11/07/2024 | Press release | Distributed by Public on 11/07/2024 11:15
Portfolio | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Pioneer High Income Municipal Portfolio | $3 | 0.03% |
AVERAGE ANNUAL TOTAL RETURN | 1 Year | Since Inception* |
Pioneer High Income Municipal Portfolio | 9.54% | 0.00% |
Bloomberg Municipal Bond Total Return Index | 6.09% | 0.02% |
Bloomberg High Yield Municipal Total Return Index | 12.38% | 2.36% |
*
|
Performance of the Portfolio shown in the graph and table above is from the inception of the Portfolio on 12/21/20 through 8/31/24. Index information shown in the graph and table above is from 12/31/20 through 8/31/24.
|
Portfolio net assets^ | $1,108,290,083% |
Total number of portfolio holdings | 261^^ |
Total advisory fee paid | $0 |
Portfolio turnover rate | 30% |
^
|
All investors in the Portfolio were funds advised by the investment adviser of the Portfolio. At August 31, 2024, Pioneer High Income Municipal Fund owned approximately 99.999% of the Portfolio and Pioneer MAP - High Income Municipal Fund owned approximately 0.001% of the Portfolio.
|
^^
|
Excluding short-term investments and all derivative contracts except for options purchased.
|
New York | 15.4% |
California | 12.2% |
Indiana | 10.3% |
Pennsylvania | 6.5% |
Texas | 6.1% |
Colorado | 5.9% |
Illinois | 5.5% |
Puerto Rico | 5.2% |
Virginia | 4.3% |
Florida | 4.2% |
Other States | 24.4% |
* |
As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.
|
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 19(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 19(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-CSRto 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 19(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 $49,200 billed by Deloitte & Touche LLP for the year ended August 31, 2024 and $49,192 billed by Ernst & Young LLP for the year ended August 31, 2023.
(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.
The audit-related services fees for the Trust were $0 billed by Deloitte & Touche LLP and $0 billed by Ernst & Young for the year ended August 31, 2024 and $496 billed by Ernst & Young LLP for the year ended August 31, 2023.
(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 aggregate non-auditfees for the Trust were billed by Deloitte & Touche LLP for tax services of $17,900 and $17,888 by Ernst & Young LLP for during the fiscal years ended August 31, 2024 and 2023, 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 2024 or 2023.
(e) (1) Disclose the audit committee's pre-approvalpolicies and procedures described in paragraph (c)(7) of Rule 2-01of 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-approvalis required pursuant to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-auditservices that may be provided consistently with Rule 210.2-01may be approved by the Audit Committee itself and any pre-approvalthat 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 related to performing the independent audit of the Funds |
• Accounting research assistance • SEC consultation, registration statements, and reporting • Tax accrual related matters • Implementation of new accounting standards • Compliance letters (e.g. rating agency letters) • Regulatory reviews and assistance regarding financial matters • Semi-annual reviews (if requested) • Comfort letters for closed end offerings |
||
II. AUDIT-RELATED SERVICES | Services which are not prohibited under Rule 210.2-01(C)(4)(the "Rule") and are related extensions of the audit services support the 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.) |
• AICPA attest and agreed-upon procedures • Technology control assessments • Financial reporting control assessments • Enterprise security architecture assessment |
AUDIT COMMITTEE APPROVAL POLICY |
AUDIT COMMITTEE REPORTING POLICY |
|
• "One-time" pre-approvalfor the audit period for all pre-approved specific service subcategories. Approval of the independent auditors as auditors for a Fund shall constitute pre approval for these services. |
• A summary of all such services and related fees reported at each regularly scheduled Audit Committee meeting. |
|
• "One-time" pre-approvalfor the fund fiscal year within a specified dollar limit for all pre-approvedspecific service subcategories |
• A summary of all such services and related fees (including comparison to specified dollar limits) reported quarterly. |
• 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) • 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 |
||
III. TAX SERVICES | Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, or the ability to maintain a desired level of confidentiality. |
• Tax planning and support • Tax controversy assistance • Tax compliance, tax returns, excise tax returns and support • Tax opinions |
AUDIT COMMITTEE APPROVAL POLICY |
AUDIT COMMITTEE REPORTING POLICY |
|
• "One-time" pre-approvalfor the fund fiscal year within a specified dollar limit |
• A summary of all such services and related fees (including comparison to specified dollar limits) reported quarterly. |
|
• Specific approval is needed to exceed the pre-approveddollar limits for these services (see general Audit Committee approval policy below for details on obtaining specific approvals) |
||
• 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 |
||
IV. OTHER SERVICES A. SYNERGISTIC, UNIQUE QUALIFICATIONS |
Services which are not prohibited by the Rule, if an officer of the Fund 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. |
• Business Risk Management support • Other control and regulatory compliance projects |
AUDIT COMMITTEE APPROVAL POLICY |
AUDIT COMMITTEE REPORTING POLICY |
|
• "One-time" pre-approvalfor the fund fiscal year within a specified dollar limit |
• A summary of all such services and related fees (including comparison to specified dollar limits) reported quarterly. |
|
• 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) |
||
• Specific approval is needed to use the Fund's auditors for "Synergistic" or "Unique Qualifications" Other Services not denoted as pre-approvedto the left, or to add a specific service subcategory as "pre-approved" |
SECTION III - POLICY DETAIL, CONTINUED
SERVICE CATEGORY |
SERVICE CATEGORY DESCRIPTION |
SPECIFIC PROHIBITED |
||
PROHIBITED SERVICES | Services which result in the auditors losing independence status under the Rule. | 1. Bookkeeping or other services related to the accounting records or financial statements of the audit client* | ||
2. Financial information systems design and implementation* | ||||
3. Appraisal or valuation services, fairness* opinions, or contribution-in-kindreports | ||||
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 |
|
• These services are not to be performed with the exception of the(*) services that may be permitted if they would not be subject to audit procedures at the audit client (as defined in rule 2-01(f)(4))level the firm providing the service. |
• A summary of all services and related fees reported at each regularly scheduled Audit Committee meeting will serve as continual confirmation that has not provided any restricted services. |
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
• |
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. |
• |
Potential services will be classified into the four non-restrictedservice categories and the "Approval of Audit, Audit-Related, Tax and Other Services" Policy above will be applied. Any services outside the specific pre-approvedservice subcategories set forth above must be specifically approved by the Audit Committee. |
• |
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 2-01of Regulation S-X.
Non-AuditServices
Beginning with non-auditservice contracts entered into on or after May 6, 2003, the effective date of the new SEC pre-approvalrules, the Trust's audit committee is required to pre-approveservices 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 August 31, 2024 and 2023, 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-auditfees billed by the registrants accountant for services rendered to the registrant, and rendered to the registrants investment adviser (not including any sub-adviserwhose 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 aggregate non-auditfees for the Trust were billed by Deloitte & Touche LLP for tax services of $17,900 and $17,888 by Ernst & Young LLP for during the fiscal years ended August 31, 2024 and 2023, respectively.
(h) Disclose whether the registrants audit committee of the Board of Trustees has considered whether the provision of non-auditservices 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-approvedpursuant to paragraph (c)(7)(ii) of Rule 2-01of Regulation S-Xis 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-auditservices that were rendered to the Affiliates (as defined) that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01of Regulation S-Xis compatible with maintaining the principal accountant's independence.
(i) A registrant identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form NCSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction must electronically submit to the Commission on a supplemental basis documentation that establishes that the registrant is not owned or controlled by a governmental entity in the foreign jurisdiction. The registrant must submit this documentation on or before the due date for this form. A registrant that is owned or controlled by a foreign governmental entity is not required to submit such documentation.
N/A
(j) A registrant that is a foreign issuer, as defined in 17 CFR 240.3b-4,identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N-CSR,a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction, for each year in which the registrant is so identified, must provide the below disclosures. Also, any such identified foreign issuer that uses a variable-interest entity or any similar structure that results in additional foreign entities being consolidated in the financial statements of the registrant is required to provide the below disclosures for itself and its consolidated foreign operating entity or entities. A registrant must disclose:
(1) That, for the immediately preceding annual financial statement period, a registered public accounting firm that the PCAOB was unable to inspect or investigate completely, because of a position taken by an authority in the foreign jurisdiction, issued an audit report for the registrant;
N/A
(2) The percentage of shares of the registrant owned by governmental entities in the foreign jurisdiction in which the registrant is incorporated or otherwise organized;
N/A
(3) Whether governmental entities in the applicable foreign jurisdiction with respect to that registered public accounting firm have a controlling financial interest with respect to the registrant; N/A
(4) The name of each official of the Chinese Communist Party who is a member of the board of directors of the registrant or the operating entity with respect to the registrant;
N/A
(5) Whether the articles of incorporation of the registrant (or equivalent organizing document) contains any charter of the Chinese Communist Party, including the text of any such charter.
N/A
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3under 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 7
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-ENDMANAGEMENT INVESTMENT COMPANIES.
