follows:
| | 2022 | 2021 |
| Distributions paid from: | | |
| Ordinary income | $24,661 | $ — |
| Total | $24,661 | $ — |
The following shows the components of distributable earnings (losses) on a federal income tax basis at September 30, 2022:
| | 2022 |
| Distributable earnings/(losses): | |
| Undistributed ordinary income | $ 32,194 |
| Capital loss carryforward | (46,554) |
| Net unrealized depreciation | (351,908) |
| Total | $(366,268) |
The differences between book-basis and tax-basis net unrealized depreciation are attributable to the tax deferral of losses on wash sales.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The Distributor earned $702 in underwriting commissions on the sale of Class A shares during the year ended September 30, 2022.
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 5). 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 4).
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.
36 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22
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, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, 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. In recent years, interest rates and credit spreads in the U.S. have been at historic lows. The U.S. Federal Reserve has raised certain interest rates, and interest rates may continue to go up. A 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. Rates of inflation have recently risen. The value of assets or income from an investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund’s assets can decline as can the value of the Fund’s distributions.
The global pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in 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 sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue to affect adversely the value and liquidity of the Fund’s investments. Following Russia’s invasion of Ukraine, Russian securities have lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future geopolitical or other events or conditions.
Governments and central banks, including the U.S. Federal Reserve, 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 consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time.
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.
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22 37
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, military conflicts and sanctions, terrorism, sustained economic downturns, financial instability, less liquid trading markets, extreme price volatility, currency risks, reduction of government or central bank support, inadequate accounting standards, tariffs, tax disputes or other tax burdens, nationalization or expropriation of assets, and the imposition of adverse governmental laws, arbitrary application of laws and regulations or lack of rule of law and investment and repatriation 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.
Russia launched a large-scale invasion of Ukraine on February 24, 2022. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia and Belarus and certain companies and individuals. Since then, Russian securities have lost all, or nearly all, their market value, and many other issuers, securities and markets have been adversely affected. The United States and other countries may impose sanctions on other countries, companies and individuals in light of Russia’s military invasion. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the value and liquidity of certain Fund investments, on Fund performance and the value of an investment in the Fund, particularly with respect to securities and commodities, such as oil, natural gas and food commodities, with respect to the issuer’s capacity to pay interest and repay principal, as well as other sectors with exposure to Russian issuers or issuers in other countries affected by the invasion, and are likely to have collateral impacts on market sectors globally.
The Fund's ESG criteria exclude securities of issuers in certain industries, and the Adviser considers ESG factors in making investment decisions. Excluding specific issuers limits the universe of investments available to the Fund as compared with other funds that do not consider ESG criteria or ESG factors, which may mean forgoing some investment opportunities
38 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22
available to funds that do not consider ESG criteria or ESG factors. Accordingly, the Fund may underperform other funds that do not utilize an investment strategy that considers ESG criteria or ESG factors. However, the strategy of seeking to identify companies with sustainable business models is believed to provide potential return and risk benefits, including the selection of issuers with fewer ESG-related risks. In considering ESG factors, the Adviser may use third party ESG ratings information that it believes to be reliable, but such information may not be accurate or complete, or may be biased.
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 the Fund’s custodian and accounting agent, and 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 the Adviser 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 the Adviser 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.
2. Management Agreement
The Adviser manages the Fund’s portfolio. Management fees payable under the Fund’s Investment Management Agreement with the Adviser are calculated daily and paid monthly at the annual rate of 0.65% of the Fund’s average daily net assets up to $1 billion and 0.60% of the Fund’s average
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22 39
daily net assets over $1 billion. For the year ended September 30, 2022, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.65% of the Fund’s average daily net assets.
The Adviser has contractually agreed to waive and/or reimburse ordinary operating expenses (ordinary operating expenses means all Fund expenses other than taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, such as litigation) of the Fund to the extent required to reduce Fund expenses to 1.00%, 1.75% and 0.70% of the average daily net assets attributable to Class A, Class C and Class Y shares, respectively. These expense limitations are in effect through February 1, 2023. 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. Fees waived and expenses reimbursed during the year ended September 30, 2022 are reflected on the Statement of Operations.
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 $175 in management fees, administrative costs and certain other reimbursements payable to the Adviser at September 30, 2022. Included in “Due from affiliates” reflected on the Statement of Assets and Liabilities is $511 in accounting fees receivable from the Adviser at September 30, 2022.
3. Compensation of Trustees and Officers
The Fund pays an annual fee to its Trustees. The Adviser reimburses the Fund for fees paid to the Interested Trustees. The Fund does not pay any salary or other compensation to its officers. For the year ended September 30, 2022, the Fund paid $8,013 in Trustees’ compensation, which is reflected on the Statement of Operations as Trustees’ fees. At September 30, 2022, the Fund had a payable for Trustees’ fees on its Statement of Assets and Liabilities of $4.
4. Transfer Agent
For the period from October 1, 2021 to November 21, 2021, DST Asset Manager Solutions, Inc. served as the transfer agent to the Fund at negotiated rates. Effective November 22, 2021, BNY Mellon Investment Servicing (US) 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.
40 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22
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 year ended September 30, 2022, such out-of-pocket expenses by class of shares were as follows:
| Shareowner Communications: | |
| Class A | $192 |
| Class C | 10 |
| Class Y | 167 |
| Total | $369 |
5. Distribution Plan
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. Included in “Due to affiliates” reflected on the Statement of Assets and Liabilities is $56 in distribution fees payable to the Distributor at September 30, 2022.
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 year ended September 30, 2022, CDSCs in the amount of $0 were paid to the Distributor.
6. Changes in Custodian and Sub-Administrator, and Transfer Agent
Effective November 22, 2021, The Bank of New York Mellon Corporation ("BNY Mellon") serves as the Fund's Custodian and Sub-Administrator.
Effective November 22, 2021, BNY Mellon Investment Servicing (US) Inc. serves as the Fund's shareholder servicing and transfer agent.
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22 41
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust XIV and the Shareowners of Pioneer Global Sustainable Value Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pioneer Global Sustainable Value Fund (the “Fund”) (one of the funds constituting Pioneer Series Trust XIV (the “Trust”)) including the schedule of investments, as of September 30, 2022, and the related statement of operations for the year then ended, the statement of changes in net assets and the financial highlights for the year ended September 30, 2022 and the period from May 10, 2021 (commencement of operations) through September 30, 2021 and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of Pioneer Global Sustainable Value Fund (one of the funds constituting Pioneer Series Trust XIV) at September 30, 2022, and the results of its operations for the year then ended, the changes in its net assets and its financial highlights for the year ended September 30, 2022 and the period from May 10, 2021 (commencement of operations) through September 30, 2021, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities law and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
42 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies in the Pioneer family of funds since 2017.
Boston, Massachusetts
November 29, 2022
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22 43
Additional Information (unaudited)
For the year ended September 30, 2022, certain dividends paid by the Fund may be subject to a maximum tax rate of 20%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act (the Act) of 2003. The Fund intends to designate up to the maximum amount of such dividends allowable under the Act, as taxed at a maximum rate of 20%. Complete information will be computed and reported in conjunction with your 2022 Form 1099-DIV.
The qualifying percentage of the Fund’s ordinary income dividends for the purpose of the corporate dividends received deduction was 60%.
44 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22
Approval of Renewal of Investment Management Agreement
Amundi Asset Management US, Inc. (“Amundi US”) serves as the investment adviser to Pioneer Global Sustainable Value Fund (the “Fund”) pursuant to an investment management agreement between Amundi US and the Fund. In order for Amundi US to remain the investment adviser of the Fund, the Trustees of the Fund, including a majority of the Fund’s Independent Trustees, must determine annually whether to renew the investment management agreement for the Fund.
The contract review process began in January 2022 as the Trustees of the Fund agreed on, among other things, an overall approach and timeline for the process. Contract review materials were provided to the Trustees in March 2022, July 2022 and September 2022. In addition, the Trustees reviewed and discussed the Fund’s performance at regularly scheduled meetings throughout the year, and took into account other information related to the Fund provided to the Trustees at regularly scheduled meetings, in connection with the review of the Fund’s investment management agreement.
In March 2022, the Trustees, among other things, discussed the memorandum provided by Fund counsel that summarized the legal standards and other considerations that are relevant to the Trustees in their deliberations regarding the renewal of the investment management agreement, and reviewed and discussed the qualifications of the investment management teams for the Fund, as well as the level of investment by the Fund’s portfolio managers in the Fund. In July 2022, the Trustees, among other things, reviewed the Fund’s management fees and total expense ratios, the financial statements of Amundi US and its parent companies, profitability analyses provided by Amundi US, and analyses from Amundi US as to possible economies of scale. The Trustees also reviewed the profitability of the institutional business of Amundi US as compared to that of Amundi US’s fund management business, and considered the differences between the fees and expenses of the Fund and the fees and expenses of Amundi US’s institutional accounts, as well as the different services provided by Amundi US to the Fund and to the institutional accounts. The Trustees further considered contract review materials, including additional materials received in response to the Trustees’ request, in September 2022.
At a meeting held on September 20, 2022, based on their evaluation of the information provided by Amundi US and third parties, the Trustees of the Fund, including the Independent Trustees voting separately advised by independent counsel, unanimously approved the renewal of the investment
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22 45
management agreement for another year. In approving the renewal of the investment management agreement, the Trustees considered various factors that they determined were relevant, including the factors described below. The Trustees did not identify any single factor as the controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had been provided by Amundi US to the Fund, taking into account the investment objective and strategy of the Fund. The Trustees also reviewed Amundi US’s investment approach for the Fund and its research process. The Trustees considered the resources of Amundi US and the personnel of Amundi US who provide investment management services to the Fund. They also reviewed the amount of non-Fund assets managed by the portfolio managers of the Fund. They considered the non-investment resources and personnel of Amundi US that are involved in Amundi US’s services to the Fund, including Amundi US’s compliance, risk management, and legal resources and personnel. The Trustees noted the substantial attention and high priority given by Amundi US’s senior management to the Pioneer Fund complex, including with respect to the increasing regulation to which the Pioneer Funds are subject. The Trustees considered the effectiveness of Amundi US’s business continuity plan in response to the ongoing COVID-19 pandemic.
The Trustees considered that Amundi US supervises and monitors the performance of the Fund’s service providers and provides the Fund with personnel (including Fund officers) and other resources that are necessary for the Fund’s business management and operations. The Trustees also considered that, as administrator, Amundi US is responsible for the administration of the Fund’s business and other affairs. The Trustees considered that the Fund reimburses Amundi US its pro rata share of Amundi US’s costs of providing administration services to the Pioneer Funds.
Based on these considerations, the Trustees concluded that the nature, extent and quality of services that had been provided by Amundi US to the Fund were satisfactory and consistent with the terms of the investment management agreement.
Performance of the Fund
In considering the Fund’s performance, the Trustees regularly review and discuss throughout the year data prepared by Amundi US and information comparing the Fund’s performance with the performance of its peer group of funds, as classified by Morningstar, Inc. (Morningstar), and with the performance of the Fund’s benchmark index. They also discuss the Fund’s
46 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22
performance with Amundi US on a regular basis. The Trustees’ regular reviews and discussions were factored into the Trustees’ deliberations concerning the renewal of the investment management agreement.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in comparison to the management fees of its peer group of funds as classified by Morningstar and also to the expense ratios of a peer group of funds selected on the basis of criteria determined by the Independent Trustees for this purpose using data provided by Strategic Insight Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent third party. The peer group comparisons referred to below are organized in quintiles. Each quintile represents one-fifth of the peer group. In all peer group comparisons referred to below, first quintile is most favorable to the Fund’s shareowners. The Trustees noted that they separately review and consider the impact of the Fund’s transfer agency and Fund- and Amundi US-paid expenses for sub-transfer agency and intermediary arrangements, and that the results of the most recent such review were considered in the consideration of the Fund’s expense ratio.
The Trustees considered that the Fund’s management fee for the most recent fiscal year was in the fifth quintile relative to the management fees paid by other funds in its Morningstar category for the comparable period. The Trustees noted Amundi US’s explanation of the reasons that the Fund’s management fee was in the fifth quintile relative to the management fees paid by other funds in its Morningstar category. The Trustees considered that the expense ratio of the Fund’s Class Y shares for the most recent fiscal year was in the first quintile relative to its Strategic Insight peer group for the comparable period. The Trustees noted that Amundi US had agreed to waive fees and/or reimburse expenses in order to limit the ordinary operating expenses of the Fund.
The Trustees reviewed management fees charged by Amundi US to institutional and other clients, including publicly offered European funds sponsored by Amundi US’s affiliates, unaffiliated U.S. registered investment companies (in a sub-advisory capacity), and unaffiliated foreign and domestic separate accounts. The Trustees also considered Amundi US’s costs in providing services to the Fund and Amundi US’s costs in providing services to the other clients and considered the differences in management fees and profit margins for fund and non-fund services. In evaluating the fees associated with Amundi US’s client accounts, the Trustees took into account the respective demands, resources and complexity associated with the Fund and other client accounts. The Trustees noted that, in some instances, the fee rates for those clients were lower than the management
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22 47
fee for the Fund and considered that, under the investment management and administration agreements with the Fund, Amundi US performs additional services for the Fund that it does not provide to those other clients or services that are broader in scope, including oversight of the Fund’s other service providers and activities related to compliance and the extensive regulatory and tax regimes to which the Fund is subject. The Trustees also considered the entrepreneurial risks associated with Amundi US’s management of the Fund.
