|
Pioneer Flexible
Opportunities Fund
|
||
|
Schedule of Investments | July 31, 2020
|
||
|
Ticker Symbols:
Class A PMARX
Class C PRRCX
Class K FLEKX
Class R MUARX
Class Y PMYRX
|
||
|
Shares
|
Value
|
||||
|
UNAFFILIATED ISSUERS - 94.0%
|
|||||
|
COMMON STOCKS - 79.1% of Net Assets
|
|||||
|
Aerospace & Defense - 1.6%
|
|||||
|
14,124
|
Curtiss-Wright Corp.
|
$1,258,731
|
|||
|
17,277
|
L3Harris Technologies, Inc.
|
2,908,237
|
|||
|
6,417(a)
|
Teledyne Technologies, Inc.
|
1,968,094
|
|||
|
Total Aerospace & Defense
|
$6,135,062
|
||||
|
Auto Components - 0.0%†
|
|||||
|
4,800
|
Denso Corp.
|
$175,494
|
|||
|
Total Auto Components
|
$175,494
|
||||
|
Automobiles - 1.4%
|
|||||
|
182,000
|
BYD Co., Ltd., Class H
|
$1,738,902
|
|||
|
1,606,000
|
Geely Automobile Holdings, Ltd.
|
3,377,628
|
|||
|
124(a)
|
Tesla, Inc.
|
177,414
|
|||
|
Total Automobiles
|
$5,293,944
|
||||
|
Banks - 2.4%
|
|||||
|
486,210
|
Bank for Foreign Trade of Vietnam JSC
|
$1,602,521
|
|||
|
25,330
|
BAWAG Group AG (144A)
|
924,121
|
|||
|
4,592
|
BNP Paribas SA
|
184,604
|
|||
|
174,653
|
FinecoBank Banca Fineco S.p.A.
|
2,526,331
|
|||
|
16,701
|
First Republic Bank
|
1,878,528
|
|||
|
7,682
|
JPMorgan Chase & Co.
|
742,388
|
|||
|
137,900
|
Public Bank Bhd
|
552,966
|
|||
|
22,550
|
TCS Group Holding Plc
|
567,133
|
|||
|
Total Banks
|
$8,978,592
|
||||
|
Beverages - 0.5%
|
|||||
|
33,483
|
Anheuser-Busch InBev SA
|
$1,819,728
|
|||
|
Total Beverages
|
$1,819,728
|
||||
|
Biotechnology - 3.5%
|
|||||
|
58,899
|
AbbVie, Inc.
|
$5,590,104
|
|||
|
13,245
|
Amgen, Inc.
|
3,240,654
|
|||
|
7,595(a)
|
BioMarin Pharmaceutical, Inc.
|
909,957
|
|||
|
1,785(a)
|
Regeneron Pharmaceuticals, Inc.
|
1,128,245
|
|||
|
7,371(a)
|
Vertex Pharmaceuticals, Inc.
|
2,004,912
|
|||
|
Total Biotechnology
|
$12,873,872
|
||||
|
Capital Markets - 0.9%
|
|||||
|
6,312
|
Macquarie Group, Ltd.
|
$556,775
|
|||
|
6,916
|
S&P Global, Inc.
|
2,422,329
|
|||
|
46,321
|
UBS Group AG
|
542,076
|
|||
|
Total Capital Markets
|
$3,521,180
|
||||
|
Commercial Services & Supplies - 3.1%
|
|||||
|
441,750
|
A-Living Services Co., Ltd., Class H (144A)
|
$2,493,637
|
|||
|
313,000
|
Country Garden Services Holdings Co., Ltd.
|
1,888,012
|
|||
|
24,174
|
Republic Services, Inc.
|
2,109,182
|
|||
|
15,500
|
Secom Co., Ltd.
|
1,330,455
|
|||
|
618,000(a)
|
S-Enjoy Service Group Co., Ltd.
|
1,941,628
|
|||
|
17,357
|
Waste Management, Inc.
|
1,902,327
|
|||
|
Total Commercial Services & Supplies
|
$11,665,241
|
||||
|
Construction Materials - 0.7%
|
|||||
|
105,319
|
Buzzi Unicem S.p.A.
|
$2,384,733
|
|||
|
55,477
|
Cementir Holding NV
|
382,438
|
|||
|
Total Construction Materials
|
$2,767,171
|
||||
|
Consumer Discretionary - 1.6%
|
|||||
|
2,804,000
|
China New Higher Education Group, Ltd.
|
$1,942,813
|
|||
|
20,021
|
Daimler AG
|
882,369
|
|||
|
140,019(a)
|
Vipshop Holdings, Ltd. (A.D.R.)