Schedule of Investments | 2 |
Financial Statements | 20 |
Notes to Financial Statements | 24 |
Report of Independent Registered Public Accounting Firm | 32 |
Additional Information (unaudited) | 34 |
Principal Amount USD ($) |
Value | |||||
UNAFFILIATED ISSUERS - 99.1% | ||||||
Municipal Bonds - 98.8%of Net Assets(a) | ||||||
Alabama - 1.0% | ||||||
4,525,000 | Hoover Industrial Development Board, 5.75%, 10/1/49 | $ 4,709,756 | ||||
6,650,000 | Mobile County Industrial Development Authority, Calvert LLC Project, Series A, 5.00%, 6/1/54 | 6,847,305 | ||||
Total Alabama | $11,557,061 | |||||
Arizona - 1.5% | ||||||
1,725,000 | Arizona Industrial Development Authority, Doral Academy Nevada Fire Mesa, Series A, 5.00%, 7/15/39 | $ 1,747,339 | ||||
125,000 | Arizona Industrial Development Authority, Doral Academy Of Northern Nevada Project, Series A, 4.00%, 7/15/27 (144A) | 126,299 | ||||
265,000 | Arizona Industrial Development Authority, Doral Academy Of Northern Nevada Project, Series A, 4.00%, 7/15/41 (144A) | 243,686 | ||||
1,115,000 | Arizona Industrial Development Authority, Doral Academy Of Northern Nevada Project, Series A, 4.00%, 7/15/51 (144A) | 953,749 | ||||
1,040,000 | Arizona Industrial Development Authority, Doral Academy Of Northern Nevada Project, Series A, 4.00%, 7/15/56 (144A) | 863,938 | ||||
12,490,000 | Industrial Development Authority of the City of Phoenix, 3rd & Indian School Assisted Living Project, 5.40%, 10/1/36 | 11,511,908 | ||||
1,110,000 | Tempe Industrial Development Authority, Series A, 6.125%, 10/1/47 (144A) | 685,691 | ||||
1,000,000 | Tempe Industrial Development Authority, Series A, 6.125%, 10/1/52 (144A) | 616,040 | ||||
Total Arizona | $16,748,650 | |||||
Arkansas - 2.8% | ||||||
13,000,000 | Arkansas Development Finance Authority, Big River Steel Project, 4.50%, 9/1/49 (144A) | $ 12,948,780 | ||||
12,500,000 | Arkansas Development Finance Authority, Green Bond, 5.45%, 9/1/52 | 13,044,750 | ||||
5,000,000 | Arkansas Development Finance Authority, Hybar Steel Project, Series A, 6.875%, 7/1/48 (144A) | 5,456,450 | ||||
Total Arkansas | $31,449,980 | |||||
California - 12.1% | ||||||
2,000,000 | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Brick Campaign, Series B, 5.25%, 7/1/54 | $ 2,169,440 |
Principal Amount USD ($) |
Value | |||||
California - (continued) | ||||||
1,745,000 | California County Tobacco Securitization Agency, 5.00%, 6/1/50 | $ 1,762,869 | ||||
45,000 | California County Tobacco Securitization Agency, Asset-Backed, Series A, 5.875%, 6/1/43 | 45,173 | ||||
8,400,000(b) | California Infrastructure & Economic Development Bank, Brightline West Passenger Rail Project, Series A-4, 8.00%, 1/1/50 (144A) | 8,513,148 | ||||
185,000 | California Municipal Finance Authority, Series A, 5.00%, 12/1/36 (144A) | 191,961 | ||||
2,910,000 | California Municipal Finance Authority, Series B, 4.75%, 12/1/31 (144A) | 2,709,676 | ||||
6,115,000 | California Municipal Finance Authority, Series B, 5.25%, 12/1/36 (144A) | 5,561,715 | ||||
4,530,000 | California Municipal Finance Authority, Series B, 5.50%, 12/1/39 (144A) | 4,107,532 | ||||
2,000,000 | California Municipal Finance Authority, Baptist University, Series A, 5.00%, 11/1/46 (144A) | 2,005,560 | ||||
6,750,000 | California Municipal Finance Authority, Baptist University, Series A, 5.50%, 11/1/45 (144A) | 6,816,352 | ||||
1,575,000 | California Municipal Finance Authority, Santa Rosa Academy Project, 5.375%, 7/1/45 (144A) | 1,604,846 | ||||
1,600,000 | California Municipal Finance Authority, Westside Neighborhood School Project, 6.20%, 6/15/54 (144A) | 1,746,272 | ||||
1,865,000 | California School Finance Authority, Envision Education - Obligated Group, Series A, 5.00%, 6/1/64 (144A) | 1,900,901 | ||||
1,000,000 | California School Finance Authority, New Designs Charter School Project, Series A, 5.00%, 6/1/64 (144A) | 1,026,400 | ||||
280,000 | California School Finance Authority, Stem Preparatory Schools, Series A, 5.00%, 6/1/43 (144A) | 292,617 | ||||
500,000 | California School Finance Authority, Stem Preparatory Schools, Series A, 5.125%, 6/1/53 (144A) | 512,545 | ||||
1,000,000 | California School Finance Authority, Stem Preparatory Schools, Series A, 5.375%, 5/1/63 (144A) | 1,028,070 | ||||
100,000 | California School Finance Authority, View Park Elementary & Middle School, Series A, 4.75%, 10/1/24 | 100,074 | ||||
1,560,000 | California Statewide Communities Development Authority, Baptist University, Series A, 6.125%, 11/1/33 (144A) | 1,562,512 |
Principal Amount USD ($) |
Value | |||||
California - (continued) | ||||||
4,030,000 | California Statewide Communities Development Authority, Baptist University, Series A, 6.375%, 11/1/43 (144A) | $ 4,035,400 | ||||
4,475,000 | California Statewide Communities Development Authority, Loma Linda University Medical Center, 5.25%, 12/1/43 (144A) | 4,613,054 | ||||
20,760,000 | California Statewide Communities Development Authority, Loma Linda University Medical Center, 5.50%, 12/1/58 (144A) | 21,343,564 | ||||
11,320,000 | California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A, 5.25%, 12/1/56 (144A) | 11,441,577 | ||||
675,000 | Chino Community Facilities District, Series 3, 5.00%, 9/1/49 | 692,577 | ||||
7,000,000 | Golden State Tobacco Securitization Corp., Series A-1, 3.714%, 6/1/41 | 5,598,530 | ||||
47,000,000 | Golden State Tobacco Securitization Corp., Series A-1, 4.214%, 6/1/50 | 36,242,640 | ||||
60,000,000(c) | Golden State Tobacco Securitization Corp., Series B-2, 6/1/66 | 7,006,800 | ||||
Total California | $134,631,805 | |||||
Colorado - 5.9% | ||||||
4,535,000(d) | 2000 Holly Metropolitan District, Series A, 5.00%, 12/1/50 | $ 4,428,518 | ||||
577,000(d) | 2000 Holly Metropolitan District, Series B, 7.50%, 12/15/50 | 544,249 | ||||
5,000,000 | Aerotropolis Regional Transportation Authority, 4.375%, 12/1/52 | 4,518,750 | ||||
870,000(d) | Belleview Village Metropolitan District, 4.95%, 12/1/50 | 831,268 | ||||
1,000,000 | Colorado Educational & Cultural Facilities Authority, Ascent Classical Academy Charter Schools, Inc Project, 5.75%, 4/1/59 (144A) | 1,048,910 | ||||
2,500,000 | Colorado Educational & Cultural Facilities Authority, Ascent Classical Academy Charter Schools, Inc Project, 5.80%, 4/1/54 (144A) | 2,653,700 | ||||
2,090,000(d) | Cottonwood Highlands Metropolitan District No. 1, Series B, 8.75%, 12/15/49 | 2,121,392 | ||||
4,090,000(d) | Crystal Crossing Metropolitan District, 5.25%, 12/1/40 | 4,146,892 | ||||
10,700,000 | Dominion Water & Sanitation District, 5.875%, 12/1/52 | 10,937,968 | ||||
8,425,000(d) | Green Valley Ranch East Metropolitan District No. 6, Series A, 5.875%, 12/1/50 | 8,528,459 |
Principal Amount USD ($) |
Value | |||||
Colorado - (continued) | ||||||
15,270,000(d) | Larkridge Metropolitan District No. 2, 5.25%, 12/1/48 | $ 15,257,479 | ||||
2,000,000(d) | Olde Town Metropolitan District, Douglas County, 6.00%, 12/1/53 (144A) | 1,999,800 | ||||
2,125,000(d) | Prairie Center Metropolitan District No 3, Series A, 5.875%, 12/15/46 | 2,303,840 | ||||
1,000,000 | Rampart Range Metropolitan District No 5, 4.00%, 12/1/51 | 836,290 | ||||
750,000(d) | Riverpark Metropolitan District/Arapahoe County, 6.00%, 12/1/42 | 780,247 | ||||
1,400,000(d) | Riverpark Metropolitan District/Arapahoe County, 6.375%, 12/1/54 | 1,456,238 | ||||
1,000,000 | Sterling Ranch Community Authority Board, 5.625%, 12/1/43 | 1,036,250 | ||||
1,232,000(d) | Villas Metropolitan District, Series A, 5.125%, 12/1/48 | 1,267,851 | ||||
755,000(d) | Willow Bend Metropolitan District, Series B, 7.625%, 12/15/49 | 719,266 | ||||
Total Colorado | $65,417,367 | |||||
Delaware - 0.8% | ||||||
2,250,000 | Delaware State Economic Development Authority, Aspira of Delaware Charter, 4.00%, 6/1/52 | $ 1,916,437 | ||||
1,380,000 | Delaware State Economic Development Authority, Aspira of Delaware Charter, 4.00%, 6/1/57 | 1,143,454 | ||||
875,000 | Town of Bridgeville, Heritage Shores Special Development District, 5.25%, 7/1/44 (144A) | 922,583 | ||||
1,535,000 | Town of Bridgeville, Heritage Shores Special Development District, 5.625%, 7/1/53 (144A) | 1,623,401 | ||||
1,000,000 | Town of Milton, Granary At Draper Farm Special Development District, 5.70%, 9/1/44 (144A) | 1,037,570 | ||||
1,750,000 | Town of Milton, Granary At Draper Farm Special Development District, 5.95%, 9/1/53 (144A) | 1,817,900 | ||||
Total Delaware | $8,461,345 | |||||
District of Columbia - 1.1% | ||||||
1,500,000 | District of Columbia, Inspired Teaching Demonstration Public Charter School, 5.00%, 7/1/42 | $ 1,589,235 | ||||
1,165,000 | District of Columbia, Inspired Teaching Demonstration Public Charter School, 5.00%, 7/1/47 | 1,203,911 | ||||
1,835,000 | District of Columbia, Inspired Teaching Demonstration Public Charter School, 5.00%, 7/1/52 | 1,889,261 | ||||
1,130,000 | District of Columbia, Union Market Project, Series A, 5.125%, 6/1/34 (144A) | 1,149,865 |
Principal Amount USD ($) |
Value | |||||
District of Columbia - (continued) | ||||||
615,000 | District of Columbia Tobacco Settlement Financing Corp., Asset-Backed, 6.75%, 5/15/40 | $ 636,427 | ||||
25,000,000(c) | District of Columbia Tobacco Settlement Financing Corp., Capital Appreciation, Asset-Backed, Series A, 6/15/46 | 5,774,750 | ||||
Total District of Columbia | $12,243,449 | |||||
Florida - 4.2% | ||||||
275,000 | Capital Projects Finance Authority, Kissimmee Charter Academy Project, 6.50%, 6/15/54 (144A) | $ 294,168 | ||||
445,000 | Capital Projects Finance Authority, Kissimmee Charter Academy Project, 6.625%, 6/15/59 (144A) | 474,352 | ||||
2,140,000 | Capital Trust Authority, Imagine School At West Pasco Project, Series A, 6.25%, 12/15/43 (144A) | 2,236,835 | ||||
2,100,000 | Capital Trust Authority, Imagine School At West Pasco Project, Series A, 6.50%, 12/15/58 (144A) | 2,184,063 | ||||
6,290,000 | Capital Trust Authority, Mason Classical Academy Project, Series A, 5.00%, 6/1/64 (144A) | 6,321,576 | ||||
1,525,000 | County of Lake, Imagine South Lake, Charter School Project, 5.00%, 1/15/49 (144A) | 1,517,024 | ||||
5,000,000 | Florida Development Finance Corp., Brightline Florida Passenger Rail Project, 5.25%, 7/1/47 | 5,127,600 | ||||
3,000,000 | Florida Development Finance Corp., Brightline Florida Passenger Rail Project, 5.25%, 7/1/53 (AGM Insured) | 3,172,830 | ||||
3,000,000(b) | Florida Development Finance Corp., Brightline Florida Passenger Rail Project, 12.00%, 7/15/32 (144A) | 3,276,870 | ||||
300,000 | Florida Development Finance Corp., Glenridge On Palmer Ranch Project, 5.00%, 6/1/31 (144A) | 306,801 | ||||
225,000 | Florida Development Finance Corp., Glenridge On Palmer Ranch Project, 5.00%, 6/1/35 (144A) | 227,414 | ||||
13,475,000 | Florida Development Finance Corp., Glenridge On Palmer Ranch Project, 5.00%, 6/1/51 (144A) | 13,184,344 | ||||
850,000 | Florida Development Finance Corp., The Henry Project, Series A-1, 5.25%, 6/1/54 (144A) | 875,789 | ||||
500,000 | Florida Development Finance Corp., The Henry Project, Series A-1, 5.25%, 6/1/59 (144A) | 512,610 | ||||
4,100,000 | Florida Development Finance Corp., The Henry Project, Series B, 6.50%, 6/1/59 (144A) | 4,233,865 | ||||
2,000,000 | Village Community Development District No 15, 5.25%, 5/1/54 (144A) | 2,097,480 | ||||
Total Florida | $46,043,621 | |||||
Principal Amount USD ($) |
Value | |||||
Georgia - 0.5% | ||||||
5,000,000 | Atlanta Development Authority, Westside Gulch Area Project, Series A-2, 5.50%, 4/1/39 (144A) | $ 5,080,700 | ||||
Total Georgia | $5,080,700 | |||||
Guam - 0.1% | ||||||
1,100,000 | Guam Economic Development & Commerce Authority, Asset-Backed, 5.625%, 6/1/47 | $ 1,100,011 | ||||
Total Guam | $1,100,011 | |||||
Illinois - 5.5% | ||||||
10,000,000(d) | Chicago Board of Education, Series A, 5.00%, 12/1/42 | $ 9,957,900 | ||||
1,000,000(d) | Chicago Board of Education, Series A, 7.00%, 12/1/46 (144A) | 1,072,420 | ||||
8,000,000(d) | Chicago Board of Education, Series B, 6.50%, 12/1/46 | 8,356,560 | ||||
