Pioneer Flexible Opportunities Fund
|
||
Schedule of Investments | January 31, 2020
|
||
Ticker Symbols:
Class A PMARX
Class C PRRCX
Class K FLEKX
Class R MUARX
Class Y PMYRX
|
||
Shares
|
Value
|
||||
UNAFFILIATED ISSUERS - 95.7%
|
|||||
COMMON STOCKS - 83.7% of Net Assets
|
|||||
Aerospace & Defense - 6.9%
|
|||||
25,495
|
Airbus SE
|
$3,766,202
|
|||
34,868
|
Arconic, Inc.
|
1,044,297
|
|||
12,175
|
Curtiss-Wright Corp.
|
1,770,610
|
|||
85,318(a)
|
Kratos Defense & Security Solutions, Inc.
|
1,564,732
|
|||
48,048
|
L3Harris Technologies, Inc.
|
10,634,464
|
|||
282,862
|
Leonardo S.p.A.
|
3,506,150
|
|||
13,087
|
Safran SA
|
2,117,670
|
|||
8,054(a)
|
Teledyne Technologies, Inc.
|
2,940,193
|
|||
34,549
|
Thales SA
|
3,800,570
|
|||
19,877
|
United Technologies Corp.
|
2,985,525
|
|||
Total Aerospace & Defense
|
$34,130,413
|
||||
Air Freight & Logistics - 0.3%
|
|||||
67,341
|
Cia de Distribucion Integral Logista Holdings SA
|
$1,512,631
|
|||
Total Air Freight & Logistics
|
$1,512,631
|
||||
Auto Components - 0.4%
|
|||||
1,462,000
|
Xinyi Glass Holdings, Ltd.
|
$1,844,546
|
|||
Total Auto Components
|
$1,844,546
|
||||
Automobiles - 1.5%
|
|||||
1,209,000
|
Geely Automobile Holdings, Ltd.
|
$1,951,820
|
|||
109,600
|
Subaru Corp.
|
2,791,455
|
|||
21,600
|
Toyota Motor Corp.
|
1,525,245
|
|||
5,270
|
Volkswagen AG
|
967,576
|
|||
Total Automobiles
|
$7,236,096
|
||||
Banks - 7.0%
|
|||||
470,959
|
Banco BPM S.p.A.
|
$965,981
|
|||
583,970
|
BDO Unibank, Inc.
|
1,693,994
|
|||
3,128,000
|
China Construction Bank Corp., Class H
|
2,396,071
|
|||
353,009
|
FinecoBank Banca Fineco S.p.A.
|
4,138,855
|
|||
1,460,000
|
Industrial & Commercial Bank of China, Ltd., Class H
|
981,159
|
|||
1,486,186
|
Intesa Sanpaolo S.p.A.
|
3,699,987
|
|||
15,042
|
JPMorgan Chase & Co.
|
1,990,959
|
|||
50,040
|
KBC Group NV
|
3,676,061
|
|||
368,762
|
Sberbank of Russia PJSC (A.D.R.)
|
5,878,804
|
|||
113,250
|
Standard Chartered Plc
|
943,211
|
|||
135,946
|
TCS Group Holding Plc (G.D.R.)
|
3,235,515
|
|||
378,871
|
UniCredit S.p.A.
|
5,075,096
|
|||
Total Banks
|
$34,675,693
|
||||
Biotechnology - 2.0%
|
|||||
60,749
|
AbbVie, Inc.
|
$4,921,884
|
|||
3,332
|
Amgen, Inc.
|
719,879
|
|||
7,145(a)
|
Biogen, Inc.
|
1,920,933
|
|||
10,923(a)
|
Vertex Pharmaceuticals, Inc.
|
2,480,067
|
|||
Total Biotechnology
|
$10,042,763
|
||||
Capital Markets - 7.7%
|
|||||
54,609
|
AllianceBernstein Holding LP
|
$1,788,445
|
|||
598,595
|
Anima Holding S.p.A. (144A)
|
2,843,129
|
|||
79,329
|
Banca Generali S.p.A.
|
2,525,983
|
|||
87,819
|
Blackstone Group, Inc.
|
5,363,106
|
|||
214,562
|
Carlyle Group, Inc.
|
6,968,974
|
|||
195,521
|
KKR & Co., Inc.
|
6,237,120
|
|||
35,508
|
Macquarie Group, Ltd.
|
3,442,074
|
|||
62,142
|
Morgan Stanley
|
3,247,541
|
|||
858,650
|
Moscow Exchange MICEX-RTS PJSC
|
1,476,442
|
|||
15,369
|
S&P Global, Inc.
