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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21823
Pioneer Series Trust V
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: August 31
Date of reporting period: September 1, 2010 through August 31, 2011
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO SHAREOWNERS.
Pioneer Disciplined
Growth Fund
--------------------------------------------------------------------------------
Annual Report | August 31, 2011
--------------------------------------------------------------------------------
Ticker Symbols:
Class A SRSGX
Class C PRGCX
Class Y PRGYX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 7
Prices and Distributions 8
Performance Update 9
Comparing Ongoing Fund Expenses 12
Schedule of Investments 14
Financial Statements 20
Notes to Financial Statements 27
Report of Independent Registered Public Accounting Firm 34
Trustees, Officers and Service Providers 36
Pioneer Disciplined Growth Fund | Annual Report | 8/31/11 1
President's Letter
Dear Shareowner,
The U.S. economy went through a soft patch in the first half of 2011, and the
second half of the year, so far, has been highlighted by the U.S. government's
battle over the debt ceiling and Standard & Poor's downgrade of the U.S.
Treasury's credit rating from the top rating of "AAA" for the first time in
history. The markets reacted quite negatively to the credit downgrade, and
there is concern about the strength of the global economy going forward.
Pioneer is cautiously optimistic that the U.S. economy will see moderate
economic growth over the balance of 2011, though at a slower pace than we had
expected earlier this year. While housing and employment remain weak, the
private sector shows signs of slow but steady improvement, led by higher
capital investment, solid exports, and improved consumption. At the same time,
the risks to growth remain substantial, including high unemployment, continued
delays in the housing sector's recovery, and the fiscal drag of U.S. federal
and state budget cuts.
The difficult recovery process has been accompanied by wide market swings.
While this is a challenging environment, our investment professionals continue
to focus on finding good opportunities to invest in both equity and bond
markets using the same disciplined approach Pioneer has used since 1928. Our
approach is to identify undervalued individual securities with the greatest
potential for success, carefully weighing risk against reward. Our teams of
investment professionals continually monitor and analyze the relative
valuations of different sectors and securities globally to help build
portfolios that we believe can help you achieve your investment goals.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. The strategy has generally performed well for many
investors. Our advice, as always, is to work closely with a trusted financial
advisor to discuss your goals and work together to develop an investment
strategy that meets your individual needs. There is no single best strategy
that works for every investor.
2 Pioneer Disciplined Growth Fund | Annual Report | 8/31/11
We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should
not be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Disciplined Growth Fund | Annual Report | 8/31/11 3
Portfolio Management Discussion | 8/31/11
In the following interview, Paul Cloonan, head of equity research, U.S., and
Ashesh ("Ace") Savla, vice president and senior quantitative research analyst,
discuss the market environment and other factors that affected Pioneer
Disciplined Growth Fund's performance over the 12 months ended August 31, 2011.
Mr. Cloonan and Mr. Savla are responsible for the day-to-day management of the
Fund.
Q How would you characterize the investment environment for equities, over the
12-month period ended August 31, 2011?
A The U.S. equity market continued to advance through April 2011, driven by
strong corporate earnings and attractive equity valuations compared to many
other asset classes. With short-term interest rates at historically low
levels and abundant liquidity due to the Federal Reserve Board's (the
Fed's) "quantitative easing" program, investors became less risk-averse and
increased their exposure to equities. In the last few months of the period,
however, the equity market traded below the level it reached in late April
2011, due to increasing macroeconomic risk factors such as slowing economic
growth, the U.S. debt ceiling and fiscal debates, the debt crisis in
Europe, and tighter monetary policy in China as well as other countries.
Corporate earnings have continued to be strong, but there is risk that
earnings growth could slow as a result of the macro factors. Despite the
macro-related concerns at the end of the period, the Russell 1000 Growth
Index, the Fund's benchmark, delivered a total return of 23.96% for the 12
months ended August 31, 2011. The Russell 1000 Growth Index outperformed
the Russell 1000 Value Index return of 14.37% over the same 12-month
period, primarily due to the larger weighting of the financials sector in
the Russell 1000 Value Index. The financials sector has been lagging other
sectors due to regulatory risks, concerns about credit risk, sluggish loan
growth and other factors.
Q How did the Fund perform over the 12 months ended August 31, 2011?
A Pioneer Disciplined Growth Fund Class A shares returned 21.62% at net asset
value over the 12 months ended August 31, 2011, while the Fund's benchmark,
the Russell 1000 Growth Index, returned 23.96%. Over the same 12-month
period, the average return of the 763 mutual funds in Lipper's Large-Cap
Growth Funds category was 21.33%.
4 Pioneer Disciplined Growth Fund | Annual Report | 8/31/11
Q The Fund underperformed the Russell 1000 Growth Index over the full 12-month
period ended August 31, 2011. Could you highlight some of the factors
behind the Fund's underperformance relative to the benchmark?
A As designed, the Fund's performance is derived primarily from individual
stock selection. The underperformance of the Fund during the 12-month
period did not come from any clear macroeconomic factor or industry bias,
but rather from specific individual securities that did not perform as well
as the Russell 1000 Growth Index benchmark.
Q What sector allocations or portfolio holdings disappointed during the
12-month period ended August 31, 2011?
A The Fund's underperformance during the period derived primarily from stock
selection in two industry groups, retailing and capital goods. In
retailing, Fund holdings Target and Staples both underperformed the overall
group as both companies experienced weaker-than-expected sales. In capital
goods, Fund holdings Textron and Ingersoll-Rand underperformed as slowing
economic growth dampened the growth prospects for Textron's business jets
(Cessna) and Ingersoll-Rand's air conditioning systems business.
Q Given the fairly negative economic news over the past few months, what is
your outlook for the remainder of 2011?
A We remain optimistic about the outlook for equities, although some of the
macro issues addressed in the first question above may provide headwinds
for the equity market in the near term. Our optimism on the longer-term
outlook for equities is supported by attractive equity valuations relative
to other asset classes and our assumption that the economy will continue to
grow. In addition, corporate balance sheets and cash flow are strong, which
may lead to increased merger-and-acquisition activity, share repurchases
and dividend increases.
We will continue to focus our efforts on stock picking, which we believe is
the Fund's key competitive advantage and primary performance driver. Our
approach to stock picking emphasizes bottom-up, fundamental analysis. We
believe our approach is durable and repeatable and can deliver reasonable
investment results across the business cycle, and in a variety of market
conditions.
Please refer to the Schedule of Investments on pages 14-19 for a full listing
of Fund securities.
Pioneer Disciplined Growth Fund | Annual Report | 8/31/11 5
Small- and mid-sized companies may offer the potential for higher returns, but
are also subject to greater short-term price fluctuations than larger, more
established companies. The Fund invests in a limited number of securities and,
as a result, the Fund's performance may be more volatile than the performance
of other funds holding more securities. At times, the Fund's investments may
represent industries or industry sectors that are interrelated or have common
risks, making it more susceptible to any economic, political, or regulatory
developments or other risks affecting those industries and sectors.
These risks may increase share price volatility.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These opinions should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
6 Pioneer Disciplined Growth Fund | Annual Report | 8/31/11
Portfolio Summary | 8/31/11
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Information Technology 28.0%
Consumer Discretionary 13.8%
Consumer Staples 12.0%
Health Care 11.8%
Industrials 11.4%
Energy 10.9%
Materials 6.5%
Financials 4.1%
Telecommunication Services 1.5%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of equity holdings)*
1. Apple, Inc. 5.81%
2. Microsoft Corp. 5.06
3. Exxon Mobil Corp. 4.35
4. Philip Morris International 4.11
5. Google, Inc. 3.81
6. Oracle Corp. 3.32
7. United Technologies Corp. 3.07
8. 3M Co. 3.06
9. Alexion Pharmaceuticals, Inc. 2.96
10. Freeport-McMoRan Copper & Gold, Inc. (Class B) 2.61
* This list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
securities listed.
Pioneer Disciplined Growth Fund | Annual Report | 8/31/11 7
Prices and Distributions | 8/31/11
Net Asset Value per Share
--------------------------------------------------------------------------------
Class 8/31/11 8/31/10
A $9.67 $8.82
--------------------------------------------------------------------------------
C $9.48 $8.71
--------------------------------------------------------------------------------
Y $9.73 $8.86
--------------------------------------------------------------------------------
Distributions per Share: 9/1/10-8/31/11
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
A $0.0286 $0.7041 $0.3003
--------------------------------------------------------------------------------
C $ -- $0.7041 $0.3003
--------------------------------------------------------------------------------
Y $0.0555 $0.7041 $0.3003
--------------------------------------------------------------------------------
The Russell 1000 Growth Index measures the performance of large-cap U.S. growth
stocks. Index returns assume reinvestment of dividends and, unlike Fund
returns, do not reflect any fees, expenses or sales charges. It is not possible
to invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 9-11.
8 Pioneer Disciplined Growth Fund | Annual Report | 8/31/11
Performance Update | 8/31/11 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Disciplined Growth Fund at public offering price,
compared to that of the Russell 1000 Growth Index.
Average Annual Total Returns
(As of August 31, 2011)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
(12/15/05) 3.61% 2.54%
5 Years 3.76 2.54
1 Year 21.62 14.60
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2010)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.66% 1.25%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Disciplined Russell 1000
Growth Fund Growth Index
12/05 9425 10000
8/06 9779 10022
8/07 11803 11796
8/08 10619 10998
8/09 9170 9154
8/10 9672 9717
8/11 11763 12045
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 5.75% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through January 1, 2012, for Class A shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Disciplined Growth Fund | Annual Report | 8/31/11 9
Performance Update | 8/31/11 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Disciplined Growth Fund, compared to that of the
Russell 1000 Growth Index.
Average Annual Total Returns
(As of August 31, 2011)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(7/16/08) 3.24% 3.24%
1 Year 20.58 20.58
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2010)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.36% 2.15%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Disciplined Russell 1000
Growth Fund Growth Index
7/08 10000 10000
8/08 10205 10108
8/09 8741 8414
8/10 9133 8931
8/11 11013 11070
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through January 1, 2012, for Class C shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
10 Pioneer Disciplined Growth Fund | Annual Report | 8/31/11
Performance Update | 8/31/11 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Disciplined Growth Fund, compared to that of the
Russell 1000 Growth Index.
Average Annual Total Returns
(As of August 31, 2011)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(12/15/05) 3.36% 3.36%
5 Years 3.48 3.48
1 Year 22.07 22.07
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2010)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.15% 0.90%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Disciplined Russell 1000
Growth Fund Growth Index
12/05 5000000 5000000
8/06 5188583 5010842
8/07 6184682 5897918
8/08 5501150 5498795
8/09 4767379 4577221
8/10 5042718 4858460
8/11 6155754 6022525
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class Y shares for the period prior to the inception
of Class Y shares on July 31, 2008, is based on the net asset value performance
of the Fund's Class A shares, which has not been restated to reflect any
differences in expenses, including Rule 12b-1 fees applicable to Class A
shares. Since fees for Class A shares generally are higher than those of Class
Y shares, the performance of Class Y shares prior to their inception would have
been higher than the performance shown.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results
are historical and assume the reinvestment of dividends and capital gains.
Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through January 1, 2012, for Class Y shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Disciplined Growth Fund | Annual Report | 8/31/11 11
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Disciplined Growth Fund
Based on actual returns from March 1, 2011 through August 31, 2011.