The Trustees concluded that the management fee payable by the Fund to Amundi US was reasonable in relation to the nature and quality of the services provided by Amundi US.
Profitability
The Trustees considered information provided by Amundi US regarding the profitability of Amundi US with respect to the advisory services provided by Amundi US to the Fund, including the methodology used by Amundi US in allocating certain of its costs to the management of the Fund. The Trustees also considered Amundi US’s profit margin in connection with the overall operation of the Fund. They further reviewed the financial results, including the profit margins, realized by Amundi US from non-fund businesses. The Trustees considered Amundi US’s profit margins in comparison to the limited industry data available and noted that the profitability of any adviser was affected by numerous factors, including its organizational structure and method for allocating expenses. The Trustees concluded that Amundi US’s profitability with respect to the management of the Fund was not unreasonable.
Economies of Scale
The Trustees considered Amundi US’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 the Fund 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 Amundi US in research and analytical capabilities and Amundi US’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 Fund.
48 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22
Other Benefits
The Trustees considered the other benefits that Amundi US enjoys from its relationship with the Fund. The Trustees considered the character and amount of fees paid or to be paid by the Fund, other than under the investment management agreement, for services provided by Amundi US and its affiliates. The Trustees further considered the revenues and profitability of Amundi US’s businesses other than the Fund business. To the extent applicable, the Trustees also considered the benefits to the Fund and to Amundi US and its affiliates from the use of “soft” commission dollars generated by the Fund to pay for research and brokerage services.
The Trustees considered that Amundi US 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 $2.2 trillion in assets (including the Pioneer Funds). The Trustees considered that Amundi US’s relationship with Amundi creates potential opportunities for Amundi US and Amundi that derive from Amundi US’s relationships with the Fund, including Amundi’s ability to market the services of Amundi US globally. The Trustees noted that Amundi US 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 Amundi US. The Trustees considered that Amundi US and the Fund receive reciprocal intangible benefits from the relationship, including mutual brand recognition and, for the Fund, direct and indirect access to the resources of a large global asset manager. The Trustees concluded that any such benefits received by Amundi US as a result of its relationship with the Fund were reasonable.
Conclusion
After consideration of the factors described above as well as other factors, the Trustees, including the Independent Trustees, concluded that the investment management agreement for the Fund, including the fees payable thereunder, was fair and reasonable and voted to approve the proposed renewal of the investment management agreement.
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22 49
Statement Regarding Liquidity Risk Management Program
As required by law, the Fund has adopted and implemented a liquidity risk management program (the “Program”) that is designed to assess and manage liquidity risk. Liquidity risk is the risk that the Fund could not meet requests to redeem its shares without significant dilution of remaining investors’ interests in the Fund. The Fund’s Board of Trustees designated a liquidity risk management committee (the “Committee”) consisting of employees of Amundi Asset Management US, Inc. (the “Adviser”) to administer the Program.
The Committee provided the Board of Trustees with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Reporting Period”).
The Report confirmed that, throughout the Reporting Period, the Committee had monitored the Fund’s portfolio liquidity and liquidity risk on an ongoing basis, as described in the Program and in Board reporting throughout the Reporting Period.
The Report discussed the Committee’s annual review of the Program, which addressed, among other things, the following elements of the Program:
The Committee reviewed the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. The Committee noted that the Fund’s investment strategy continues to be appropriate for an open-end fund, taking into account, among other things, whether and to what extent the Fund held less liquid and illiquid assets and the extent to which any such investments affected the Fund’s ability to meet redemption requests. In managing and reviewing the Fund’s liquidity risk, the Committee also considered the extent to which the Fund’s investment strategy involves a relatively concentrated portfolio or large positions in particular issuers, the extent to which the Fund uses borrowing for investment purposes, and the extent to which the Fund uses derivatives (including for hedging purposes). The Committee also reviewed the Fund’s short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. In assessing the Fund’s cash flow projections, the Committee considered, among other factors, historical net redemption activity, redemption policies, ownership concentration, distribution channels, and
50 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22
the degree of certainty associated with the Fund’s short-term and long-term cash flow projections. The Committee also considered the Fund’s holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources, including, if applicable, the Fund’s participation in a credit facility, as components of the Fund’s ability to meet redemption requests. The Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests.
The Committee reviewed the Program’s liquidity classification methodology for categorizing the Fund’s investments into one of four liquidity buckets. In reviewing the Fund’s investments, the Committee considered, among other factors, whether trading varying portions of a position in a particular portfolio investment or asset class in sizes the Fund would reasonably anticipate trading, would be reasonably expected to significantly affect liquidity.
The Committee performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum, and determined that no such minimum is required because the Fund primarily holds highly liquid investments.
The Report stated that the Committee concluded the Program operates adequately and effectively, in all material respects, to assess and manage the Fund’s liquidity risk throughout the Reporting Period.
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22 51
Trustees, Officers and Service Providers
Investment Adviser and Administrator
Amundi Asset Management US, Inc.
Custodian and Sub-Administrator
The Bank of New York Mellon Corporation
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Amundi Distributor US, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
BNY Mellon Investment Servicing (US) 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.amundi.com/us. This information is also available on the Securities and Exchange Commission’s web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and officers are listed below, together with their principal occupations and other directorships they have held during at least the past five years. Trustees who are interested persons of the Fund within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Fund are referred to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 49 U.S. registered investment portfolios for which Amundi US serves as investment adviser (the “Pioneer Funds”). The address for all Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-225-6292.
52 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22
Independent Trustees
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Trustee |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Thomas J. Perna (71) | Trustee since 2021. | Private investor (2004 – 2008 and 2013 – present); Chairman | Director, Broadridge Financial |
| Chairman of the Board | Serves until a successor | (2008 – 2013) and Chief Executive Officer (2008 – 2012), Quadriserv, Inc. | Solutions, Inc. (investor |
| and Trustee | trustee is elected or | (technology products for securities lending industry); and Senior Executive | communications and securities |
| | earlier retirement | Vice President, The Bank of New York (financial and securities services) | processing provider for financial |
| | or removal. | (1986 – 2004) | services industry) (2009 – present); |
| | | | Director, Quadriserv, Inc. (2005 – |
| | | | 2013); and Commissioner, New |
| | | | Jersey State Civil Service |
| | | | Commission (2011 – 2015) |
| John E. Baumgardner, | Trustee since 2021. | Of Counsel (2019 – present), Partner (1983-2018), Sullivan & Cromwell | Chairman, The Lakeville Journal |
| Jr. (71)* | Serves until a successor | LLP (law firm). | Company, LLC, (privately-held |
| Trustee | trustee is elected or | | community newspaper group) |
| | earlier retirement | | (2015-present) |
| | or removal. | | |
| Diane Durnin (65) | Trustee since 2021. | Managing Director - Head of Product Strategy and Development, BNY | None |
| Trustee | Serves until a successor | Mellon Investment Management (investment management firm) | |
| | trustee is elected or | (2012-2018); Vice Chairman – The Dreyfus Corporation (2005 – 2018): | |
| | earlier retirement | Executive Vice President Head of Product, BNY Mellon Investment | |
| | or removal. | Management (2007-2012); Executive Director- Product Strategy, Mellon | |
| | | Asset Management (2005-2007); Executive Vice President Head of | |
| | | Products, Marketing and Client Service, Dreyfus Corporation (investment | |
| | | management firm) (2000-2005); Senior Vice President Strategic Product | |
| | | and Business Development, Dreyfus Corporation (1994-2000) | |
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22 53
Independent Trustees (continued)
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Trustee |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Benjamin M. Friedman (78) | Trustee since 2021. | William Joseph Maier Professor of Political Economy, Harvard University | Trustee, Mellon Institutional Funds |
| Trustee | Serves until a successor | (1972 – present) | Investment Trust and Mellon |
| | trustee is elected or | | Institutional Funds Master |
| | earlier retirement | | Portfolio (oversaw 17 portfolios in |
| | or removal. | | fund complex) (1989 - 2008) |
| Craig C. MacKay (59) | Trustee since 2021. | Partner, England & Company, LLC (advisory firm) (2012 – present); Group | Director, Equitable Holdings, Inc. |
| Trustee | Serves until a successor | Head – Leveraged Finance Distribution, Oppenheimer & Company | (financial services holding company) |
| | trustee is elected or | (investment bank) (2006 – 2012); Group Head – Private Finance & High | (2022 – present); Board Member of |
| | earlier retirement | Yield Capital Markets Origination, SunTrust Robinson Humphrey | Carver Bancorp, Inc. (holding |
| | or removal. | (investment bank) (2003 – 2006); and Founder and Chief Executive | company) and Carver Federal |
| | | Officer, HNY Associates, LLC (investment bank) (1996 – 2003) | Savings Bank, NA (2017 – present); |
| | | | Advisory Council Member, |
| | | | MasterShares ETF (2016 – 2017); |
| | | | Advisory Council Member, The Deal |
| | | | (financial market information |
| | | | publisher) (2015 – 2016); Board |
| | | | Co-Chairman and Chief Executive |
| | | | Officer, Danis Transportation |
| | | | Company (privately-owned |
| | | | commercial carrier) (2000 – 2003); |
| | | | Board Member and Chief Financial |
| | | | Officer, Customer Access Resources |
| | | | (privately-owned teleservices |
| | | | company) (1998 – 2000); Board |
| | | | Member, Federation of Protestant |
| | | | Welfare Agencies (human services |
| | | | agency) (1993 – present); and |
| | | | Board Treasurer, Harlem Dowling |
| | | | Westside Center (foster care |
| | | | agency) (1999 – 2018) |
54 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Trustee |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Lorraine H. Monchak (66) | Trustee since 2021. | Chief Investment Officer, 1199 SEIU Funds (healthcare workers union | None |
| Trustee | (Advisory Trustee from | pension funds) (2001 – present); Vice President – International Investments | |
| | 2014 - 2017). Serves | Group, American International Group, Inc. (insurance company) | |
| | until a successor | (1993 – 2001); Vice President – Corporate Finance and Treasury Group, | |
| | trustee is elected | Citibank, N.A. (1980 – 1986 and 1990 – 1993); Vice President – | |
| | or earlier retirement | Asset/Liability Management Group, Federal Farm Funding Corporation | |
| | or removal. | (government-sponsored issuer of debt securities) (1988 – 1990); Mortgage | |
| | | Strategies Group, Shearson Lehman Hutton, Inc. (investment bank) | |
| | | (1987 – 1988); Mortgage Strategies Group, Drexel Burnham Lambert, Ltd. | |
| | | (investment bank) (1986 – 1987) | |
| Marguerite A. Piret (74) | Trustee since 2021. | Chief Financial Officer, American Ag Energy, Inc. (controlled environment | Director of New America High |
| Trustee | Serves until a successor | and agriculture company) (2016 – present); President and Chief | Income Fund, Inc. (closed-end |
| | trustee is elected or | Executive Officer, Metric Financial Inc. (formerly known as Newbury | investment company) (2004 – |
| | earlier retirement | Piret Company) (investment banking firm) (1981 – 2019) | present); and Member, Board of |
| | or removal. | | Governors, Investment Company |
| | | | Institute (2000 – 2006) |
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22 55
Independent Trustees (continued)
| | | | |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Trustee |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Fred J. Ricciardi (75) | Trustee since 2021. | Private investor (2020 – present); Consultant (investment company | None |
| Trustee | Serves until a successor | services) (2012 – 2020); Executive Vice President, BNY Mellon (financial | |
| | trustee is elected or | and investment company services) (1969 – 2012); Director, BNY | |
| | earlier retirement | International Financing Corp. (financial services) (2002 – 2012); Director, | |
| | or removal. | Mellon Overseas Investment Corp. (financial services) (2009 – 2012); | |
| | | Director, Financial Models (technology) (2005-2007); Director, BNY | |
| | | Hamilton Funds, Ireland (offshore investment companies) (2004-2007); | |
| | | Chairman/Director, AIB/BNY Securities Services, Ltd., Ireland (financial | |
| | | services) (1999-2006); Chairman, BNY Alternative Investment Services, | |
| | | Inc. (financial services) (2005-2007) | |
* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund.