|
4,514,336
|
|||
Total Capital Markets
|
$38,407,150
|
||||
Commercial Services & Supplies - 1.5%
|
|||||
279,500
|
A-Living Services Co., Ltd., Class H (144A)
|
$937,358
|
|||
10,498
|
Republic Services, Inc.
|
997,835
|
|||
14,700
|
Secom Co., Ltd.
|
1,317,594
|
|||
34,534
|
Waste Management, Inc.
|
4,202,788
|
|||
Total Commercial Services & Supplies
|
$7,455,575
|
||||
Construction & Engineering - 1.5%
|
|||||
570,000
|
China State Construction International Holdings, Ltd.
|
$455,704
|
|||
191,400
|
Obayashi Corp.
|
2,142,465
|
|||
35,900
|
Taisei Corp.
|
1,460,979
|
|||
31,279
|
Vinci SA
|
3,474,838
|
|||
Total Construction & Engineering
|
$7,533,986
|
||||
Construction Materials - 0.6%
|
|||||
127,280
|
Buzzi Unicem S.p.A.
|
$2,977,534
|
|||
Total Construction Materials
|
$2,977,534
|
||||
Diversified Consumer Services - 0.5%
|
|||||
3,170,000
|
China Yuhua Education Corp., Ltd. (144A)
|
$2,216,027
|
|||
Total Diversified Consumer Services
|
$2,216,027
|
||||
Electric Utilities - 3.3%
|
|||||
188,963
|
Endesa SA
|
$5,189,396
|
|||
719,961
|
Enel S.p.A.
|
6,270,024
|
Shares
|
Value
|
||||
Electric Utilities - (continued)
|
|||||
465,660
|
Iberdrola SA
|
$5,095,656
|
|||
Total Electric Utilities
|
$16,555,076
|
||||
Electronic Equipment, Instruments & Components - 0.6%
|
|||||
10,457
|
Amphenol Corp.
|
$1,040,158
|
|||
37,700
|
Hitachi, Ltd.
|
1,471,610
|
|||
4,500
|
TDK Corp.
|
492,917
|
|||
Total Electronic Equipment, Instruments & Components
|
$3,004,685
|
||||
Equity Real Estate Investment Trusts (REITs) - 3.8%
|
|||||
26,503
|
alstria office REIT-AG
|
$526,265
|
|||
223,100
|
Ascendas Real Estate Investment Trust
|
514,903
|
|||
562,800
|
Axis Real Estate Investment Trust
|
244,576
|
|||
1,242,500
|
ESR-REIT
|
496,144
|
|||
241,600
|
Frasers Centrepoint Trust
|
509,805
|
|||
523,100
|
Frasers Commercial Trust
|
624,723
|
|||
559,700
|
Frasers Logistics & Industrial Trust
|
500,300
|
|||
1,012
|
GLP J-Reit
|
1,356,929
|
|||
651
|
Hankyu Hanshin REIT, Inc.
|
1,047,704
|
|||
339
|
Hoshino Resorts REIT, Inc.
|
1,745,601
|
|||
7,107
|
ICADE
|
794,257
|
|||
1,654
|
Industrial & Infrastructure Fund Investment Corp.
|
2,545,907
|
|||
1,027
|
Invincible Investment Corp.
|
520,300
|
|||
783,300
|
Mapletree Industrial Trust
|
1,595,467
|
|||
385,800
|
Mapletree Logistics Trust
|
520,110
|
|||
59,383
|
Medical Properties Trust, Inc.
|
1,315,333
|
|||
462
|
Nippon Prologis REIT, Inc.
|
1,330,171
|
|||
439
|
Nomura Real Estate Master Fund, Inc.
|
772,954
|
|||
222,000
|
Parkway Life Real Estate Investment Trust
|
582,306
|
|||
18,315
|
Ryman Hospitality Properties, Inc.
|
1,557,324
|
|||
Total Equity Real Estate Investment Trusts (REITs)
|
$19,101,079
|
||||
Financials - 0.2%
|
|||||
493,301(a)
|
Alpha Bank AE
|
$992,118
|
|||
Total Financials
|
$992,118
|
||||
Food Products - 1.6%
|
|||||
35,497
|
Archer-Daniels-Midland Co.
|
$1,588,846
|
|||
1,145,000(a)
|
China Feihe, Ltd. (144A)
|
1,379,740
|
|||
71,404
|
Mondelez International, Inc.
|
4,097,161
|
|||
242,550
|
Universal Robina Corp.
|
689,333
|
|||
Total Food Products
|
$7,755,080
|
||||
Gas Utilities - 1.3%
|
|||||
190,780
|
Enagas SA
|
$5,144,112
|
|||
276,377
|
Snam S.p.A.