-----------------------------------------------------------------------------
Share Class A C Y
-----------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 3/1/11
-----------------------------------------------------------------------------
Ending Account Value $929.82 $925.76 $930.20
(after expenses) on 8/31/11
-----------------------------------------------------------------------------
Expenses Paid $6.08 $10.44 $4.38
During Period*
-----------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.25%, 2.15%,
and 0.90% for Class A, Class C, and Class Y shares, respectively, multiplied
by the average account value over the period, multiplied by 184/365 (to
reflect the one-half year period).
12 Pioneer Disciplined Growth Fund | Annual Report | 8/31/11
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Disciplined Growth Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from March 1, 2011 through August 31, 2011.
-----------------------------------------------------------------------------
Share Class A C Y
-----------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 3/1/11
-----------------------------------------------------------------------------
Ending Account Value $1,018.90 $1,014.37 $1,020.67
(after expenses) on 8/31/11
-----------------------------------------------------------------------------
Expenses Paid $6.36 $10.92 $4.58
During Period*
-----------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.25%, 2.15%,
and 0.90% for Class A, Class C, and Class Y shares, respectively, multiplied
by the average account value over the period, multiplied by 184/365 (to
reflect the one-half year period).
Pioneer Disciplined Growth Fund | Annual Report | 8/31/11 13
Schedule of Investments | 8/31/11
----------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------
COMMON STOCKS -- 95.9%
ENERGY -- 10.6%
Integrated Oil & Gas -- 4.8%
3,100 Chevron Corp. $ 306,621
30,400 Exxon Mobil Corp. 2,250,816
-----------
$ 2,557,437
----------------------------------------------------------------------------------
Oil & Gas Drilling -- 0.8%
22,000 Nabors Industries, Inc.* $ 405,680
----------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 3.2%
23,000 Cameron International Corp.* $ 1,195,080
7,600 National-Oilwell Varco, Inc. 502,512
-----------
$ 1,697,592
----------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 1.8%
9,400 Apache Corp. $ 968,858
-----------
Total Energy $ 5,629,567
----------------------------------------------------------------------------------
MATERIALS -- 6.3%
Diversified Metals & Mining -- 2.5%
28,600 Freeport-McMoRan Copper & Gold, Inc. (Class B) $ 1,348,204
----------------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 2.2%
16,600 The Mosaic Co. $ 1,180,758
----------------------------------------------------------------------------------
Specialty Chemicals -- 1.6%
15,400 Ecolab, Inc. (b) $ 825,440
-----------
Total Materials $ 3,354,402
----------------------------------------------------------------------------------
CAPITAL GOODS -- 9.0%
Aerospace & Defense -- 3.4%
13,000 Textron, Inc. $ 219,310
21,419 United Technologies Corp. 1,590,361
-----------
$ 1,809,671
----------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 0.7%
32,000 The Manitowoc Co., Inc. $ 355,520
----------------------------------------------------------------------------------
Industrial Conglomerates -- 3.0%
19,100 3M Co. $ 1,584,918
----------------------------------------------------------------------------------
Industrial Machinery -- 1.9%
17,600 Ingersoll-Rand Plc $ 589,776
7,400 SPX Corp. 420,986
-----------
$ 1,010,762
-----------
Total Capital Goods $ 4,760,871
----------------------------------------------------------------------------------
TRANSPORTATION -- 2.1%
Railroads -- 2.1%
12,200 Union Pacific Corp. $ 1,124,474
-----------
Total Transportation $ 1,124,474
----------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
14 Pioneer Disciplined Growth Fund | Annual Report | 8/31/11
----------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.7%
Auto Parts & Equipment -- 1.7%
18,600 Lear Corp. $ 888,708
-----------
Total Automobiles & Components $ 888,708
----------------------------------------------------------------------
CONSUMER SERVICES -- 4.0%
Restaurants -- 4.0%
3,000 Chipotle Mexican Grill, Inc.* $ 940,110
30,900 Starbucks Corp. 1,193,358
-----------
$ 2,133,468
-----------
Total Consumer Services $ 2,133,468
----------------------------------------------------------------------
MEDIA -- 3.6%
Cable & Satellite -- 1.7%
40,700 Comcast Corp. $ 875,457
----------------------------------------------------------------------
Movies & Entertainment -- 1.9%
20,800 Viacom, Inc. (Class B) $ 1,003,392
-----------
Total Media $ 1,878,849
----------------------------------------------------------------------
RETAILING -- 4.2%
Department Stores -- 2.2%
45,400 Macy's, Inc. $ 1,178,130
----------------------------------------------------------------------
Specialty Stores -- 2.0%
71,800 Staples, Inc. $ 1,058,332
-----------
Total Retailing $ 2,236,462
----------------------------------------------------------------------
FOOD & DRUG RETAILING -- 1.8%
Drug Retail -- 1.8%
27,500 Walgreen Co. $ 968,275
-----------
Total Food & Drug Retailing $ 968,275
----------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 9.9%
Distillers & Vintners -- 1.0%
26,500 Constellation Brands, Inc.* $ 523,905
----------------------------------------------------------------------
Packaged Foods & Meats -- 2.5%
24,500 Campbell Soup Co. (b) $ 780,815
8,900 Hershey Foods Corp. 521,985
-----------
$ 1,302,800
----------------------------------------------------------------------
Soft Drinks -- 2.4%
18,300 Coca-Cola Co. $ 1,289,235
----------------------------------------------------------------------
Tobacco -- 4.0%
30,700 Philip Morris International $ 2,128,124
-----------
Total Food, Beverage & Tobacco $ 5,244,064
----------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 5.2%
Health Care Distributors -- 1.6%
20,600 Cardinal Health, Inc. $ 875,500
----------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Disciplined Growth Fund | Annual Report | 8/31/11 15
Schedule of Investments | 8/31/11 (continued)
---------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------
Health Care Services -- 1.3%
12,900 Medco Health Solutions, Inc.* $ 698,406
---------------------------------------------------------------------
Managed Health Care -- 2.3%
25,128 United Healthcare Group, Inc. $ 1,194,083
-----------
Total Health Care Equipment & Services $ 2,767,989
---------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 6.3%
Biotechnology -- 4.5%
26,472 Alexion Pharmaceuticals, Inc.* $ 1,533,920
15,674 Amgen, Inc. 868,418
-----------
$ 2,402,338
---------------------------------------------------------------------
Pharmaceuticals -- 1.8%
34,700 Pfizer, Inc. $ 658,606
3,900 Watson Pharmaceuticals, Inc.* 261,768
-----------
$ 920,374
-----------
Total Pharmaceuticals & Biotechnology $ 3,322,712
---------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.4%
Consumer Finance -- 2.4%
10,700 Capital One Financial Corp. (b) $ 492,735
31,800 Discover Financial Services 800,088
-----------
$ 1,292,823
-----------
Total Diversified Financials $ 1,292,823
---------------------------------------------------------------------
SOFTWARE & SERVICES -- 15.5%
Application Software -- 1.8%
15,825 Citrix Systems, Inc.* $ 956,305
---------------------------------------------------------------------
Internet Software & Services -- 4.5%
3,645 Google, Inc.* $ 1,971,799
31,100 Yahoo!, Inc.* 423,116
-----------
$ 2,394,915
---------------------------------------------------------------------
Systems Software -- 9.2%
98,421 Microsoft Corp. $ 2,617,997
61,254 Oracle Corp. 1,719,400
11,200 Rovi Corp.*(b) 547,568
-----------
$ 4,884,965
-----------
Total Software & Services $ 8,236,185
---------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 8.9%
Communications Equipment -- 1.6%
40,000 Juniper Networks, Inc.* $ 837,200
---------------------------------------------------------------------
Computer Hardware -- 5.7%
7,816 Apple, Inc.* $ 3,007,831
---------------------------------------------------------------------
Technology Distributors -- 1.6%
27,400 Arrow Electronics, Inc.* $ 854,880
-----------
Total Technology Hardware & Equipment $ 4,699,911
---------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Disciplined Growth Fund | Annual Report | 8/31/11
------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------
SEMICONDUCTORS -- 2.9%
Semiconductor Equipment -- 2.9%
65,400 Applied Materials, Inc. $ 740,328
22,600 ASM Lithography Holdings NV (A.D.R.) 797,102
-----------
$ 1,537,430
-----------
Total Semiconductors $ 1,537,430
------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.5%
Integrated Telecommunication Services -- 1.5%
22,600 Verizon Communications, Inc. $ 817,442
-----------
Total Telecommunication Services $ 817,442
------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $48,313,992) $50,893,632
------------------------------------------------------------------------------------
EXCHANGE TRADED FUND -- 1.6%
14,800 iShares Dow Jones U.S. Real Estate Index Fund (b) $ 846,856
------------------------------------------------------------------------------------
TOTAL EXCHANGE TRADED FUND
(Cost $865,174) $ 846,856
------------------------------------------------------------------------------------
------------------------------------------------------------------------------------
Principal
Amount ($)
------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 5.6%
SECURITIES LENDING COLLATERAL -- 5.6% (c)
Certificates of Deposit:
87,223 Bank of America NA, 0.19%, 9/2/11 $ 87,223
87,223 Bank of Montreal Chicago, 0.18%, 10/20/11 87,223
17,445 Bank of Nova Scotia, 0.26%, 9/29/11 17,445
69,778 Bank of Nova Scotia, 0.32%, 6/11/12 69,778
87,223 Canadian Imperial Bank of Commerce NY, 0.21%, 10/3/11 87,223
87,214 DnB NOR Bank ASA NY, 0.22%, 11/14/11 87,214
43,611 National Australia Bank NY, 0.27%, 10/19/11 43,611
95,953 RaboBank Netherland NV NY, 0.29%, 4/2/12 95,953
52,334 Royal Bank of Canada NY, 0.33%, 12/2/11 52,334
87,226 Skandinav Enskilda Bank NY, 0.33%, 12/6/11 87,226
87,223 Westpac Banking Corp. NY, 0.33%, 12/6/11 87,223
-----------
$ 802,453
------------------------------------------------------------------------------------
Commercial Paper:
52,330 ABTPP, 0.10%, 9/26/11 $ 52,330
34,889 American Honda Finance, 0.30%, 1/11/12 34,889
52,333 Australia & New Zealand Banking Group, 0.15%, 9/6/11 52,333
87,219 CHARFD, 0.14%, 9/13/11 87,219
52,332 CHARFD, 0.14%, 9/8/11 52,332
40,035 Federal Farm Credit Bank, 0.18%, 8/20/12 40,035
62,800 General Electric Capital Corp., 0.37%, 4/10/12 62,800
8,716 General Electric Capital Corp., 0.42%, 7/27/12 8,716
9,599 General Electric Capital Corp., 0.48%, 11/21/11 9,599
The accompanying notes are an integral part of these financial statements.