56 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22
Interested Trustees
| | | | |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Trustee |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Lisa M. Jones (60)** | Trustee since 2021. | Director, CEO and President of Amundi US, Inc. (investment | Director of Clearwater Analytics |
| Trustee, President and | Serves until a successor | management firm) (since September 2014); Director, CEO and President | (provider of web-based investment |
| Chief Executive Officer | trustee is elected or | of Amundi Asset Management US, Inc. (since September 2014); Director, | accounting software for reporting |
| | earlier retirement | CEO and President of Amundi Distributor US, Inc. (since September 2014); | and reconciliation services) |
| | or removal | Director, CEO and President of Amundi Asset Management US, Inc. (since | (September 2022 – present) |
| | | September 2014); Chair, Amundi US, Inc., Amundi Distributor US, Inc. and | |
| | | Amundi Asset Management US, Inc. (September 2014 – 2018); Managing | |
| | | Director, Morgan Stanley Investment Management (investment | |
| | | management firm) (2010 – 2013); Director of Institutional Business, | |
| | | CEO of International, Eaton Vance Management (investment | |
| | | management firm) (2005 – 2010); Director of Amundi Holdings US, | |
| | | Inc. (since 2017) | |
| Kenneth J. Taubes (64)** | Trustee since 2021. | Director and Executive Vice President (since 2008) and Chief Investment | None |
| Trustee | Serves until a successor | Officer, U.S. (since 2010) of Amundi US, Inc. (investment management | |
| | trustee is elected or | firm); Director and Executive Vice President and Chief Investment Officer, | |
| | earlier retirement | U.S. of Amundi US (since 2008); Executive Vice President and Chief | |
| | or removal | Investment Officer, U.S. of Amundi Asset Management US, Inc. | |
| | | (since 2009); Portfolio Manager of Amundi US (since 1999); Director of | |
| | | Amundi Holdings US, Inc. (since 2017) | |
** Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Fund’s investment adviser and certain of its affiliates.
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22 57
Fund Officers
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Officer |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Christopher J. Kelley (57) | Since 2021. Serves at | Vice President and Associate General Counsel of Amundi US since | None |
| Secretary and Chief | the discretion of | January 2008; Secretary and Chief Legal Officer of all of the Pioneer Funds | |
| Legal Officer | the Board | since June 2010; Assistant Secretary of all of the Pioneer Funds from | |
| | | September 2003 to May 2010; Vice President and Senior Counsel of | |
| | | Amundi US from July 2002 to December 2007 | |
| Thomas Reyes (59) | Since 2021. Serves at | Assistant General Counsel of Amundi US since May 2013 and Assistant | None |
| Assistant Secretary | the discretion of | Secretary of all the Pioneer Funds since June 2010; Counsel of | |
| | the Board | Amundi US from June 2007 to May 2013 | |
| Heather L. | Since 2022. Serves at | Director - Trustee and Board Relationships of Amundi US since | None |
| Melito-Dezan (45) | the discretion of | September 2019; Private practice from 2017 – 2019. | |
| Assistant Secretary | the Board | | |
| Anthony J. Koenig, Jr. (58) | Since 2021. Serves at | Managing Director, Chief Operations Officer and Fund Treasurer of | None |
| Treasurer and | the discretion of | Amundi US since May 2021; Treasurer of all of the Pioneer Funds since | |
| Chief Financial and | the Board | May 2021; Assistant Treasurer of all of the Pioneer Funds from | |
| Accounting Officer | | January 2021 to May 2021; and Chief of Staff, US Investment | |
| | | Management of Amundi US from May 2008 to January 2021 | |
| Luis I. Presutti (57) | Since 2021. Serves at | Director – Fund Treasury of Amundi US since 1999; and Assistant | None |
| Assistant Treasurer | the discretion of | Treasurer of all of the Pioneer Funds since 1999 | |
| | the Board | | |
| Gary Sullivan (64) | Since 2021. Serves at | Senior Manager – Fund Treasury of Amundi US since 2012; and Assistant | None |
| Assistant Treasurer | the discretion of | Treasurer of all of the Pioneer Funds since 2002 | |
| | the Board | | |
58 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Officer |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Antonio Furtado (40) | Since 2021. Serves at | Fund Oversight Manager – Fund Treasury of Amundi US since 2020; | None |
| Assistant Treasurer | the discretion of | Assistant Treasurer of all of the Pioneer Funds since 2020; and Senior | |
| | the Board | Fund Treasury Analyst from 2012 - 2020 | |
| Michael Melnick (51) | Since 2021. Serves at | Vice President - Deputy Fund Treasurer of Amundi US since May 2021; | None |
| Assistant Treasurer | the discretion of | Assistant Treasurer of all of the Pioneer Funds since July 2021; | |
| | the Board | Director of Regulatory Reporting of Amundi US from 2001 – 2021; and | |
| | | Director of Tax of Amundi US from 2000 - 2001 | |
| John Malone (51) | Since 2021. Serves at | Managing Director, Chief Compliance Officer of Amundi US Asset | None |
| Chief Compliance Officer | the discretion of | Management; Amundi Asset Management US, Inc.; and the Pioneer | |
| | the Board | Funds since September 2018; Chief Compliance Officer of Amundi | |
| | | Distributor US, Inc. since January 2014. | |
| Brandon Austin (50) | Since March 2022. | Director, Financial Security – Amundi Asset Management; Anti-Money | None |
| Anti-Money Laundering | Serves at the discretion | Laundering Officer of all the Pioneer Funds since March 2022: Director | |
| Officer | of the Board | of Financial Security of Amundi US since July 2021; Vice President, | |
| | | Head of BSA, AML and OFAC, Deputy Compliance Manager, Crédit | |
| | | Agricole Indosuez Wealth Management (investment management | |
| | | firm) (2013 – 2021) | |
Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22 59
This page was intentionally left blank.
60 Pioneer Global Sustainable Value Fund | Annual Report | 9/30/22
How to Contact Amundi
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
P.O. Box 9897
Providence, R.I. 02940-8097
| | |
| Our toll-free fax | 1-800-225-4240 |
| Our internet e-mail address | us.askamundi@amundi.com/us |
| (for general questions about Amundi only) | |
| |
| Visit our web site: www.amundi.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 Asset Management US, Inc.
60 State Street
Boston, MA 02109
www.amundi.com/us
Securities offered through Amundi Distributor US, Inc.,
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
© 2022 Amundi Asset Management US, Inc. 32714-01-1122
Pioneer Intrinsic Value Fund
Annual Report | September 30, 2022
visit us: www.amundi.com/us
Pioneer Intrinsic Value Fund | Annual Report | 9/30/22 1
President’s Letter
Dear Shareholders,
The last few years have seen investors face some unprecedented challenges, from a global pandemic that shuttered much of the world’s economy for months, to geopolitical strife, to rising inflation that has reached levels not seen in decades.
While economies in most of the world have reopened as COVID-19 has begun slowly transitioning to an “endemic” disease, the pandemic’s effects are still with us. The easier monetary and fiscal policies enacted to provide stimulus as economies struggled through COVID-19-related restrictions and lockdowns, and ongoing supply chain issues, which were, at least in part, an outgrowth of the same virus-containment measures, were among the numerous factors that combined to begin driving inflation levels higher as the 2022 calendar year got underway.
With rising inflation already a concern, investor sentiment sharply deteriorated in the first quarter of this year, with the negativity driven largely by Russia’s invasion of Ukraine in February as well as signs that inflation was more entrenched than transitory in many regions of the world. The war and the resulting economic sanctions placed on Russia by the US and European governments also contributed to a spike in energy prices, given that Russia is a major exporter of natural gas as well as other resources, particularly to Europe.
The persistently high inflation readouts led key central banks, including the US Federal Reserve (Fed), to signal a tightening of monetary policy. The Fed had already announced that it would taper its bond purchases and eventually end its pandemic-era quantitative easing program by the spring of 2022; and, with US inflation hitting 40-year highs, the Fed began aggressively raising its benchmark federal funds rate target range, while indicating that more rate hikes were likely. The magnitude of the rate increases heightened investors’ concerns about the ability of the Fed and other central banks to cool inflation without triggering a recession.
Due to what has been, so far, a tumultuous 2022 calendar year for investors, the performance of most asset classes, especially riskier assets such as equities and corporate bonds, has turned negative, as market participants have tried to ascertain the direction and progression of Fed policy, economic growth, the war in Ukraine, and other factors. In fact, the third quarter of 2022 marked the first time since 1976 that both equities and bonds had posted three consecutive quarters of negative returns. The 2022 US mid-term election results are another important benchmark that investors are closely monitoring, as political uncertainty has often contributed to increased market volatility.
2 Pioneer Intrinsic Value Fund | Annual Report | 9/30/22
In times like these, we at Amundi US believe our approach to investing is more appropriate than ever. Since 1928, Amundi US’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 risks during periods of market volatility.
At Amundi US, active management begins with our own fundamental, bottom-up research process. Our team of dedicated research analysts and portfolio managers analyzes each security under consideration, communicating frequently with the management teams of the companies and other entities issuing the securities, and working together to identify those securities that we believe best meet our investment criteria for our family of funds. Our risk management approach begins with each security under consideration, as we strive to develop a deep understanding of the potential opportunity, while considering any potential risk factors.
Today, as shareholders, 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 professional to develop an investment plan that paves the way for you to pursue both your short-term and long-term goals.
We greatly appreciate the trust you have placed in us and look forward to continuing to serve you in the future.
Lisa M. Jones
Head of the Americas, President and CEO of US
Amundi Asset Management US, Inc.
November 2022
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 Intrinsic Value Fund | Annual Report | 9/30/22 3
Portfolio Management Discussion | 9/30/22
In the following discussion, portfolio managers Sammi Truong and Timothy Stanish discuss the market environment and the performance of Pioneer Intrinsic Value Fund during the 12-month period ended September 30, 2022. Ms. Truong, a vice president and portfolio manager at Amundi Asset Management US, Inc. (Amundi US), and Mr. Stanish, a vice president, EVA (economic value added) analyst, and portfolio manager at Amundi US, are responsible for the day-to-day management of the Fund.
| Q | | How did the Fund perform during the 12-month period ended September 30, 2022? |
| A | | Pioneer Intrinsic Value Fund’s Class A shares returned -8.23% at net asset value during the 12-month period ended September 30, 2022, while the Fund’s benchmark, the Russell 1000 Value Index, returned -11.36%. During the same 12-month period, the average return of the 1,215 mutual funds in Morningstar’s Large Value Funds category was -9.64%. |
| Q | | How would you describe the investment backdrop during the 12-month period ended September 30, 2022? |
| A | | The US stock market experienced a meaningful decline during the 12-month period, due to a broad assortment of negative developments. Inflation remained persistently high throughout the period, with a peak year-over-year increase of 9.1% in June 2022. The US Federal Reserve (Fed) responded by tightening monetary policy in an aggressive fashion. In addition to winding down and ending its pandemic-era quantitative easing (bond purchase) program, the Fed increased the target range of the federal funds rate by three full percentage points, bringing the range up to 3.00% -3.25%. Perhaps more important, investors anticipated that the Fed would continue to raise rates until inflation began to show signs of waning. |
Russia’s invasion of Ukraine in February 2022 also weighed on investor sentiment. In addition to creating geopolitical uncertainties, the invasion and the resulting sanctions placed on Russia by the US and some European nations contributed to ongoing supply chain disruptions, a spike in oil prices, and concerns that an emerging energy crisis in Europe would lead to a recession in the region.
In combination, those developments fueled investors’ worries about a slowdown in global economic growth as well as a concurrent downturn in corporate earnings. Equity markets responded unfavorably to the deteriorating environment, with weak returns and high volatility. The
4 Pioneer Intrinsic Value Fund | Annual Report | 9/30/22
value segment of the market held up reasonably well, however: while the Fund’s benchmark, the Russell 1000 Value Index (the Russell Index), returned -11.36% for the 12-month period, that was still well ahead of the -17.22% return for the broader market, as gauged by the Russell 1000 Index.
As the period progressed, the prospect of rising rates prompted investors to rotate out of stocks of faster-growing companies and toward those with higher current earnings and greater sensitivity to inflation - traits that have typically been more common among value stocks. The value category also benefited from its higher relative weighting in the strong-performing energy sector, and its lower exposure to the growth-oriented information technology sector.
| Q | | What were the key positive contributors to the Fund’s benchmark-relative performance during the 12-month period ended September 30, 2022? |
| A | | The Fund’s positioning in the energy sector made the largest positive contribution to benchmark-relative results during the 12-month period. The portfolio was overweight to the sector versus the Russell Index throughout the year, which was a distinct positive for relative returns given that energy stocks outpaced the broader market by more than 55 percentage points. Individual holdings within the energy sector that aided the Fund’s relative performance included ExxonMobil, Pioneer Natural Resources, EQT, and Shell. We have maintained the Fund’s energy positioning, as we believe the portfolio’s holdings in the sector remain attractively valued, even after their strong performance over the past year. Companies in the sector have continued to exhibit capital discipline, with many management teams now compensated based on said discipline, rather than on incentives to generate growth through increased production. We also are encouraged by energy companies’ generally healthy balance sheets and potential ability to maintain positive cash flows even if oil prices were to experience a meaningful decline. |
Investments in the health care sector were another area of strength for the Fund versus the Russell Index. In general, many stocks in the sector outperformed in the challenging environment during the 12-month period, thanks to the companies’ stable growth profiles and below-average sensitivity to economic trends. Security selections within health care that contributed positively to the Fund’s relative returns included positions in Elevance Health (formerly Anthem), Cardinal Health, AbbVie, and Pfizer, which were among the top performers from the sector within the portfolio. We believe the Fund’s investment in AbbVie helps illustrate our
Pioneer Intrinsic Value Fund | Annual Report | 9/30/22 5
bottom-up process at work. The stock underperformed through most of 2021 due to concerns that a key drug coming off patent would have a negative effect on earnings. However, we determined that the company could withstand the challenge by virtue of its strong pipeline and large cash balance. Investors came to appreciate AbbVie’s attributes over the past 12 months, helping the stock stage an impressive recovery.