10,000,000(d) | Chicago Board of Education, Series D, 5.00%, 12/1/46 | 10,002,500 | ||||
4,900,000(e) | Chicago O'Hare International Airport, Series A, 5.50%, 1/1/59 | 5,319,293 | ||||
5,000,000(d) | City of Chicago, Series A, 5.00%, 1/1/44 | 5,274,700 | ||||
4,050,000(f) | Illinois Finance Authority, Series A-2, 6.00%, 11/15/36 | 2,632,500 | ||||
1,591,212(c)(f) | Illinois Finance Authority, Cabs Clare Oaks Project, Series B-1, 11/15/52 | 24,441 | ||||
2,520,597(b)(f) | Illinois Finance Authority, Clare Oaks Project, Series A-3, 4.00%, 11/15/52 | 1,638,388 | ||||
5,000,000(c) | Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Series B, 12/15/54 (BAM-TCRS Insured) | 1,252,400 | ||||
11,975,000 | Southwestern Illinois Development Authority, 5.00%, 6/1/53 | 11,546,654 | ||||
1,235,000 | Southwestern Illinois Development Authority, 8.00%, 6/1/53 | 1,221,464 | ||||
1,344,171(f) | Southwestern Illinois Development Authority, Village of Sauget Project, 5.625%, 11/1/26 | 940,920 | ||||
1,220,000 | Village of Matteson, 6.50%, 12/1/35 | 1,274,754 | ||||
Total Illinois | $60,514,894 | |||||
Indiana - 10.2% | ||||||
8,230,000 | City of Anderson, 5.375%, 1/1/40 (144A) | $ 7,318,692 | ||||
420,000 | City of Evansville, Silver Birch Evansville Project, 4.80%, 1/1/28 | 422,793 | ||||
6,475,000 | City of Evansville, Silver Birch Evansville Project, 5.45%, 1/1/38 | 6,197,935 | ||||
500,000 | City of Fort Wayne, 5.125%, 1/1/32 | 482,490 |
Principal Amount USD ($) |
Value | |||||
Indiana - (continued) | ||||||
4,665,000 | City of Fort Wayne, 5.35%, 1/1/38 | $ 4,310,507 | ||||
24,990,000 | City of Hammond, Custodial Receipts Cabelas Project, 7.50%, 2/1/29 (144A) | 24,994,498 | ||||
945,000 | City of Kokomo, Silver Birch of Kokomo, 5.75%, 1/1/34 | 956,775 | ||||
7,825,000 | City of Kokomo, Silver Birch of Kokomo, 5.875%, 1/1/37 | 7,774,842 | ||||
990,000 | City of Lafayette, Glasswater Creek Lafayette Project, 5.60%, 1/1/33 | 988,792 | ||||
6,000,000 | City of Lafayette, Glasswater Creek Lafayette Project, 5.80%, 1/1/37 | 5,815,680 | ||||
800,000 | City of Mishawaka, Silver Birch Mishawaka Project, 5.10%, 1/1/32 (144A) | 772,920 | ||||
5,890,000 | City of Mishawaka, Silver Birch Mishawaka Project, 5.375%, 1/1/38 (144A) | 5,219,600 | ||||
4,560,000 | City of Terre Haute, 5.35%, 1/1/38 | 4,298,074 | ||||
1,750,000 | City of Valparaiso, Pratt Paper LLC Project, 4.875%, 1/1/44 (144A) | 1,792,017 | ||||
2,000,000 | City of Valparaiso, Pratt Paper LLC Project, 5.00%, 1/1/54 (144A) | 2,049,400 | ||||
5,190,000 | Indiana Finance Authority, Multipurpose Educational Facilities, Avondale Meadows Academy Project, 5.125%, 7/1/37 | 5,284,406 | ||||
2,830,000 | Indiana Finance Authority, Multipurpose Educational Facilities, Avondale Meadows Academy Project, 5.375%, 7/1/47 | 2,851,366 | ||||
1,975,000 | Indiana Finance Authority, Sanders Glen Project, Series A, 4.25%, 7/1/43 | 1,550,967 | ||||
2,020,000 | Indiana Finance Authority, Sanders Glen Project, Series A, 4.50%, 7/1/53 | 1,386,589 | ||||
11,985,000 | Indiana Housing & Community Development Authority, Series A, 5.00%, 1/1/39 (144A) | 10,871,474 | ||||
8,260,000 | Indiana Housing & Community Development Authority, Evergreen Village Bloomington Project, 5.50%, 1/1/37 | 7,614,233 | ||||
10,170,000 | Town of Plainfield Multifamily Housing Revenue, 5.375%, 9/1/38 | 10,005,856 | ||||
Total Indiana | $112,959,906 | |||||
Kansas - 1.3% | ||||||
400,000 | Kansas Development Finance Authority, Series A, 5.25%, 11/15/33 | $ 368,768 |
Principal Amount USD ($) |
Value | |||||
Kansas - (continued) | ||||||
15,405,000 | Kansas Development Finance Authority, Series A, 5.25%, 11/15/53 | $ 11,532,337 | ||||
2,500,000 | Kansas Development Finance Authority, Series A, 5.50%, 11/15/38 | 2,193,525 | ||||
Total Kansas | $14,094,630 | |||||
Louisiana - 0.5% | ||||||
1,700,000 | Louisiana Public Facilities Authority, I-10 Calcasieu River Bridge Public-Private Partnership Project, 5.50%, 9/1/59 | $ 1,808,749 | ||||
3,000,000 | Louisiana Public Facilities Authority, I-10 Calcasieu River Bridge Public-Private Partnership Project, 5.75%, 9/1/64 | 3,263,670 | ||||
Total Louisiana | $5,072,419 | |||||
Massachusetts - 0.6% | ||||||
2,790,000 | Massachusetts Development Finance Agency, Series A, 5.00%, 7/1/44 | $ 2,821,164 | ||||
635,502(f) | Massachusetts Development Finance Agency, Adventcare Project, 7.625%, 10/15/37 | 64 | ||||
1,661,444(f) | Massachusetts Development Finance Agency, Adventcare Project, Series A, 6.75%, 10/15/37 (144A) | 166 | ||||
1,500,000 | Massachusetts Development Finance Agency, Lowell General Hospital, Series G, 5.00%, 7/1/44 | 1,483,575 | ||||
1,000,000 | Massachusetts Development Finance Agency, Merrimack College Student Housing Project, Series A, 5.00%, 7/1/54 (144A) | 1,019,390 | ||||
900,000 | Massachusetts Development Finance Agency, Merrimack College Student Housing Project, Series A, 5.00%, 7/1/60 (144A) | 917,442 | ||||
Total Massachusetts | $6,241,801 | |||||
Michigan - 2.7% | ||||||
8,340,000 | David Ellis Academy-West, 5.25%, 6/1/45 | $ 7,747,943 | ||||
5,485,000 | Flint International Academy, 5.75%, 10/1/37 | 5,485,000 | ||||
5,720,000 | Michigan Finance Authority, Dr. Joseph F. Pollack Academic Center of Excellence Project, 5.75%, 4/1/40 | 6,001,996 | ||||
4,000,000(b) | Michigan Strategic Fund, Series B, 7.50%, 11/1/41 | 4,242,240 | ||||
7,085,000(b) | Michigan Strategic Fund, Michigan Department Offices Lease, Series B, 7.75%, 3/1/40 | 6,261,369 | ||||
Total Michigan | $29,738,548 | |||||
Minnesota - 1.9% | ||||||
1,310,000 | City of Bethel, 6.00%, 7/1/57 | $ 1,281,979 |
Principal Amount USD ($) |
Value | |||||
Minnesota - (continued) | ||||||
4,210,000 | City of Bethel, Series A, 5.00%, 7/1/48 | $ 4,214,252 | ||||
1,000,000 | City of Bethel, Series A, 5.00%, 7/1/53 | 970,740 | ||||
2,000,000 | City of Brooklyn Park, Prairie Seeds Academy Project, Series A, 5.00%, 3/1/39 | 2,000,100 | ||||
1,500,000 | City of Deephaven, Eagle Ridge Academy Project, Series A, 5.50%, 7/1/50 | 1,507,275 | ||||
1,500,000 | City of Rochester, Rochester Math & Science Academy, Series A, 5.125%, 9/1/38 | 1,392,420 | ||||
3,145,000 | City of Rochester, Rochester Math & Science Academy, Series A, 5.25%, 9/1/43 | 2,772,821 | ||||
6,080,000 | City of Rochester, Rochester Math & Science Academy, Series A, 5.375%, 9/1/50 | 5,121,610 | ||||
2,000,000 | Housing & Redevelopment Authority of The City of St. Paul Minnesota, Great River School Project, Series A, 5.50%, 7/1/52 (144A) | 2,012,180 | ||||
Total Minnesota | $21,273,377 | |||||
Missouri - 0.2% | ||||||
2,300,000 | Kansas City Industrial Development Authority, Series A, 5.00%, 4/1/46 (144A) | $ 2,176,881 | ||||
Total Missouri | $2,176,881 | |||||
Nevada - 0.1% | ||||||
500,000 | City of Las Vegas Special Improvement District No 613, Sunstone Phase III and IV, 5.25%, 12/1/47 | $ 519,510 | ||||
500,000 | City of Las Vegas Special Improvement District No 613, Sunstone Phase III and IV, 5.50%, 12/1/53 | 517,685 | ||||
Total Nevada | $1,037,195 | |||||
New Jersey - 0.3% | ||||||
1,215,000 | New Jersey Economic Development Authority, Charter Hatikvah International Academy, Series A, 5.25%, 7/1/37 (144A) | $ 1,186,144 | ||||
2,500,000 | New Jersey Economic Development Authority, Charter Hatikvah International Academy, Series A, 5.375%, 7/1/47 (144A) | 2,444,175 | ||||
Total New Jersey | $3,630,319 | |||||
New Mexico - 1.2% | ||||||
13,850,000(b) | County of Otero, Otero County Jail Project, Certificate Participation, 9.00%, 4/1/28 | $ 13,088,250 | ||||
Total New Mexico | $13,088,250 | |||||
New York - 15.2% | ||||||
2,600,000 | Albany Capital Resource Corp., Kipp Capital Region Public Charter Schools Project, 5.00%, 6/1/64 | $ 2,669,212 |
Principal Amount USD ($) |
Value | |||||
New York - (continued) | ||||||
212,975(f) | Buffalo & Erie County Industrial Land Development Corp., 5.00%, 10/1/28 (144A) | $ 43 | ||||
2,356,917(f) | Buffalo & Erie County Industrial Land Development Corp., 5.00%, 10/1/38 (144A) | 471 | ||||
9,250,000 | Dutchess County Local Development Corp., Health Quest Systems Inc., Series B, 5.00%, 7/1/46 | 9,307,442 | ||||
3,755,000 | Erie Tobacco Asset Securitization Corp., Asset-Backed, Series A, 5.00%, 6/1/45 | 3,613,662 | ||||
19,015,000 | Nassau County Tobacco Settlement Corp., Asset-Backed, Series A-3, 5.00%, 6/1/35 | 17,933,997 | ||||
6,245,000 | Nassau County Tobacco Settlement Corp., Asset-Backed, Series A-3, 5.125%, 6/1/46 | 5,729,788 | ||||
9,700,000 | New York Counties Tobacco Trust IV, Series A, 5.00%, 6/1/42 | 9,306,083 | ||||
5,600,000 | New York Counties Tobacco Trust IV, Series A, 6.25%, 6/1/41 (144A) | 5,601,008 | ||||
21,120,000 | New York Counties Tobacco Trust IV, Settlement pass through, Series A, 5.00%, 6/1/45 | 19,832,736 | ||||
51,600,000(c) | New York Counties Tobacco Trust V, Capital Appreciation Pass Through, Series 4A, 6/1/60 (144A) | 2,859,672 | ||||
7,440,000 | New York Counties Tobacco Trust VI, Series 2B, 5.00%, 6/1/45 | 7,205,342 | ||||
11,665,000 | New York Counties Tobacco Trust VI, Settlement pass through, Series 2B, 5.00%, 6/1/51 | 11,268,507 | ||||
20,000,000 | New York Transportation Development Corp., John F. Kennedy International Airport New Terminal One Project, 5.50%, 6/30/60 | 21,288,400 | ||||
1,000,000 | Onondaga Civic Development Corp., Crouse Health Hospital, Inc. Project, 5.125%, 8/1/44 | 1,019,280 | ||||
1,500,000 | Onondaga Civic Development Corp., Crouse Health Hospital, Inc. Project, 5.375%, 8/1/54 | 1,546,770 | ||||
2,415,000 | Riverhead Industrial Development Agency, 7.65%, 8/1/34 | 2,417,560 | ||||
5,100,000 | Suffolk Regional Off-Track Betting Co., 6.00%, 12/1/53 | 5,358,774 | ||||
13,890,000 | TSASC, Inc., Series B, 5.00%, 6/1/45 | 12,578,228 | ||||
17,590,000 | TSASC, Inc., Series B, 5.00%, 6/1/48 | 15,995,291 |
Principal Amount USD ($) |
Value | |||||
New York - (continued) | ||||||
9,000,000 | Westchester County Local Development Corp., Purchase Senior Learning Community, Inc. Project, 4.50%, 7/1/56 (144A) | $ 8,235,990 | ||||
5,000,000 | Westchester County Local Development Corp., Purchase Senior Learning Community, Inc. Project, 5.00%, 7/1/36 (144A) | 5,240,800 | ||||
Total New York | $169,009,056 | |||||
Ohio - 4.0% | ||||||
40,000,000 | Buckeye Tobacco Settlement Financing Authority, Senior Class 2, Series B-2, 5.00%, 6/1/55 | $ 36,860,000 | ||||
980,000 | Ohio Housing Finance Agency, Sanctuary Springboro Project, 5.125%, 1/1/32 (144A) | 865,605 | ||||
5,275,000 | Ohio Housing Finance Agency, Sanctuary Springboro Project, 5.45%, 1/1/38 (144A) | 4,515,558 | ||||
1,000,000 | Port of Greater Cincinnati Development Authority, RBM Phase 3 Garage Project, 5.00%, 12/1/44 | 1,017,970 | ||||
1,500,000 | Port of Greater Cincinnati Development Authority, RBM Phase 3 Garage Project, 5.125%, 12/1/55 | 1,507,875 | ||||
Total Ohio | $44,767,008 | |||||
Pennsylvania - 6.5% | ||||||
1,750,000 | Allentown Neighborhood Improvement Zone Development Authority, Waterfront - 30 E. Allen Street Project, Series A, 5.25%, 5/1/42 (144A) | $ 1,793,698 | ||||
3,900,000 | Allentown Neighborhood Improvement Zone Development Authority, Waterfront - 30 E. Allen Street Project, Series B, 6.00%, 5/1/42 (144A) | 4,136,496 | ||||
1,000,000 | Chester County Industrial Development Authority, Collegium Charter School, Series A, 5.125%, 10/15/37 | 1,011,160 | ||||
2,035,000 | Chester County Industrial Development Authority, Collegium Charter School, Series A, 5.25%, 10/15/47 | 2,052,521 | ||||
8,465,000 | Delaware County Industrial Development Authority, Chester Charter School Arts Project, Series A, 5.125%, 6/1/46 (144A) | 8,391,863 | ||||
2,290,000 | Philadelphia Authority for Industrial Development, 5.00%, 4/15/42 (144A) | 2,345,349 | ||||
3,335,000 | Philadelphia Authority for Industrial Development, 5.00%, 4/15/52 (144A) | 3,279,772 | ||||
1,660,000 | Philadelphia Authority for Industrial Development, 5.125%, 6/1/38 (144A) | 1,717,386 | ||||
6,045,000(b) | Philadelphia Authority for Industrial Development, 5.125%, 12/15/44 (144A) | 5,871,267 | ||||