|
3,188,233
|
|||
|
Total Consumer Discretionary
|
$6,013,415
|
||||
|
Diversified Consumer Services - 1.4%
|
|||||
|
957,000
|
China Education Group Holdings, Ltd. (144A)
|
$1,815,131
|
|||
|
534,000
|
China Xinhua Education Group, Ltd. (144A)
|
170,872
|
|||
|
2,438,000
|
China Yuhua Education Corp., Ltd. (144A)
|
2,356,103
|
|||
|
1,704,000
|
Hope Education Group Co., Ltd. (144A)
|
571,639
|
|||
|
680,000(a)
|
JH Educational Technology, Inc.
|
280,762
|
|||
|
260,000(a)
|
Shanghai Gench Education Group, Ltd.
|
196,249
|
|||
|
Total Diversified Consumer Services
|
$5,390,756
|
||||
|
Diversified Financial Services - 0.7%
|
|||||
|
870,879
|
M&G Plc
|
$1,832,487
|
|||
|
8,618
|
Wendel SE
|
804,819
|
|||
|
Total Diversified Financial Services
|
$2,637,306
|
||||
|
Electric Utilities - 2.2%
|
|||||
|
120,895
|
Endesa SA
|
$3,424,802
|
|||
|
521,673
|
Enel S.p.A.
|
4,751,321
|
|||
|
Total Electric Utilities
|
$8,176,123
|
||||
|
Electrical Equipment - 0.6%
|
|||||
|
10,616
|
Rockwell Automation, Inc.
|
$2,315,774
|
|||
|
Total Electrical Equipment
|
$2,315,774
|
||||
|
Electronic Equipment, Instruments & Components - 0.6%
|
|||||
|
7,000
|
Horiba, Ltd.
|
$357,295
|
|||
|
Shares
|
Value
|
||||
|
Electronic Equipment, Instruments & Components - (continued)
|
|||||
|
96,300
|
Sunny Optical Technology Group Co., Ltd.
|
$1,812,843
|
|||
|
Total Electronic Equipment, Instruments & Components
|
$2,170,138
|
||||
|
Entertainment - 0.1%
|
|||||
|
23,597(a)
|
Tencent Music Entertainment Group (A.D.R.)
|
$380,856
|
|||
|
Total Entertainment
|
$380,856
|
||||
|
Equity Real Estate Investment Trusts (REITs) - 3.4%
|
|||||
|
809,000
|
Ascendas Real Estate Investment Trust
|
$2,083,944
|
|||
|
1,419,682
|
Frasers Logistics & Commercial Trust
|
1,394,630
|
|||
|
568
|
GLP J-Reit
|
943,311
|
|||
|
919
|
Industrial & Infrastructure Fund Investment Corp.
|
1,714,737
|
|||
|
689
|
Kenedix Residential Next Investment Corp.
|
1,258,885
|
|||
|
488,600
|
Mapletree Industrial Trust
|
1,159,059
|
|||
|
880,500
|
Mapletree Logistics Trust
|
1,364,719
|
|||
|
600
|
Nippon Prologis REIT, Inc.
|
2,067,205
|
|||
|
182,100
|
Parkway Life Real Estate Investment Trust
|
471,731
|
|||
|
Total Equity Real Estate Investment Trusts (REITs)
|
$12,458,221
|
||||
|
Food & Staples Retailing - 0.4%
|
|||||
|
9,700
|
Tsuruha Holdings, Inc.
|
$1,337,710
|
|||
|
Total Food & Staples Retailing
|
$1,337,710
|
||||
|
Food Products - 1.7%
|
|||||
|
44,014
|
Archer-Daniels-Midland Co.
|
$1,885,120
|
|||
|
21,777
|
Kraft Heinz Co.
|
748,693
|
|||
|
23,574
|
Mondelez International, Inc.
|
1,308,121
|
|||
|
752,000
|
Tingyi Cayman Islands Holding Corp.
|
1,401,083
|
|||
|
551,000
|
Uni-President China Holdings, Ltd.
|
597,186
|
|||
|
46,000(a)
|
Yihai International Holding, Ltd.
|
563,549
|
|||
|
Total Food Products
|
$6,503,752
|
||||
|
Gas Utilities - 2.0%
|
|||||
|
72,688
|
Enagas SA
|
$1,830,459
|
|||
|
434,032
|
Italgas S.p.A.
|
2,782,360
|
|||
|
553,320
|
Snam S.p.A.
|
2,934,145
|
|||
|
Total Gas Utilities
|
$7,546,964
|
||||
|
Health Care - 0.7%
|
|||||
|
195(a)
|
Hologic, Inc.