|
1,482,150
|
|||
Total Gas Utilities
|
$6,626,262
|
||||
Health Care Equipment & Supplies - 4.8%
|
|||||
56,144
|
Abbott Laboratories
|
$4,892,388
|
|||
56,733(a)
|
Boston Scientific Corp.
|
2,375,411
|
|||
20,466
|
Danaher Corp.
|
3,292,366
|
|||
6,447(a)
|
Edwards Lifesciences Corp.
|
1,417,437
|
|||
11,526(a)
|
IDEXX Laboratories, Inc.
|
3,123,661
|
|||
47,573
|
Medtronic Plc
|
5,491,827
|
|||
14,873
|
Stryker Corp.
|
3,133,741
|
|||
Total Health Care Equipment & Supplies
|
$23,726,831
|
||||
Health Care Providers & Services - 1.4%
|
|||||
11,388
|
Anthem, Inc.
|
$3,021,008
|
|||
10,506
|
HCA Healthcare, Inc.
|
1,458,233
|
|||
7,854
|
Humana, Inc.
|
2,640,829
|
|||
Total Health Care Providers & Services
|
$7,120,070
|
||||
Hotels, Restaurants & Leisure - 0.6%
|
|||||
177,000
|
Galaxy Entertainment Group, Ltd.
|
$1,173,536
|
|||
29,919
|
Las Vegas Sands Corp.
|
1,954,010
|
|||
Total Hotels, Restaurants & Leisure
|
$3,127,546
|
||||
Household Durables - 0.7%
|
|||||
85,095
|
Persimmon Plc
|
$3,429,035
|
|||
Total Household Durables
|
$3,429,035
|
||||
Industrial Conglomerates - 0.4%
|
|||||
19,747
|
Rheinmetall AG
|
$2,117,539
|
|||
Total Industrial Conglomerates
|
$2,117,539
|
||||
Industrials - 0.4%
|
|||||
7,401
|
Teleperformance
|
$1,861,005
|
|||
Total Industrials
|
$1,861,005
|
||||
Insurance - 4.9%
|
|||||
11,752
|
Allianz SE
|
$2,812,405
|
|||
151,091
|
AXA SA
|
4,033,751
|
|||
100,720
|
NN Group NV
|
3,506,383
|
|||
212,000
|
Ping An Insurance Group Co. of China, Ltd., Class H
|
2,420,892
|
|||
422,549
|
Poste Italiane S.p.A. (144A)
|
4,848,769
|
|||
7,571
|
Swiss Life Holding AG
|
3,813,785
|
|||
54,600
|
Tokio Marine Holdings, Inc.
|
3,015,558
|
|||
Total Insurance
|
$24,451,543
|
Shares
|
Value
|
||||
Interactive Media & Services - 0.8%
|
|||||
41,100
|
Tencent Holdings, Ltd.
|
$1,973,634
|
|||
44,646(a)
|
Yandex NV
|
2,000,587
|
|||
Total Interactive Media & Services
|
$3,974,221
|
||||
Internet & Direct Marketing Retail - 2.1%
|
|||||
26,117(a)
|
Alibaba Group Holding, Ltd. (A.D.R.)
|
$5,395,511
|
|||
130,313(a)
|
JD.com, Inc. (A.D.R.)
|
4,911,497
|
|||
Total Internet & Direct Marketing Retail
|
$10,307,008
|
||||
IT Services - 3.9%
|
|||||
90,676
|
Booz Allen Hamilton Holding Corp.
|
$7,076,355
|
|||
55,871
|
Leidos Holdings, Inc.
|
5,613,360
|
|||
17,248
|
Mastercard, Inc.
|
5,449,333
|
|||
16,749
|
Science Applications International Corp.
|
1,470,060
|
|||
Total IT Services
|
$19,609,108
|
||||
Life Sciences Tools & Services - 1.6%
|
|||||
43,946
|
Agilent Technologies, Inc.
|
$3,628,182
|
|||
13,732
|
Thermo Fisher Scientific, Inc.
|
4,300,725
|
|||
Total Life Sciences Tools & Services
|
$7,928,907
|
||||
Machinery - 0.3%
|
|||||
11,667
|
Ingersoll-Rand Plc
|
$1,554,395
|
|||
Total Machinery
|
$1,554,395
|
||||
Media - 0.2%
|
|||||
12,614
|
Stroeer SE & Co. KGaA
|
$1,005,532
|
|||
Total Media
|
$1,005,532
|
||||
Metals & Mining - 0.3%
|
|||||
44,908
|
MMC Norilsk Nickel PJSC (A.D.R.)