Pioneer Disciplined Growth Fund | Annual Report | 8/31/11 17
Schedule of Investments | 8/31/11 (continued)
-----------------------------------------------------------------------
Principal
Amount ($) Value
-----------------------------------------------------------------------
Commercial Paper -- (continued)
33,143 JDCCPP, 0.10%, 9/20/11 $ 33,143
78,500 JPMorgan Chase & Co., 0.28%, 7/17/12 78,500
43,604 NABPP, 0.19%, 10/3/11 43,604
78,455 NESCAP, 0.19%, 12/20/11 78,455
69,708 NORDNA, 0.28%, 1/9/12 69,708
55,913 OLDLLC, 0.17%, 10/5/11 55,913
26,162 OLDLLC, 0.17%, 10/7/11 26,162
69,761 PGPP, 0.14%, 11/3/11 69,761
43,611 Royal Bank of Canada NY, 0.30%, 8/17/12 43,611
43,611 SANCPU, 0.64%, 9/1/11 43,611
52,321 Sanofi Aventis, 0.17%, 10/20/11 52,321
34,889 SOCNAM, 0.22%, 9/1/11 34,889
87,223 Svenska Handelsbanken, 0.29%, 6/29/12 87,223
43,610 TBLLC, 0.12%, 9/7/11 43,610
46,767 TBLLC, 0.17%, 10/12/11 46,767
34,934 TBLLC, 0.18%, 10/5/11 34,934
87,223 Toyota Motor Credit Corp., 0.33%, 9/8/11 87,223
43,600 VARFUN, 0.19%, 10/19/11 43,600
34,893 Wachovia, 0.38%, 10/15/11 34,893
26,182 Wachovia, 0.40%, 3/1/12 26,182
17,451 Wells Fargo & Co., 0.34%, 1/24/12 17,451
34,889 WMT, 0.08%, 9/7/11 34,889
-----------
$ 1,486,703
-----------------------------------------------------------------------
Tri-party Repurchase Agreements:
79,278 BNP Paribas, Inc., 0.06%, 9/1/11 $ 79,278
331,436 RBS Securities, Inc., 0.06%, 9/1/11 331,436
-----------
$ 410,714
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Shares
-----------------------------------------------------------------------
Money Market Mutual Funds:
130,834 Dreyfus Preferred Money Market Fund $ 130,834
130,834 Fidelity Prime Money Market Fund 130,834
-----------
$ 261,668
-----------
Total Securities Lending Collateral $ 2,961,538
-----------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $2,961,538) $ 2,961,538
-----------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 103.1%
(Cost $52,140,704)(a) $54,702,026
-----------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- (3.1)% $(1,633,736)
-----------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $53,068,290
=======================================================================
The accompanying notes are an integral part of these financial statements.
18 Pioneer Disciplined Growth Fund | Annual Report | 8/31/11
(A.D.R.) American Depositary Receipt
* Non-income producing security.
(a) At August 31, 2011, the net unrealized gain on investments based on
cost for federal income tax purposes of $52,216,571 was as follows:
Aggregate gross unrealized gain for all investments in
which there is an excess of value over tax cost $ 5,385,305
Aggregate gross unrealized loss for all investments in
which there is an excess of tax cost over value (2,899,850)
-----------
Net unrealized gain $ 2,485,455
===========
(b) At August 31, 2011, the following securities were out on loan:
--------------------------------------------------------------------------------
Shares Security Value
--------------------------------------------------------------------------------
22,500 Campbell Soup Co. $ 717,075
7,000 Capital One Financial Corp. 322,350
15,000 Ecolab, Inc. 804,000
14,650 iShares Dow Jones U.S. Real Estate Index Fund 838,273
5,000 Rovi Corp.* 244,450
--------------------------------------------------------------------------------
Total $2,926,148
================================================================================
(c) Securities lending collateral is managed by Credit Suisse AG, New York
Branch.
Purchases and sales of securities (excluding temporary cash investments) for
the year ended August 31, 2011 aggregated $62,127,015 and $45,118,928,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 -- quoted prices in active markets for identical securities
Level 2 -- other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds,
credit risk, etc.)
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments)
Generally, equity securities are categorized as Level 1, fixed income
securities and senior loans as Level 2 and securities valued using fair value
methods (see Note 1A) are categorized as Level 3.
The following is a summary of the inputs used as of August 31, 2011, in valuing
the Fund's assets:
---------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
---------------------------------------------------------------------------------------
Common Stocks $50,893,632 $ -- $-- $50,893,632
Exchange Traded Fund 846,856 -- -- 846,856
Temporary Cash Investments -- 2,289,156 -- 2,289,156
Repurchase Agreements -- 410,714 -- 410,714
Money Market Mutual Funds 261,668 -- -- 261,668
---------------------------------------------------------------------------------------
Total $52,002,156 $2,699,870 $-- $54,702,026
=======================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Disciplined Growth Fund | Annual Report | 8/31/11 19
Statement of Assets and Liabilities | 8/31/11
ASSETS:
Investment in securities (including securities loaned of
$2,926,148) (cost $52,140,704) $54,702,026
Cash 1,264,095
Receivables --
Fund shares sold 34,703
Dividends 80,015
Due from Pioneer Investment Management, Inc. 10,398
Other 29,355
---------------------------------------------------------------------------
Total assets $56,120,592
---------------------------------------------------------------------------
LIABILITIES:
Payables --
Fund shares repurchased $ 43,150
Upon return of securities loaned 2,961,538
Due to affiliates 4,363
Accrued expenses 43,251
---------------------------------------------------------------------------
Total liabilities $ 3,052,302
---------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $46,272,024
Undistributed net investment income 150,320
Accumulated net realized gain on investments 4,084,624
Net unrealized gain on investments 2,561,322
---------------------------------------------------------------------------
Total net assets $53,068,290
===========================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $5,257,451/543,626 shares) $ 9.67
Class C (based on $1,282,695/135,334 shares) $ 9.48
Class Y (based on $46,528,144/4,780,158 shares) $ 9.73
MAXIMUM OFFERING PRICE:
Class A ($9.67 [divided by] 94.25%) $ 10.26
===========================================================================
The accompanying notes are an integral part of these financial statements.
20 Pioneer Disciplined Growth Fund | Annual Report | 8/31/11
Statement of Operations
For the Year Ended 8/31/11
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $71) $613,494
Interest 238
Income from securities loaned, net 2,717
----------------------------------------------------------------------------------------------
Total investment income $ 616,449
----------------------------------------------------------------------------------------------
EXPENSES:
Management fees $282,088
Transfer agent fees and expenses
Class A 4,967
Class C 2,089
Class Y 422
Distribution fees
Class A 9,412
Class C 7,925
Shareholder communications expense 8,177
Administrative reimbursement 13,084
Custodian fees 7,270
Registration fees 53,922
Professional fees 46,258
Printing expense 17,199
Fees and expenses of nonaffiliated Trustees 7,247
Miscellaneous 4,351
----------------------------------------------------------------------------------------------
Total expenses $ 464,411
Less fees waived and expenses reimbursed by Pioneer Investment
Management, Inc. (50,023)
----------------------------------------------------------------------------------------------
Net expenses $ 414,388
----------------------------------------------------------------------------------------------
Net investment income $ 202,061
----------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments $4,200,771
----------------------------------------------------------------------------------------------
Change in net unrealized gain on investments $ 963,868
----------------------------------------------------------------------------------------------
Net gain on investments $5,164,639
----------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $5,366,700
==============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Disciplined Growth Fund | Annual Report | 8/31/11 21
Statements of Changes in Net Assets
Year Ended Year Ended
8/31/11 8/31/10
FROM OPERATIONS:
Net investment income $ 202,061 $ 219,352
Net realized gain on investments 4,200,771 3,970,790
Change in net unrealized gain (loss) on investments 963,868 (2,313,496)
-------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 5,366,700 $ 1,876,646
-------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.03 and $0.03 per share, respectively) $ (7,817) $ (2,401)
Class Y ($0.06 and $0.04 per share, respectively) (190,573) (145,392)
Net realized gain:
Class A ($1.00 and $0.22 per share, respectively) (235,344) (18,710)
Class C ($1.00 and $0.22 per share, respectively) (38,263) (6,699)
Class Y ($1.00 and $0.22 per share, respectively) (3,283,057) (719,567)
-------------------------------------------------------------------------------------------
Total distributions to shareowners $(3,755,054) $ (892,769)
-------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $28,518,570 $ 5,148,984
Reinvestment of distributions 205,430 8,461
Cost of shares repurchased (8,273,473) (4,230,421)
-------------------------------------------------------------------------------------------
Net increase in net assets resulting from Fund share
transactions $20,450,527 $ 927,024
-------------------------------------------------------------------------------------------
Net increase in net assets $22,062,173 $ 1,910,901
NET ASSETS:
Beginning of year 31,006,117 29,095,216
-------------------------------------------------------------------------------------------
End of year $53,068,290 $31,006,117
-------------------------------------------------------------------------------------------
Undistributed net investment income $ 150,320 $ 146,686
===========================================================================================
The accompanying notes are an integral part of these financial statements.
22 Pioneer Disciplined Growth Fund | Annual Report | 8/31/11
'11 Shares '11 Amount '10 Shares '10 Amount
Class A
Shares sold 702,324 $ 7,113,542 63,227 $ 580,772
Reinvestment of
distributions 19,998 189,680 814 7,432
Less shares repurchased (287,838) (2,895,135) (32,509) (312,703)
-------------------------------------------------------------------------------------------
Net increase 434,484 $ 4,408,087 31,532 $ 275,501
===========================================================================================
Class C
Shares sold 118,543 $ 1,193,508 10,745 $ 98,136
Reinvestment of
distributions 1,359 12,670 114 1,029
Less shares repurchased (21,370) (213,978) (3,919) (35,694)
-------------------------------------------------------------------------------------------
Net increase 98,532 $ 992,200 6,940 $ 63,471
===========================================================================================
Class Y
Shares sold 1,927,826 $20,211,520 492,149 $4,470,076
Reinvestment of
distributions 322 3,080 -- --
Less shares repurchased (502,072) (5,164,360) (405,802) (3,882,024)
-------------------------------------------------------------------------------------------
Net increase 1,426,076 $15,050,240 86,347 $ 588,052
===========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Disciplined Growth Fund | Annual Report | 8/31/11 23
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
8/31/11 8/31/10 8/31/09 8/31/08 8/31/07
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 8.82 $ 8.59 $ 9.98 $ 12.25 $ 10.18
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ (0.01) $ 0.03 $ 0.02 $ 0.02 $ 0.01
Net realized and unrealized gain (loss) on investments 1.89 0.45 (1.39) (1.12) 2.09
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.88 $ 0.48 $ (1.37) $ (1.10) $ 2.10
Distributions to shareowners:
Net investment income (0.03) (0.03) (0.02) -- (0.03)
Net realized gain (1.00) (0.22) -- (1.17) --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.85 $ 0.23 $ (1.39) $ (2.27) $ 2.07
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.67 $ 8.82 $ 8.59 $ 9.98 $ 12.25
====================================================================================================================================
Total return* 21.62% 5.48% (13.64)% (10.03)% 20.69%
Ratio of net expenses to average net assets 1.25% 1.25% 1.25% 1.25% 1.25%
Ratio of net investment income to average net assets 0.18% 0.39% 0.39% 0.22% 0.09%
Portfolio turnover rate 107% 104% 106% 92% 95%
Net assets, end of period (in thousands) $ 5,257 $ 962 $ 667 $ 551 $ 613
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Net expenses 1.52% 1.66% 10.79% 16.35% 13.49%
Net investment loss (0.09)% (0.02)% (9.15)% (14.88)% (12.15)%
====================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
The accompanying notes are an integral part of these financial statements.