|
$13,607
|
|||
|
13,928(a)
|
Laboratory Corp. of America Holdings
|
2,686,990
|
|||
|
Total Health Care
|
$2,700,597
|
||||
|
Health Care Equipment & Supplies - 1.5%
|
|||||
|
15,075
|
Danaher Corp.
|
$3,072,285
|
|||
|
6,394(a)
|
IDEXX Laboratories, Inc.
|
2,543,214
|
|||
|
Total Health Care Equipment & Supplies
|
$5,615,499
|
||||
|
Health Care Providers & Services - 2.1%
|
|||||
|
6,692
|
Anthem, Inc.
|
$1,832,270
|
|||
|
8,327
|
Humana, Inc.
|
3,267,931
|
|||
|
9,334
|
UnitedHealth Group, Inc.
|
2,826,148
|
|||
|
Total Health Care Providers & Services
|
$7,926,349
|
||||
|
Health Care Technology - 0.4%
|
|||||
|
418,000(a)
|
Alibaba Health Information Technology, Ltd.
|
$1,154,167
|
|||
|
1,722(a)
|
Teladoc Health, Inc.
|
409,199
|
|||
|
Total Health Care Technology
|
$1,563,366
|
||||
|
Hotels, Restaurants & Leisure - 0.1%
|
|||||
|
16,300
|
Sushiro Global Holdings, Ltd.
|
$344,504
|
|||
|
Total Hotels, Restaurants & Leisure
|
$344,504
|
||||
|
Household Durables - 1.3%
|
|||||
|
26,919
|
Berkeley Group Holdings Plc
|
$1,570,893
|
|||
|
95,775
|
Persimmon Plc
|
3,014,135
|
|||
|
4,800
|
Sony Corp.
|
366,414
|
|||
|
Total Household Durables
|
$4,951,442
|
||||
|
Industrial Conglomerates - 0.9%
|
|||||
|
34,227
|
Rheinmetall AG
|
$3,236,328
|
|||
|
Total Industrial Conglomerates
|
$3,236,328
|
||||
|
Industrials - 0.6%
|
|||||
|
8,054
|
Teleperformance
|
$2,347,083
|
|||
|
Total Industrials
|
$2,347,083
|
||||
|
Information Technology - 1.5%
|
|||||
|
9,976
|
eBay, Inc.
|
$551,473
|
|||
|
8,811
|
Lam Research Corp.
|
3,323,157
|
|||
|
33,657
|
Samsung Electronics Co., Ltd.
|
1,631,558
|
|||
|
Total Information Technology
|
$5,506,188
|
||||
|
Insurance – 5.0%
|
|||||
|
18,373
|
Allianz SE
|
$3,815,294
|
|||
|
99,723
|
NN Group NV
|
3,642,921
|
|||
|
435,594
|
Poste Italiane S.p.A. (144A)
|
3,979,132
|
|||
|
7,885
|
Swiss Life Holding AG
|
2,872,214
|
|||
|
10,588
|
Zurich Insurance Group AG
|
3,895,049
|
|||
|
Total Insurance
|
$18,204,610
|
||||
|
Interactive Media & Services - 2.2%
|
|||||
|
243(a)
|
Alphabet, Inc.
|
$361,572
|
|||
|
Shares
|
Value
|
||||
|
Interactive Media & Services - (continued)
|
|||||
|
1,596(a)
|
Facebook, Inc.
|
$404,857
|
|||
|
14,140(a)
|
JOYY, Inc.
|
1,128,655
|
|||
|
7,876
|
NAVER Corp.
|
1,984,818
|
|||
|
44,200
|
Tencent Holdings, Ltd.
|
3,045,385
|
|||
|
258,200
|
Z Holdings Corp.
|
1,359,397
|
|||
|
Total Interactive Media & Services
|
$8,284,684
|
||||
|
Internet & Direct Marketing Retail - 2.9%
|
|||||
|
7,592(a)
|
Alibaba Group Holding, Ltd. (A.D.R.)
|
$1,905,744
|
|||
|
51,291(a)
|
Dada Nexus, Ltd. (A.D.R.)
|
1,187,387
|
|||
|
60,171(a)
|
JD.com, Inc. (A.D.R.)
|
3,838,308
|
|||
|
65,800(a)
|
Meituan Dianping, Class B
|
1,629,219
|
|||
|
16,121(a)
|
Pinduoduo, Inc. (A.D.R.)
|
1,479,908
|
|||
|
410,800(a)
|
Tongcheng-Elong Holdings, Ltd.
|
753,718
|
|||
|
Total Internet & Direct Marketing Retail
|
$10,794,284
|
||||
|
IT Services - 3.4%
|
|||||
|
34,795
|
Booz Allen Hamilton Holding Corp.