|
$1,448,732
|
|||
Total Metals & Mining
|
$1,448,732
|
||||
Mortgage Real Estate Investment Trusts (REITs) - 3.2%
|
|||||
164,779
|
Chimera Investment Corp.
|
$3,493,315
|
|||
258,052
|
Invesco Mortgage Capital, Inc.
|
4,513,330
|
|||
200,250
|
Redwood Trust, Inc.
|
3,530,408
|
|||
70,014
|
Starwood Property Trust, Inc.
|
1,796,559
|
|||
164,594
|
Two Harbors Investment Corp.
|
2,511,704
|
|||
Total Mortgage Real Estate Investment Trusts (REITs)
|
$15,845,316
|
||||
Oil, Gas & Consumable Fuels - 4.3%
|
|||||
431,699
|
BP Plc
|
$2,602,274
|
|||
58,195
|
ConocoPhillips
|
3,458,529
|
|||
246,692
|
Eni S.p.A.
|
3,462,057
|
|||
135,120
|
Equinor ASA
|
2,456,380
|
|||
53,710
|
LUKOIL PJSC (A.D.R.)
|
5,485,402
|
|||
84,844
|
TOTAL SA
|
4,152,567
|
|||
Total Oil, Gas & Consumable Fuels
|
$21,617,209
|
||||
Paper & Forest Products - 0.2%
|
|||||
32,089
|
Holmen AB, Class B
|
$951,872
|
|||
Total Paper & Forest Products
|
$951,872
|
||||
Pharmaceuticals - 3.3%
|
|||||
38,282
|
AstraZeneca Plc
|
$3,751,229
|
|||
11,314(a)
|
Jazz Pharmaceuticals Plc
|
1,621,862
|
|||
40,465
|
Novartis AG
|
3,828,553
|
|||
5,453
|
Roche Holding AG
|
1,835,210
|
|||
39,889
|
Zoetis, Inc.
|
5,353,503
|
|||
Total Pharmaceuticals
|
$16,390,357
|
||||
Real Estate Management & Development - 5.7%
|
|||||
1,333,200
|
Ascendas India Trust
|
$1,543,361
|
|||
3,280,000
|
China Jinmao Holdings Group, Ltd.
|
2,221,138
|
|||
1,038,000
|
China Resources Land, Ltd.
|
4,369,795
|
|||
1,757,000
|
China SCE Group Holdings, Ltd.
|
931,933
|
|||
422,000
|
CK Asset Holdings, Ltd.
|
2,727,295
|
|||
45,239
|
Deutsche Wohnen SE
|
1,915,978
|
|||
63,800
|
Hulic Co., Ltd.
|
785,394
|
|||
194,100
|
Ichigo, Inc.
|
745,126
|
|||
2,395,500(a)
|
KWG Group Holdings, Ltd.
|
3,139,496
|
|||
933,000
|
Longfor Group Holdings, Ltd. (144A)
|
3,975,809
|
|||
126,400
|
Nomura Real Estate Holdings, Inc.
|
3,155,188
|
|||
4,196
|
PSP Swiss Property AG
|
634,887
|
|||
88,000
|
Sun Hung Kai Properties, Ltd.
|
1,238,280
|
|||
133,347
|
Vinhomes JSC (144A)
|
502,427
|
|||
75,000
|
Wheelock & Co., Ltd.
|
460,087
|
|||
Total Real Estate Management & Development
|
$28,346,194
|
||||
Semiconductors & Semiconductor Equipment - 0.1%
|
|||||
2,100
|
Disco Corp.
|
$500,752
|
|||
Total Semiconductors & Semiconductor Equipment
|
$500,752
|
||||
Software - 2.2%
|
|||||
11,391(a)
|
Adobe, Inc.
|
$3,999,836
|
|||
37,671
|
Microsoft Corp.
|
6,412,734
|
|||
7,483(a)
|
Zendesk, Inc.
|
646,531
|
|||
Total Software
|
$11,059,101
|
Shares
|
Value
|
||||
Specialty Retail - 1.0%
|
|||||
980,000
|
China Meidong Auto Holdings, Ltd.
|
$1,209,931
|
|||
2,016,000
|
China Yongda Automobiles Services Holdings, Ltd.
|
2,159,384
|
|||
94,956
|
Pets at Home Group Plc
|
353,437
|
|||
329,500
|
Zhongsheng Group Holdings, Ltd.