24 Pioneer Disciplined Growth Fund | Annual Report | 8/31/11
-----------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended 7/17/08 (a)
8/31/11 8/31/10 8/31/09 to 8/31/08
-----------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 8.71 $ 8.54 $ 9.97 $ 9.74
-----------------------------------------------------------------------------------------------------
Increase (decrease) from investment
operations:
Net investment loss $ (0.07) $ (0.05) $ (0.03) $ 0.00(c)
Net realized and unrealized gain (loss) on
investments 1.84 0.44 (1.40) 0.23
-----------------------------------------------------------------------------------------------------
Net increase (decrease) from
investment operations $ 1.77 $ 0.39 $ (1.43) $ 0.23
-----------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net realized gain (1.00) (0.22) -- --
-----------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.77 $ 0.17 $ (1.43) $ 0.23
-----------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.48 $ 8.71 $ 8.54 $ 9.97
=====================================================================================================
Total return* 20.58% 4.49% (14.34)% 2.36%(b)
Ratio of net expenses to average net assets 2.15% 2.11% 2.15% 1.83%**
Ratio of net investment loss to average net
assets (0.72)% (0.48)% (0.52)% (0.05)%**
Portfolio turnover rate 107% 104% 106% 92%(b)
Net assets, end of period (in thousands) $ 1,283 $ 320 $ 255 $ 256
Ratios with no waiver of fees and
assumption of expenses by the Adviser
and no reduction for fees paid indirectly:
Net expenses 2.47% 2.36% 11.44% 30.50%**
Net investment loss (1.04)% (0.73)% (9.82)% (28.72)%**
=====================================================================================================
(a) Class C shares were first publicly offered on July 17, 2008.
(b) Not annualized.
(c) Amount rounds to less than $0.01 per share.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Disciplined Growth Fund | Annual Report | 8/31/11 25
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended 7/31/08 (a)
8/31/11 8/31/10 8/31/09 to 8/31/08
-----------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 8.86 $ 8.62 $ 9.98 $ 9.87
-----------------------------------------------------------------------------------------------------
Increase (decrease) from investment
operations:
Net investment income $ 0.05 $ 0.07 $ 0.03 $ 0.01
Net realized and unrealized gain (loss) on
investments 1.88 0.43 (1.37) 0.10
-----------------------------------------------------------------------------------------------------
Net increase (decrease) from
investment operations $ 1.93 $ 0.50 $ (1.34) $ 0.11
Distributions to shareowners:
Net investment income (0.06) (0.04) (0.02) --
Net realized gain (1.00) (0.22) -- --
-----------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.87 $ 0.24 $ (1.36) $ 0.11
-----------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.73 $ 8.86 $ 8.62 $ 9.98
=====================================================================================================
Total return* 22.07% 5.78% (13.34)% 1.11%(b)
Ratio of net expenses to average net assets 0.90% 0.90% 0.90% 0.90%**
Ratio of net investment income to average
net assets 0.52% 0.72% 0.88% 1.60%**
Portfolio turnover rate 107% 104% 106% 92%(b)
Net assets, end of period (in thousands) $46,528 $29,723 $28,173 $ 253
Ratios with no waiver of fees and
assumption of expenses by the Adviser
and no reduction for fees paid indirectly:
Net expenses 1.00% 1.15% 1.70% 20.69%**
Net investment income (loss) 0.42% 0.47% 0.07% (18.19)%**
=====================================================================================================
(a) Class Y shares were first publicly offered on July 31, 2008.
(b) Not annualized.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
26 Pioneer Disciplined Growth Fund | Annual Report | 8/31/11
Notes to Financial Statements | 8/31/11
1. Organization and Significant Accounting Policies
Pioneer Disciplined Growth Fund, formerly Pioneer Research Growth Fund (the
Fund), is one of four portfolios comprising Pioneer Series Trust V, a Delaware
statutory trust. The Fund is registered under the Investment Company Act of 1940
as a diversified, open-end management investment company. The Fund was organized
on October 12, 2005, and commenced operations on December 15, 2005. The Fund's
investment objective is to seek long-term capital growth.
The Fund offers three classes of shares designated as Class A, Class C and Class
Y shares. Class C shares were first publicly offered on July 17, 2008. Class Y
shares were first publicly offered on July 31, 2008. Each class of shares
represents an interest in the same portfolio of investments of the Fund and has
identical rights (based on relative net asset values) to assets and liquidation
proceeds. Share classes can bear different rates of class-specific fees and
expenses such as transfer agent and distribution fees. Differences in
class-specific fees and expenses will result in differences in net investment
income and, therefore, the payment of different dividends from net investment
income earned by each class. The Amended and Restated Declaration of Trust of
the Fund gives the Board the flexibility to specify either per-share voting or
dollar-weighted voting when submitting matters for shareholder approval. Under
per-share voting, each share of a class of the Fund is entitled to one vote.
Under dollar-weighted voting, a shareholder's voting power is determined not by
the number of shares owned, but by the dollar value of the shares on the record
date. Each share class has exclusive voting rights with respect to matters
affecting only that class, including with respect to the distribution plan for
that class. There is no distribution plan for Class Y shares.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making the Fund more susceptible to
any economic, political, or regulatory developments or other risks affecting
those industries and sectors. The Fund's prospectus contains unaudited
information regarding the Fund's principal risks. Please refer to that document
when considering the Fund's principal risks.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts
Pioneer Disciplined Growth Fund | Annual Report | 8/31/11 27
of income, expenses and gain or loss on investments during the reporting period.
Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value
of the Fund is computed once daily, on each day the New York Stock
Exchange (NYSE) is open, as of the close of regular trading on the NYSE.
In computing the net asset value, securities that have traded on an
exchange are valued at the last sale price on the principal exchange where
they are traded. Securities that have not traded on the date of valuation,
or securities for which sale prices are not available, generally are
valued at the mean between the last bid and asked prices. Securities for
which market prices and/or quotations are not readily available or are
considered to be unreliable are valued using fair value methods pursuant
to procedures adopted by the Board of Trustees.
Trading in foreign securities is substantially completed each day at
various times prior to the close of the NYSE. The values of such
securities used in computing the net asset value of the Fund's shares are
determined as of such times.
The Fund may use fair value methods if it is determined that a significant
event has occurred after the close of the exchange or market on which the
security trades and prior to the determination of the Fund's net asset
value. Thus, the valuation of the Fund's securities may differ from
exchange prices.
At August 31, 2011, there were no securities that were valued using fair
value methods (other than securities that were valued using prices
supplied by independent pricing services). 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. Short-term fixed income securities with remaining
maturities of sixty days or less generally are valued at amortized cost.
Money market mutual funds are valued at net asset value.
Dividend income is recorded on the ex-dividend date except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence. Interest income is recorded
on the accrual basis. Dividend and interest income are reported net of
unrecoverable foreign taxes withheld at the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
28 Pioneer Disciplined Growth Fund | Annual Report | 8/31/11
B. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income and net realized capital gains, if
any, to its shareowners. Therefore, no federal income tax provision is
required. Tax years for the prior three fiscal years are subject to
examination by tax authorities.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal
income tax rules. Therefore, the sources of the Fund's distributions may
be shown in the accompanying financial statements as from or in excess of
net investment income or as from net realized gain on investment
transactions, or as from paid-in capital, depending on the type of
book/tax differences that may exist.
At August 31, 2011, the Fund reclassified $37 to decrease undistributed
net investment income and $37 to increase accumulated net realized gain,
to reflect permanent book/tax differences. The reclassification has no
impact on the net assets of the Fund and presents the Fund's capital
accounts on a tax basis.
Under the recently enacted Regulated Investment Company Modernization Act
of 2010, the Fund will be permitted to carry forward capital losses
incurred in taxable years beginning after December 22, 2010 for an
unlimited period. However, any losses incurred during those future years
will be required to be utilized prior to the losses incurred in
pre-enactment tax years. As a result of this ordering rule, pre-enactment
capital loss carryforwards may be more likely to expire unused.
Additionally, post-enactment capital losses that are carried forward will
retain their character as either short-term or long-term capital losses
rather than being considered all short-term as under previous law.
The tax character of distributions paid during the years ended August 31,
2011 and August 31, 2010 was as follows:
--------------------------------------------------------------------------------
2011 2010
--------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $2,691,667 $884,001
Long-term capital gain 1,063,387 8,768
--------------------------------------------------------------------------------
Total $3,755,054 $892,769
================================================================================
Pioneer Disciplined Growth Fund | Annual Report | 8/31/11 29
The following shows the components of distributable earnings on a federal
income tax-basis at August 31, 2011:
--------------------------------------------------------------------------------
2011
--------------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $1,412,783
Undistributed long-term gain 2,898,028
Net unrealized gain 2,485,455
--------------------------------------------------------------------------------
Total $6,796,266
================================================================================
The difference between book-basis and tax-basis unrealized appreciation is
attributable to the tax deferral of losses on wash sales.
C. Funzd Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A.
(UniCredit), earned $4,357 in underwriting commissions on the sale of
Class A shares during the year ended August 31, 2011.
D. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset
value attributable to Class A and Class C shares of the Fund, respectively
(see Note 4). Class Y shares do not pay distribution fees. All expenses
and fees paid to the transfer agent, Pioneer Investment Management
Shareholder Services, Inc. (PIMSS), for its services are allocated among
the classes of shares based on the number of accounts in each class and
the ratable allocation of related out-of-pocket expenses (see Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C, and Class Y shares can
reflect different transfer agent and distribution expense rates.
E. Securities Lending
The Fund lends securities in its portfolio to certain broker-dealers or
other institutional investors. When entering into a securities loan
transaction, the Fund typically receives cash collateral from the borrower
equal to at least the value of the securities loaned, which is invested in
temporary investments.
30 Pioneer Disciplined Growth Fund | Annual Report | 8/31/11
Credit Suisse AG, New York Branch, as the Fund's securities lending agent,
manages the Fund's securities lending collateral. The income earned on the
investment of collateral is shared with the borrower and the lending agent
in payment of any rebate due to the borrower with respect to the
securities loan, and in compensation for the lending agent's services to
the Fund. The Fund also continues to receive payments in lieu of dividends
or interest on the securities loaned. Gain or loss on the value of the
loaned securities that may occur during the term of the loan will be for
the account of the Fund. The amount of the collateral is required to be
adjusted daily to reflect any price fluctuation in the value of the loaned
securities. If the required market value of the collateral is less than
the value of the loaned securities, the borrower is required to deliver
additional collateral for the account of the Fund prior to the close of
business on that day. The Fund has the right, under the lending agreement,
to terminate the loan and recover the securities from the borrower with
prior notice. The Fund is required to return the cash collateral to the
borrower and could suffer a loss if the value of the collateral, as
invested, has declined.
2. Management Agreement
Pioneer Investment Management, Inc. (PIM), a wholly owned indirect subsidiary of
UniCredit, manages the Fund's portfolio. Management fees are calculated daily at
the annual rate of 0.65% of the Fund's average daily net assets up to $1
billion, 0.60% of the next $4 billion and 0.55% on assets over $5 billion. For
the year ended August 31, 2011, the effective management fee (excluding waivers
and/or assumption of expenses) was equivalent to 0.65% of the Fund's average
daily net assets.
PIM has contractually agreed to limit ordinary operating expenses of the Fund to
the extent required to reduce Fund expenses to 1.25%, 2.15%, and 0.90% of the
average daily net assets attributable to Class A, Class C, and Class Y shares,
respectively. Expenses waived and reimbursed during the year ended August 31,
2011 are reflected on the Statement of Operations. These expense limitations are
in effect through January 1, 2012. There can be no assurance that PIM will
extend the expense limitation agreement for a class of shares beyond the date
referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is $923
in management fees, administrative costs and certain other reimbursements
payable to PIM at August 31, 2011.