|
$2,844,839
|
|||
|
30,243
|
Leidos Holdings, Inc.
|
2,877,924
|
|||
|
9,619
|
Mastercard, Inc.
|
2,967,750
|
|||
|
49,387
|
Science Applications International Corp.
|
3,949,972
|
|||
|
Total IT Services
|
$12,640,485
|
||||
|
Life Sciences Tools & Services - 2.4%
|
|||||
|
33,872
|
Agilent Technologies, Inc.
|
$3,262,889
|
|||
|
4,218(a)
|
Charles River Laboratories International, Inc.
|
839,340
|
|||
|
12,183
|
Thermo Fisher Scientific, Inc.
|
5,043,153
|
|||
|
Total Life Sciences Tools & Services
|
$9,145,382
|
||||
|
Machinery - 1.9%
|
|||||
|
69,000
|
Airtac International Group
|
$1,442,836
|
|||
|
70,400
|
Komatsu, Ltd.
|
1,374,795
|
|||
|
11,500
|
Nabtesco Corp.
|
344,581
|
|||
|
93,141
|
Volvo AB, Class B
|
1,600,904
|
|||
|
2,436,000(a)
|
Zoomlion Heavy Industry Science & Technology Co., Ltd., Class H
|
2,508,181
|
|||
|
Total Machinery
|
$7,271,297
|
||||
|
Media - 0.5%
|
|||||
|
23,656
|
Echo Marketing, Inc.
|
$942,750
|
|||
|
33,618
|
Publicis Groupe SA
|
1,079,521
|
|||
|
Total Media
|
$2,022,271
|
||||
|
Metals & Mining - 1.2%
|
|||||
|
23,352
|
Anglo American Platinum, Ltd.
|
$1,783,945
|
|||
|
107,840
|
MMC Norilsk Nickel PJSC (A.D.R.)
|
2,843,741
|
|||
|
Total Metals & Mining
|
$4,627,686
|
||||
|
Mortgage Real Estate Investment Trusts (REITs) - 6.7%
|
|||||
|
320,638
|
AGNC Investment Corp.
|
$4,360,677
|
|||
|
528,448
|
Annaly Capital Management, Inc.
|
3,915,800
|
|||
|
239,887
|
New Residential Investment Corp.
|
1,902,304
|
|||
|
301,782
|
PennyMac Mortgage Investment Trust
|
5,688,591
|
|||
|
554,348
|
Redwood Trust, Inc.
|
3,952,501
|
|||
|
70,014
|
Starwood Property Trust, Inc.
|
1,046,709
|
|||
|
731,607
|
Two Harbors Investment Corp.
|
3,972,626
|
|||
|
Total Mortgage Real Estate Investment Trusts (REITs)
|
$24,839,208
|
||||
|
Personal Products - 0.3%
|
|||||
|
136,500
|
Hengan International Group Co., Ltd.
|
$1,145,668
|
|||
|
Total Personal Products
|
$1,145,668
|
||||
|
Pharmaceuticals - 3.7%
|
|||||
|
34,700
|
Astellas Pharma, Inc.
|
$541,188
|
|||
|
7,032
|
AstraZeneca Plc
|
785,897
|
|||
|
25,523
|
Johnson & Johnson
|
3,720,233
|
|||
|
1,203,000
|
Luye Pharma Group, Ltd. (144A)
|
759,020
|
|||
|
4,230
|
Roche Holding AG
|
1,463,074
|
|||
|
26,799
|
Sanofi
|
2,796,404
|
|||
|
730,000
|
Sino Biopharmaceutical, Ltd.
|
951,312
|
|||
|
19,108
|
Zoetis, Inc.
|
2,898,301
|
|||
|
Total Pharmaceuticals
|
$13,915,429
|
||||
|
Real Estate - 0.3%
|
|||||
|
1,288,000
|
CIFI Holdings Group Co., Ltd.
|
$1,156,655
|
|||
|
Total Real Estate
|
$1,156,655
|
||||
|
Real Estate Management & Development - 4.5%
|
|||||
|
1,269,000(a)
|
KWG Group Holdings, Ltd.
|
$2,259,537
|
|||
|
3,532
|
LEG Immobilien AG
|
492,211
|
|||
|
1,046,000
|
Logan Group Co., Ltd.
|
1,811,185
|
|||
|
795,500
|
Longfor Group Holdings, Ltd. (144A)
|
3,931,132
|
|||
|
97,000
|
Poly Property Services Co., Ltd.
|
1,020,644
|
|||
|
269,500
|
Shimao Group Holdings, Ltd.