Outside of those sectors, the leading positive contributor to the Fund’s relative performance during the period was a position in Progressive, the insurance company. We believed the stock offered defensive characteristics and decent growth at a reasonable valuation. The defensive aspect came into play during the market sell-off we experienced during the period, as the stock outperformed once the investment backdrop grew more challenging. We sold the portfolio’s Progressive position once the shares hit what we believed was their fair value, and we rotated to what we saw as a more compelling opportunity in Charles Schwab.
| Q | | What were the key detractors from the Fund’s benchmark-relative performance during the 12-month period ended September 30, 2022? |
| A | | The Fund’s holdings in the industrials sector lagged the Russell Index by a meaningful margin during the period, due in part to a position in FedEx. We bought the stock on the belief that the company’s new management team was poised to turn the business around, and we were encouraged by a compensation plan that focused on return of capital rather than growth. However, the company experienced execution problems that caused it to miss on earnings and reduce its forward guidance. We have retained the position on the belief that FedEx is attractively valued, given our view that its turnaround, while taking longer than expected, will ultimately occur. Other detractors from the Fund’s relative returns within the industrials sector included positions in AerCap, the performance of which struggled due to its exposure to Russia and China, and Stanley Black & Decker, which suffered a worse-than-expected hangover from consumer demand (pulled forward during the height of the COVID-19 situation) beginning to lose steam. Both stocks remained in the portfolio at end of September 2022. |
The information technology sector was home to a number of notable detractors from the Fund’s relative returns during the period. Positions in Intel and Micron Technology underperformed due to investors’ concerns
6 Pioneer Intrinsic Value Fund | Annual Report | 9/30/22
about slowing demand in the chip space. A position in Oracle also lagged during the period, due to an acquisition that generated an unfavorable market reaction.
Overall, a position in eBay was the largest detractor from the Fund’s benchmark-relative performance for the 12-month period. Similar to Stanley Black & Decker, eBay’s stock price struggled due to a larger-than-expected downturn in demand following the bump from the increase in online orders during the COVID-19 situation in 2020-2021. We have retained the portfolio’s position in eBay, due in part to the company’s ability to use its cash balance to continue buying back shares. Finally, a position in General Motors (GM) detracted from relative results. The stock underperformed due to the combination of supply chain issues and slowing demand. We sold the GM position from the portfolio, on the belief that the company will need to execute perfectly in order to offset its rising cost of capital. (Cost of capital is a calculation of the minimum return a company would need to justify a capital-budgeting project.)
| Q | | Did the Fund have any exposure to derivative securities during the 12-month period ended September 30, 2022? |
| A | | No. The Fund had no derivatives exposure during the reporting period. |
| Q | | How would you characterize the Fund’s overall positioning as of September 30, 2022? |
| A | | During the 12-month period, we continued to rotate the portfolio toward market segments where we believed we had identified the most compelling valuations, including the energy and financials sectors. In the latter, we prefer to invest the Fund in large money-center banks, and have shifted away from regional banks and businesses with capital-markets exposure (such as asset managers). We are also keeping a close eye on cyclical areas of the market – including sectors such as industrials, consumer discretionary, and communication services – and on certain segments within the information technology sector, as we seek to identify stocks of companies where bad news appears priced in to the shares. On the other hand, we have continued to avoid investing the Fund in what we believe are lower-quality value stocks, and companies with weak balance sheets. While this has always been part of our approach, we believe it is particularly important in the current environment. |
Pioneer Intrinsic Value Fund | Annual Report | 9/30/22 7
Please refer to the Schedule of Investments on pages 16–19 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, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, or adverse investor sentiment. These conditions may continue, recur, worsen or spread.
Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions.
The Fund invests in REIT securities, the value of which can fall for a variety of reasons, such as declines in rental income, fluctuating interest rates, poor property management, environmental liabilities, uninsured damage, increased competition, or changes in real estate tax laws.
The Fund may invest in IPOs (Initial Public Offerings), which may involve additional risks.
Before investing, consider the product’s investment objectives, risks, charges and expenses. Contact your financial professional or Amundi Asset Management US, 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 Intrinsic Value Fund | Annual Report | 9/30/22
Portfolio Summary | 9/30/22
Sector Distribution
(As a percentage of total investments)*
| 10 Largest Holdings | |
| (As a percentage of total investments)* | |
| 1. | Exxon Mobil Corp. | 5.46% |
| 2. | Elevance Health, Inc. | 4.51 |
| 3. | Wells Fargo & Co. | 4.05 |
| 4. | Pfizer, Inc. | 4.02 |
| 5. | Bank of America Corp. | 3.50 |
| 6. | Charles Schwab Corp. | 3.15 |
| 7. | Chubb, Ltd. | 2.93 |
| 8. | Pioneer Natural Resources Co. | 2.84 |
| 9. | JPMorgan Chase & Co. | 2.72 |
| 10. | AbbVie, Inc. | 2.69 |
| * | | Excludes short-term 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 Intrinsic Value Fund | Annual Report | 9/30/22 9
Prices and Distributions | 9/30/22
Net Asset Value per Share
| Class | 9/30/22 | 9/30/21 |
| A | $8.77 | $9.68 |
| C | $8.78 | $9.65 |
| Y | $8.78 | $9.69 |
Distributions per Share: 10/1/21 - 9/30/22
| | Net Investment | Short-Term | Long-Term |
| Class | Income | Capital Gains | Capital Gains |
| A | $0.1353 | $ — | $ — |
| C | $ — | $ — | $ — |
| Y | $0.1557 | $ — | $ — |
Index Definitions
The Russell 1000 Value Index is an unmanaged measure of the performance of large-cap U.S. value stocks. 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 11–13.
10 Pioneer Intrinsic Value Fund | Annual Report | 9/30/22
| Performance Update | 9/30/22 | 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 Intrinsic Value Fund at public offering price during the periods shown, compared to that of the Russell 1000 Value Index.*
| Average Annual Total Returns |
| (As of September 30, 2022) |
| |
| | Net | Public | Russell |
| | Asset | Offering | 1000 |
| | Value | Price | Value |
| Period | (NAV) | (POP) | Index |
| Life of Class | | |
| (5/10/21)* | -8.11% | -11.91% | -9.81% |
| 1 year | -8.23 | -13.50 | -11.36 |
| Expense Ratio | |
| (Per prospectus dated February 1, 2022) |
| Gross | Net |
| 23.11% | 0.85% |
Call 1-800-225-6292 or visit www.amundi.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 shown 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, 2023 for Class A shares. There can be no assurance that Amundi US will extend the expense limitation beyond such time. Please see the prospectus for more information.
| * | | Performance of Class A shares shown in the table and graph above is from the inception of Class A shares on 5/10/21 through 9/30/22. Index information shown in the graph above is from 5/31/21 through 9/30/22. |
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 Intrinsic Value Fund | Annual Report | 9/30/22 11
| Performance Update | 9/30/22 | 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 Intrinsic Value Fund at public offering price during the periods shown, compared to that of the Russell 1000 Value Index.*
| | | | |
| Average Annual Total Returns | |
| (As of September 30, 2022) | |
| |
| | | | Russell |
| | | | 1000 |
| | If | If | Value |
| Period | Held | Redeemed | Index |
| Life of Class | | | |
| (5/10/21)* | -8.87% | -8.87% | -9.81% |
| 1 year | -9.02 | -9.93 | -11.36 |
| | |
| Expense Ratio | |
| (Per prospectus dated February 1, 2022) |
| Gross | Net |
| 23.98% | 1.60% |
Call 1-800-225-6292 or visit www.amundi.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 reflect deduction of the CDSC for the one-year period, assuming a complete redemption of shares at the last price calculated on the last business day of the period, and no CDSC for the other time periods. 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, 2023 for Class C shares. There can be no assurance that Amundi US will extend the expense limitation beyond such time. Please see the prospectus for more information.
| * | | Performance of Class C shares shown in the table and graph above is from the inception of Class C shares on 5/10/21 through 9/30/22. Index information shown in the graph above is from 5/31/21 through 9/30/22. |
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.
12 Pioneer Intrinsic Value Fund | Annual Report | 9/30/22
| Performance Update | 9/30/22 | 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 Intrinsic Value Fund at public offering price during the periods shown, compared to that of the Russell 1000 Value Index.*
| Average Annual Total Returns |
| (As of September 30, 2022) | |
| | Net | Russell |
| | Asset | 1000 |
| | Value | Value |
| Period | (NAV) | Index |
| Life of Class | | |
| (5/10/21)* | -7.90% | -9.81% |
| 1 year | -8.04 | -11.36 |
| Expense Ratio | |
| (Per prospectus dated February 1, 2022) |
| Gross | Net |
| 22.87% | 0.55% |
Call 1-800-225-6292 or visit www.amundi.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 shown 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, 2023 for Class Y shares. There can be no assurance that Amundi US will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information.
| * | | Performance of Class Y shares shown in the table and graph above is from the inception of Class Y shares on 5/10/21 through 9/30/22. Index information shown in the graph above is from 5/31/21 through 9/30/22. |
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 Intrinsic Value Fund | Annual Report | 9/30/22 13
Comparing Ongoing Fund Expenses
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 Intrinsic Value Fund
Based on actual returns from April 1, 2022 through September 30, 2022.
| | | | |
| Share Class | A | C | Y |
| Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
| Value on 4/1/22 | | | |
| Ending Account Value | $840.00 | $837.00 | $841.00 |
| (after expenses) | | | |
| on 9/30/22 | | | |
| Expenses Paid | $3.87 | $7.28 | $2.54 |
| During Period* | | | |
| * | | Expenses are equal to the Fund’s annualized expense ratio of 0.84%, 1.58%, and 0.55% for Class A, Class C, and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the partial year period). |
14 Pioneer Intrinsic Value Fund | Annual Report | 9/30/22
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 Intrinsic Value Fund
Based on a hypothetical 5% return per year before expenses, reflecting the period from April 1, 2022 through September 30, 2022.
| | | | |
| Share Class | A | C | Y |
| Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
| Value on 4/1/22 | | | |
| Ending Account Value | $1,020.88 | $1,017.15 | $1,022.31 |
| (after expenses) | | | |
| on 9/30/22 | | | |
| Expenses Paid | $4.26 | $7.99 | $2.79 |
| During Period* | | | |
| * | | Expenses are equal to the Fund’s annualized expense ratio of 0.84%, 1.58%, and 0.55% for Class A, Class C, and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the partial year period). |
Pioneer Intrinsic Value Fund | Annual Report | 9/30/22 15
Schedule of Investments | 9/30/22
| Shares | | | Value |
| | | UNAFFILIATED ISSUERS — 103.1% | |
| | | COMMON STOCKS — 99.3% of Net Assets | |
| | | Air Freight & Logistics — 2.1% | |
| | 169 | FedEx Corp. | $ 25,091 |
| | | Total Air Freight & Logistics | $ 25,091 |
| | | Auto Components — 1.5% | |
| | 145 | Lear Corp. | $ 17,355 |
| | | Total Auto Components | $ 17,355 |
| | | Banks — 16.4% | |
| | 1,353 | Bank of America Corp. | $ 40,861 |
| | 365 | Citigroup, Inc. | 15,210 |
| | 483 | Citizens Financial Group, Inc. | 16,596 |
| | 304 | JPMorgan Chase & Co. | 31,768 |
| | 116 | M&T Bank Corp. | 20,453 |
| | 136 | PNC Financial Services Group, Inc. | 20,321 |
| | 1,175 | Wells Fargo & Co. | 47,258 |
| | | Total Banks | $ 192,467 |
| | | Biotechnology — 2.7% | |
| | 234 | AbbVie, Inc. | $ 31,405 |
| | | Total Biotechnology | $ 31,405 |
| | | Capital Markets — 4.9% | |
| | 512 | Charles Schwab Corp. | $ 36,798 |
| | 351 | State Street Corp. | 21,344 |
| | | Total Capital Markets | $ 58,142 |
| | | Chemicals — 1.6% | |
| | 383 | Mosaic Co. | $ 18,510 |
| | | Total Chemicals | $ 18,510 |
| | | Communications Equipment — 2.5% | |
| | 740 | Cisco Systems, Inc. | $ 29,600 |
| | | Total Communications Equipment | $ 29,600 |
| | | Consumer Finance — 2.0% | |
| | 260 | Discover Financial Services | $ 23,639 |
| | | Total Consumer Finance | $ 23,639 |
| | | Containers & Packaging — 1.6% | |
| | 419 | Sealed Air Corp. | $ 18,650 |
| | | Total Containers & Packaging | $ 18,650 |
| | | Electric Utilities — 2.7% | |
| | 363 | American Electric Power Co., Inc. | $ 31,381 |
| | | Total Electric Utilities | $ 31,381 |
The accompanying notes are an integral part of these financial statements.