Pioneer Disciplined Growth Fund | Annual Report | 8/31/11 31
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the year ended August 31, 2011, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $5,092
Class C 1,635
Class Y 1,450
--------------------------------------------------------------------------------
Total $8,177
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $3,369 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at August 31, 2011.
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A and Class C shares.
Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net assets
attributable to Class A shares as compensation for personal services and/or
account maintenance services or distribution services with regard to Class A
shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the average daily
net assets attributable to Class C shares. The fee for Class C shares consists
of a 0.25% service fee and a 0.75% distribution fee paid as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class C shares. Included in "Due to affiliates" reflected on the
Statement of Assets and Liabilities is $71 in distribution fees payable to PFD
at August 31, 2011.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Redemptions of Class C shares within one year of
purchase are subject to a CDSC of 1.00%, based on the lower of cost or market
value of shares being redeemed. Shares purchased as part of an exchange remain
subject to any CDSC that applied to the original purchase of those shares. There
is no CDSC for Class Y shares. Proceeds from the CDSCs are paid to PFD. For the
year ended August 31, 2011, CDSCs in the amount of $81 were paid to PFD.
32 Pioneer Disciplined Growth Fund | Annual Report | 8/31/11
5. Subsequent Events
In preparing these financial statements, PIM has evaluated the impact of all
events and transactions for potential recognition or disclosure and has
determined that there were no subsequent events requiring recognition or
disclosure in the financial statements.
Pioneer Disciplined Growth Fund | Annual Report | 8/31/11 33
Report of Independent Registered Public Accounting Firm
To the Trustees of Pioneer Series Trust V and
Shareholders of Pioneer Disciplined Growth Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities of Pioneer
Disciplined Growth Fund (the Fund) (one of the portfolios constituting Pioneer
Series Trust V), including the schedule of investments, as of August 31, 2011,
and the related statement of operations for the year then ended, the statements
of changes in net assets for each of the two years in the period then ended, and
the financial highlights for each of the periods indicated therein. These
financial statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Fund's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Fund's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of August 31, 2011, by correspondence with the custodian and
brokers or by other appropriate auditing procedures where replies from brokers
were not received. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Disciplined Growth Fund at August 31, 2011, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended, and the financial highlights for each of
the periods indicated therein, in conformity with U.S. generally accepted
accounting principles.
/s/Ernst + Young LLP
Boston, Massachusetts
October 26, 2011
34 Pioneer Disciplined Growth Fund | Annual Report | 8/31/11
ADDITIONAL INFORMATION (unaudited)
For the year ended August 30, 2011, certain dividends paid by the Fund may be
subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax
Relief Reconciliation Act (the Act) of 2003. The Fund intends to designate up to
the maximum amount of such dividends allowable under the Act, as taxed at a
maximum rate of 15%. Complete information will be computed and reported in
conjunction with your 2011 form 1099-DIV.
The qualifying percentage of the Fund's ordinary income dividends for the
purpose of the corporate dividends received deduction was 20.55%.
The percentages of the Fund's ordinary income distributions that are exempt from
nonresident alien (NRA) tax withholding resulting from qualified interest income
and qualified short term gains were 0.0% and 92.4%, respectively.
Pioneer Disciplined Growth Fund | Annual Report | 8/31/11 35
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy voting policies and procedures of the Funds are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Funds voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at us.pioneerinvestments.com. This information is also available on
the Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and officers are listed on the following pages, together
with their principal occupations for at least the past five years. Trustees who
are interested persons of the Fund within the meaning of the 1940 Act are
referred to as Interested Trustees. Trustees who are not interested persons of
the Fund are referred to as Independent Trustees. Each of the Trustees, except
Mr. West, serves as a trustee of each of the 55 U.S. registered investment
portfolios for which Pioneer serves as investment adviser (the "Pioneer Funds").
Mr. West serves as a trustee of 44 U.S. registered investment portfolios for
which Pioneer serves as investment adviser. The address for all Trustees and all
officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
36 Pioneer Disciplined Growth Fund | Annual Report | 8/31/11
Interested Trustees
----------------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
----------------------------------------------------------------------------------
John F. Cogan, Jr. (85)* Chairman of the Board, Trustee since 2005.
Trustee and President Serves until a successor
trustee is elected or
earlier retirement or
removal.
----------------------------------------------------------------------------------
Daniel K. Kingsbury (53)* Trustee and Executive Trustee since 2007.
Vice President Serves until a successor
trustee is elected or
earlier retirement or
removal.
----------------------------------------------------------------------------------
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation(s) Held by this Trustee
------------------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (85)* Non-Executive Chairman and a director of Pioneer Investment None
Management USA Inc. ("PIM-USA"); Chairman and a director of
Pioneer; Chairman and Director of Pioneer Institutional Asset
Management, Inc. (since 2006); Director of Pioneer Alternative
Investment Management Limited (Dublin); President and a direc-
tor of Pioneer Alternative Investment Management (Bermuda)
Limited and affiliated funds; Deputy Chairman and a director of
Pioneer Global Asset Management S.p.A. ("PGAM") (until April
2010); Director of PIOGLOBAL Real Estate Investment Fund (Rus-
sia) (until June 2006); Director of Nano-C, Inc. (since 2003);
Director of Cole Management Inc. (since 2004); Director of Fidu-
ciary Counseling, Inc.; President and Director of Pioneer Funds
Distributor, Inc. ("PFD") (until May 2006); President of all of the
Pioneer Funds; and Of Counsel, Wilmer Cutler Pickering Hale and
Dorr LLP
------------------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (53)* Director, CEO and President of PIM-USA (since February 2007); None
Director and President of Pioneer and Pioneer Institutional Asset
Management, Inc. (since February 2007); Executive Vice Presi-
dent of all of the Pioneer Funds (since March 2007); Director of
PGAM (2007 - 2010); Head of New Europe Division, PGAM
(2000 - 2005); and Head of New Markets Division, PGAM
(2005 - 2007)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are
officers or directors of the Fund's investment adviser and certain of its
affiliates.
Pioneer Disciplined Growth Fund | Annual Report | 8/31/11 37
Independent Trustees
----------------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
----------------------------------------------------------------------------------
David R. Bock (67) Trustee Trustee since 2005.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
----------------------------------------------------------------------------------
Mary K. Bush (63) Trustee Trustee since 2005.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
----------------------------------------------------------------------------------
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation(s) Held by this Trustee
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (67) Managing Partner, Federal City Capital Advisors (corporate advi- Director of Enterprise Com-
sory services company) (1997 - 2004 and 2008 - present); munity Investment, Inc.
Interim Chief Executive Officer, Oxford Analytica, Inc. (privately (privately held affordable
held research and consulting company) (2010); Executive Vice housing finance company)
President and Chief Financial Officer, I-trax, Inc. (publicly traded (1985 - 2010); Director of
health care services company) (2004 - 2007); and Executive Oxford Analytica, Inc. (2008
Vice President and Chief Financial Officer, Pedestal Inc. (internet- - present); Director of the
based mortgage trading company) (2000 - 2002) Swiss Helvetia Fund, Inc.
(closed-end fund) (2010 -
present); and Director of
New York Mortgage Trust
(publicly traded mortgage
REIT) (2004 - 2009)
------------------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (63) Chairman, Bush International, LLC (international financial advi- Director of Marriott Interna-
sory firm) (1991 - present); Senior Managing Director, Brock tional, Inc. (2008 -
Capital Group, LLC (strategic business advisors) 2010 - present); present); Director of Dis-
Managing Director, Federal Housing Finance Board (oversight of cover Financial Services
Federal Home Loan Bank system) (1989 - 1991); Vice President (credit card issuer and elec-
and Head of International Finance, Federal National Mortgage tronic payment services)
Association (1988 - 1989); U.S. Alternate Executive Director, (2007 - present); Former
International Monetary Fund (1984 - 1988); Executive Assistant Director of Briggs & Stratton
to Deputy Secretary of the U.S. Treasury, U.S. Treasury Depart- Co. (engine manufacturer)
ment (1982 - 1984); and Vice President and Team Leader in (2004 - 2009); Former
Corporate Banking, Bankers Trust Co. (1976 - 1982) Director of UAL Corporation
(airline holding company)
(2006 - 2010); Director of
ManTech International Cor-
poration (national security,
------------------------------------------------------------------------------------------------------------------------------------
38 Pioneer Disciplined Growth Fund | Annual Report | 8/31/11
----------------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
----------------------------------------------------------------------------------
Mary K. Bush (continued)
----------------------------------------------------------------------------------
Benjamin M. Friedman (67) Trustee Trustee since 2008.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
----------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation(s) Held by this Trustee
------------------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (continued) defense, and intelligence
technology firm) (2006 -
present); Member, Board of
Governors, Investment Com-
pany Institute (2007 -
present); Member, Board of
Governors, Independent
Directors Council (2007 -
present); Former Director of
Brady Corporation (2000 -
2007); Former Director of
Mortgage Guaranty Insur-
ance Corporation (1991 -
2006); Former Director of
Millennium Chemicals, Inc.
(commodity chemicals)
(2002 - 2005); Former
Director, R.J. Reynolds
Tobacco Holdings, Inc.
(tobacco) (1999 - 2005);
and Former Director of
Texaco, Inc. (1997 - 2001)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (67) William Joseph Maier Professor of Political Economy, Harvard Trustee, Mellon Institutional
University (1972 - present) Funds Investment Trust and
Mellon Institutional Funds
Master Portfolio (oversaw
17 portfolios in fund com-
plex) (1989 - 2008)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Disciplined Growth Fund | Annual Report | 8/31/11 39
Independent Trustees (continued)
----------------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
----------------------------------------------------------------------------------
Margaret B.W. Graham (64) Trustee Trustee since 2005.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
----------------------------------------------------------------------------------
Thomas J. Perna (60) Trustee Trustee since 2006.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
----------------------------------------------------------------------------------
Marguerite A. Piret (63) Trustee Trustee since 2005.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
----------------------------------------------------------------------------------
Stephen K. West (82) Trustee Trustee since 2005.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
----------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation(s) Held by this Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (64) Founding Director, Vice President and Corporate Secretary, The None
Winthrop Group, Inc. (consulting firm) (1982 - present);
Desautels Faculty of Management, McGill University (1999 -
present); and Manager of Research Operations and Organiza-
tional Learning, Xerox PARC, Xerox's Advance Research Center
(1990 - 1994)
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (60) Chairman and Chief Executive Officer, Quadriserv, Inc. (technol- Director, Broadridge Finan-
ogy products for securities lending industry) (2008 - present); cial Solutions, Inc. (investor
private investor (2004 - 2008); and Senior Executive Vice Presi- communications and securi-
dent, The Bank of New York (financial and securities services) ties processing provider for
(1986 - 2004) financial services industry)
(2009 - present); and
Director, Quadriserv, Inc.
(2005 - present)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (63) President and Chief Executive Officer, Newbury, Piret & Company, Director of New America
Inc. (investment banking firm) (1981 - present) High Income Fund, Inc.