|
1,221,698
|
|||
Total Specialty Retail
|
$4,944,450
|
||||
Textiles, Apparel & Luxury Goods - 0.3%
|
|||||
3,367
|
LVMH Moet Hennessy Louis Vuitton SE
|
$1,475,652
|
|||
Total Textiles, Apparel & Luxury Goods
|
$1,475,652
|
||||
Wireless Telecommunication Services - 0.3%
|
|||||
44,500
|
NTT Docomo, Inc.
|
$1,275,887
|
|||
Total Wireless Telecommunication Services
|
$1,275,887
|
||||
TOTAL COMMON STOCKS
|
|||||
(Cost $369,664,457)
|
$416,134,976
|
||||
PREFERRED STOCK - 0.0%† of Net Assets
|
|||||
Equity Real Estate Investment Trusts (REITs) - 0.0%†
|
|||||
204^(a)
|
Wheeler Real Estate Investment Trust, Inc.
|
$92,882
|
|||
Total Equity Real Estate Investment Trusts (REITs)
|
$92,882
|
||||
TOTAL PREFERRED STOCK
|
|||||
(Cost $195,245)
|
$92,882
|
Principal
|
|
||||
Amount
|
|||||
USD ($)
|
Value
|
||||
CORPORATE BONDS - 4.8% of Net Assets
|
|||||
Banks - 1.5%
|
|||||
2,000,000(b)
|
Banco do Brasil SA, 3.875%, 10/10/22
|
$2,052,500
|
|||
3,216,000(c)(d)
|
Intesa Sanpaolo S.p.A., 7.7% (5 Year USD Swap Rate + 546 bps) (144A)
|
3,605,940
|
|||
1,828,000
|
UniCredit S.p.A., 4.625%, 4/12/27 (144A)
|
1,979,371
|
|||
Total Banks
|
$7,637,811
|
||||
Chemicals - 0.4%
|
|||||
1,800,000(b)
|
Braskem Finance, Ltd., 6.45%, 2/3/24
|
$2,006,550
|
|||
Total Chemicals
|
$2,006,550
|
||||
Mining - 1.2%
|
|||||
1,142,000
|
Gold Fields Orogen Holdings BVI, Ltd., 5.125%, 5/15/24 (144A)
|
$1,227,650
|
|||
3,170,000
|
Gold Fields Orogen Holdings BVI, Ltd., 6.125%, 5/15/29 (144A)
|
3,613,895
|
|||
1,039,000
|
Teck Resources, Ltd., 6.125%, 10/1/35
|
1,242,891
|
|||
Total Mining
|
$6,084,436
|
||||
Packaging & Containers - 0.7%
|
|||||
3,000,000
|
Sealed Air Corp., 5.125%, 12/1/24 (144A)
|
$3,240,000
|
|||
Total Packaging & Containers
|
$3,240,000
|
||||
Telecommunications - 1.0%
|
|||||
4,400,000
|
CenturyLink, Inc., 7.65%, 3/15/42
|
$4,770,612
|
|||
Total Telecommunications
|
$4,770,612
|
||||
TOTAL CORPORATE BONDS
|
|||||
(Cost $21,445,755)
|
$23,739,409
|
||||
FOREIGN GOVERNMENT BOND - 0.5% of Net Assets
|
|||||
Indonesia - 0.5%
|
|||||
IDR
|
31,701,000,000
|
Indonesia Treasury Bond, 8.375%, 3/15/24
|
$2,523,543
|
||
Total Indonesia
|
$2,523,543
|
||||
TOTAL FOREIGN GOVERNMENT BOND
|
|||||
(Cost $2,250,617)
|
$2,523,543
|
||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 2.0% of Net Assets
|
|||||
5,000,000(e)
|
U.S. Treasury Bills, 3/3/20
|
$4,993,827
|
|||
5,000,000(e)
|
U.S. Treasury Bills, 3/10/20
|
4,992,431
|
|||
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
|
|||||
(Cost $9,985,690)
|
$9,986,258
|
Shares
|
Value
|
||||
INVESTMENT COMPANIES - 4.0% of Net Assets
|
|||||
11,822(b)
|
Aberdeen Standard Physical Palladium Shares ETF
|
$2,554,025
|
|||
368,722
|
ETFMG Prime Cyber Security ETF
|
15,729,680
|
|||
78,957
|
VanEck Vectors Vietnam ETF
|
1,175,670
|
|||
GBP
|
85,063(a)
|
Vietnam Enterprise Investments, Ltd., Class C
|
511,973
|
||
TOTAL INVESTMENT COMPANIES
|
|||||
(Cost $18,664,607)
|
$19,971,348
|
||||
EXCHANGE-TRADED COMMODITY – 0.6% of Net Assets
|
|||||
3,411(a)(b)
|
Xtrackers Physical Rhodium ETC
|
$2,882,295
|
|||
TOTAL EXCHANGE-TRADED COMMODITY
|
|||||
(Cost $534,086)
|
$2,882,295
|
||||
RIGHT/WARRANT - 0.0%† of Net Assets
|
|||||
Pharmaceuticals - 0.0%†
|
|||||
19,289(a)
|
Bristol-Myers Squibb Co., 3/31/21
|
$67,126
|
|||
Total Pharmaceuticals
|
$67,126
|
||||
TOTAL RIGHT/WARRANT
|
|||||
(Cost $2)
|
$67,126
|
Number of
Contracts |
Description
|
Counterparty
|
Notional
|
Strike Price
|
Expiration Date
|
Value
|
||||
OVER THE COUNTER (OTC) CALL OPTIONS PURCHASED - 0.1%
|
||||||||||
100,000
|
Boeing Co.