16 Pioneer Intrinsic Value Fund | Annual Report | 9/30/22
| | | | |
| Shares | | | Value |
| | | Health Care Providers & Services — 10.6% |
| | 322 | Cardinal Health, Inc. | $ 21,471 |
| | 297 | CVS Health Corp. | 28,325 |
| | 116 | Elevance Health, Inc. | 52,692 |
| | 118 | HCA Healthcare, Inc. | 21,687 |
| | | Total Health Care Providers & Services | $ 124,175 |
| | | Household Durables — 1.3% | |
| | 213 | Lennar Corp., Class A | $ 15,879 |
| | | Total Household Durables | $ 15,879 |
| | | Insurance — 5.3% | |
| | 506 | Aflac, Inc. | $ 28,437 |
| | 188 | Chubb, Ltd. | 34,194 |
| | | Total Insurance | $ 62,631 |
| | | Internet & Direct Marketing Retail — 1.2% |
| | 396 | eBay, Inc. | $ 14,577 |
| | | Total Internet & Direct Marketing Retail | $ 14,577 |
| | | IT Services — 2.5% | |
| | 248 | International Business Machines Corp. | $ 29,465 |
| | | Total IT Services | $ 29,465 |
| | | Machinery — 2.9% | |
| | 75 | Deere & Co. | $ 25,042 |
| | 114 | Stanley Black & Decker, Inc. | 8,574 |
| | | Total Machinery | $ 33,616 |
| | | Media — 1.8% | |
| | 734 | Comcast Corp., Class A | $ 21,528 |
| | | Total Media | $ 21,528 |
| | | Metals & Mining — 2.7% | |
| | 445 | Freeport-McMoRan, Inc. | $ 12,162 |
| | 115 | Reliance Steel & Aluminum Co. | 20,057 |
| | | Total Metals & Mining | $ 32,219 |
| | | Multi-Utilities — 2.6% | |
| | 1,106 | CenterPoint Energy, Inc. | $ 31,167 |
| | | Total Multi-Utilities | $ 31,167 |
| | | Oil, Gas & Consumable Fuels — 14.0% | |
| | 566 | EQT Corp. | $ 23,065 |
| | 731 | Exxon Mobil Corp. | 63,824 |
| | 153 | Pioneer Natural Resources Co. | 33,129 |
| | 536 | Shell Plc (A.D.R.) | 26,671 |
| | 166 | Valero Energy Corp. | 17,737 |
| | | Total Oil, Gas & Consumable Fuels | $ 164,426 |
The accompanying notes are an integral part of these financial statements.
Pioneer Intrinsic Value Fund | Annual Report | 9/30/22 17
Schedule of Investments | 9/30/22 (continued)
| | | | |
| Shares | | | Value |
| | | Pharmaceuticals — 4.8% | |
| | 415 | Organon & Co. | $ 9,711 |
| | 1,072 | Pfizer, Inc. | 46,911 |
| | | Total Pharmaceuticals | $ 56,622 |
| | | Semiconductors & Semiconductor Equipment — 2.8% | |
| | 676 | Intel Corp. | $ 17,420 |
| | 300 | Micron Technology, Inc. | 15,030 |
| | | Total Semiconductors & Semiconductor Equipment | $ 32,450 |
| | | Software — 2.4% | |
| | 470 | Oracle Corp. | $ 28,703 |
| | | Total Software | $ 28,703 |
| | | Specialty Retail — 2.2% | |
| | 12(a) | AutoZone, Inc. | $ 25,703 |
| | | Total Specialty Retail | $ 25,703 |
| | | Technology Hardware, Storage & Peripherals — 1.8% | |
| | 1,746 | Hewlett Packard Enterprise Co. | $ 20,917 |
| | | Total Technology Hardware, Storage & Peripherals | $ 20,917 |
| | | Trading Companies & Distributors — 2.4% | |
| | 657(a) | AerCap Holdings NV | $ 27,811 |
| | | Total Trading Companies & Distributors | $ 27,811 |
| | | TOTAL COMMON STOCKS | |
| | | (Cost $1,321,126) | $1,168,129 |
| | | SHORT TERM INVESTMENTS — 3.8% of Net Assets | |
| | | Open-End Fund — 3.8% | |
| | 45,092(b) | Dreyfus Government Cash Management, Institutional | |
| | | Shares, 2.75% | $ 45,092 |
| | | | $ 45,092 |
| | | TOTAL SHORT TERM INVESTMENTS | |
| | | (Cost $45,092) | $ 45,092 |
| | | TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 103.1% | |
| | | (Cost $1,366,218) | $1,213,221 |
| | | OTHER ASSETS AND LIABILITIES — (3.1)% | $ (36,165) |
| | | NET ASSETS — 100.0% | $1,177,056 |
| (A.D.R.) | | American Depositary Receipts. |
| (a) | | Non-income producing security. |
| (b) | | Rate periodically changes. Rate disclosed is the 7-day yield at September 30, 2022. Principal amounts are denominated in U.S. dollars (“USD”) unless otherwise noted. |
Purchases and sales of securities (excluding short-term investments) for the year ended September 30, 2022, aggregated $596,166 and $329,739, respectively.
The accompanying notes are an integral part of these financial statements.
18 Pioneer Intrinsic Value Fund | Annual Report | 9/30/22
At September 30, 2022, the net unrealized depreciation on investments based on cost for federal tax purposes of $1,366,325 was as follows:
| | |
| Aggregate gross unrealized appreciation for all investments in which | |
| there is an excess of value over tax cost | $ 62,026 |
| Aggregate gross unrealized depreciation for all investments in which | |
| there is an excess of tax cost over value | (215,130) |
| Net unrealized depreciation | $ (153,104) |
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 – unadjusted 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 Adviser’s own assumptions in determining fair value of investments). See Notes to Financial Statements — Note 1A.
The following is a summary of the inputs used as of September 30, 2022, in valuing the Fund’s investments:
| | | | | |
| | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $1,168,129 | $ — | $ — | $1,168,129 |
| Open-End Fund | 45,092 | — | — | 45,092 |
| Total Investments in Securities | $1,213,221 | $ — | $ — | $1,213,221 |
During the year ended September 30, 2022, there were no transfers in or out of Level 3.
The accompanying notes are an integral part of these financial statements.
Pioneer Intrinsic Value Fund | Annual Report | 9/30/22 19
Statement of Assets and Liabilities | 9/30/22
| ASSETS: | |
| Investments in unaffiliated issuers, at value (cost $1,366,218) | $1,213,221 |
| Receivables — | |
| Dividends | 1,103 |
| Due from the Adviser | 884 |
| Due from affiliates | 449 |
| Other assets | 15,826 |
| Total assets | $1,231,483 |
| LIABILITIES: | |
| Payables — | |
| Professional fees | $ 47,914 |
| Printing expense | 6,251 |
| Due to affiliates | 132 |
| Accrued expenses | 130 |
| Total liabilities | $ 54,427 |
| NET ASSETS: | |
| Paid-in capital | $1,344,778 |
| Distributable earnings (loss) | (167,722) |
| Net assets | $1,177,056 |
| NET ASSET VALUE PER SHARE: | |
| No par value (unlimited number of shares authorized) | |
| Class A (based on $381,064/43,455 shares) | $ 8.77 |
| Class C (based on $384,477/43,782 shares) | $ 8.78 |
| Class Y (based on $411,515/46,864 shares) | $ 8.78 |
| MAXIMUM OFFERING PRICE PER SHARE: | |
| Class A (based on $8.77 net asset value per share/100%-5.75% | |
| maximum sales charge) | $ 9.31 |
The accompanying notes are an integral part of these financial statements.
20 Pioneer Intrinsic Value Fund | Annual Report | 9/30/22
Statement of Operations
FOR THE YEAR ENDED 9/30/22
| INVESTMENT INCOME: | | |
| Dividends from unaffiliated issuers | $31,474 | |
| Total Investment Income | | $ 31,474 |
| EXPENSES: | | |
| Management fees | $ 5,668 | |
| Administrative expenses | 12,380 | |
| Transfer agent fees | | |
| Class A | 52 | |
| Class C | 39 | |
| Class Y | 38 | |
| Distribution fees | | |
| Class A | 951 | |
| Class C | 4,283 | |
| Shareowner communications expense | 274 | |
| Custodian fees | 5 | |
| Registration fees | 93,279 | |
| Professional fees | 72,966 | |
| Printing expense | 31,127 | |
| Trustees’ fees | 8,027 | |
| Miscellaneous | 2,344 | |
| Total expenses | | $ 231,433 |
| Less fees waived and expenses reimbursed by the Adviser | | (218,992) |
| Net expenses | | $ 12,441 |
| Net investment income | | $ 19,033 |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | |
| Net realized gain (loss) on: | | |
| Investments in unaffiliated issuers | | $ (29,058) |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investments in unaffiliated issuers | | $(113,335) |
| Net realized and unrealized gain (loss) on investments | | $(142,393) |
| Net decrease in net assets resulting from operations | | $(123,360) |
The accompanying notes are an integral part of these financial statements.
Pioneer Intrinsic Value Fund | Annual Report | 9/30/22 21
Statement of Changes in Net Assets
| | | |
| | Year | |
| | Ended | 5/10/21* to |
| | 9/30/22 | 9/30/21 |
| FROM OPERATIONS: | | |
| Net investment income (loss) | $ 19,033 | $ 5,255 |
| Net realized gain (loss) on investments | (29,058) | 253 |
| Change in net unrealized appreciation (depreciation) | | |
| on investments | (113,335) | (39,662) |
| Net decrease in net assets resulting from operations | $ (123,360) | $ (34,154) |
| DISTRIBUTIONS TO SHAREOWNERS: | | |
| Class A ($0.14 and $— per share, respectively) | $ (4,083) | $ — |
| Class Y ($0.16 and $— per share, respectively) | (6,486) | — |
| Total distributions to shareowners | $ (10,569) | $ — |
| FROM FUND SHARE TRANSACTIONS: | | |
| Net proceeds from sales of shares | $ 260,460 | $1,097,624 |
| Reinvestment of distributions | 10,569 | — |
| Cost of shares repurchased | (23,514) | — |
| Net increase in net assets resulting from Fund | | |
| share transactions | $ 247,515 | $1,097,624 |
| Net increase in net assets | $ 113,586 | $1,063,470 |
| NET ASSETS: | | |
| Beginning of year | $1,063,470 | $ — |
| End of year | $1,177,056 | $1,063,470 |
* The Fund commenced operations on May 10, 2021.
The accompanying notes are an integral part of these financial statements.
22 Pioneer Intrinsic Value Fund | Annual Report | 9/30/22
| | | | | |
| | Year | Year | | |
| | Ended | Ended | 5/10/21* to | 5/10/21* to |
| | 9/30/22 | 9/30/22 | 9/30/21 | 9/30/21 |
| | Shares | Amount | Shares | Amount |
| Class A | | | | |
| Shares sold | 13,668 | $141,161 | 30,107 | $301,050 |
| Reinvestment of | | | | |
| distributions | 391 | 4,083 | — | — |
| Less shares repurchased | (711) | (4,362) | — | — |
| Net increase | 13,348 | $140,882 | 30,107 | $301,050 |
| Class C | | | | |
| Shares sold | 5,619 | $ 57,027 | 38,163 | $380,000 |
| Reinvestment of | | | | |
| distributions | — | — | — | — |
| Less shares repurchased | — | (3,071) | — | — |
| Net increase | 5,619 | $ 53,956 | 38,163 | $380,000 |
| Class Y | | | | |
| Shares sold | 6,267 | $ 62,272 | 41,657 | $416,574 |
| Reinvestment of | | | | |
| distributions | 622 | 6,486 | — | — |
| Less shares repurchased | (1,682) | (16,081) | — | — |
| Net increase | 5,207 | $ 52,677 | 41,657 | $416,574 |
* The Fund commenced operations on May 10, 2021.
The accompanying notes are an integral part of these financial statements.
Pioneer Intrinsic Value Fund | Annual Report | 9/30/22 23
Financial Highlights
| | | |
| | Year | |
| | Ended | 5/10/21* to |
| | 9/30/22 | 9/30/21 |
| Class A | | |
| Net asset value, beginning of period | $ 9.68 | $ 10.00 |
| Increase (decrease) from investment operations: | | |
| Net investment income (loss) (a) | $ 0.17 | $ 0.06 |
| Net realized and unrealized gain (loss) on investments | (0.94) | (0.38) |
| Net increase (decrease) from investment operations | $ (0.77) | $ (0.32) |
| Distributions to shareowners: | | |
| Net investment income | $ (0.14) | $ — |
| Net increase (decrease) in net asset value | $ (0.91) | $ (0.32) |
| Net asset value, end of period | $ 8.77 | $ 9.68 |
| Total return (b) | (8.23)% | (3.20)%(c) |
| Ratio of net expenses to average net assets | 0.84% | 0.80%(d) |
| Ratio of net investment income (loss) to average net assets | 1.68% | 1.45%(d) |
| Portfolio turnover rate | 28% | 1%(c) |
| Net assets, end of period (in thousands) | $ 381 | $ 291 |
| 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 | 18.21% | 23.11%(d) |
| Net investment income (loss) to average net assets | (15.69)% | (20.86)%(d) |
* Class A commenced operations on May 10, 2021.
(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.