3,500,000 | Philadelphia Authority for Industrial Development, 5.25%, 6/1/48 (144A) | 3,580,150 |
Principal Amount USD ($) |
Value | |||||
Pennsylvania - (continued) | ||||||
4,370,000 | Philadelphia Authority for Industrial Development, 5.375%, 6/1/53 (144A) | $ 4,448,835 | ||||
9,435,000 | Philadelphia Authority for Industrial Development, 5.50%, 6/1/49 (144A) | 9,497,271 | ||||
900,000 | Philadelphia Authority for Industrial Development, Series A, 5.00%, 11/15/31 | 886,194 | ||||
4,055,000 | Philadelphia Authority for Industrial Development, 2800 American Street Co. Project, Series A, 5.625%, 7/1/48 (144A) | 4,080,141 | ||||
8,295,000 | Philadelphia Authority for Industrial Development, Global Leadership Academy Charter School Project, Series A, 5.00%, 11/15/50 | 7,401,131 | ||||
2,200,000 | Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc. Project, Series A, 6.50%, 6/1/45 | 2,200,044 | ||||
2,940,000 | Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc., Project, Series A, 6.625%, 6/1/50 | 2,940,265 | ||||
1,045,000 | Philadelphia Authority for Industrial Development, Green Woods Charter School, Series A, 5.125%, 6/15/42 | 1,062,859 | ||||
970,000 | Philadelphia Authority for Industrial Development, Green Woods Charter School, Series A, 5.25%, 6/15/52 | 973,676 | ||||
1,020,000 | Philadelphia Authority for Industrial Development, Green Woods Charter School, Series A, 5.375%, 6/15/57 | 1,026,905 | ||||
1,500,000 | Philadelphia Authority for Industrial Development, Tacony Academy Charter school Project, 5.375%, 6/15/38 (144A) | 1,529,880 | ||||
1,750,000 | Philadelphia Authority for Industrial Development, Tacony Academy Charter school Project, 5.50%, 6/15/43 (144A) | 1,782,690 | ||||
Total Pennsylvania | $72,009,553 | |||||
Puerto Rico - 5.1% | ||||||
26,562,686(b) | Commonwealth of Puerto Rico, 11/1/43 | $ 16,803,556 | ||||
10,000,000(b) | Commonwealth of Puerto Rico, 11/1/51 | 3,115,000 | ||||
25,000,000(b) | Commonwealth of Puerto Rico, 11/1/51 | 6,078,250 | ||||
7,989,000(d) | Commonwealth of Puerto Rico, Restructured Series A-1, 4.00%, 7/1/46 | 7,426,654 |
Principal Amount USD ($) |
Value | |||||
Puerto Rico - (continued) | ||||||
17,143,120 | GDB Debt Recovery Authority of Puerto Rico, 7.50%, 8/20/40 | $ 16,671,684 | ||||
20,000,000(c) | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A-1, 7/1/46 | 6,721,200 | ||||
Total Puerto Rico | $56,816,344 | |||||
Rhode Island - 0.1% | ||||||
2,065,000(f) | Central Falls Detention Facility Corp., 7.25%, 7/15/35 | $ 826,000 | ||||
Total Rhode Island | $826,000 | |||||
Tennessee - 0.5% | ||||||
2,000,000 | Knox County Health Educational & Housing Facility Board, University of Tennessee Project, Series B-1, 5.125%, 7/1/59 (BAM Insured) | $ 2,113,740 | ||||
1,000,000 | Shelby County Health & Educational Facilities Board, Madrone Memphis Student Housing I LLC - University Of Memphis Project, Series A-1, 5.00%, 6/1/44 (144A) | 1,017,200 | ||||
2,000,000 | Shelby County Health & Educational Facilities Board, Madrone Memphis Student Housing I LLC - University Of Memphis Project, Series A-1, 5.25%, 6/1/56 (144A) | 2,037,980 | ||||
Total Tennessee | $5,168,920 | |||||
Texas - 6.0% | ||||||
600,000 | Arlington Higher Education Finance Corp., Basis Texas Charter Schools, Inc., 4.875%, 6/15/54 (144A) | $ 602,688 | ||||
1,200,000 | Arlington Higher Education Finance Corp., Basis Texas Charter Schools, Inc., 5.00%, 6/15/64 (144A) | 1,204,800 | ||||
600,000 | Arlington Higher Education Finance Corp., Great Hearts America, Series A, 5.00%, 8/15/49 | 605,838 | ||||
16,875,000 | Arlington Higher Education Finance Corp., LTTS Charter School, Universal Academy, 5.45%, 3/1/49 (144A) | 17,983,519 | ||||
525,000 | Arlington Higher Education Finance Corp., Universal Academy, Series A, 6.625%, 3/1/29 | 526,412 | ||||
375,000 | Arlington Higher Education Finance Corp., Universal Academy, Series A, 7.00%, 3/1/34 | 375,743 | ||||
7,030,000 | Arlington Higher Education Finance Corp., Universal Academy, Series A, 7.125%, 3/1/44 | 7,033,093 | ||||
150,000 | City of Celina, 5.50%, 9/1/24 | 150,000 | ||||
700,000 | Clifton Higher Education Finance Corp., Inspire Academies, 5.25%, 8/15/44 (PSF-GTD Insured) | 774,627 | ||||
1,750,000 | Clifton Higher Education Finance Corp., Inspire Academies, 5.25%, 8/15/49 (PSF-GTD Insured) | 1,893,990 |
Principal Amount USD ($) |
Value | |||||
Texas - (continued) | ||||||
575,000(e) | Clifton Higher Education Finance Corp., Valor Education, Series A, 5.75%, 6/15/44 (144A) | $ 579,105 | ||||
800,000(e) | Clifton Higher Education Finance Corp., Valor Education, Series A, 6.00%, 6/15/54 (144A) | 803,368 | ||||
16,755,000(b)(f) | Greater Texas Cultural Education Facilities Finance Corp., 9.00%, 2/1/50 (144A) | 9,550,350 | ||||
3,335,000(b)(f) | Greater Texas Cultural Education Facilities Finance Corp., Series B, 9.00%, 2/1/33 (144A) | 1,900,950 | ||||
9,800,000 | Greater Texas Cultural Education Facilities Finance Corp., Texas Bipmedical Research Institute Project, Series A, 5.25%, 6/1/54 | 10,442,978 | ||||
4,500,000 | New Hope Cultural Education Facilities Finance Corp., Sanctuary LTC Project, Series A-1, 5.50%, 1/1/57 | 4,310,730 | ||||
1,500,000 | Port of Beaumont Navigation District, Jefferson Gulf Coast Energy Project, Series A, 5.00%, 1/1/39 (144A) | 1,545,630 | ||||
500,000 | Port of Beaumont Navigation District, Jefferson Gulf Coast Energy Project, Series A, 5.25%, 1/1/54 (144A) | 515,980 | ||||
8,142,447(f) | Tarrant County Cultural Education Facilities Finance Corp., Series A, 5.75%, 12/1/54 | 5,292,591 | ||||
1,000,000(b) | Texas Midwest Public Facility Corp., Secure Treatment Facility Project, Restructured, 12/1/30 | 720,250 | ||||
Total Texas | $66,812,642 | |||||
Virginia - 4.2% | ||||||
17,595,000 | Tobacco Settlement Financing Corp., Series A-1, 6.706%, 6/1/46 | $ 14,607,193 | ||||
23,495,000 | Tobacco Settlement Financing Corp., Series B-1, 5.00%, 6/1/47 | 22,685,832 | ||||
5,905,000(b) | Tobacco Settlement Financing Corp., Series B-2, 5.20%, 6/1/46 | 5,905,827 | ||||
14,000,000(c) | Tobacco Settlement Financing Corp., Series D, 6/1/47 | 3,831,660 | ||||
Total Virginia | $47,030,512 | |||||
Wisconsin - 2.7% | ||||||
2,500,000 | Public Finance Authority, American Preparatory Academy - Las Vegas Project, Series A, 5.125%, 7/15/37 (144A) | $ 2,539,300 | ||||
775,000 | Public Finance Authority, Community School of Davidson Project, 5.00%, 10/1/33 | 801,032 | ||||
1,590,000 | Public Finance Authority, Coral Academy Science Las Vegas, Series A, 5.625%, 7/1/44 | 1,593,100 |
Principal Amount USD ($) |
Value | |||||
Wisconsin - (continued) | ||||||
370,000 | Public Finance Authority, Coral Academy Science Reno, 5.00%, 6/1/29 (144A) | $ 375,543 | ||||
1,710,000 | Public Finance Authority, Coral Academy Science Reno, 5.00%, 6/1/39 (144A) | 1,702,373 | ||||
1,150,000 | Public Finance Authority, Coral Academy Science Reno, Series A, 4.00%, 6/1/61 (144A) | 889,893 | ||||
335,000 | Public Finance Authority, Coral Academy Science Reno, Series A, 5.375%, 6/1/37 (144A) | 345,231 | ||||
900,000 | Public Finance Authority, Coral Academy Science Reno, Series A, 5.875%, 6/1/52 (144A) | 914,175 | ||||
1,565,000 | Public Finance Authority, Coral Academy Science Reno, Series A, 6.00%, 6/1/62 (144A) | 1,617,694 | ||||
9,310,000 | Public Finance Authority, Gardner Webb University, 5.00%, 7/1/31 (144A) | 9,807,061 | ||||
150,000 | Public Finance Authority, Lead Academy Project, Series A, 4.25%, 8/1/26 (144A) | 149,814 | ||||
2,000,000 | Public Finance Authority, Lead Academy Project, Series A, 5.00%, 8/1/36 (144A) | 1,935,040 | ||||
2,500,000 | Public Finance Authority, Lead Academy Project, Series A, 5.125%, 8/1/46 (144A) | 2,320,250 | ||||
230,000 | Public Finance Authority, Quality Education Academy Project, Series A, 5.25%, 7/15/33 (144A) | 238,738 | ||||
690,000 | Public Finance Authority, Quality Education Academy Project, Series A, 6.00%, 7/15/43 (144A) | 730,620 | ||||
640,000 | Public Finance Authority, Quality Education Academy Project, Series A, 6.25%, 7/15/53 (144A) | 672,333 | ||||
1,175,000 | Public Finance Authority, Quality Education Academy Project, Series A, 6.50%, 7/15/63 (144A) | 1,240,518 | ||||
2,000,000 | Public Finance Authority, SearStone CCRC Project, 4.00%, 6/1/41 (144A) | 1,631,300 | ||||
500,000 | Public Finance Authority, SearStone CCRC Project, Series A, 5.00%, 6/1/37 (144A) | 490,670 | ||||
10,640,000(c)(f)+ | Public Finance Authority, Springshire Pre-Development Project, 12/1/20 (144A) | - | ||||
Total Wisconsin | $29,994,685 | |||||
Total Municipal Bonds (Cost $1,120,352,164) |
$1,094,996,929 | |||||
Principal Amount USD ($) |
Value | |||||
Debtors in Possession Financing - 0.3% of Net Assets# |
||||||
Retirement Housing - 0.3% | ||||||
9,000,000(f)+ | Springshire Retirement LLC - Promissory Note, 9.00%, 12/31/24 | $ 2,970,000 | ||||
196,726(f)+ | The Oaks at Bartlett - Promissory Note, 14.00%, 12/1/24 | 196,726 | ||||
Total Retirement Housing | $3,166,726 | |||||
TOTAL DEBTORS IN POSSESSION FINANCING (Cost $9,196,726) |
$3,166,726 | |||||
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS - 99.1% (Cost $1,129,548,890) |
$1,098,163,655 | |||||
OTHER ASSETS AND LIABILITIES - 0.9% | $10,126,428 | |||||
net assets - 100.0% | $1,108,290,083 | |||||
AGM | Assured Guaranty Municipal Corp. |
BAM | Build America Mutual Assurance Company. |
PSF-GTD | Permanent School Fund Guaranteed. |
TCRS | Transferable Custodial Receipts. |
(144A) | The resale of such security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers. At August 31, 2024, the value of these securities amounted to $366,949,422, or 33.1% of net assets. |
(a) | Consists of Revenue Bonds unless otherwise indicated. |
(b) | The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at August 31, 2024. |
(c) | Security issued with a zero coupon. Income is recognized through accretion of discount. |
(d) | Represents a General Obligation Bond. |
(e) | Securities purchased on a when-issued basis. Rates do not take effect until settlement date. |
(f) | Security is in default. |
+ | Security is valued using significant unobservable inputs (Level 3). |
# | Securities are restricted as to resale. |
Restricted Securities | Acquisition date | Cost | Value |
Springshire Retirement LLC - Promissory Note | 12/1/2021 | $9,000,000 | $2,970,000 |
The Oaks at Bartlett - Promissory Note | 2/6/2024 | 196,726 | 196,726 |
Total Restricted Securities | $3,166,726 | ||
% of Net assets | 0.3% |
Revenue Bonds: | |
Tobacco Revenue | 23.1% |
Education Revenue | 22.0 |
Health Revenue | 19.0 |
Development Revenue | 14.6 |
Transportation Revenue | 4.7 |
Other Revenue | 4.0 |
Facilities Revenue | 1.9 |
Water Revenue | 1.0 |
General Revenue | 0.3 |
90.6% | |
General Obligation Bonds: | 9.4% |
100.0% |
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.). |
Level 3 | - | significant unobservable inputs (including the Adviser's own assumptions in determining fair value of investments). |
Level 1 | Level 2 | Level 3 | Total | |
Municipal Bonds | $- | $1,094,996,929 | $-* | $1,094,996,929 |
Debtors in Possession Financing | - | - | 3,166,726 | 3,166,726 |
Total Investments in Securities | $- | $1,094,996,929 | $3,166,726 | $1,098,163,655 |
* | Securities valued at $0. |
ASSETS: | |
Investments in unaffiliated issuers, at value (cost $1,129,548,890) | $1,098,163,655 |
Cash | 4,448,082 |
Receivables - | |
Proceeds from contributions | 1,600,669 |
Interest | 14,643,628 |
Other assets | 327,838 |
Total assets | $1,119,183,872 |
LIABILITIES: | |
Payables - | |
Investment securities purchased | $8,689,167 |
Value of withdrawals | 2,078,074 |
Trustees' fees | 9,287 |
Administrative expenses | 28,704 |
Accrued expenses | 88,557 |
Total liabilities | $10,893,789 |
NET ASSETS: | |
Paid-in capital | $1,069,050,777 |
Distributable earnings | 39,239,306 |
Net assets | $1,108,290,083 |
INVESTMENT INCOME: | ||
Interest from unaffiliated issuers | $66,454,891 | |