|
Citibank NA
|
USD
|
1,193,000
|
USD
|
400
|
2/21/20
|
$50
|
||
8,952
|
S&P 500 Index
|
Citibank NA
|
USD
|
484,214
|
USD
|
3,314
|
4/17/20
|
383,240
|
||
4,717
|
S&P 500 Index
|
Citibank NA
|
USD
|
260,001
|
USD
|
3,307
|
4/17/20
|
215,897
|
||
$599,187
|
||||||||||
TOTAL OVER THE COUNTER (OTC) CALL OPTIONS PURCHASED
|
||||||||||
(Premiums paid $1,937,215)
|
$599,187
|
|||||||||
TOTAL OPTIONS PURCHASED
|
||||||||||
(Premiums paid $1,937,215)
|
$599,187
|
|||||||||
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS – 95.7%
|
||||||||||
(Cost $424,677,674)
|
$475,997,024
|
|||||||||
OTHER ASSETS AND LIABILITIES - 4.3%
|
$21,167,693
|
|||||||||
NET ASSETS - 100.0%
|
$497,164,717
|
bps
|
Basis Points.
|
REIT
|
Real Estate Investment Trust.
|
(144A)
|
Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At January 31, 2020, the value of
these securities amounted to $30,370,115, or 6.1% of net assets.
|
(A.D.R.)
|
American Depositary Receipts.
|
(G.D.R.)
|
Global Depository Receipt.
|
|
†
|
Amount rounds to less than 0.1%.
|
^
|
Security is valued using fair value methods (other than supplied by independent pricing services).
|
(a)
|
Non-income producing security.
|
(b)
|
All or a portion of this security is held by Flexible Opportunities Commodity Fund Ltd.
(formerly, Pioneer Cayman Commodity Fund Ltd.).
|
(c)
|
The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at January 31, 2020.
|
(d)
|
Security is perpetual in nature and has no stated maturity date.
|
(e)
|
Security issued with a zero coupon. Income is recognized through accretion of discount.
|
FUTURES CONTRACTS
|
||||||
CURRENCY FUTURES CONTRACT
|
||||||
Number of
Contracts Short |
Description
|
Expiration Date
|
Notional
Amount |
Market Value
|
Unrealized
Appreciation |
|
253
|
Euro
|
3/16/20
|
$35,267,747
|
$35,162,256
|
$105,491
|
|
$35,267,747
|
$35,162,256
|
$105,491
|
||||
|
||||||
INDEX FUTURES CONTRACTS
|
||||||
Number of
Contracts Short |
Description
|
Expiration Date
|
Notional
Amount |
Market Value
|
Unrealized
Appreciation (Depreciation) |
|
24
|
DAX
|
3/20/20
|
$8,685,626
|
$8,643,869
|
$ 41,757
|
|
704
|
Euro Stoxx 50
|
3/20/20
|
28,837,658
|
28,403,297
|
434,361
|
|
304
|
FTSE/JSE Top 40
|
3/19/20
|
10,159,853
|
10,173,494
|
(13,641)
|
|
43
|
IBEX 35
|
2/21/20
|
4,555,022
|
4,470,543
|
84,479
|
|
539
|
MSCI China
|
3/20/20
|
24,026,385
|
23,088,065
|
938,320
|
|
11
|
Nikkei 225
|
3/12/20
|
1,307,350
|
1,250,150
|
57,200
|
|
6
|
Nikkei 225
|
3/12/20
|
1,324,136
|
1,280,672
|
43,464
|
|
150
|
S&P 500 E-MINI
|
3/20/20
|
23,990,960
|
24,180,000
|
(189,040)
|
|
$102,886,990
|
$101,490,090
|
$1,396,900
|
||||
TOTAL FUTURES CONTRACTS
|
$(138,154,737)
|
$(136,652,346)
|
$1,502,391
|
SWAPS CONTRACTS
|
|||||||
OVER THE COUNTER (OTC) TOTAL RETURN SWAPS CONTRACTS - SELL PROTECTION