24 Pioneer Intrinsic Value Fund | Annual Report | 9/30/22
| | Year | |
| | Ended | 5/10/21* to |
| | 9/30/22 | 9/30/21 |
| Class C | | |
| Net asset value, beginning of period | $ 9.65 | $ 10.00 |
| Increase (decrease) from investment operations: | | |
| Net investment income (loss) (a) | $ 0.09 | $ 0.03 |
| Net realized and unrealized gain (loss) on investments | (0.96) | (0.38) |
| Net increase (decrease) from investment operations | $ (0.87) | $ (0.35) |
| Net increase (decrease) in net asset value | $ (0.87) | $ (0.35) |
| Net asset value, end of period | $ 8.78 | $ 9.65 |
| Total return (b) | (9.02)% | (3.50)%(c) |
| Ratio of net expenses to average net assets | 1.58% | 1.60%(d) |
| Ratio of net investment income (loss) to average net assets | 0.90% | 0.65%(d) |
| Portfolio turnover rate | 28% | 1%(c) |
| Net assets, end of period (in thousands) | $ 384 | $ 368 |
| 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 | 18.96% | 23.98%(d) |
| Net investment income (loss) to average net assets | (16.48)% | (21.73)%(d) |
* Class C commenced operations on May 10, 2021.
(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 Intrinsic Value Fund | Annual Report | 9/30/22 25
Financial Highlights (continued)
| | | |
| | Year | |
| | Ended | 5/10/21* to |
| | 9/30/22 | 9/30/21 |
| Class Y | | |
| Net asset value, beginning of period | $ 9.69 | $ 10.00 |
| Increase (decrease) from investment operations: | | |
| Net investment income (loss) (a) | $ 0.20 | $ 0.07 |
| Net realized and unrealized gain (loss) on investments | (0.95) | (0.38) |
| Net increase (decrease) from investment operations | $ (0.75) | $ (0.31) |
| Distributions to shareowners: | | |
| Net investment income | $ (0.16) | $ — |
| Net increase (decrease) in net asset value | $ (0.91) | $ (0.31) |
| Net asset value, end of period | $ 8.78 | $ 9.69 |
| Total return (b) | (8.04)% | (3.10)%(c) |
| Ratio of net expenses to average net assets | 0.55% | 0.55%(d) |
| Ratio of net investment income (loss) to average net assets | 1.95% | 1.70%(d) |
| Portfolio turnover rate | 28% | 1%(c) |
| Net assets, end of period (in thousands) | $ 412 | $ 404 |
| 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 | 17.95% | 22.87%(d) |
| Net investment income (loss) to average net assets | (15.45)% | (20.62)%(d) |
* Class Y commenced operations on May 10, 2021.
(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.
26 Pioneer Intrinsic Value Fund | Annual Report | 9/30/22
Notes to Financial Statements | 9/30/22
1. Organization and Significant Accounting Policies
Pioneer Intrinsic Value Fund (the “Fund”) is one of five portfolios comprising Pioneer Series Trust XIV (the “Trust”), a Delaware statutory trust. The Fund is registered under the Investment Company Act of 1940 (the “1940 Act”) as a diversified, open-end management investment company. The Fund’s investment objective is to seek long-term capital growth.
The Fund offers three classes of shares designated as Class A, Class C and Class Y shares. Class A, Class C and Class Y commenced operations on May 10, 2021. 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 Asset Management US, 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 Distributor US, Inc., an affiliate of the Adviser, serves as the Fund’s distributor (the “Distributor”).
In March 2020, FASB issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other LIBOR-based reference rates at the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2023. Management is evaluating the impact of
Pioneer Intrinsic Value Fund | Annual Report | 9/30/22 27
ASU 2020-04 on the Fund’s investments, derivatives, debt and other contracts, if applicable, that will undergo reference rate-related modifications as a result of the reference rate reform.
Effective August 19, 2022, the Fund is required to comply with Rule 18f-4 under the 1940 Act, which governs the use of derivatives by registered investment companies. Rule 18f-4 permits funds to enter into derivatives transactions (as defined in Rule 18f-4) and certain other transactions notwithstanding the restrictions on the issuance of “senior securities” under Section 18 of the 1940 Act. Rule 18f-4 requires a fund to establish and maintain a comprehensive derivatives risk management program, appoint a derivatives risk manager and comply with a relative or absolute limit on fund leverage risk calculated based on value-at-risk (“VaR”), unless the fund uses derivatives in only a limited manner.
The Fund is an investment company and follows investment company accounting and reporting guidance under U.S. Generally Accepted Accounting Principles (“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.
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
28 Pioneer Intrinsic Value Fund | Annual Report | 9/30/22
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 Adviser may use a fair value model developed by an independent pricing service to value non-U.S. equity securities.
Shares of open-end registered investment companies (including money market mutual funds) are valued at such funds’ net asset value.
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. Effective September 8, 2022, the Adviser is designated as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Adviser’s fair valuation team is responsible for monitoring developments that may impact fair valued securities.
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 Adviser 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.
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 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.
Pioneer Intrinsic Value Fund | Annual Report | 9/30/22 29
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, 2022, 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.
At September 30, 2022, the Fund was permitted to carry forward indefinitely $13,519 of short-term losses and $15,432 of long-term losses, which maybe subject to limitations imposed by the Internal Revenue Code.
The tax character of distributions paid during the years ended September 30, 2022 and September 30, 2021, were as follows:
| | | |
| | 2022 | 2021 |
| Distributions paid from: | | |
| Ordinary income | $10,569 | $— |
| Total | $10,569 | $— |
30 Pioneer Intrinsic Value Fund | Annual Report | 9/30/22
The following shows the components of distributable earnings (losses) on a federal income tax basis at September 30, 2022:
| | 2022 |
| Distributable earnings/(losses): | |
| Undistributed ordinary income | $ 14,333 |
| Capital loss carryforward | (28,951) |
| Net unrealized depreciation | (153,104) |
| Total | $(167,722) |
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The Distributor earned $3 in underwriting commissions on the sale of Class A shares during the year ended September 30, 2022.
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 5). 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 4).
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, armed conflict including Russia’s military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, financial markets have experienced increased volatility, depressed valuations,
Pioneer Intrinsic Value Fund | Annual Report | 9/30/22 31
decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. In recent years, interest rates and credit spreads in the U.S. have been at historic lows. The U.S. Federal Reserve has raised certain interest rates, and interest rates may continue to go up. A 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. Rates of inflation have recently risen. The value of assets or income from an investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund’s assets can decline as can the value of the Fund’s distributions.
The global pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in 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 sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue to affect adversely the value and liquidity of the Fund’s investments. Following Russia’s invasion of Ukraine, Russian securities have lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future geopolitical or other events or conditions.
Governments and central banks, including the U.S. Federal Reserve, 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 consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time.
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.
Russia launched a large-scale invasion of Ukraine on February 24, 2022. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia and Belarus and certain companies and individuals. Since then, Russian securities have lost all, or nearly all, their market value, and many other issuers, securities and markets have been adversely affected. The United States and other countries may impose sanctions on other countries, companies and individuals in light of Russia’s
32 Pioneer Intrinsic Value Fund | Annual Report | 9/30/22
military invasion. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the value and liquidity of certain Fund investments, on Fund performance and the value of an investment in the Fund, particularly with respect to securities and commodities, such as oil, natural gas and food commodities, with respect to the issuer’s capacity to pay interest and repay principal, as well as other sectors with exposure to Russian issuers or issuers in other countries affected by the invasion, and are likely to have collateral impacts on market sectors globally.
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 the Fund’s custodian and accounting agent, and 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 the Adviser 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 the Adviser 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.
Pioneer Intrinsic Value Fund | Annual Report | 9/30/22 33
2. Management Agreement
The Adviser manages the Fund’s portfolio. Management fees payable under the Fund’s Investment Management Agreement with the Adviser are calculated daily and paid monthly at the annual rate of 0.45% of the Fund’s average daily net assets up to $1 billion and 0.40% of the Fund’s average daily net assets over $1 billion. For the year ended September 30, 2022, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.45% of the Fund’s average daily net assets.
The Adviser has contractually agreed to waive and/or reimburse ordinary operating expenses (ordinary operating expenses means all Fund expenses other than taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, such as litigation) to the extent required to reduce Fund expenses to 0.85%, 1.60% and 0.55% of the average daily net assets attributable to Class A, Class C and Class Y shares, respectively. These expense limitations are in effect through February 1, 2023. 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. Fees waived and expenses reimbursed during the year ended September 30, 2022 are reflected on the Statement of Operations.
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 $92 in management fees, administrative costs and certain other reimbursements payable to the Adviser at September 30, 2022. Included in “Due from affiliates” reflected on the Statement of Assets and Liabilities is $449 in accounting fees receivable from the Adviser at September 30, 2022.
3. Compensation of Trustees and Officers
The Fund pays an annual fee to its Trustees. The Adviser reimburses the Fund for fees paid to the Interested Trustees. The Fund does not pay any salary or other compensation to its officers. For the year ended September 30, 2022, the Fund paid $8,027 in Trustees’ compensation, which is reflected on the Statement of Operations as Trustees’ fees. At September 30, 2022, the Fund had a payable for Trustees’ fees on its Statement of Assets and Liabilities of $0.
34 Pioneer Intrinsic Value Fund | Annual Report | 9/30/22
4. Transfer Agent
For the period from October 1, 2021 to November 21, 2021, DST Asset Manager Solutions, Inc. served as the transfer agent to the Fund at negotiated rates. Effective November 22, 2021, BNY Mellon Investment Servicing (US) 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 year ended September 30, 2022, such out-of-pocket expenses by class of shares were as follows:
| Shareowner Communications: | |
| Class A | $ 91 |
| Class C | 96 |
| Class Y | 87 |
| Total | $274 |
5. Distribution Plan
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. Included in “Due to affiliates” reflected on the Statement of Assets and Liabilities is $40 in distribution fees payable to the Distributor at September 30, 2022.
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
Pioneer Intrinsic Value Fund | Annual Report | 9/30/22 35
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 year ended September 30, 2022, CDSCs in the amount of $0 were paid to the Distributor.
6. Changes in Custodian and Sub-Administrator, and Transfer Agent
Effective November 22, 2021, The Bank of New York Mellon Corporation (“BNY Mellon”) serves as the Fund’s Custodian and Sub-Administrator.
Effective November 22, 2021, BNY Mellon Investment Servicing (US) Inc. serves as the Fund’s shareholder servicing and transfer agent.
36 Pioneer Intrinsic Value Fund | Annual Report | 9/30/22
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust XIV and the Shareowners of Pioneer Intrinsic Value Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pioneer Intrinsic Value Fund (the “Fund”) (one of the funds constituting Pioneer Series Trust XIV (the “Trust”)), including the schedule of investments, as of September 30, 2022, and the related statement of operations for the year then ended, the statement of changes in net assets and the financial highlights for the year ended September 30, 2022 and the period from May 10, 2021 (commencement of operations) through September 30, 2021, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of Pioneer Intrinsic Value Fund (one of the funds constituting Pioneer Series Trust XIV) at September 30, 2022, and the results of its operations for the year then ended, the changes in its net assets and its financial highlights for the year ended September 30, 2022 and the period from May 10, 2021 (commencement of operations) through September 30 2021, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities law and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Pioneer Intrinsic Value Fund | Annual Report | 9/30/22 37
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies in the Pioneer family of funds since 2017.
Boston, Massachusetts
November 29, 2022
38 Pioneer Intrinsic Value Fund | Annual Report | 9/30/22
Additional Information (unaudited)
For the year ended September 30, 2022, certain dividends paid by the Fund may be subject to a maximum tax rate of 20%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act (the Act) of 2003. The Fund intends to designate up to the maximum amount of such dividends allowable under the Act, as taxed at a maximum rate of 20%. Complete information will be computed and reported in conjunction with your 2022 Form 1099-DIV.
The qualifying percentage of the Fund’s ordinary income dividends for the purpose of the corporate dividends received deduction was 100%.
Pioneer Intrinsic Value Fund | Annual Report | 9/30/22 39
Approval of Renewal of Investment Management Agreement
Amundi Asset Management US, Inc. (“Amundi US”) serves as the investment adviser to Pioneer Intrinsic Value Fund (the “Fund”) pursuant to an investment management agreement between Amundi US and the Fund. In order for Amundi US to remain the investment adviser of the Fund, the Trustees of the Fund, including a majority of the Fund’s Independent Trustees, must determine annually whether to renew the investment management agreement for the Fund.
The contract review process began in January 2022 as the Trustees of the Fund agreed on, among other things, an overall approach and timeline for the process. Contract review materials were provided to the Trustees in March 2022, July 2022 and September 2022. In addition, the Trustees reviewed and discussed the Fund’s performance at regularly scheduled meetings throughout the year, and took into account other information related to the Fund provided to the Trustees at regularly scheduled meetings, in connection with the review of the Fund’s investment management agreement.
In March 2022, the Trustees, among other things, discussed the memorandum provided by Fund counsel that summarized the legal standards and other considerations that are relevant to the Trustees in their deliberations regarding the renewal of the investment management agreement, and reviewed and discussed the qualifications of the investment management teams for the Fund, as well as the level of investment by the Fund’s portfolio managers in the Fund. In July 2022, the Trustees, among other things, reviewed the Fund’s management fees and total expense ratios, the financial statements of Amundi US and its parent companies, profitability analyses provided by Amundi US, and analyses from Amundi US as to possible economies of scale. The Trustees also reviewed the profitability of the institutional business of Amundi US as compared to that of Amundi US’s fund management business, and considered the differences between the fees and expenses of the Fund and the fees and expenses of Amundi US’s institutional accounts, as well as the different services provided by Amundi US to the Fund and to the institutional accounts. The Trustees further considered contract review materials, including additional materials received in response to the Trustees’ request, in September 2022.