Total Investment Income | $66,454,891 | |
EXPENSES: | ||
Administrative expenses | $66,833 | |
Custodian fees | 10,625 | |
Professional fees | 126,732 | |
Printing expense | 9,430 | |
Officers' and Trustees' fees | 62,758 | |
Insurance expense | 21,298 | |
Miscellaneous | 1,376 | |
Total expenses | $299,052 | |
Net investment income | $66,155,839 | |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||
Net realized gain (loss) on: | ||
Reimbursement by the Adviser | $56,738 | |
Investments in unaffiliated issuers | (97,383,475) | $(97,326,737) |
Change in net unrealized appreciation (depreciation) on: | ||
Investments in unaffiliated issuers | $133,563,615 | |
Net realized and unrealized gain (loss) on investments | $36,236,878 | |
Net increase in net assets resulting from operations | $102,392,717 |
Year Ended 8/31/24 |
Year Ended 8/31/23 |
|
FROM OPERATIONS: | ||
Net investment income (loss) | $66,155,839 | $77,181,556 |
Net realized gain (loss) on investments | (97,326,737) | (71,900,401) |
Change in net unrealized appreciation (depreciation) on investments | 133,563,615 | (49,144,124) |
Net increase (decrease) in net assets resulting from operations | $102,392,717 | $(43,862,969) |
FROM CAPITAL TRANSACTIONS: | ||
Proceeds from contributions | $299,196,820 | $514,947,243 |
Value of withdrawals | (606,089,140) | (777,581,636) |
Net decrease in net assets resulting from capital transactions | $(306,892,320) | $(262,634,393) |
Net decrease in net assets | $(204,499,603) | $(306,497,362) |
NET ASSETS: | ||
Beginning of year | $1,312,789,686 | $1,619,287,048 |
End of year | $1,108,290,083 | $1,312,789,686 |
Year Ended 8/31/24 |
Year Ended 8/31/23 |
Year Ended 8/31/22 |
12/21/20 to 8/31/21* |
|
Total return | 9.54%(a) | (2.71)% | (9.34)% | 6.30%(b) |
Ratio of net expenses to average net assets | 0.03% | 0.02% | 0.02% | 0.02%(c) |
Ratio of net investment income (loss) to average net assets | 5.72% | 5.35% | 4.47% | 3.07%(c) |
Portfolio turnover rate | 30% | 37% | 38% | 11%(b)(d) |
Net assets, end of period (in thousands) | $1,108,290 | $1,312,790 | $1,619,287 | $2,054,850 |
* | The Portfolio commenced operations on December 21, 2020. |
(a) | For the year ended August 31, 2024, the Portfolio's total return includes a reimbursement by the Adviser (see Notes to the Financial Statements - Note 1B). The impact on the total return was less than 0.005%. |
(b) | Not annualized. |
(c) | Annualized. |
(d) | The portfolio turnover rate excludes purchases and sales from the transfer of assets from Pioneer High Income Municipal Fund (see Note 1). |
A. | Security Valuation |
Investments are stated at value, computed once daily, on each day the New York Stock Exchange ("NYSE") is open, as of the close of regular trading on the NYSE. | |
Fixed-income securities are valued by using prices supplied by independent pricing services, which consider such factors as market prices, market events, quotations from one or more brokers, Treasury spreads, yields, maturities and ratings, or may use a pricing matrix or other fair value methods or techniques to provide an estimated value of the security or instrument. A pricing matrix is a means of valuing a debt security on the basis of current market prices for other debt securities, historical trading patterns in the market for fixed-income securities and/or other factors. Non-U.S. debt securities that are listed on an exchange will be valued at the bid price obtained from an independent third party pricing service. When independent third party pricing services are unable to supply prices, or when prices or market quotations are considered to be unreliable, the value of that security may be determined using quotations from one or more broker-dealers. | |
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. The Adviser is designated as the valuation designee for the Portfolio 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 Portfolio'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 Portfolio's securities may differ significantly from exchange prices, and such differences could be material. | |
B. | Investment Income and Transactions |
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. | |
During the year ended August 31, 2024, the Portfolio realized a loss of $56,738 due to an operational error. The Adviser voluntarily reimbursed the Portfolio for this loss, which is reflected on the Statement of Operations as Reimbursement by the Adviser. | |
The Portfolio makes a daily allocation of its net investment income and realized and unrealized gains and losses from securities to its investors in proportion to their investment in the Portfolio. | |
C. | Federal Income Taxes |
The Portfolio is classified as a partnership for federal income tax purposes. As such, each investor in the Portfolio is treated as the owner of its proportionate share of the net assets, income, expenses and realized and unrealized gains and losses of the Portfolio. Therefore, no federal income tax provision is required. It is intended that the Portfolio's assets will be managed so an investor in the Portfolio can satisfy the requirements of Subchapter M of the Internal Revenue Code. | |
Management has analyzed the Portfolio's tax positions taken on income tax returns for all open tax years and has concluded no provision for income tax is required in the Portfolio's financial statements. The Portfolio's federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue. |
D. | Risks |
The value of securities held by the Portfolio 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 such as between Russia and Ukraine or in the Middle East, 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. Inflation and interest rates may increase. These circumstances could adversely affect the value and liquidity of the Portfolio's investments and negatively impact the Portfolio's performance. | |
Some sectors of the economy and individual issuers have experienced or may experience particularly large losses. Periods of extreme volatility in the financial markets, reduced liquidity of many instruments, increased government debt, inflation, and disruptions to supply chains, consumer demand and employee availability, may continue for some time. Following Russia's invasion of Ukraine, Russian securities lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future political, 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. | |
The U.S. and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. For example, the U.S. has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the U.S. and its trading partners, as well as companies directly or indirectly affected and financial markets generally. If the political climate between the U.S. and China does not improve or continues to deteriorate, if China were to |
attempt unification of Taiwan by force, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Portfolio's assets may go down. | |
At times, the Portfolio's investments may represent industries or industry sectors that are interrelated or have common risks, making the Portfolio more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. | |
Normally, the Portfolio invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in debt securities and other obligations issued by or on behalf of states, counties, municipalities, territories and possessions of the United States and the District of Columbia and their authorities, political subdivisions, agencies and instrumentalities, the interest on which is exempt from regular federal income tax ("municipal securities"). | |
The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. Unfavorable conditions and developments relating to projects financed with municipal securities can result in lower revenues to issuers of municipal securities, potentially resulting in defaults. Issuers often depend on revenues from these projects to make principal and interest payments. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. Municipal securities may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. Financial difficulties of municipal issuers may continue or get worse, particularly in the event of political, economic or market turmoil or a recession. To the extent the Portfolio invests significantly in a single state (including California, Illinois, New York and Indiana), city, territory (including Puerto Rico), or region, or in securities the payments on which are dependent upon a single project or source of revenues, or that relate to a sector or industry, including health care facilities, education, transportation, special revenues and pollution control, the Portfolio will be more susceptible to associated risks and developments. |
The Portfolio 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 market prices of the Portfolio's fixed income securities may fluctuate significantly when interest rates change. The value of your investment will generally go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. For example, if interest rates increase by 1%, the value of a Portfolio's portfolio with a portfolio duration of ten years would be expected to decrease by 10%, all other things being equal. A general rise in interest rates could adversely affect the price and liquidity of fixed income securities. The maturity of a security may be significantly longer than its effective duration. A security's maturity and other features may be more relevant than its effective duration in determining the security's sensitivity to other factors affecting the issuer or markets generally, such as changes in credit quality or in the yield premium that the market may establish for certain types of securities (sometimes called "credit spread"). In general, the longer its maturity the more a security may be susceptible to these factors. When the credit spread for a fixed income security goes up, or "widens", the value of the security will generally go down. | |
If an issuer or guarantor of a security held by the Portfolio or a counterparty to a financial contract with the Portfolio defaults on its obligation to pay principal and/or interest, has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines, the value of your investment will typically decline. Changes in actual or perceived creditworthiness may occur quickly. The Portfolio could be delayed or hindered in its enforcement of rights against an issuer, guarantor or counterparty. | |
With the increased use of technologies such as the Internet to conduct business, the Portfolio is susceptible to operational, information security and related risks. While the Portfolio'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 Portfolio cannot |
control the cybersecurity plans and systems put in place by service providers to the Portfolio such as the Portfolio's custodian and accounting agent, and the Portfolio's transfer agent. In addition, many beneficial owners of Portfolio shares hold them through accounts at broker-dealers, retirement platforms and other financial market participants over which neither the Portfolio 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 Portfolio's service providers or intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Portfolio's ability to calculate its net asset value, impediments to trading, the inability of investors in the Portfolio to purchase or withdraw interests in the Portfolio, loss of or unauthorized access to private investor 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 Portfolio's registration statement on Form N-1A contains unaudited information regarding the Portfolio's principal risks. Please refer to that document when considering the Portfolio's principal risks. | |
E. | Restricted Securities |
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. | |
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 Portfolio at August 31, 2024 are listed in the Schedule of Investments. |
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-ENDMANAGEMENT INVESTMENT COMPANIES.