|
|||||||
Notional
Amount(1) |
Counterparty
|
Reference Obligation/Index
|
Pay/
Receive(2) |
Coupon
|
Expiration
Date |
Unrealized
Appreciation (Depreciation) |
Market Value
|
18,221,751
|
Goldman Sachs International
|
Goldman Sachs Total Cash Return Index*
|
Pay
|
3M LIBOR + 39bps
|
5/1/20
|
$287,785
|
$287,785
|
4,574,746
|
Goldman Sachs International
|
Goldman Sachs Total Cash Return Index*
|
Pay
|
3M LIBOR + 39bps
|
6/29/20
|
(110,101)
|
(110,101)
|
5,404,909
|
Goldman Sachs International
|
Goldman Sachs Total Cash Return Index*
|
Pay
|
3M LIBOR + 39bps
|
9/10/20
|
(42,150)
|
(42,150)
|
5,672,015
|
Goldman Sachs International
|
Goldman Sachs Total Cash Return Index*
|
Pay
|
3M LIBOR + 39bps
|
11/26/20
|
(80,584)
|
(80,584)
|
TOTAL SWAPS CONTRACTS
|
$54,950
|
$54,950
|
(1)
|
The notional amount is the maximum amount that a seller of credit protection would be obligated to pay upon occurrence of a credit event.
|
(2)
|
Pays quarterly.
|
Principal amounts are denominated in U.S. dollars ("USD") unless otherwise noted.
|
||
GBP
|
-
|
Great British Pound
|
IDR
|
-
|
Indonesian Rupiah
|
Index Description
|
Shares
|
Value
|
% of basket
|
|||||||||
AbbVie, Inc.
|
13
|
$
|
1,085
|
1.96
|
%
|
|||||||
AES Corp.
|
78
|
1,552
|
2.82
|
%
|
||||||||
American Airlines Group, Inc.
|
21
|
557
|
1.01
|
%
|
||||||||
American International Group, Inc.
|
15
|
729
|
1.33
|
%
|
||||||||
Ameriprise Financial, Inc.
|
7
|
1,143
|
2.08
|
%
|
||||||||
AmerisourceBergen Corp.
|
11
|
922
|
1.68
|
%
|
||||||||
Apple, Inc.
|
6
|
1,904
|
3.47
|
%
|
||||||||
Applied Materials, Inc.
|
22
|
1,262
|
2.30
|
%
|
||||||||
Archer-Daniels-Midland Co.
|
19
|
865
|
1.57
|
%
|
||||||||
Assurant, Inc.
|
9
|
1,199
|
2.18
|
%
|
||||||||
Boeing Co.
|
5
|
1,522
|
2.77
|
%
|
||||||||
Capital One Financial Corp.
|
11
|
1,097
|
2.00
|
%
|
||||||||
Capri Holdings, Ltd.
|
24
|
709
|
1.29
|
%
|
||||||||
CenturyLink, Inc.
|
34
|
470
|
0.86
|
%
|
||||||||
Cigna Corp.
|
4
|
675
|
1.23
|
%
|
||||||||
Corning, Inc.
|
31
|
818
|
1.49
|
%
|
||||||||
DENTSPLY SIRONA, Inc.
|
14
|
783
|
1.42
|
%
|
||||||||
Discover Financial Services
|
14
|
1,061
|
1.93
|
%
|
||||||||
eBay, Inc.
|
26
|
888
|
1.62
|
%
|
||||||||
Equity Residential
|
14
|
1,137
|
2.07
|
%
|
||||||||
F5 Networks, Inc.
|
7
|
836
|
1.52
|
%
|
||||||||
General Electric Co.
|
30
|
380
|
0.69
|
%
|
||||||||
Gilead Sciences, Inc.
|
13
|
815
|
1.48
|
%
|
||||||||
HCA Healthcare, Inc.
|
10
|
1,457
|
2.65
|
%
|
||||||||
HP, Inc.
|
47
|
1,001
|
1.82
|
%
|
||||||||
LyondellBasell Industries NV
|
10
|
812
|
1.48
|
%
|
||||||||
McDonald's Corp.
|
6
|
1,351
|
2.46
|
%
|
||||||||
Monster Beverage Corp.
|
19
|
1,297
|
2.36
|
%
|
||||||||
Motorola Solutions, Inc.
|
10
|
1,820
|
3.31
|
%
|
||||||||
Navient Corp.