(closed-end investment
company) (2004 - present);
and member, Board of Gov-
ernors, Investment Company
Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (82) Senior Counsel, Sullivan & Cromwell LLP (law firm) (1998 - Director, The Swiss Helvetia
present); and Partner, Sullivan & Cromwell LLP (prior to 1998) Fund, Inc. (closed-end
investment company); and
Director, AMVESCAP, PLC
(investment manager)
(1997 - 2005)
------------------------------------------------------------------------------------------------------------------------------------
40 Pioneer Disciplined Growth Fund | Annual Report | 8/31/11
Fund Officers
--------------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
--------------------------------------------------------------------------------
Christopher J. Kelley (46) Secretary Since 2010. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------------
Carol B. Hannigan (50) Assistant Secretary Since 2010. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------------
Thomas Reyes (48) Assistant Secretary Since 2010. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------------
Mark E. Bradley (51) Treasurer Since 2008. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------------
Luis I. Presutti (46) Assistant Treasurer Since 2005. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------------
Gary Sullivan (53) Assistant Treasurer Since 2005. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------------
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation(s) Held by this Officer
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (46) Vice President and Associate General Counsel of Pioneer since None
January 2008 and Secretary of all of the Pioneer Funds since
June 2010; Assistant Secretary of all of the Pioneer Funds from
September 2003 to May 2010; and Vice President and Senior
Counsel of Pioneer from July 2002 to December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (50) Fund Governance Director of Pioneer since December 2006 and None
Assistant Secretary of all the Pioneer Funds since June 2010;
Manager -- Fund Governance of Pioneer from December 2003 to
November 2006; and Senior Paralegal of Pioneer from January
2000 to November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (48) Counsel of Pioneer since June 2007 and Assistant Secretary of None
all the Pioneer Funds since June 2010; and Vice President and
Counsel at State Street Bank from October 2004 to June 2007
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (51) Vice President -- Fund Accounting, Administration and Controller- None
ship Services of Pioneer; Treasurer of all of the Pioneer Funds
since March 2008; Deputy Treasurer of Pioneer from March 2004
to February 2008; and Assistant Treasurer of all of the Pioneer
Funds from March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (46) Assistant Vice President -- Fund Accounting, Administration and None
Controllership Services of Pioneer; and Assistant Treasurer of all
of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (53) Fund Accounting Manager -- Fund Accounting, Administration None
and Controllership Services of Pioneer; and Assistant Treasurer of
all of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Disciplined Growth Fund | Annual Report | 8/31/11 41
Fund Officers (continued)
--------------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
--------------------------------------------------------------------------------
David F. Johnson (31) Assistant Treasurer Since 2009. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------------
Jean M. Bradley (58) Chief Compliance Officer Since 2010. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation(s) Held by this Officer
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (31) Fund Administration Manager -- Fund Accounting, Administration None
and Controllership Services since November 2008; Assistant
Treasurer of all of the Pioneer Funds since January 2009; and
Client Service Manager -- Institutional Investor Services at State
Street Bank from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (58) Chief Compliance Officer of Pioneer and of all the Pioneer Funds None
since March 2010; Director of Adviser and Portfolio Compliance
at Pioneer since October 2005; and Senior Compliance Officer
for Columbia Management Advisers, Inc. from October 2003 to
October 2005
------------------------------------------------------------------------------------------------------------------------------------
42 Pioneer Disciplined Growth Fund | Annual Report | 8/31/11
This page for your notes.
Pioneer Disciplined Growth Fund | Annual Report | 8/31/11 43
This page for your notes.
44 Pioneer Disciplined Growth Fund | Annual Report | 8/31/11
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Pioneer Disciplined
Value Fund
--------------------------------------------------------------------------------
Annual Report | August 31, 2011
--------------------------------------------------------------------------------
Ticker Symbols:
Class A SERSX
Class C PRVCX
Class Y PRUYX
[LOGO]PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 7
Prices and Distributions 8
Performance Update 9
Comparing Ongoing Fund Expenses 12
Schedule of Investments 14
Financial Statements 20
Notes to Financial Statements 27
Report of Independent Registered Public Accounting Firm 34
Trustees, Officers and Service Providers 36
Pioneer Disciplined Value Fund | Annual Report | 8/31/11 1
President's Letter
Dear Shareowner,
The U.S. economy went through a soft patch in the first half of 2011, and the
second half of the year, so far, has been highlighted by the U.S. government's
battle over the debt ceiling and Standard & Poor's downgrade of the U.S.
Treasury's credit rating from the top rating of "AAA" for the first time in
history. The markets reacted quite negatively to the credit downgrade, and there
is concern about the strength of the global economy going forward.
Pioneer is cautiously optimistic that the U.S. economy will see moderate
economic growth over the balance of 2011, though at a slower pace than we had
expected earlier this year. While housing and employment remain weak, the
private sector shows signs of slow but steady improvement, led by higher capital
investment, solid exports, and improved consumption. At the same time, the risks
to growth remain substantial, including high unemployment, continued delays in
the housing sector's recovery, and the fiscal drag of U.S. federal and state
budget cuts.
The difficult recovery process has been accompanied by wide market swings. While
this is a challenging environment, our investment professionals continue to
focus on finding good opportunities to invest in both equity and bond markets
using the same disciplined approach Pioneer has used since 1928. Our approach is
to identify undervalued individual securities with the greatest potential for
success, carefully weighing risk against reward. Our teams of investment
professionals continually monitor and analyze the relative valuations of
different sectors and securities globally to help build portfolios that we
believe can help you achieve your investment goals.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. The strategy has generally performed well for many
investors. Our advice, as always, is to work closely with a trusted financial
advisor to discuss your goals and work together to develop an investment
strategy that meets your individual needs. There is no single best strategy that
works for every investor.
2 Pioneer Disciplined Value Fund | Annual Report | 8/31/11
We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us and we thank
you for investing with Pioneer.
Sincerely,
/s/Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Disciplined Value Fund | Annual Report | 8/31/11 3
Portfolio Management Discussion | 8/31/11
In the following interview, Paul Cloonan, head of equity research, U.S., and
Ashesh ("Ace") Savla, vice president and senior quantitative research analyst,
discuss the market environment and other factors that affected Pioneer
Disciplined Value Fund's performance over the 12 months ended August 31, 2011.
Mr. Cloonan and Mr. Savla are responsible for the day-to-day management of the
Fund.
Q How would you characterize the investment environment for equities, over
the 12-month period ended August 31, 2011?
A The U.S. equity market continued to advance through April 2011, driven by
strong corporate earnings and attractive equity valuations when compared
with many other asset classes. With short-term interest rates at
historically low levels and abundant liquidity due to the Federal Reserve
Board's (the Fed's) "quantitative easing" program, investors became less
risk-averse and increased their exposure to equities. In the last few
months of the 12-month period, however, the equity market traded below the
level it reached in late April 2011, due to increasing macroeconomic risk
factors such as slowing economic growth, the U.S. debt ceiling and fiscal
debates, the debt crisis in Europe, and tighter monetary policy in China
as well as other countries. Corporate earnings have continued to be
strong, but there is risk that earnings growth could slow as a result of
the macro factors. Despite the macro-related concerns seen late in the
period, the Russell 1000 Value Index, the Fund's benchmark, delivered a
total return of 14.37% for the 12 months ended August 31, 2011. The
Russell 1000 Value Index lagged the 23.96% return of the Russell 1000
Growth Index during the same 12-month period, primarily due to the larger
weighting of the financials sector in the Russell 1000 Value Index. The
financials sector has been lagging other sectors due to regulatory risks,
concerns about credit risk, sluggish loan growth and other factors.
Q How did the Fund perform over the 12 months ended August 31, 2011?
A Pioneer Disciplined Value Fund Class A shares returned 13.69% at net asset
value over the 12 months ended August 31, 2011, while the Fund's
benchmark, the Russell 1000 Value Index, returned 14.37%. During the same
period, the average return of the 485 mutual funds in Lipper's Large-Cap
Value Funds category was 13.56%.
4 Pioneer Disciplined Value Fund | Annual Report | 8/31/11
Q The Fund slightly underperformed the Russell 1000 Value Index over the
full 12-month period ended August 31, 2011. Could you highlight some of
the factors behind the Fund's underperformance relative to the benchmark?
A As designed, the Fund's performance is derived primarily from individual
stock selection. The underperformance of the Fund during the 12-month
period did not come from any clear macroeconomic factor or industry bias,
but rather from specific individual securities that did not perform as
well as the Russell 1000 Value Index benchmark.
Q What sector allocations or portfolio holdings disappointed during the
12-month period ended August 31, 2011?
A Underperforming industries during the period included pharmaceuticals &
biotechnology, household & personal products, and semiconductors &
semiconductor equipment. In pharmaceuticals, the Fund's large-cap holdings
in Pfizer, Merck, and Bristol-Myers Squibb lagged the returns of biotech
stocks as well as mid-cap pharmaceutical stocks. In household & personal
products, the Fund's performance was hurt by not owning Procter & Gamble
(the largest stock in this industry group) during a period when the
company outperformed most other stocks in the group. In the semiconductor
and semiconductor equipment group, the Fund's positions in ASML and
Applied Materials underperformed relative to the rest of the industry.
Investor sentiment towards semiconductor equipment stocks turned negative
following a slowdown in near-term order growth as companies became more
cautious about adding capacity due to a weaker outlook for global growth.
Q Given the fairly negative economic news over the past few months, what is
your outlook for the remainder of 2011?
A We remain optimistic about the outlook for equities, although some of the
macro issues addressed in the first question above may provide headwinds
for the equity market in the near term. Our optimism on the longer-term
outlook for equities is supported by attractive equity valuations relative
to other asset classes and our assumption that the economy will continue
to grow. In addition, corporate balance sheets and cash flow are strong,
which may lead to increased merger-and-acquisition activity, share
repurchases and dividend increases.
We will continue to focus our efforts on stock picking, which we believe
is the Fund's key competitive advantage and primary performance driver.
Our approach to stock picking emphasizes bottom-up, fundamental analysis.
We believe our approach is durable and repeatable and can deliver
reasonable investment results across the business cycle, and in a variety
of market conditions.
Pioneer Disciplined Value Fund | Annual Report | 8/31/11 5
Please refer to the Schedule of Investments on pages 14-19 for a full listing of
Fund securities.
Small- and mid-sized companies may offer the potential for higher returns but
are also subject to greater short-term price fluctuations than larger, more
established companies. The Fund invests in a limited number of securities, and,
as a result, the Fund's performance may be more volatile than the performance of
other funds holding more securities. At times, the Fund's investments may
represent industries or industry sectors that are interrelated or have common
risks, making it more susceptible to any economic, political, or regulatory
developments or other risks affecting those industries and sectors.
These risks may increase share price volatility.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These opinions should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
6 Pioneer Disciplined Value Fund | Annual Report | 8/31/11
Portfolio Summary | 8/31/11
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
[THE FOLLOWING DATA IS A REPRESENTATION OF A PIE CHART IN THE PRINTED MATERIAL]
Financials 26.0%
Health Care 12.6%
Energy 12.1%
Consumer Discretionary 8.9%
Industrials 8.8%
Information Technology 8.4%
Consumer Staples 7.5%
Utilities 7.5%
Telecommunication Services 5.0%
Materials 3.2%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of equity holdings)*
1. ishares Dow Jones U.S. Real Estate Index Fund 3.61%
2. JPMorgan Chase & Co. 3.54
3. Verizon Communications, Inc. 3.30
4. Merck & Co., Inc. 3.20
5. Amgen, Inc. 3.09
6. Chevron Corp. 3.03
7. United Healthcare Group, Inc. 2.94
8. American Electric Power Co., Inc. 2.62
9. PPL Corp. 2.59
10. Union Pacific Corp. 2.38
* This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommendations to buy or
sell any securities listed.