Auditor Transition
On March 25, 2024, Ernst & Young LLP (the "Prior Auditor") resigned as the independent registered public accounting firm of the Trust due to the independence considerations resulting from a change of the independent registered public accounting firm of a related party. The Prior Auditor's reports on the financial statements of the Trust for the past two fiscal years, the years ended August 31, 2023 and August 31, 2022, did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles.
During the last two fiscal year-ends and the subsequent interim period through March 25, 2024, there were no (1) disagreements with the Prior Auditor on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the Prior Auditor's satisfaction, would have caused it to make reference to that matter in connection with its reports on the Trust's financial statements for such periods; or (2) "reportable events" related to the Trust, as that term is defined in Item 304 (a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934.
On March 25, 2024, the Audit Committee of the Board approved, and on March 25, 2024, the Board approved, Deloitte & Touche LLP as the independent registered accounting firm of the Trust for fiscal periods ending after March 25, 2024.
ITEM 9. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR OPEN-ENDMANAGEMENT INVESTMENT COMPANIES. (Unaudited)
Introduction
This Proxy Voting policy and the procedures set forth below are designed to complement Amundi US' investment policies and procedures regarding its general responsibility to monitor the performance and/or corporate events of companies that are issuers of securities held in accounts managed by Amundi US. This policy sets forth Amundi US' position on a number of issues for which proxies may be solicited but it does not include all potential voting scenarios or proxy events. Furthermore, because of the special issues associated with proxy solicitations by closed-endFunds, Amundi US will vote shares of closed-endFunds on a case- by-casebasis.
Purpose
The purpose of this policy is to ensure that proxies for United States ("US") and non-UScompanies that are received in a timely manner will be voted in accordance with the principles stated above. Unless the Proxy Voting Oversight Group (as described below) specifically determines otherwise, all shares in a company held by Amundi US-managedaccounts for which Amundi US has proxy-voting authority will be voted alike, unless a client has given specific voting instructions on an issue.
Scope
Amundi US does not delegate the authority to vote proxies relating to securities held by its clients to any of its affiliates. Any questions about this policy should be directed to Amundi US' Chief of Staff U.S. Investments (the "Proxy Coordinator").
Oversight and Governance
Administration
The development, implementation, and management, to this Policy is the responsibility of the Policy Contact, in conjunction with the Policy Owner and relevant stakeholders.
Policy Exceptions
Temporary deviation from the requirements of this Policy is deemed an Exception. Exceptions are expected to be infrequent but may be justified to address and/or resolve specific internal business needs. Exceptions are to be raised to the Policy Owner for approval.
Policy Requirements
Roles and Responsibility
The below table outlines the roles and responsibilities applicable to this policy:
Individual Role Responsibility
Policy Owner and Contact Reviews and updates of this Policy as necessary.
Pioneer Funds Board of Trustees and US Compliance Committee Provides final approval of material updates to this Policy, as necessary.
Policy
Each of the Pioneer Funds and certain other clients of Amundi Asset Management US, Inc. ("Amundi US") have delegated responsibility to vote proxies related to portfolio holdings to Amundi US. Amundi US is a fiduciary that owes each of its clients the duties of care and loyalty with respect to all services undertaken on the client's behalf, including voting proxies for securities held by the client. When Amundi US has been delegated proxy-voting authority for a client, the duty of care requires Amundi US to monitor corporate events and to vote the proxies. To satisfy its duty of loyalty, Amundi US must place the client's interests ahead of its own and must cast proxy votes in a manner consistent with the best interest of the client. It is Amundi US' policy to vote proxies presented to Amundi US in a timely manner in accordance with these principles.
Amundi US' fundamental concern in voting proxies is the economic effect of the proposal on the value of portfolio holdings, considering both the short- and long-term impact. In many instances, Amundi US believes that supporting the company's strategy and voting "for" management's proposals builds portfolio value. In other cases, however, proposals set forth by management may have a negative effect on that value, while some shareholder proposals may hold the best prospects for enhancing it. Amundi US monitors developments in the proxy voting arena and will revise this policy as needed.
Amundi US believes that environmental, social and governance (ESG) factors can affect companies' long-term prospects for success and the sustainability of their business models. Since ESG factors that may affect corporate performance and economic value are considered by our investment professionals as part of the investment management process, Amundi US also considers these factors when reviewing proxy proposals. This approach is consistent with the stated investment objectives and policies of funds and investment strategies.
It should be noted that the proxy voting guidelines below are guidelines, not rules, and Amundi US reserves the right in all cases to vote contrary to guidelines where doing so is determined to represent the best economic interests of our clients. Further, the Pioneer Funds or other clients of Amundi US may direct Amundi US to vote contrary to guidelines.
Amundi US' clients may request copies of their proxy voting records and of Amundi US' proxy voting policies and procedures by either sending a written request to Amundi US' Proxy Coordinator, or clients may review Amundi US' proxy voting policies and procedures on-lineat amundi.com/usinvestors. Amundi US may describe to clients its proxy voting policies and procedures by delivering a copy of Amundi US' Form ADV (Part II), by separate notice to the client or by other means.
Procedures
Proxy Voting Service
Amundi US has engaged an independent proxy voting service to assist in the voting of proxies. The proxy voting service works with custodians to ensure that all proxy materials are received by the custodians and are processed in a timely fashion. The proxy voting service votes all proxies in accordance with the proxy voting guidelines established by Amundi US and set forth herein, to the extent applicable. The proxy voting service will refer proxy questions to the Proxy Coordinator (described below) for instructions under circumstances where: (1) the application of the proxy voting guidelines is unclear; (2) a particular proxy question is not covered by the guidelines; or (3) the guidelines call for specific instructions on a case-by-casebasis. The proxy voting service is also requested to call to the Proxy Coordinator's attention specific proxy questions that, while governed by a guideline, appear to involve unusual or controversial issues. Amundi US reserves the right to attend a meeting in person and may do so when it determines that the company or the matters to be voted on at the meeting are strategically important to its clients.
To supplement its own research and analysis in determining how to vote on a particular proxy proposal, Amundi US may utilize research, analysis or recommendations provided by the proxy voting service on a case-by-casebasis. Amundi US does not, as a policy, follow the assessments or recommendations provided by the proxy voting service without its own analysis and determination.
Proxy Coordinator
The Proxy Coordinator coordinates the voting, procedures and reporting of proxies on behalf of Amundi US' clients. The Proxy Coordinator will deal directly with the proxy voting service and, in the case of proxy questions referred by the proxy voting service, will solicit voting recommendations and instructions from the Portfolio Management Group, or, to the extent applicable, investment sub-advisers.The Proxy Coordinator is responsible for ensuring that these questions and referrals are responded to in a timely fashion and for transmitting appropriate voting instructions to the proxy voting service. The Proxy Coordinator is responsible for verifying with the General Counsel or his or her designee whether Amundi US' voting power is subject to any limitations or guidelines issued by the client (or in the case of an employee benefit plan, the plan's trustee or other fiduciaries).
Referral Items
The proxy voting service will refer proxy questions to the Proxy Coordinator or his or her designee that are described by Amundi US' proxy voting guidelines as to be voted on a case- by-casebasis, that are not covered by Amundi US' guidelines or where Amundi US' guidelines may be unclear with respect to the matter to be voted on. Under such circumstances, the Proxy Coordinator will seek a written voting recommendation from the Chief Investment Officer, U.S or his or her designated equity portfolio-management representative. Any such recommendation will include: (i) the manner in which the proxies should be voted; (ii) the rationale underlying any such decision; and (iii) the disclosure of any contacts or communications made between Amundi US and any outside parties concerning the proxy proposal prior to the time that the voting instructions are provided.
Securities Lending
In accordance with industry standards, proxies are not available to be voted when the shares are out on loan through either Amundi US' lending program or a client's managed security lending program. However, Amundi US will reserve the right to recall lent securities so that they may be voted according to Amundi US' instructions. If a portfolio manager would like to vote a block of previously lent shares, the Proxy Coordinator will work with the portfolio manager and Investment Operations to recall the security, to the extent possible, to facilitate the vote on the entire block of shares. Certain clients participate in securities lending programs. Although such programs allow for the recall of securities for any reason, Amundi US may determine not to vote securities on loan and it may not always be possible for securities on loan to be recalled in time to be voted.
Share-Blocking
"Share-blocking" is a market practice whereby shares are sent to a custodian (which may be different than the account custodian) for record keeping and voting at the general meeting. The shares are unavailable for sale or delivery until the end of the blocking period (typically the day after general meeting date).
Amundi US will vote in those countries with "share-blocking." In the event a manager would like to sell a security with "share-blocking", the Proxy Coordinator will work with the Portfolio Manager and Investment Operations Department to recall the shares (as allowable within the market time-frame and practices) and/or communicate with executing brokerage firm. A list of countries with "share-blocking" is available from the Investment Operations Department upon request.
Proxy Voting Oversight Group
The members of the Proxy Voting Oversight Group include Amundi US' Chief Investment Officer, U.S. or his or her designated equity portfolio management representative, the Chief of Staff, U.S., and the Chief Compliance Officer of the Adviser and Funds. Other members of Amundi US will be invited to attend meetings and otherwise participate as necessary. The Chief of Staff, U.S. will chair the Proxy Voting Oversight Group.
The Proxy Voting Oversight Group is responsible for developing, evaluating, and changing (when necessary) Amundi US' proxy voting policies and procedures. The Group meets at least annually to evaluate and review this policy and the services of its third-party proxy voting service. In addition, the Proxy Voting Oversight Group will meet as necessary to vote on referral items and address other business as necessary.
Amendments
Amundi US may not amend this policy without the prior approval of the Proxy Voting Oversight Group. Amendments to this policy with respect to votes to be cast on behalf of any of the Pioneer Funds also shall be presented to the Board of Trustees of the Pioneer Funds for its review and advance approval.
Form N-PX
The Proxy Coordinator and the Director of Regulatory Reporting are responsible for ensuring that Form NP-Xdocuments receive the proper review by a member of the Proxy Voting Oversight Group prior to a Fund officer signing the forms.
The Proxy Coordinator will provide the Compliance department with a copy of each Form N-PXfiling prepared by the proxy voting service.
Compliance files N-PX.The Compliance department will ensure that a corresponding Form N-PX exists for each Amundi US registered investment company.
Following this review, each Form N-PXis formatted for public dissemination via the EDGAR system.