At a meeting held on September 20, 2022, based on their evaluation of the information provided by Amundi US and third parties, the Trustees of the Fund, including the Independent Trustees voting separately advised by independent counsel, unanimously approved the renewal of the investment
40 Pioneer Intrinsic Value Fund | Annual Report | 9/30/22
management agreement for another year. In approving the renewal of the investment management agreement, the Trustees considered various factors that they determined were relevant, including the factors described below. The Trustees did not identify any single factor as the controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had been provided by Amundi US to the Fund, taking into account the investment objective and strategy of the Fund. The Trustees also reviewed Amundi US’s investment approach for the Fund and its research process. The Trustees considered the resources of Amundi US and the personnel of Amundi US who provide investment management services to the Fund. They also reviewed the amount of non-Fund assets managed by the portfolio managers of the Fund. They considered the non-investment resources and personnel of Amundi US that are involved in Amundi US’s services to the Fund, including Amundi US’s compliance, risk management, and legal resources and personnel. The Trustees noted the substantial attention and high priority given by Amundi US’s senior management to the Pioneer Fund complex, including with respect to the increasing regulation to which the Pioneer Funds are subject. The Trustees considered the effectiveness of Amundi US’s business continuity plan in response to the ongoing COVID-19 pandemic.
The Trustees considered that Amundi US supervises and monitors the performance of the Fund’s service providers and provides the Fund with personnel (including Fund officers) and other resources that are necessary for the Fund’s business management and operations. The Trustees also considered that, as administrator, Amundi US is responsible for the administration of the Fund’s business and other affairs. The Trustees considered that the Fund reimburses Amundi US its pro rata share of Amundi US’s costs of providing administration services to the Pioneer Funds.
Based on these considerations, the Trustees concluded that the nature, extent and quality of services that had been provided by Amundi US to the Fund were satisfactory and consistent with the terms of the investment management agreement.
Performance of the Fund
In considering the Fund’s performance, the Trustees regularly review and discuss throughout the year data prepared by Amundi US and information comparing the Fund’s performance with the performance of its peer group of funds, as classified by Morningstar, Inc. (Morningstar), and with the performance of the Fund’s benchmark index. They also discuss the Fund’s
Pioneer Intrinsic Value Fund | Annual Report | 9/30/22 41
performance with Amundi US on a regular basis. The Trustees’ regular reviews and discussions were factored into the Trustees’ deliberations concerning the renewal of the investment management agreement.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in comparison to the management fees of its peer group of funds as classified by Morningstar and also to the expense ratios of a peer group of funds selected on the basis of criteria determined by the Independent Trustees for this purpose using data provided by Strategic Insight Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent third party. The peer group comparisons referred to below are organized in quintiles. Each quintile represents one-fifth of the peer group. In all peer group comparisons referred to below, first quintile is most favorable to the Fund’s shareowners. The Trustees noted that they separately review and consider the impact of the Fund’s transfer agency and Fund- and Amundi US-paid expenses for sub-transfer agency and intermediary arrangements, and that the results of the most recent such review were considered in the consideration of the Fund’s expense ratio.
The Trustees considered that the Fund’s management fee for the most recent fiscal year was in the fifth quintile relative to the management fees paid by other funds in its Morningstar category for the comparable period. The Trustees noted Amundi US’s explanation of the reasons that the Fund’s management fee was in the fifth quintile relative to the management fees paid by other funds in its Morningstar category. The Trustees considered that the expense ratio of the Fund’s Class Y shares for the most recent fiscal year was in the first quintile relative to its Strategic Insight peer group for the comparable period. The Trustees noted that Amundi US had agreed to waive fees and/or reimburse expenses in order to limit the ordinary operating expenses of the Fund.
The Trustees reviewed management fees charged by Amundi US to institutional and other clients, including publicly offered European funds sponsored by Amundi US’s affiliates, unaffiliated U.S. registered investment companies (in a sub-advisory capacity), and unaffiliated foreign and domestic separate accounts. The Trustees also considered Amundi US’s costs in providing services to the Fund and Amundi US’s costs in providing services to the other clients and considered the differences in management fees and profit margins for fund and non-fund services. In evaluating the fees associated with Amundi US’s client accounts, the Trustees took into account the respective demands, resources and complexity associated with the Fund and other client accounts. The Trustees noted that, in some instances, the fee rates for those clients were lower than the management
42 Pioneer Intrinsic Value Fund | Annual Report | 9/30/22
fee for the Fund and considered that, under the investment management and administration agreements with the Fund, Amundi US performs additional services for the Fund that it does not provide to those other clients or services that are broader in scope, including oversight of the Fund’s other service providers and activities related to compliance and the extensive regulatory and tax regimes to which the Fund is subject. The Trustees also considered the entrepreneurial risks associated with Amundi US’s management of the Fund.
The Trustees concluded that the management fee payable by the Fund to Amundi US was reasonable in relation to the nature and quality of the services provided by Amundi US.
Profitability
The Trustees considered information provided by Amundi US regarding the profitability of Amundi US with respect to the advisory services provided by Amundi US to the Fund, including the methodology used by Amundi US in allocating certain of its costs to the management of the Fund. The Trustees also considered Amundi US’s profit margin in connection with the overall operation of the Fund. They further reviewed the financial results, including the profit margins, realized by Amundi US from non-fund businesses. The Trustees considered Amundi US’s profit margins in comparison to the limited industry data available and noted that the profitability of any adviser was affected by numerous factors, including its organizational structure and method for allocating expenses. The Trustees concluded that Amundi US’s profitability with respect to the management of the Fund was not unreasonable.
Economies of Scale
The Trustees considered Amundi US’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 the Fund 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 Amundi US in research and analytical capabilities and Amundi US’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 Fund.
Pioneer Intrinsic Value Fund | Annual Report | 9/30/22 43
Other Benefits
The Trustees considered the other benefits that Amundi US enjoys from its relationship with the Fund. The Trustees considered the character and amount of fees paid or to be paid by the Fund, other than under the investment management agreement, for services provided by Amundi US and its affiliates. The Trustees further considered the revenues and profitability of Amundi US’s businesses other than the Fund business. To the extent applicable, the Trustees also considered the benefits to the Fund and to Amundi US and its affiliates from the use of “soft” commission dollars generated by the Fund to pay for research and brokerage services.
The Trustees considered that Amundi US 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 $2.2 trillion in assets (including the Pioneer Funds). The Trustees considered that Amundi US’s relationship with Amundi creates potential opportunities for Amundi US and Amundi that derive from Amundi US’s relationships with the Fund, including Amundi’s ability to market the services of Amundi US globally. The Trustees noted that Amundi US 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 Amundi US. The Trustees considered that Amundi US and the Fund receive reciprocal intangible benefits from the relationship, including mutual brand recognition and, for the Fund, direct and indirect access to the resources of a large global asset manager. The Trustees concluded that any such benefits received by Amundi US as a result of its relationship with the Fund were reasonable.
Conclusion
After consideration of the factors described above as well as other factors, the Trustees, including the Independent Trustees, concluded that the investment management agreement for the Fund, including the fees payable thereunder, was fair and reasonable and voted to approve the proposed renewal of the investment management agreement.
44 Pioneer Intrinsic Value Fund | Annual Report | 9/30/22
Statement Regarding Liquidity Risk Management Program
As required by law, the Fund has adopted and implemented a liquidity risk management program (the “Program”) that is designed to assess and manage liquidity risk. Liquidity risk is the risk that the Fund could not meet requests to redeem its shares without significant dilution of remaining investors’ interests in the Fund. The Fund’s Board of Trustees designated a liquidity risk management committee (the “Committee”) consisting of employees of Amundi Asset Management US, Inc. (the “Adviser”) to administer the Program.
The Committee provided the Board of Trustees with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Reporting Period”).
The Report confirmed that, throughout the Reporting Period, the Committee had monitored the Fund’s portfolio liquidity and liquidity risk on an ongoing basis, as described in the Program and in Board reporting throughout the Reporting Period.
The Report discussed the Committee’s annual review of the Program, which addressed, among other things, the following elements of the Program:
The Committee reviewed the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. The Committee noted that the Fund’s investment strategy continues to be appropriate for an open-end fund, taking into account, among other things, whether and to what extent the Fund held less liquid and illiquid assets and the extent to which any such investments affected the Fund’s ability to meet redemption requests. In managing and reviewing the Fund’s liquidity risk, the Committee also considered the extent to which the Fund’s investment strategy involves a relatively concentrated portfolio or large positions in particular issuers, the extent to which the Fund uses borrowing for investment purposes, and the extent to which the Fund uses derivatives (including for hedging purposes). The Committee also reviewed the Fund’s short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. In assessing the Fund’s cash flow projections, the Committee considered, among other factors, historical net redemption activity, redemption policies, ownership concentration, distribution channels, and
Pioneer Intrinsic Value Fund | Annual Report | 9/30/22 45
the degree of certainty associated with the Fund’s short-term and long-term cash flow projections. The Committee also considered the Fund’s holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources, including, if applicable, the Fund’s participation in a credit facility, as components of the Fund’s ability to meet redemption requests. The Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests.
The Committee reviewed the Program’s liquidity classification methodology for categorizing the Fund’s investments into one of four liquidity buckets. In reviewing the Fund’s investments, the Committee considered, among other factors, whether trading varying portions of a position in a particular portfolio investment or asset class in sizes the Fund would reasonably anticipate trading, would be reasonably expected to significantly affect liquidity.
The Committee performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum, and determined that no such minimum is required because the Fund primarily holds highly liquid investments.
The Report stated that the Committee concluded the Program operates adequately and effectively, in all material respects, to assess and manage the Fund’s liquidity risk throughout the Reporting Period.
46 Pioneer Intrinsic Value Fund | Annual Report | 9/30/22
Trustees, Officers and Service Providers
Investment Adviser and Administrator
Amundi Asset Management US, Inc.
Custodian and Sub-Administrator
The Bank of New York Mellon Corporation
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Amundi Distributor US, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
BNY Mellon Investment Servicing (US) 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.amundi.com/us. This information is also available on the Securities and Exchange Commission’s web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and officers are listed below, together with their principal occupations and other directorships they have held during at least the past five years. Trustees who are interested persons of the Fund within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Fund are referred to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 49 U.S. registered investment portfolios for which Amundi US serves as investment adviser (the “Pioneer Funds”). The address for all Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-225-6292.