|
1,142,281
|
|||
|
484,500
|
Sichuan Languang Justbon Services Group Co., Ltd., Class H
|
3,285,074
|
|||
|
7
|
Vinhomes JSC (144A)
|
23
|
|||
|
37,959
|
Vonovia SE
|
2,468,250
|
|||
|
Total Real Estate Management & Development
|
$16,410,337
|
||||
|
Semiconductors & Semiconductor Equipment - 0.6%
|
|||||
|
90,000
|
Micronics Japan Co., Ltd.
|
$851,553
|
|||
|
Shares
|
Value
|
||||
|
Semiconductors & Semiconductor Equipment - (continued)
|
|||||
|
1,310,000
|
Xinyi Solar Holdings, Ltd.
|
$1,433,329
|
|||
|
Total Semiconductors & Semiconductor Equipment
|
$2,284,882
|
||||
|
Software - 1.6%
|
|||||
|
4,228(a)
|
Adobe, Inc.
|
$1,878,585
|
|||
|
14,551
|
Microsoft Corp.
|
2,983,100
|
|||
|
5,400(a)
|
Money Forward, Inc.
|
363,930
|
|||
|
10,059(a)
|
Zendesk, Inc.
|
916,878
|
|||
|
Total Software
|
$6,142,493
|
||||
|
Specialty Retail - 2.6%
|
|||||
|
1,214,000
|
China Meidong Auto Holdings, Ltd.
|
$3,391,215
|
|||
|
1,392,000
|
China Yongda Automobiles Services Holdings, Ltd.
|
1,431,450
|
|||
|
4,462
|
Home Depot, Inc.
|
1,184,616
|
|||
|
8,226
|
Lowe's Cos., Inc.
|
1,224,934
|
|||
|
432,500
|
Zhongsheng Group Holdings, Ltd.
|
2,670,218
|
|||
|
Total Specialty Retail
|
$9,902,433
|
||||
|
Technology Hardware, Storage & Peripherals - 0.7%
|
|||||
|
6,326
|
Apple, Inc.
|
$2,688,803
|
|||
|
Total Technology Hardware, Storage & Peripherals
|
$2,688,803
|
||||
|
Wireless Telecommunication Services - 0.7%
|
|||||
|
41,100
|
KDDI Corp.
|
$1,266,080
|
|||
|
39,700
|
NTT DOCOMO, Inc.
|
1,091,051
|
|||
|
Total Wireless Telecommunication Services
|
$2,357,131
|
||||
|
TOTAL COMMON STOCKS
|
|||||
|
(Cost $255,761,440)
|
$296,186,393
|
||||
|
PREFERRED STOCKS - 1.3% of Net Assets
|
|||||
|
Equity Real Estate Investment Trusts (REITs) - 0.5%
|
|||||
|
37,496(b)
|
Pebblebrook Hotel Trust, 6.3%
|
$763,793
|
|||
|
51,041(b)
|
Sunstone Hotel Investors, Inc., 6.95%
|
1,224,984
|
|||
|
204^(a)
|
Wheeler Real Estate Investment Trust, Inc.
|
69,635
|
|||
|
Total Equity Real Estate Investment Trusts (REITs)
|
$2,058,412
|
||||
|
Mortgage Real Estate Investment Trusts (REITs) - 0.8%
|
|||||
|
74,936(b)(c)
|
AGNC Investment Corp., 6.125% (3 Month USD LIBOR + 470 bps)
|
$1,649,341
|
|||
|
54,705(b)(c)
|
AGNC Investment Corp., 7.0% (3 Month USD LIBOR + 511 bps)
|
1,287,209
|
|||
|
Total Mortgage Real Estate Investment Trusts (REITs)
|
$2,936,550
|
||||
|
TOTAL PREFERRED STOCKS
|
|||||
|
(Cost $4,046,628)
|
$4,994,962
|
||||
|
Principal
Amount USD $ |
Value
|
||||
|
CORPORATE BONDS - 6.4% of Net Assets
|
|||||
|
Banks - 2.0%
|
|||||
|
2,238,000(b)(c)
|
Bank of America Corp., 4.3% (3 Month USD LIBOR + 266 bps)
|
$2,113,343
|
|||
|
3,216,000(b)(c)
|
Intesa Sanpaolo S.p.A., 7.7% (5 Year USD Swap Rate + 546 bps) (144A)
|
3,304,440
|
|||
|
2,163,000(b)(c)
|
JPMorgan Chase & Co., 4.6% (SOFRRATE + 313 bps)
|
2,092,919
|
|||
|
Total Banks
|
$7,510,702
|
||||
|
Chemicals - 0.5%
|
|||||
|
1,800,000(d)
|
Braskem Finance, Ltd., 6.45%, 2/3/24
|
$1,911,600
|
|||
|
Total Chemicals
|
$1,911,600
|
||||
|
Mining - 1.7%
|
|||||
|
1,142,000
|
Gold Fields Orogen Holdings BVI, Ltd., 5.125%, 5/15/24 (144A)
|
$1,244,780
|