Pioneer Disciplined Value Fund | Annual Report | 8/31/11 7
Prices and Distributions | 8/31/11
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 8/31/11 8/31/10
--------------------------------------------------------------------------------
A $ 8.16 $ 7.95
--------------------------------------------------------------------------------
C $ 8.16 $ 7.96
--------------------------------------------------------------------------------
Y $ 8.28 $ 8.05
--------------------------------------------------------------------------------
Distributions per Share: 9/1/10-8/31/11
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $ 0.0718 $ 0.6013 $ 0.1880
--------------------------------------------------------------------------------
C $ 0.0048 $ 0.6013 $ 0.1880
--------------------------------------------------------------------------------
Y $ 0.0973 $ 0.6013 $ 0.1880
--------------------------------------------------------------------------------
The Russell 1000 Value Index measures the performance of large-cap U.S. value
stocks. Index returns assume reinvestment of dividends and, unlike Fund returns,
do not reflect any fees, expenses or sales charges. It is not possible to invest
directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 9-11.
8 Pioneer Disciplined Value Fund | Annual Report | 8/31/11
Performance Update | 8/31/11 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Disciplined Value Fund at public offering price,
compared to that of the Russell 1000 Value Index.
Average Annual Total Returns
(As of August 31, 2011)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
(12/15/05) 1.39% 0.35%
5 Years 0.24 -0.93
1 Year 13.69 7.09
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2010)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.76% 1.25%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED
MATERIAL]
Value of $10,000 Investment
Pioneer Disciplined Russell 1000
Value Fund Value Index
12/05 $ 9,425 $10,000
8/06 $10,181 $11,098
8/07 $11,835 $12,524
8/08 $10,257 $10,688
8/09 $ 8,888 $ 8,522
8/10 $ 9,064 $ 8,945
8/11 $10,306 $10,230
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 5.75% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through January 1, 2012, for Class A shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Disciplined Value Fund | Annual Report | 8/31/11 9
Performance Update | 8/31/11 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Disciplined Value Fund, compared to that of the
Russell 1000 Value Index.
Average Annual Total Returns
(As of August 31, 2011)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(7/16/08) 0.20% 0.20%
1 Year 12.65 12.65
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2010)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.40% 2.15%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED
MATERIAL]
Value of $10,000 Investment
Pioneer Disciplined Russell 1000
Value Fund Value Index
7/08 $10,000 $10,000
8/08 $10,148 $10,170
8/09 $ 8,717 $ 8,109
8/10 $ 8,810 $ 8,511
8/11 $ 9,925 $ 9,734
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through January 1, 2012, for Class C shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
10 Pioneer Disciplined Value Fund | Annual Report | 8/31/11
Performance Update | 8/31/11 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Disciplined Value Fund, compared to that of the
Russell 1000 Value Index.
Average Annual Total Returns
(As of August 31, 2011)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(12/15/05) 1.14% 1.14%
5 Years -0.04 -0.04
1 Year 14.11 14.11
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2010)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.22% 0.90%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED
MATERIAL]
Value of $5 Million Investment
Pioneer Disciplined Russell 1000
Value Fund Value Index
12/05 $5,000,000 $5,000,000
8/06 $5,398,990 $5,548,797
8/07 $6,198,235 $6,262,058
8/08 $5,321,650 $5,343,904
8/09 $4,618,011 $4,260,867
8/10 $4,722,369 $4,472,278
8/11 $5,388,693 $5,114,855
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class Y shares for the period prior to the inception
of Class Y shares on July 31, 2008, is based on the net asset value performance
of the Fund's Class A shares, which has not been restated to reflect any
differences in expenses, including Rule 12b-1 fees applicable to Class A shares.
Since fees for Class A shares generally are higher than those of Class Y shares,
the performance of Class Y shares prior to their inception would have been
higher than the performance shown.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through January 1, 2012, for Class Y shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Disciplined Value Fund | Annual Report | 8/31/11 11
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Disciplined Value Fund
Based on actual returns from March 1, 2011, through August 31, 2011.
--------------------------------------------------------------------------------
Actual
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $ 1,000.00 $ 1,000.00 $ 1,000.00
Value on 3/1/11
--------------------------------------------------------------------------------
Ending Account Value $ 920.94 $ 915.78 $ 922.03
(after expenses) on 8/31/11
--------------------------------------------------------------------------------
Expenses Paid $ 6.15 $ 10.48 $ 4.46
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.27%, 2.17%
and 0.92% for Class A, Class C and Class Y shares, respectively. These
combined ratios were multiplied by the average account value over the
period, and then multiplied by 184/365 (to reflect the one-half year
period) to calculate the "Expenses Paid During Period" in the table above.
12 Pioneer Disciplined Value Fund | Annual Report | 8/31/11
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Disciplined Value Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from March 1, 2011, through August 31, 2011.
--------------------------------------------------------------------------------
Hypothetical
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $ 1,000.00 $ 1,000.00 $ 1,000.00
Value on 3/1/11
--------------------------------------------------------------------------------
Ending Account Value $ 1,018.80 $ 1,014.27 $ 1,020.57
(after expenses) on 8/31/11
--------------------------------------------------------------------------------
Expenses Paid $ 6.46 $ 11.02 $ 4.69
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.27%, 2.17%
and 0.92% for Class A, Class C and Class Y shares, respectively. These
combined ratios were multiplied by the average account value over the
period, and then multiplied by 184/365 (to reflect the one-half year
period) to calculate the "Expenses Paid During Period" in the table above.
Pioneer Disciplined Value Fund | Annual Report | 8/31/11 13
Schedule of Investments | 8/31/11
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
COMMON STOCKS -- 93.0%
ENERGY -- 11.7%
Integrated Oil & Gas -- 5.1%
14,100 Chevron Corp. $ 1,394,631
11,800 Occidental Petroleum Corp. 1,023,532
-----------
$ 2,418,163
--------------------------------------------------------------------------------
Oil & Gas Drilling -- 1.2%
31,300 Nabors Industries, Inc.* $ 577,172
--------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 1.2%
8,400 National-Oilwell Varco, Inc. $ 555,408
--------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 4.2%
10,500 Apache Corp. $ 1,082,235
13,769 Devon Energy Corp. 933,951
-----------
$ 2,016,186
-----------
Total Energy $ 5,566,929
--------------------------------------------------------------------------------
MATERIALS -- 3.1%
Diversified Metals & Mining -- 1.5%
14,600 Freeport-McMoRan Copper & Gold, Inc. (Class B) $ 688,244
--------------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 1.6%
11,000 The Mosaic Co. $ 782,430
-----------
Total Materials $ 1,470,674
--------------------------------------------------------------------------------
CAPITAL GOODS -- 6.2%
Aerospace & Defense -- 4.7%
14,300 Northrop Grumman Corp. $ 781,066
32,300 Textron, Inc. 544,901
12,204 United Technologies Corp. 906,147
-----------
$ 2,232,114
--------------------------------------------------------------------------------
Industrial Conglomerates -- 1.5%
8,600 3M Co. $ 713,628
-----------
Total Capital Goods $ 2,945,742
--------------------------------------------------------------------------------
TRANSPORTATION -- 2.3%
Railroads -- 2.3%
11,900 Union Pacific Corp. $ 1,096,823
-----------
Total Transportation $ 1,096,823
--------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.5%
Auto Parts & Equipment -- 0.5%
4,900 Lear Corp. $ 234,122
-----------
Total Automobiles & Components $ 234,122
--------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.5%
Restaurants -- 1.5%
19,000 Starbucks Corp. $ 733,780
-----------
Total Consumer Services $ 733,780
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
14 Pioneer Disciplined Value Fund | Annual Report | 8/31/11
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
MEDIA -- 4.5%
Broadcasting -- 1.4%
27,300 CBS Corp. (Class B) $ 683,865
--------------------------------------------------------------------------------
Cable & Satellite -- 1.1%
24,700 Comcast Corp. $ 531,297
--------------------------------------------------------------------------------
Movies & Entertainment -- 2.0%
19,200 Viacom, Inc. (Class B) $ 926,208
-----------
Total Media $ 2,141,370
--------------------------------------------------------------------------------
RETAILING -- 2.1%
Department Stores -- 2.1%
38,700 Macy's, Inc. $ 1,004,265
-----------
Total Retailing $ 1,004,265
--------------------------------------------------------------------------------
FOOD & DRUG RETAILING -- 1.4%
Drug Retail -- 1.4%
18,900 Walgreens Co. $ 665,469
-----------
Total Food & Drug Retailing $ 665,469
--------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 5.8%
Distillers & Vintners -- 2.1%
50,000 Constellation Brands, Inc.* $ 988,500
--------------------------------------------------------------------------------
Packaged Foods & Meats -- 1.5%
23,100 Campbell Soup Co. (b) $ 736,197
--------------------------------------------------------------------------------
Soft Drinks -- 2.2%
15,100 Coca-Cola Co. $ 1,063,795
-----------
Total Food, Beverage & Tobacco $ 2,788,492
--------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 2.8%
Managed Health Care -- 2.8%
28,502 United Healthcare Group, Inc. $ 1,354,415
-----------
Total Health Care Equipment & Services $ 1,354,415
--------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 9.3%
Biotechnology -- 3.0%
25,700 Amgen, Inc. $ 1,423,909
--------------------------------------------------------------------------------
Pharmaceuticals -- 6.3%
44,500 Merck & Co., Inc. $ 1,473,840
36,400 Pfizer, Inc. 690,872
12,800 Watson Pharmaceuticals, Inc.* 859,136
-----------
$ 3,023,848
-----------
Total Pharmaceuticals & Biotechnology $ 4,447,757
--------------------------------------------------------------------------------
BANKS -- 4.8%
Diversified Banks -- 3.0%
19,700 Comerica, Inc. $ 504,123
35,600 Wells Fargo & Co. 929,160
-----------
$ 1,433,283
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Disciplined Value Fund | Annual Report | 8/31/11 15
Schedule of Investments | 8/31/11 (continued)
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
Regional Banks -- 1.8%
17,100 PNC Bank Corp. $ 857,394
-----------
Total Banks $ 2,290,677
--------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 10.2%
Asset Management & Custody Banks -- 3.2%
6,449 Franklin Resources, Inc. $ 773,364
20,600 State Street Corp. 731,712
-----------
$ 1,505,076
--------------------------------------------------------------------------------
Consumer Finance -- 3.6%
21,400 Capital One Financial Corp. (b) $ 985,470
29,400 Discover Financial Services, Inc. 739,704
-----------
$ 1,725,174
--------------------------------------------------------------------------------
Diversified Financial Services -- 3.4%
43,400 JPMorgan Chase & Co. $ 1,630,104
-----------
Total Diversified Financials $ 4,860,354
--------------------------------------------------------------------------------
INSURANCE -- 6.6%
Life & Health Insurance -- 4.7%
16,600 Aflac, Inc. $ 626,152