Prior to submission, each Form N-PXis to be presented to the Fund officer for a final review and signature.
Copies of the Form N-PXfilings and their submission receipts are maintained according to Amundi US record keeping policies.
Proxy Voting Guidelines
Administrative
While administrative items appear infrequently in U.S. issuer proxies, they are quite common in non-U.S.proxies.
We will generally support these and similar management proposals:
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Corporate name change. |
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A change of corporate headquarters. |
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Stock exchange listing. |
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Establishment of time and place of annual meeting. |
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Adjournment or postponement of annual meeting. |
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Acceptance/approval of financial statements. |
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Approval of dividend payments, dividend reinvestment plans and other dividend-related proposals. |
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Approval of minutes and other formalities. |
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Authorization of the transferring of reserves and allocation of income. |
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Amendments to authorized signatories. |
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Approval of accounting method changes or change in fiscal year-end. |
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Acceptance of labor agreements. |
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Appointment of internal auditors. |
Amundi US will vote on a case-by-casebasis on other routine administrative items; however, Amundi US will oppose any routine proposal if insufficient information is presented in advance to allow Amundi US to judge the merit of the proposal. Amundi US has also instructed its proxy voting service to inform Amundi US of its analysis of any administrative items that may be inconsistent, in its view, with Amundi US' goal of supporting the value of its clients' portfolio holdings so that Amundi US may consider and vote on those items on a case-by-casebasis in its discretion.
Auditors
We normally vote for proposals to:
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Ratify the auditors. We will consider a vote against if we are concerned about the auditors' independence or their past work for the company. Specifically, we will oppose the ratification of auditors and withhold votes for audit committee members if non-auditfees paid by the company to the auditing firm exceed the sum of audit fees plus audit-related fees plus permissible tax fees according to the disclosure categories proposed by the Securities and Exchange Commission. |
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Restore shareholder rights to ratify the auditors. |
We will normally oppose proposals that require companies to:
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Seek bids from other auditors. |
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Rotate auditing firms, except where the rotation is statutorily required or where rotation would demonstrably strengthen financial disclosure. |
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Indemnify auditors. |
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Prohibit auditors from engaging in non-auditservices for the company. |
Board of Directors
On issues related to the board of directors, Amundi US normally supports management. We will, however, consider a vote against management in instances where corporate performance has been poor or where the board appears to lack independence. We also believe that a well balanced board with diverse perspectives is conducive to sound corporate governance. In our view, diversity of expertise, skill, gender, ethnicity, and race may contribute to the overall quality of decision making and risk management.
General Board Issues
Amundi US will vote for:
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Audit, compensation and nominating committees composed of independent directors exclusively. |
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Indemnification for directors for actions taken in good faith in accordance with the business judgment rule. We will vote against proposals for broader indemnification. |
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Changes in board size that appear to have a legitimate business purpose and are not primarily for anti-takeover reasons. |
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Election of an honorary director. |
We will vote against:
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Minimum stock ownership by directors. |
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Term limits for directors. Companies benefit from experienced directors, and shareholder control is better achieved through annual votes. |
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Requirements for union or special interest representation on the board. |
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Requirements to provide two candidates for each board seat. |
We will vote on a case-bycase basis on these issues:
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Separate chairman and CEO positions. We will consider voting with shareholders on these issues in cases of poor corporate performance. |
Elections of Directors
In uncontested elections of directors we will vote against:
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Individual directors with absenteeism above 25% without valid reason. We support proposals that require disclosure of director attendance. |
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Insider directors and affiliated outsiders who sit on the audit, compensation, stock option or nominating committees. For the purposes of our policy, we use the definition of affiliated directors provided by our proxy voting service. |
We will also vote against:
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Directors who have failed to act on a takeover offer where the majority of shareholders have tendered their shares. |
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Directors who appear to lack independence or are associated with poor corporate or governance performance. |
We will vote on a case-bycase basis on these issues:
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Re-electionof directors who have implemented or renewed a dead hand or modified dead-hand poison pill (a "dead-hand poison pill" is a shareholder rights plan that may be altered only by incumbent or "dead" directors. These plans prevent a potential acquirer from disabling a poison pill by obtaining control of the board through a proxy vote). |
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Contested election of directors. |
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Election of a greater number of independent directors (in order to move closer to a majority of independent directors) in cases of poor performance. |
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Mandatory retirement policies. |
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Directors who have ignored a shareholder proposal that has been approved by shareholders for two consecutive years. |
We will vote for:
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Precatory and binding resolutions requesting that the board changes the company's bylaws to stipulate that directors need to be elected with affirmative majority of votes cast, provided that the resolutions allow for plurality voting in cases of contested elections. |
Takeover-Related Measures
Amundi US is generally opposed to proposals that may discourage takeover attempts. We believe that the potential for a takeover helps ensure that corporate performance remains high.
Amundi US will vote for:
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Cumulative voting. |
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Increasing the ability for shareholders to call special meetings. |
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Increasing the ability for shareholders to act by written consent. |
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Restrictions on the ability to make greenmail payments. |
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Submitting rights plans to shareholder vote. |
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Rescinding shareholder rights plans ("poison pills"). |
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Opting out of the following state takeover statutes: |
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Control share acquisition statutes, which deny large holders voting rights on holdings over a specified threshold. |
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Control share cash-outprovisions, which require large holders to acquire shares from other holders. |
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Freeze-outprovisions, which impose a waiting period on large holders before they can attempt to gain control. |
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Stakeholder laws, which permit directors to consider interests of non-shareholderconstituencies. |
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Disgorgement provisions, which require acquirers to disgorge profits on purchases made before gaining control. |
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Fair price provisions. |
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Authorization of shareholder rights plans. |
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Labor protection provisions. |
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Mandatory classified boards. |
We will vote on a case-by-casebasis on the following issues:
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Fair price provisions. We will vote against provisions requiring supermajority votes to approve takeovers. We will also consider voting against proposals that require a supermajority vote to repeal or amend the provision. Finally, we will consider the mechanism used to determine the fair price; we are generally opposed to complicated formulas or requirements to pay a premium. |
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Opting out of state takeover statutes regarding fair price provisions. We will use the criteria used for fair price provisions in general to determine our vote on this issue. |
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Proposals that allow shareholders to nominate directors. |
We will vote against:
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Classified boards, except in the case of closed-endfunds, where we shall vote on a case-by-casebasis. |
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Limiting shareholder ability to remove or appoint directors. We will support proposals to restore shareholder authority in this area. We will review on case-by-casebasis proposals that authorize the board to make interim appointments. |
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Classes of shares with unequal voting rights. |
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Supermajority vote requirements. |
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Severance packages ("golden" and "tin" parachutes). We will support proposals to put these packages to shareholder vote. |
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Reimbursement of dissident proxy solicitation expenses. While we ordinarily support measures that encourage takeover bids, we believe that management should have full control over corporate funds. |
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Extension of advance notice requirements for shareholder proposals. |
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Granting board authority normally retained by shareholders, particularly the right to amend the corporate charter. |
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Shareholder rights plans ("poison pills"). These plans generally allow shareholders to buy additional shares at a below-market price in the event of a change in control and may deter some bids. |
Capital Structure
Managements need considerable flexibility in determining the company's financial structure, and Amundi US normally supports managements' proposals in this area. We will, however, reject proposals that impose high barriers to potential takeovers.
Amundi US will vote for:
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Changes in par value. |
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Reverse splits, if accompanied by a reduction in number of shares. |
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Shares repurchase programs, if all shareholders may participate on equal terms. |
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Bond issuance. |
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Increases in "ordinary" preferred stock. |
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Proposals to have blank-check common stock placements (other than shares issued in the normal course of business) submitted for shareholder approval. |
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Cancellation of company treasury shares. |
We will vote on a case-by-casebasis on the following issues:
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Reverse splits not accompanied by a reduction in number of shares, considering the risk of delisting. |
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Increase in authorized common stock. We will make a determination considering, among other factors: |
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Number of shares currently available for issuance; |
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Size of requested increase (we would normally approve increases of up to 100% of current authorization); |
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Proposed use of the proceeds from the issuance of additional shares; and |
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Potential consequences of a failure to increase the number of shares outstanding (e.g., delisting or bankruptcy). |
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Blank-check preferred. We will normally oppose issuance of a new class of blank-check preferred, but may approve an increase in a class already outstanding if the company has demonstrated that it uses this flexibility appropriately. |
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Proposals to submit private placements to shareholder vote. |
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Other financing plans. |
We will vote against preemptive rights that we believe limit a company's financing flexibility.
Compensation
Amundi US supports compensation plans that link pay to shareholder returns and believes that management has the best understanding of the level of compensation needed to attract and retain qualified people. At the same time, stock-related compensation plans have a significant economic impact and a direct effect on the balance sheet. Therefore, while we do not want to micromanage a company's compensation programs, we place limits on the potential dilution these plans may impose.
Amundi US will vote for:
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401(k) benefit plans. |
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Employee stock ownership plans (ESOPs), as long as shares allocated to ESOPs are less than 5% of outstanding shares. Larger blocks of stock in ESOPs can serve as a takeover defense. We will support proposals to submit ESOPs to shareholder vote. |
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Various issues related to the Omnibus Budget and Reconciliation Act of 1993 (OBRA), including: |
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Amendments to performance plans to conform with OBRA; |
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Caps on annual grants or amendments of administrative features; |
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Adding performance goals; and |
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Cash or cash-and-stockbonus plans. |
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Establish a process to link pay, including stock-option grants, to performance, leaving specifics of implementation to the company. |
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Require that option repricing be submitted to shareholders. |
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Require the expensing of stock-option awards. |
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Require reporting of executive retirement benefits (deferred compensation, split dollar life insurance, SERPs, and pension benefits). |
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Employee stock purchase plans where the purchase price is equal to at least 85% of the market price, where the offering period is no greater than 27 months and where potential dilution (as defined below) is no greater than 10%. |
We will vote on a case-by-casebasis on the following issues:
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Shareholder proposals seeking additional disclosure of executive and director pay information. |
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Executive and director stock-related compensation plans. We will consider the following factors when reviewing these plans: |
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The program must be of a reasonable size. We will approve plans where the combined employee and director plans together would generate less than 15% dilution. We will reject plans with 15% or more potential dilution. |
Dilution = (A + B + C) / (A + B + C + D), where
A = Shares reserved for plan/amendment,
B = Shares available under continuing plans,
C = Shares granted but unexercised and
D = Shares outstanding.
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The plan must not: |
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Explicitly permit unlimited option repricing authority or have allowed option repricing in the past without shareholder approval. |
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Be a self-replenishing "evergreen" plan or a plan that grants discount options and tax offset payments. |
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We are generally in favor of proposals that increase participation beyond executives. |
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We generally support proposals asking companies to adopt rigorous vesting provisions for stock option plans such as those that vest incrementally over, at least, a three- or four-year period with a pro rata portion of the shares becoming exercisable on an annual basis following grant date. |
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We generally support proposals asking companies to disclose their window period policies for stock transactions. Window period policies ensure that employees do not exercise options based on insider information contemporaneous with quarterly earnings releases and other material corporate announcements. |
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We generally support proposals asking companies to adopt stock holding periods for their executives. |
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All other employee stock purchase plans. |
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All other compensation-related proposals, including deferred compensation plans, employment agreements, loan guarantee programs and retirement plans. |
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All other proposals regarding stock compensation plans, including extending the life of a plan, changing vesting restrictions, repricing options, lengthening exercise periods or accelerating distribution of awards and pyramiding and cashless exercise programs. |
We will vote against:
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Pensions for non-employeedirectors. We believe these retirement plans reduce director objectivity. |
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Elimination of stock option plans. |
We will vote on a case-bycase basis on these issues:
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Limits on executive and director pay. |
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Stock in lieu of cash compensation for directors. |
Corporate Governance
Amundi US will vote for:
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Confidential voting. |
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Equal access provisions, which allow shareholders to contribute their opinions to proxy materials. |
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Proposals requiring directors to disclose their ownership of shares in the company. |
We will vote on a case-by-casebasis on the following issues:
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Change in the state of incorporation. We will support reincorporations 16 supported by valid business reasons. We will oppose those that appear to be solely for the purpose of strengthening takeover defenses. |
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Bundled proposals. We will evaluate the overall impact of the proposal. |
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Adopting or amending the charter, bylaws or articles of association. |
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Shareholder appraisal rights, which allow shareholders to demand judicial review of an acquisition price. |
We will vote against:
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Shareholder advisory committees. While management should solicit shareholder input, we prefer to leave the method of doing so to management's discretion. |
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Limitations on stock ownership or voting rights. |
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Reduction in share ownership disclosure guidelines. |
Mergers and Restructurings
Amundi US will vote on the following and similar issues on a case-by-casebasis:
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Mergers and acquisitions. |
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Corporate restructurings, including spin-offs, liquidations, asset sales, joint ventures, conversions to holding company and conversions to self-managed REIT structure. |
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Debt restructurings. |
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Conversion of securities. |
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Issuance of shares to facilitate a merger. |
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Private placements, warrants, convertible debentures. |
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Proposals requiring management to inform shareholders of merger opportunities. |
We will normally vote against shareholder proposals requiring that the company be put up for sale.