|||
|
3,170,000
|
Gold Fields Orogen Holdings BVI, Ltd., 6.125%, 5/15/29 (144A)
|
3,708,900
|
|||
|
1,039,000
|
Teck Resources, Ltd., 6.125%, 10/1/35
|
1,215,787
|
|||
|
Total Mining
|
$6,169,467
|
||||
|
Packaging & Containers - 0.9%
|
|||||
|
3,000,000
|
Sealed Air Corp., 5.125%, 12/1/24 (144A)
|
$3,300,000
|
|||
|
Total Packaging & Containers
|
$3,300,000
|
||||
|
Telecommunications - 1.3%
|
|||||
|
4,400,000
|
CenturyLink, Inc., 7.65%, 3/15/42
|
$5,016,000
|
|||
|
Total Telecommunications
|
$5,016,000
|
||||
|
TOTAL CORPORATE BONDS
|
|||||
|
(Cost $21,622,321)
|
$23,907,769
|
||||
|
U.S. GOVERNMENT AND AGENCY OBLIGATION - 1.1% of Net Assets
|
|||||
|
4,000,000(e)
|
U.S. Treasury Bills, 8/13/20
|
$3,999,900
|
|||
|
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATION
|
|||||
|
(Cost $3,999,845)
|
$3,999,900
|
||||
|
Shares
|
Value
|
||||
|
INVESTMENT COMPANIES - 5.9% of Net Assets
|
|||||
|
18,731(a)(d)
|
Aberdeen Standard Physical Palladium Shares ETF
|
$3,698,342
|
|||
|
333,422
|
ETFMG Prime Cyber Security ETF
|
16,137,626
|
|||
|
15,300
|
KraneShares CSI China Internet ETF
|
1,025,406
|
|||
|
96,157
|
VanEck Vectors Vietnam ETF
|
1,317,351
|
|||
|
TOTAL INVESTMENT COMPANIES
|
|||||
|
(Cost $19,270,432)
|
$22,178,725
|
||||
|
RIGHTS/WARRANTS - 0.0%† of Net Assets
|
|||||
|
Electric Utilities - 0.0%†
|
|||||
|
EUR
|
100,960(a)
|
Iberdrola SA, 7/22/20
|
$29,743
|
||
|
Total Electric Utilities
|
$29,743
|
||||
|
Shares
|
Value
|
||||
|
Pharmaceuticals - 0.0%†
|
|||||
|
19,289(a)
|
Bristol-Myers Squibb Co., 3/31/21
|
$69,440
|
|||
|
Total Pharmaceuticals
|
$69,440
|
||||
|
TOTAL RIGHTS/WARRANTS
|
|||||
|
(Cost $26,535)
|
$99,183
|
||||
|
Number of
Contracts |
Description
|
Counterparty
|
Notional
|
Strike Price
|
Expiration Date
|
Value
|
||
|
OVER THE COUNTER (OTC) PUT OPTION PURCHASED
- 0.2%
|
||||||||
|
2,990
|
NASDAQ 100 Index
|
Citibank NA USD
|
1,870,567 USD
|
9,045
|
11/20/20
|
$630,744
|
||
|
TOTAL OVER THE COUNTER (OTC) PUT OPTION PURCHASED
|
||||||||
|
(Premiums paid $1,870,567)
|
$630,744
|
|||||||
|
TOTAL OPTIONS PURCHASED
|
||||||||
|
(Premiums paid $1,870,567)
|
$630,744
|
|||||||
|
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS – 94.0%
|
||||||||
|
(Cost $306,597,768)
|
$351,997,676
|
|||||||
|
OTHER ASSETS AND LIABILITIES - 6.0%
|
$22,583,014
|
|||||||
|
NET ASSETS - 100.0%
|
$374,580,690
|
|||||||
|
bps
|
Basis Points.
|
|
LIBOR
|
London Interbank Offered Rate.
|
|
REIT
|
Real Estate Investment Trust.
|
|
SOFRRATE
|
Secured Overnight Financing Rate.
|
|
(144A)
|
Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction
exempt from registration. At July 31, 2020, the value of these securities amounted to $28,558,930, or 7.6% of net assets.
|
|
(A.D.R.)
|
American Depositary Receipts.
|
|
†
|
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)
|
Security is perpetual in nature and has no stated maturity date.
|
|
(c)
|
The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at July 31, 2020.
|
|
(d)
|
All or a portion of this security is held by Flexible Opportunities Commodity Fund Ltd. (formerly, Pioneer Cayman Commodity Fund Ltd.).