|
58
|
836
|
1.52
|
%
|
||||||||
NetApp, Inc.
|
22
|
1,184
|
2.16
|
%
|
||||||||
NRG Energy, Inc.
|
52
|
1,929
|
3.51
|
%
|
||||||||
ONEOK, Inc.
|
17
|
1,258
|
2.29
|
%
|
||||||||
Procter & Gamble Co.
|
10
|
1,261
|
2.30
|
%
|
||||||||
PulteGroup, Inc.
|
39
|
1,741
|
3.17
|
%
|
||||||||
Qorvo, Inc.
|
13
|
1,375
|
2.50
|
%
|
||||||||
Quest Diagnostics, Inc.
|
8
|
927
|
1.69
|
%
|
||||||||
Seagate Technology Plc
|
21
|
1,196
|
2.18
|
%
|
||||||||
Sysco Corp.
|
17
|
1,373
|
2.50
|
%
|
||||||||
Target Corp.
|
16
|
1,752
|
3.19
|
%
|
||||||||
TransDigm Group, Inc.
|
4
|
2,304
|
4.19
|
%
|
||||||||
Tyson Foods, Inc.
|
14
|
1,136
|
2.07
|
%
|
||||||||
United Airlines Holdings, Inc.
|
13
|
942
|
1.71
|
%
|
||||||||
Valero Energy Corp.
|
14
|
1,153
|
2.10
|
%
|
||||||||
Viacom CBS, Inc.
|
13
|
453
|
0.82
|
%
|
||||||||
Western Union Co.
|
45
|
1,197
|
2.18
|
%
|
||||||||
Westinghouse Air Brake Technologies Corp.
|
-
|
12
|
0.02
|
%
|
||||||||
Weyerhaeuser Co.
|
26
|
755
|
1.37
|
%
|
||||||||
Williams Cos., Inc.
|
29
|
597
|
1.09
|
%
|
||||||||
Yum! Brands, Inc.
|
13
|
1,422
|
2.59
|
%
|
||||||||
Totals
|
$
|
54,950
|
100.00
|
%
|
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels below.
|
Level 1 - quoted prices in active markets for identical securities.
|
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment
speeds, credit risks, etc.).
|
Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments).
|
The following is a summary of the inputs used as of January 31, 2020, in valuing the Fund's investments:
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Common Stocks
|
$
|
416,134,976
|
$
|
–
|
$
|
–
|
$
|
416,134,976
|
||||||||
Preferred Stock
|
||||||||||||||||
Equity Real Estate Investment Trusts (REITs)
|
–
|
–
|
92,882
|
92,882
|
||||||||||||
Corporate Bonds
|
–
|
23,739,409
|
–
|
23,739,409
|
||||||||||||
Foreign Government Bond
|
–
|
2,523,543
|
–
|
2,523,543
|
||||||||||||
U.S. Government and Agency Obligations
|
–
|
9,986,258
|
–
|
9,986,258
|
||||||||||||
Investment Companies
|
19,971,348
|
–
|
–
|
19,971,348
|
||||||||||||
Exchange-Traded Commodity
|
2,882,295
|
–
|
–
|
2,882,295
|
||||||||||||
Right/Warrant
|
67,126
|
–
|
–
|
67,126
|
||||||||||||
Over The Counter (OTC) Call Options Purchased
|
–
|
599,187
|
–
|
599,187
|
||||||||||||
Total Investments in Securities
|
$
|
439,055,745
|
$
|
36,848,397
|
$
|
92,882
|
$
|
475,997,024
|
||||||||
Other Financial Instruments
|
||||||||||||||||
Net unrealized appreciation
on futures contracts |
$
|
1,502,391
|
$
|
–
|
$
|
–
|
$
|
1,502,391
|
||||||||
Swaps contracts, at value
|
–
|
54,950
|
–
|
54,950
|
||||||||||||
Total Other Financial Instruments
|
$
|
1,502,391
|
$
|
54,950
|
$
|
–
|
$
|
1,557,341
|
Preferred Stock
|
||||
Balance as of 10/31/19
|
$
|
95,372
|
||
Realized gain (loss)
|
–
|
|||
Changed in unrealized appreciation (depreciation)
|
(2,490
|
)
|
||
Accrued discounts/premiums
|
–
|
|||
Purchases
|
–
|
|||
Sales
|
–
|
|||
Transfers in to Level 3*
|
--
|
|||
Transfers out of Level 3*
|
--
|
|||
Balance as of 1/31/20
|
$
|
92,882
|
* |
Transfers are calculated on the beginning of period values. During the three months ended January 31, 2020, there were no transfers between Levels 1, 2 and 3.
|