Investment Companies
Many of our portfolios may invest in shares of closed-endfunds or open-endfunds (including exchange-traded funds). The non-corporatestructure of these investments raises several unique proxy voting issues.
Amundi US will vote for:
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Establishment of new classes or series of shares. |
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Establishment of a master-feeder structure. |
Amundi US will vote on a case-by-casebasis on:
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Changes in investment policy. We will normally support changes that do not affect the investment objective or overall risk level of the fund. We will examine more fundamental changes on a case-by-casebasis. |
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Approval of new or amended advisory contracts. |
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Changes from closed-endto open-endformat. |
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Election of a greater number of independent directors. |
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Authorization for, or increase in, preferred shares. |
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Disposition of assets, termination, liquidation, or mergers. |
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Classified boards of closed-endfunds, but will typically support such proposals. |
In general, business development companies (BDCs) are not considered investment companies for these purposes but are treated as corporate issuers.
Environmental and Social Issues
Amundi US believes that environmental and social issues may influence corporate performance and economic return. Indeed, by analyzing all of a company's risks and opportunities, Amundi US can better assess its intrinsic value and long-term economic prospects.
When evaluating proxy proposals relating to environmental or social issues, decisions are made on a case-by-casebasis. We consider each of these proposals based on the impact to the company's shareholders and economic return, the specific circumstances at each individual company, any potentially adverse economic concerns, and the current policies and practices of the company.
For example, shareholder proposals relating to environmental and social issues, and on which we will vote on a base-by-casebasis, may include those seeking that a company:
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Conduct studies regarding certain environmental or social issues; |
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Study the feasibility of the company taking certain actions with regard to such issues; or |
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Take specific action, including adopting or ceasing certain behavior and adopting company standards and principles, in relation to such issues. |
In general, Amundi US believes these issues are important and should receive management attention. Amundi US will support proposals where we believe the proposal, if implemented, would improve the prospects for the long-term success of the business and would provide value to the company and its shareholders. Amundi US may abstain on shareholder proposals with regard to environmental and social issues in cases where we believe the proposal, if implemented, would not be in the economic interests of the company, or where implementing the proposal would constrain management flexibility or would be unduly difficult, burdensome or costly.
When evaluating proxy proposals relating to environmental or social issues, Amundi US may consider the following factors or other factors deemed relevant, given such weight as deemed appropriate:
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approval of the proposal helps improve the company's practices; |
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approval of the proposal can improve shareholder value; |
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the company's current stance on the topic is likely to have negative effects on its business position or reputation in the short, medium, or long term; |
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the company has already put appropriate action in place to respond to the issue contained in the proposal; |
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the company's reasoning against approving the proposal responds appropriately to the various points mentioned by the shareholder when the proposal was presented; |
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the solutions recommended in the proposal are relevant and appropriate, and if the topic of the proposal would not be better addressed through another means. |
In the event of failures in risk management relating to environmental and social issues, Amundi US may vote against the election of directors responsible for overseeing those areas. Issues of special concern to Amundi US include corporate commitments to mitigating climate effects; achieving a diverse board of directors and employee base; And maintaining sound and safe working conditions, equitable compensation practices, and opportunities for career advancement. Amundi US will vote against proposals calling for substantial changes in the company's business or activities. We will also normally vote against proposals with regard to contributions, believing that management should control the routine disbursement of funds. In each case, fundamental consideration governing votes cast on behalf of any of the Pioneer Funds in these areas is Amundi US' assessment of the potential impact on shareholder value.
Conflicts of Interest
Amundi US recognizes that in certain circumstances a conflict of interest may arise when Amundi US votes a proxy.
A conflict of interest occurs when Amundi US' interests interfere, or appear to interfere, with the interests of Amundi US' clients.
A conflict may be actual or perceived and may exist, for example, when the matter to be voted on concerns:
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An affiliate of Amundi US, such as another company belonging to the Credit Agricole banking group ( "Credit Agricole Affiliate"); |
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An issuer of a security for which Amundi US acts as a sponsor, advisor, manager, custodian, distributor, underwriter, broker, or other similar capacity (including those securities specifically declared by its parent Amundi to present a conflict of interest for Amundi US); |
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An issuer of a security for which Amundi has informed Amundi US that a Credit Agricole Affiliate acts as a sponsor, advisor, manager, custodian, distributor, underwriter, broker, or other similar capacity; or |
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A person with whom Amundi US (or any of its affiliates) has an existing, material contract or business relationship. |
Any member of the Proxy Voting Oversight Group and any other associate involved in the proxy voting process with knowledge of any apparent or actual conflict of interest must disclose such conflict to the Proxy Coordinator and the Chief Compliance Officer of Amundi US and the Funds. If any associate is lobbied or pressured with respect to any voting decision, whether within or outside of Amundi US, he or she should contact a member of the Proxy Voting Oversight Group or Amundi US' Chief Compliance Officer.
The Proxy Voting Oversight Group will review each item referred to Amundi US by the proxy voting service to determine whether an actual or potential conflict of interest exists in connection with the proposal(s) to be voted upon. The review will be conducted by comparing the apparent parties affected by the proxy proposal being voted upon against the Controller's and Compliance Department's internal list of interested persons and, for any matches found, evaluating the anticipated magnitude and possible probability of any conflict of interest being present. The Proxy Voting Oversight Group may cause any of the following actions to be taken when a conflict of interest is present:
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Vote the proxy in accordance with the vote indicated under "Voting Guidelines," if a vote is indicated, or |
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Direct the independent proxy voting service to vote the proxy in accordance with its independent assessment or that of another independent adviser appointed by Amundi US or the applicable client for this purpose. |
If the Proxy Voting Oversight Group perceives a material conflict of interest, the Group may also choose to disclose the conflict to the affected clients and solicit their consent to proceed with the vote or their direction (including through a client's fiduciary or other adviser), or may take such other action in good faith (in consultation with counsel) that would protect the interests of clients.
For each referral item, the determination regarding the presence or absence of any actual or potential conflict of interest will be documented in a Conflicts of Interest Report prepared by the Proxy Coordinator.
The Proxy Voting Oversight Group will review periodically the independence of the proxy voting service. This may include a review of the service's conflict management procedures and other documentation and an evaluation as to whether the service continues to have the competency and capacity to vote proxies.
Decisions Not to Vote Proxies
Although it is Amundi US' general policy to vote all proxies in accordance with the principles set forth in this policy, there may be situations in which the Proxy Voting Oversight Group does not vote a proxy referred to it. For example, because of the potential conflict of interest inherent in voting shares of a Credit Agricole Affiliate, Amundi US will abstain from voting the shares unless otherwise directed by a client. In such a case, the Proxy Coordinator will inform Amundi Compliance before exercising voting rights.
There exist other situations in which the Proxy Voting Oversight Group may refrain from voting a proxy. For example, if the cost of voting a foreign security outweighs the benefit of voting, the Group may not vote the proxy. The Group may not be given enough time to process a vote, perhaps because its receives a meeting notice too late or it cannot obtain a translation of the agenda in the time available. If Amundi US has outstanding "sell" orders, the proxies for shares subject to the order may not be voted to facilitate the sale. Although Amundi US may hold shares on a company's record date, if the shares are sold prior to the meeting date the Group may decide not to vote those shares.
Recordkeeping
The Proxy Coordinator shall ensure that Amundi US' proxy voting service:
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Retains a copy of each proxy statement received (unless the proxy statement is available from the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system); |
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Retains a record of the vote cast; |
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Prepares Form N-PXfor filing on behalf of each client that is a registered investment company; and |
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Is able to promptly provide Amundi US with a copy of the voting record upon its request. |
The Proxy Coordinator shall ensure that for those votes that may require additional documentation (i.e. conflicts of interest, exception votes and case-by-casevotes) the following records are maintained:
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A record memorializing the basis for each referral vote cast; |
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A copy of any document created by Amundi US that was material in making the decision on how to vote the subject proxy; |
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A copy of any recommendation or analysis furnished by the proxy voting service; and |
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A copy of any conflict notice, conflict consent or any other written communication (including emails or other electronic communications) to or from the client (or in the case of an employee benefit plan, the plan's trustee or other fiduciaries) regarding the subject proxy vote cast by, or the vote recommendation of, Amundi US. |
Amundi US shall maintain the above records in the client's file in accordance with applicable regulations. Copies of this policy, and copies of records related to this policy shall be kept in accordance with Amundi US' Books and Records Policy. This policy and procedure shall be periodically reviewed and updated consistent with the requirements and standards established by Amundi US.
Escalation and Management Reporting
Escalation
It is each associate's responsibility to contact his or her business unit head, the Proxy Coordinator, a member of the Proxy Voting Oversight Group or Amundi US' Chief Compliance Officer if he or she becomes aware of any possible noncompliance with this policy.
Management Reporting
Reporting is done to senior leadership on an as needed basis.
Training
Amundi US will conduct periodic training regarding proxy voting and this policy. It is the responsibility of the business line policy owner and the applicable Compliance Department to coordinate and conduct such training.
Review and Approval
Review
This Policy must be reviewed and validated annually (12-months)by the Policy Contact or designee, in conjunction with the Policy Owner and relevant stakeholders.
Approval
Material Updates to this Policy must be approved by the Pioneer Funds' Board of Trustees and/or US Compliance Committee, as necessary.
Related regulations
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Rule 30b1-4,Rule 31a1-3,and Rule 38a-1under the Investment Company Act of 1940 |
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Rule 206(4)-6and Rule 204-2under the Investment Advisers Act of 1940 |
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Form N-1A |
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Form N-PX |
Item 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-ENDMANAGEMENT INVESTMENT COMPANIES. (Unaudited)
Each Board Member also serves as a Board Member of other Funds in the Pioneer Family of Funds complex. Annual retainer fees and attendance fees are allocated to each Fund based on net assets. Trustees' fees paid by the Fund are within Item 7. Statement of Operations as Trustees' fees and expenses.
Item 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESMENT ADVISORY CONTRACT. (Unaudited)
N/A
ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-ENDMANAGEMENT INVESTMENT COMPANIES. (Unaudited)
A closed-endmanagement investment company that is filing an annual report on this Form N-CSRmust, unless it invests exclusively in non-votingsecurities, 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-endmanagement investment companies.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-ENDMANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-endmanagement 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-daymanagement of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio Manager's business experience during the past 5 years.
Not applicable to open-endmanagement investment companies.
ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-ENDMANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-endmanagement 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-endmanagement investment companies.
ITEM 15. 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-Rof Schedule 14(A) in its definitive proxy statement, or this item.
ITEM 16. 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 occurred 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 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-ENDMANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-endmanagement 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-endmanagement investment company, describe the services provided to the registrant by the securities lending agent in the registrants most recent fiscal year.
N/A
Item 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
N/A
ITEM 19. 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.
(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(3) Not applicable.
(4) Registrant's Independent Public Accountant, attached as Exhibit 99.ACCT.
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 Core Trust I |
By (Signature and Title)* /s/ Lisa M. Jones |
Lisa M. Jones, Principal Executive Officer |
Date November 7, 2024 |
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, Principal Executive Officer |
Date November 7, 2024 |
By (Signature and Title)* /s/ Anthony J. Koenig, Jr. |
Anthony J. Koenig, Jr., Principal Financial Officer |
Date November 7, 2024 |
* |
Print the name and title of each signing officer under his or her signature. |