|
|
(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
(Depreciation) |
|
125
|
Euro
|
9/14/20
|
$ 18,138,250
|
$18,436,719
|
$(298,469)
|
|
INDEX FUTURES CONTRACTS
|
||||||
|
Number of
Contracts Short |
Description
|
Expiration Date
|
Notional
Amount |
Market Value
|
Unrealized
Appreciation (Depreciation) |
|
|
103
|
FTSE/JSE Top 40
|
9/17/20
|
$ 3,004,831
|
$ 3,095,481
|
(90,650)
|
|
|
32
|
FTSE/MIB
|
9/18/20
|
3,821,168
|
3,600,625
|
220,543
|
|
|
225
|
MSCI China Free
|
9/18/20
|
10,903,385
|
11,624,625
|
(721,240)
|
|
|
$ 17,729,384
|
$ 18,320,731
|
$(591,347)
|
||||
|
TOTAL FUTURES CONTRACTS
|
$(35,867,634)
|
$(36,757,450)
|
$(889,816)
|
|||
|
SWAP CONTRACTS
|
|||||||
|
OVER THE COUNTER (OTC) TOTAL RETURN SWAP CONTRACTS - SELL PROTECTION
|
|||||||
|
Notional
Amount(1) |
Counterparty
|
Obligation Reference/Index
|
Pay/
Receive(2) |
Coupon
|
Expiration
Date |
Net
Unrealized Appreciation (Depreciation) |
Market Value
|
|
2,664,510
|
Goldman Sachs International
|
Goldman Sachs Total Cash Return Index*
|
Pay
|
3M LIBOR + 39bps
|
9/10/20
|
$ (13,040)
|
$ (13,040)
|
|
4,603,224
|
Goldman Sachs International
|
Goldman Sachs Total Cash Return Index*
|
Pay
|
3M LIBOR + 39bps
|
11/26/20
|
371,901
|
371,901
|
|
14,075,943
|
Goldman Sachs International
|
Goldman Sachs Total Cash Return Index*
|
Pay
|
3M LIBOR + 39bps
|
5/1/21
|
2,411,390
|
2,411,390
|
|
TOTAL SWAPS CONTRACTS
|
$2,770,251
|
$2,770,251
|
|||||
|
(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.
|
||
|
EUR
|
-
|
Euro
|
|
Index Description
|
Shares
|
Value
|
% of basket
|
|
AbbVie, Inc.
|
772
|
$ 73,246
|
2.65%
|
|
AES Corp.
|
4,499
|
68,525
|
2.47%
|
|
American Airlines Group, Inc.
|
1,194
|
13,277
|
0.48%
|
|
American International Group, Inc.
|
835
|
26,851
|
0.97%
|
|
Ameriprise Financial, Inc.
|
398
|
61,147
|
2.21%
|
|
AmerisourceBergen Corp.
|
620
|
62,136
|
2.24%
|
|
Apple, Inc.
|
354
|
150,570
|
5.44%
|
|
Applied Materials, Inc.
|
1,253
|
80,610
|
2.91%
|
|
Archer-Daniels-Midland Co.
|
1,112
|
47,639
|
1.72%
|
|
Assurant, Inc.
|
529
|
56,824
|
2.05%
|
|
Boeing Co.
|
275
|
43,501
|
1.57%
|
|
Capital One Financial Corp.
|
633
|
40,391
|
1.46%
|
|
Capri Holdings, Ltd.
|
1,363
|
20,420
|
0.74%
|
|
CenturyLink, Inc.
|
1,982
|
19,130
|
0.69%
|
|
Cigna Corp.
|
202
|
34,870
|
1.26%
|
|
Corning, Inc.
|
1,764
|
54,679
|
1.97%
|
|
DENTSPLY SIRONA, Inc.
|
805
|
35,889
|
1.30%
|
|
Discover Financial Services
|
813
|
40,188
|
1.45%
|
|
eBay, Inc.
|
1,523
|
84,197
|
3.04%
|
|
Equity Residential
|
788
|
42,258
|
1.53%
|
|
F5 Networks, Inc.
|
394
|
53,554
|
1.93%
|
|
General Electric Co.
|
1,755
|
10,655
|
0.38%
|
|
Gilead Sciences, Inc.
|
742
|
51,615
|
1.86%
|
|
HCA Healthcare, Inc.
|
604
|
76,526
|
2.76%
|
|
HP, Inc.
|
2,704
|
47,534
|
1.72%
|
|
LyondellBasell Industries NV
|
600
|
37,535
|
1.35%
|
|
McDonald's Corp.
|
364
|
70,653
|
2.55%
|
|
Monster Beverage Corp.