Pioneer Intrinsic Value Fund | Annual Report | 9/30/22 47
Independent Trustees
| | | | |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Trustee |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Thomas J. Perna (71) | Trustee since 2021. | Private investor (2004 – 2008 and 2013 – present); Chairman | Director, Broadridge Financial |
| Chairman of the Board | Serves until a successor | (2008 – 2013) and Chief Executive Officer (2008 – 2012), Quadriserv, Inc. | Solutions, Inc. (investor |
| and Trustee | trustee is elected or | (technology products for securities lending industry); and Senior Executive | communications and securities |
| | earlier retirement | Vice President, The Bank of New York (financial and securities services) | processing provider for financial |
| | or removal. | (1986 – 2004) | services industry) (2009 – present); |
| | | | Director, Quadriserv, Inc. (2005 – |
| | | | 2013); and Commissioner, New |
| | | | Jersey State Civil Service |
| | | | Commission (2011 – 2015) |
| John E. Baumgardner, | Trustee since 2021. | Of Counsel (2019 – present), Partner (1983-2018), Sullivan & Cromwell | Chairman, The Lakeville Journal |
| Jr. (71)* | Serves until a successor | LLP (law firm). | Company, LLC, (privately-held |
| Trustee | trustee is elected or | | community newspaper group) |
| | earlier retirement | | (2015-present) |
| | or removal. | | |
| Diane Durnin (65) | Trustee since 2021. | Managing Director - Head of Product Strategy and Development, BNY | None |
| Trustee | Serves until a successor | Mellon Investment Management (investment management firm) | |
| | trustee is elected or | (2012-2018); Vice Chairman – The Dreyfus Corporation (2005 – 2018): | |
| | earlier retirement | Executive Vice President Head of Product, BNY Mellon Investment | |
| | or removal. | Management (2007-2012); Executive Director- Product Strategy, Mellon | |
| | | Asset Management (2005-2007); Executive Vice President Head of | |
| | | Products, Marketing and Client Service, Dreyfus Corporation (investment | |
| | | management firm) (2000-2005); Senior Vice President Strategic Product | |
| | | and Business Development, Dreyfus Corporation (1994-2000) | |
48 Pioneer Intrinsic Value Fund | Annual Report | 9/30/22
| | | | |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Trustee |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Benjamin M. Friedman (78) | Trustee since 2021. | William Joseph Maier Professor of Political Economy, Harvard University | Trustee, Mellon Institutional Funds |
| Trustee | Serves until a successor | (1972 – present) | Investment Trust and Mellon |
| | trustee is elected or | | Institutional Funds Master |
| | earlier retirement | | Portfolio (oversaw 17 portfolios in |
| | or removal. | | fund complex) (1989 - 2008) |
| Craig C. MacKay (59) | Trustee since 2021. | Partner, England & Company, LLC (advisory firm) (2012 – present); Group | Director, Equitable Holdings, Inc. |
| Trustee | Serves until a successor | Head – Leveraged Finance Distribution, Oppenheimer & Company | (financial services holding company) |
| | trustee is elected or | (investment bank) (2006 – 2012); Group Head – Private Finance & High | (2022 – present); Board Member of |
| | earlier retirement | Yield Capital Markets Origination, SunTrust Robinson Humphrey | Carver Bancorp, Inc. (holding |
| | or removal. | (investment bank) (2003 – 2006); and Founder and Chief Executive | company) and Carver Federal |
| | | Officer, HNY Associates, LLC (investment bank) (1996 – 2003) | Savings Bank, NA (2017 – present); |
| | | | Advisory Council Member, |
| | | | MasterShares ETF (2016 – 2017); |
| | | | Advisory Council Member, The Deal |
| | | | (financial market information |
| | | | publisher) (2015 – 2016); Board |
| | | | Co-Chairman and Chief Executive |
| | | | Officer, Danis Transportation |
| | | | Company (privately-owned |
| | | | commercial carrier) (2000 – 2003); |
| | | | Board Member and Chief Financial |
| | | | Officer, Customer Access Resources |
| | | | (privately-owned teleservices |
| | | | company) (1998 – 2000); Board |
| | | | Member, Federation of Protestant |
| | | | Welfare Agencies (human services |
| | | | agency) (1993 – present); and |
| | | | Board Treasurer, Harlem Dowling |
| | | | Westside Center (foster care |
| | | | agency) (1999 – 2018) |
Pioneer Intrinsic Value Fund | Annual Report | 9/30/22 49
Independent Trustees (continued)
| | | | |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Trustee |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Lorraine H. Monchak (66) | Trustee since 2021. | Chief Investment Officer, 1199 SEIU Funds (healthcare workers union | None |
| Trustee | (Advisory Trustee from | pension funds) (2001 – present); Vice President – International Investments | |
| | 2014 - 2017). Serves | Group, American International Group, Inc. (insurance company) | |
| | until a successor | (1993 – 2001); Vice President – Corporate Finance and Treasury Group, | |
| | trustee is elected | Citibank, N.A. (1980 – 1986 and 1990 – 1993); Vice President – | |
| | or earlier retirement | Asset/Liability Management Group, Federal Farm Funding Corporation | |
| | or removal. | (government-sponsored issuer of debt securities) (1988 – 1990); Mortgage | |
| | | Strategies Group, Shearson Lehman Hutton, Inc. (investment bank) | |
| | | (1987 – 1988); Mortgage Strategies Group, Drexel Burnham Lambert, Ltd. | |
| | | (investment bank) (1986 – 1987) | |
| Marguerite A. Piret (74) | Trustee since 2021. | Chief Financial Officer, American Ag Energy, Inc. (controlled environment | Director of New America High |
| Trustee | Serves until a successor | and agriculture company) (2016 – present); President and Chief | Income Fund, Inc. (closed-end |
| | trustee is elected or | Executive Officer, Metric Financial Inc. (formerly known as Newbury | investment company) (2004 – |
| | earlier retirement | Piret Company) (investment banking firm) (1981 – 2019) | present); and Member, Board of |
| | or removal. | | Governors, Investment Company |
| | | | Institute (2000 – 2006) |
50 Pioneer Intrinsic Value Fund | Annual Report | 9/30/22
| | | | |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Trustee |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Fred J. Ricciardi (75) | Trustee since 2021. | Private investor (2020 – present); Consultant (investment company | None |
| Trustee | Serves until a successor | services) (2012 – 2020); Executive Vice President, BNY Mellon (financial | |
| | trustee is elected or | and investment company services) (1969 – 2012); Director, BNY | |
| | earlier retirement | International Financing Corp. (financial services) (2002 – 2012); Director, | |
| | or removal. | Mellon Overseas Investment Corp. (financial services) (2009 – 2012); | |
| | | Director, Financial Models (technology) (2005-2007); Director, BNY | |
| | | Hamilton Funds, Ireland (offshore investment companies) (2004-2007); | |
| | | Chairman/Director, AIB/BNY Securities Services, Ltd., Ireland (financial | |
| | | services) (1999-2006); Chairman, BNY Alternative Investment Services, | |
| | | Inc. (financial services) (2005-2007) | |
* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund.
Pioneer Intrinsic Value Fund | Annual Report | 9/30/22 51
Interested Trustees
| | | | |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Trustee |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Lisa M. Jones (60)** | Trustee since 2021. | Director, CEO and President of Amundi US, Inc. (investment | Director of Clearwater Analytics |
| Trustee, President and | Serves until a successor | management firm) (since September 2014); Director, CEO and President | (provider of web-based investment |
| Chief Executive Officer | trustee is elected or | of Amundi Asset Management US, Inc. (since September 2014); Director, | accounting software for reporting |
| | earlier retirement | CEO and President of Amundi Distributor US, Inc. (since September 2014); | and reconciliation services) |
| | or removal | Director, CEO and President of Amundi Asset Management US, Inc. (since | (September 2022 – present) |
| | | September 2014); Chair, Amundi US, Inc., Amundi Distributor US, Inc. and | |
| | | Amundi Asset Management US, Inc. (September 2014 – 2018); Managing | |
| | | Director, Morgan Stanley Investment Management (investment | |
| | | management firm) (2010 – 2013); Director of Institutional Business, | |
| | | CEO of International, Eaton Vance Management (investment | |
| | | management firm) (2005 – 2010); Director of Amundi Holdings US, | |
| | | Inc. (since 2017) | |
| Kenneth J. Taubes (64)** | Trustee since 2021. | Director and Executive Vice President (since 2008) and Chief Investment | None |
| Trustee | Serves until a successor | Officer, U.S. (since 2010) of Amundi US, Inc. (investment management | |
| | trustee is elected or | firm); Director and Executive Vice President and Chief Investment Officer, | |
| | earlier retirement | U.S. of Amundi US (since 2008); Executive Vice President and Chief | |
| | or removal | Investment Officer, U.S. of Amundi Asset Management US, Inc. | |
| | | (since 2009); Portfolio Manager of Amundi US (since 1999); Director of | |
| | | Amundi Holdings US, Inc. (since 2017) | |
** Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Fund’s investment adviser and certain of its affiliates.
52 Pioneer Intrinsic Value Fund | Annual Report | 9/30/22
Fund Officers
| | | | |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Officer |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Christopher J. Kelley (57) | Since 2021. Serves at | Vice President and Associate General Counsel of Amundi US since | None |
| Secretary and Chief | the discretion of | January 2008; Secretary and Chief Legal Officer of all of the Pioneer Funds | |
| Legal Officer | the Board | since June 2010; Assistant Secretary of all of the Pioneer Funds from | |
| | | September 2003 to May 2010; Vice President and Senior Counsel of | |
| | | Amundi US from July 2002 to December 2007 | |
| Thomas Reyes (59) | Since 2021. Serves at | Assistant General Counsel of Amundi US since May 2013 and Assistant | None |
| Assistant Secretary | the discretion of | Secretary of all the Pioneer Funds since June 2010; Counsel of | |
| | the Board | Amundi US from June 2007 to May 2013 | |
| Heather L. | Since 2022. Serves at | Director - Trustee and Board Relationships of Amundi US since | None |
| Melito-Dezan (45) | the discretion of | September 2019; Private practice from 2017 – 2019. | |
| Assistant Secretary | the Board | | |
| Anthony J. Koenig, Jr. (58) | Since 2021. Serves at | Managing Director, Chief Operations Officer and Fund Treasurer of | None |
| Treasurer and | the discretion of | Amundi US since May 2021; Treasurer of all of the Pioneer Funds since | |
| Chief Financial and | the Board | May 2021; Assistant Treasurer of all of the Pioneer Funds from | |
| Accounting Officer | | January 2021 to May 2021; and Chief of Staff, US Investment | |
| | | Management of Amundi US from May 2008 to January 2021 | |
| Luis I. Presutti (57) | Since 2021. Serves at | Director – Fund Treasury of Amundi US since 1999; and Assistant | None |
| Assistant Treasurer | the discretion of | Treasurer of all of the Pioneer Funds since 1999 | |
| | the Board | | |
| Gary Sullivan (64) | Since 2021. Serves at | Senior Manager – Fund Treasury of Amundi US since 2012; and Assistant | None |
| Assistant Treasurer | the discretion of | Treasurer of all of the Pioneer Funds since 2002 | |
| | the Board | | |
Pioneer Intrinsic Value Fund | Annual Report | 9/30/22 53
Fund Officers (continued)
| | | | |
| Name, Age and Position | Term of Office and | Principal Occupation(s) During At Least | Other Directorships Held by Officer |
| Held With the Fund | Length of Service | The Past Five Years | During At Least The Past Five Years |
| Antonio Furtado (40) | Since 2021. Serves at | Fund Oversight Manager – Fund Treasury of Amundi US since 2020; | None |
| Assistant Treasurer | the discretion of | Assistant Treasurer of all of the Pioneer Funds since 2020; and Senior | |
| | the Board | Fund Treasury Analyst from 2012 - 2020 | |
| Michael Melnick (51) | Since 2021. Serves at | Vice President - Deputy Fund Treasurer of Amundi US since May 2021; | None |
| Assistant Treasurer | the discretion of | Assistant Treasurer of all of the Pioneer Funds since July 2021; | |
| | the Board | Director of Regulatory Reporting of Amundi US from 2001 – 2021; and | |
| | | Director of Tax of Amundi US from 2000 - 2001 | |
| John Malone (51) | Since 2021. Serves at | Managing Director, Chief Compliance Officer of Amundi US Asset | None |
| Chief Compliance Officer | the discretion of | Management; Amundi Asset Management US, Inc.; and the Pioneer | |
| | the Board | Funds since September 2018; Chief Compliance Officer of Amundi | |
| | | Distributor US, Inc. since January 2014. | |
| Brandon Austin (50) | Since March 2022. | Director, Financial Security – Amundi Asset Management; Anti-Money | None |
| Anti-Money Laundering | Serves at the discretion | Laundering Officer of all the Pioneer Funds since March 2022: Director | |
| Officer | of the Board | of Financial Security of Amundi US since July 2021; Vice President, | |
| | | Head of BSA, AML and OFAC, Deputy Compliance Manager, Crédit | |
| | | Agricole Indosuez Wealth Management (investment management | |
| | | firm) (2013 – 2021) | |
54 Pioneer Intrinsic Value Fund | Annual Report | 9/30/22
This page was intentionally left blank.
Pioneer Intrinsic Value Fund | Annual Report | 9/30/22 55
This page was intentionally left blank.
56 Pioneer Intrinsic Value Fund | Annual Report | 9/30/22
This page was intentionally left blank.
Pioneer Intrinsic Value Fund | Annual Report | 9/30/22 57
This page was intentionally left blank.
58 Pioneer Intrinsic Value Fund | Annual Report | 9/30/22
This page was intentionally left blank.
Pioneer Intrinsic Value Fund | Annual Report | 9/30/22 59
This page was intentionally left blank.
60 Pioneer Intrinsic Value Fund | Annual Report | 9/30/22
How to Contact Amundi
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 | |
| P.O. Box 9897 | |
| Providence, R.I. 02940-8097 | |
| Our toll-free fax | 1-800-225-4240 |
| | |
| Our internet e-mail address | us.askamundi@amundi.com/us |
(for general questions about Amundi only)
Visit our web site: www.amundi.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 Asset Management US, Inc.
60 State Street
Boston, MA 02109
www.amundi.com/us
Securities offered through Amundi Distributor US, Inc.,
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
© 2022 Amundi Asset Management US, Inc. 32713-01-1122
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.
The audit fees for the Trust were $ 217,881 payable to Ernst & Young LLP for the year ended September 30, 2022 and $202,680 for the year ended September 30, 2021.
(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.
There were no audit-related services in 2022 or 2021.
(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.
The Trust paid aggregate non-audit fees to Ernst & Young LLP for tax services of $53,600 and $49,860 during the fiscal years ended September 30, 2022 and 2021, respectively.
(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.
There were no other fees in 2022 or 2021.
(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 Asset Management US, 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.
Non-Audit Services
Beginning with non-audit service contracts entered into on or after May 6, 2003, the effective date of the
new SEC pre-approval rules, the Trust's audit committee is required to pre-approve services to
affiliates defined by SEC rules to the extent that the services are determined to have a direct impact on the operations or financial reporting of the Trust. For the years ended September 30, 2022 and 2021, there were no services provided to an affiliate that required the Trust's audit committee pre-approval.
(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.
The Trust paid aggregate non-audit fees to Ernst & Young LLP for tax services of $53,600 and $49,860 during the fiscal years ended September 30, 2022 and 2021, respectively.
(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 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 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.
(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) , exactly as set forth below:
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 and Chief Executive Officer
Date December 6, 2022
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 and Chief Executive Officer
Date December 6, 2022
By (Signature and Title)* /s/ Anthony J. Koenig, Jr.
Anthony J. Koenig, Jr., Managing Director, Chief Operations Officer & Treasurer of the Funds
Date December 6, 2022
* Print the name and title of each signing officer under his or her signature.