|
1,121
|
88,003
|
3.18%
|
|
Motorola Solutions, Inc.
|
592
|
82,750
|
2.99%
|
|
Navient Corp.
|
3,348
|
26,649
|
0.96%
|
|
NetApp, Inc.
|
1,277
|
56,569
|
2.04%
|
|
NRG Energy, Inc.
|
3,011
|
101,804
|
3.67%
|
|
ONEOK, Inc.
|
967
|
26,996
|
0.97%
|
|
Procter & Gamble Co.
|
583
|
76,405
|
2.76%
|
|
PulteGroup, Inc.
|
2,245
|
97,868
|
3.53%
|
|
Qorvo, Inc.
|
748
|
95,858
|
3.46%
|
|
Quest Diagnostics, Inc.
|
482
|
61,287
|
2.21%
|
|
Seagate Technology Plc
|
1,208
|
54,619
|
1.97%
|
|
Sysco Corp.
|
963
|
50,868
|
1.84%
|
|
Target Corp.
|
911
|
114,693
|
4.14%
|
|
TransDigm Group, Inc.
|
206
|
89,011
|
3.21%
|
|
Tyson Foods, Inc.
|
792
|
48,662
|
1.76%
|
|
United Airlines Holdings, Inc.
|
725
|
22,744
|
0.82%
|
|
Valero Energy Corp.
|
788
|
44,287
|
1.60%
|
|
Viacom CBS, Inc.
|
765
|
19,931
|
0.72%
|
|
Western Union Co.
|
2,562
|
62,212
|
2.25%
|
|
Westinghouse Air Brake Technologies Corp.
|
9
|
585
|
0.02%
|
|
Weyerhaeuser Co.
|
1,502
|
41,782
|
1.51%
|
|
Williams Cos., Inc.
|
1,661
|
31,781
|
1.15%
|
|
Yum! Brands, Inc.
|
774
|
70,467
|
2.54%
|
|
Totals
|
$ 2,770,251
|
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 July 31, 2020, in valuing the Fund's investments:
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Common Stocks
|
$
|
296,186,393
|
$
|
–
|
$
|
–
|
$
|
296,186,393
|
||||||||
|
Preferred Stocks
|
||||||||||||||||
|
Equity Real Estate Investment Trusts (REITs)
|
1,988,777
|
–
|
69,635
|
2,058,412
|
||||||||||||
|
Mortgage Real Estate Investment Trusts (REITs)
|
2,936,550
|
–
|
–
|
2,936,550
|
||||||||||||
|
Corporate Bonds
|
–
|
23,907,769
|
–
|
23,907,769
|
||||||||||||
|
U.S. Government and Agency Obligation
|
–
|
3,999,900
|
–
|
3,999,900
|
||||||||||||
|
Investment Companies
|
22,178,725
|
–
|
–
|
22,178,725
|
||||||||||||
|
Rights/Warrants
|
||||||||||||||||
|
Electric Utilities
|
–
|
29,743
|
–
|
29,743
|
||||||||||||
|
Pharmaceuticals
|
69,440
|
–
|
–
|
69,440
|
||||||||||||
|
Over The Counter (OTC) Put Option Purchased
|
–
|
630,744
|
–
|
630,744
|
||||||||||||
|
Total Investments in Securities
|
$
|
323,359,885
|
$
|
28,568,156
|
$
|
69,635
|
$
|
351,997,676
|
||||||||
|
Other Financial Instruments
|
||||||||||||||||
|
Net unrealized depreciation
on futures contracts |
$
|
(168,576
|
)
|
$
|
(721,240
|
)
|
$
|
–
|
$
|
(889,816
|
)
|
|||||
|
Swap contracts, at value
|
–
|
2,770,251
|
–
|
2,770,251
|
||||||||||||
|
Total Other Financial Instruments
|
$
|
(168,576
|
)
|
$
|
2,049,011
|
$
|
–
|
$
|
1,880,435
|
|||||||
|
Preferred Stock
|
||||
|
Balance as of 10/31/19
|
$
|
95,372
|
||
|
Realized gain (loss)
|
–
|
|||
|
Changed in unrealized appreciation (depreciation)
|
(25,737
|
)
|
||
|
Accrued discounts/premiums
|
–
|
|||
|
Purchases
|
–
|
|||
|
Sales
|
–
|
|||
|
Transfers in to Level 3*
|
--
|
|||
|
Transfers out of Level 3*
|
--
|
|||
|
Balance as of 7/31/20
|
$
|
69,635
|
||
| * |
Transfers are calculated on the beginning of period values. During the nine months ended July 31, 2020, there were no transfers between Levels 1, 2 and 3.
|