17,800 Prudential Financial, Inc. 893,738
31,900 Unum Group 750,926
-----------
$ 2,270,816
--------------------------------------------------------------------------------
Property & Casualty Insurance -- 1.9%
13,900 ACE, Ltd. $ 897,662
-----------
Total Insurance $ 3,168,478
--------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 1.9%
Systems Software -- 1.9%
32,600 Oracle Corp. $ 915,082
-----------
Total Software & Services $ 915,082
--------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 3.5%
Office Electronics -- 1.6%
89,900 Xerox Corp. $ 746,170
--------------------------------------------------------------------------------
Technology Distributors -- 1.9%
51,200 Ingram Micro, Inc.* $ 913,408
-----------
Total Technology Hardware & Equipment $ 1,659,578
--------------------------------------------------------------------------------
SEMICONDUCTORS -- 2.7%
Semiconductor Equipment -- 2.7%
39,900 Applied Materials, Inc. $ 451,668
24,000 ASM Lithography Holdings NV (A.D.R.) 846,480
-----------
$ 1,298,148
-----------
Total Semiconductors $ 1,298,148
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Disciplined Value Fund | Annual Report | 8/31/11
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 4.9%
Integrated Telecommunication Services -- 4.9%
22,500 CenturyLink, Inc. $ 813,375
42,054 Verizon Communications, Inc. 1,521,093
-----------
$ 2,334,468
-----------
Total Telecommunication Services $ 2,334,468
--------------------------------------------------------------------------------
UTILITIES -- 7.2%
Electric Utilities -- 5.0%
31,300 American Electric Power Co., Inc. $ 1,209,119
41,400 PPL Corp. 1,195,632
-----------
$ 2,404,751
--------------------------------------------------------------------------------
Multi-Utilities -- 2.2%
34,400 Ameren Corp. $ 1,040,944
-----------
Total Utilities $ 3,445,695
--------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $45,365,215) $44,422,318
--------------------------------------------------------------------------------
EXCHANGE TRADED FUND -- 3.5%
29,100 iShares Dow Jones U.S. Real Estate Index Fund (b) $ 1,665,102
--------------------------------------------------------------------------------
TOTAL EXCHANGE TRADED FUND
(Cost $1,545,661) $ 1,665,102
--------------------------------------------------------------------------------
Principal
Amount ($)
--------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 6.8%
SECURITIES LENDING COLLATERAL -- 6.8% (c)
Certificates of Deposit:
95,087 Bank of America NA, 0.19%, 9/2/11 $ 95,087
95,087 Bank of Montreal Chicago, 0.18%, 10/20/11 95,087
19,017 Bank of Nova Scotia, 0.26%, 9/29/11 19,017
76,070 Bank of Nova Scotia, 0.32%, 6/11/12 76,070
95,087 Canadian Imperial Bank of Commerce NY, 0.21%, 10/3/11 95,087
95,077 DnB NOR Bank ASA NY, 0.22%, 11/14/11 95,077
47,543 National Australia Bank NY, 0.27%, 10/19/11 47,543
104,607 RaboBank Netherland NV NY, 0.29%, 4/2/12 104,607
57,052 Royal Bank of Canada NY, 0.33%, 12/2/11 57,052
95,091 Skandinav Enskilda Bank NY, 0.33%, 12/6/11 95,091
95,087 Westpac Banking Corp. NY, 0.33%, 12/6/11 95,087
-----------
$ 874,805
--------------------------------------------------------------------------------
Commercial Paper:
57,048 ABTPP, 0.10%, 9/26/11 $ 57,048
38,035 American Honda Finance, 0.30%, 1/11/12 38,035
57,051 Australia & New Zealand Banking Group, 0.15%, 9/6/11 57,051
95,083 CHARFD, 0.14%, 9/13/11 95,083
57,051 CHARFD, 0.14%, 9/8/11 57,051
43,645 Federal Farm Credit Bank, 0.18%, 8/20/12 43,645
The accompanying notes are an integral part of these financial statements.
Pioneer Disciplined Value Fund | Annual Report | 8/31/11 17
Schedule of Investments | 8/31/11 (continued)
--------------------------------------------------------------------------------
Principal
Amount ($) Value
--------------------------------------------------------------------------------
Commercial Paper -- (continued)
68,462 General Electric Capital Corp., 0.37%, 4/10/12 $ 68,462
9,502 General Electric Capital Corp., 0.42%, 7/27/12 9,502
10,464 General Electric Capital Corp., 0.48%, 11/21/11 10,464
36,131 JDCCPP, 0.10%, 9/20/11 36,131
85,578 JPMorgan Chase & Co., 0.28%, 7/17/12 85,578
47,535 NABPP, 0.19%, 10/3/11 47,535
85,529 NESCAP, 0.19%, 12/20/11 85,529
75,993 NORDNA, 0.28%, 1/9/12 75,993
60,954 OLDLLC, 0.17%, 10/5/11 60,954
28,521 OLDLLC, 0.17%, 10/7/11 28,521
76,051 PGPP, 0.14%, 11/3/11 76,051
47,544 Royal Bank of Canada NY, 0.30%, 8/17/12 47,544
47,544 SANCPU, 0.64%, 9/1/11 47,544
57,039 Sanofi Aventis, 0.17%, 10/20/11 57,039
38,035 SOCNAM, 0.22%, 9/1/11 38,035
95,087 Svenska Handelsbanken, 0.29%, 6/29/12 95,087
47,543 TBLLC, 0.12%, 9/7/11 47,543
50,983 TBLLC, 0.17%, 10/12/11 50,983
38,083 TBLLC, 0.18%, 10/5/11 38,083
95,087 Toyota Motor Credit Corp., 0.33%, 9/8/11 95,087
47,531 VARFUN, 0.19%, 10/19/11 47,531
38,039 Wachovia, 0.38%, 10/15/11 38,039
28,543 Wachovia, 0.40%, 3/1/12 28,543
19,025 Wells Fargo & Co., 0.34%, 1/24/12 19,025
38,034 WMT, 0.08%, 9/7/11 38,034
-----------
$ 1,620,750
--------------------------------------------------------------------------------
Tri-party Repurchase Agreements:
86,427 BNP Paribas, Inc., 0.06%, 9/1/11 $ 86,427
361,319 RBS Securities, Inc., 0.06%, 9/1/11 361,319
-----------
$ 447,746
--------------------------------------------------------------------------------
Shares
--------------------------------------------------------------------------------
Money Market Mutual Funds:
142,631 Dreyfus Preferred Money Market Fund $ 142,631
142,631 Fidelity Prime Money Market Fund 142,631
-----------
$ 285,262
-----------
Total Securities Lending Collateral $ 3,228,563
--------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $3,228,563) $ 3,228,563
--------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 103.3%
(Cost $50,139,439) (a) $49,315,983
--------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- (3.3)% $(1,594,048)
--------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $47,721,935
================================================================================
The accompanying notes are an integral part of these financial statements.
18 Pioneer Disciplined Value Fund | Annual Report | 8/31/11
(A.D.R.) American Depositary Receipt
* Non-income producing security.
(a) At August 31, 2011, the net unrealized loss on investments based on
cost for federal income tax purposes of $50,172,958 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $2,386,395
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (3,243,370)
----------
Net unrealized loss $ (856,975)
==========
(b) At August 31, 2011, the following securities were out on loan:
-----------------------------------------------------------------------
Shares Security Value
-----------------------------------------------------------------------
22,500 Campbell Soup Co. $ 717,075
18,000 Capital One Financial Corp. 828,900
28,750 iShares Dow Jones U.S. Real Estate Index Fund 1,645,075
-----------------------------------------------------------------------
Total $3,191,050
=======================================================================
(c) Securities lending collateral is managed by Credit Suisse AG, New York
Branch.
Purchases and sales of securities (excluding temporary cash investments) for the
year ended August 31, 2011 aggregated $49,412,334 and $35,198,313, respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 -- quoted prices in active markets for identical securities
Level 2 -- other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.)
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments)
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods (see
Note 1A) are categorized as Level 3.
The following is a summary of the inputs used as of August 31, 2011, in valuing
the Fund's assets:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Common Stocks $44,422,318 $ -- $ -- $44,422,318
Exchange Traded Fund 1,665,102 -- -- 1,665,102
Temporary Cash Investments -- 2,495,555 -- 2,495,555
Repurchase Agreements -- 447,746 -- 447,746
Money Market Mutual Funds 285,262 -- -- 285,262
--------------------------------------------------------------------------------
Total $46,372,682 $2,943,301 $ -- $49,315,983
================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Disciplined Value Fund | Annual Report | 8/31/11 19
Statement of Assets and Liabilities | 8/31/11
ASSETS:
Investment in securities, at value (including securities loaned of
$3,191,050) (cost $50,139,439) $49,315,983
Cash 1,552,516
Receivables --
Fund shares sold 15,982
Dividends 76,399
Due from Pioneer Investment Management, Inc. 13,541
Other 24,184
------------------------------------------------------------------------------------
Total assets $50,998,605
------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Fund shares repurchased $ 5,440
Upon return of securities loaned 3,228,563
Due to affiliates 3,015
Accrued expenses 39,652
------------------------------------------------------------------------------------
Total liabilities $ 3,276,670
------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $45,551,540
Undistributed net investment income 325,464
Accumulated net realized gain on investments 2,668,387
Net unrealized loss on investments (823,456)
------------------------------------------------------------------------------------
Total net assets $47,721,935
------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $1,358,148/166,430 shares) $ 8.16
Class C (based on $673,210/82,515 shares) $ 8.16
Class Y (based on $45,690,577/5,515,261 shares) $ 8.28
MAXIMUM OFFERING PRICE:
Class A ($8.16 [divided by] 94.25%) $ 8.66
====================================================================================
The accompanying notes are an integral part of these financial statements.
20 Pioneer Disciplined Value Fund | Annual Report | 8/31/11
Statement of Operations
For the Year Ended 8/31/11
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $2,686) $873,753
Interest 204
Income from securities loaned, net 6,289
-------------------------------------------------------------------------------------
Total investment income $ 880,246
-------------------------------------------------------------------------------------
EXPENSES:
Management fees $259,186
Transfer agent fees
Class A 2,797
Class C 1,270
Class Y 437
Distribution fees
Class A 3,155
Class C 6,637
Shareholder communication expense 4,715
Administrative reimbursements 12,033
Custodian fees 5,494
Registration fees 59,659
Professional fees 44,927
Printing expense 14,289
Fees and expenses of nonaffiliated Trustees 7,263
Miscellaneous 3,062
-------------------------------------------------------------------------------------
Total expenses $ 424,924
Less fees waived and expenses reimbursed by Pioneer
Investment Management, Inc. $ (52,081)
-------------------------------------------------------------------------------------
Net expenses $ 372,843
-------------------------------------------------------------------------------------
Net investment income $ 507,403
-------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments $2,738,999
-------------------------------------------------------------------------------------
Change in net unrealized (loss) on investments $ (395,951)
-------------------------------------------------------------------------------------
Net gain on investments $2,343,048
-------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $2,850,451
=====================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Disciplined Value Fund | Annual Report | 8/31/11 21
Statements of Changes in Net Assets
------------------------------------------------------------------------------------------
Year Ended Year Ended
8/31/11 8/31/10
------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 507,403 $ 307,857
Net realized gain on investments and foreign currency
transactions 2,738,999 3,680,466
Change in net unrealized loss on investments (395,951) (3,822,388)
------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 2,850,451 $ 165,935
------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.07 and $0.07 per share, respectively) $ (9,441) $ (5,373)
Class C ($0.00* and $0.02 per share, respectively) (323) (960)
Class Y ($0.10 and $0.07 per share, respectively) (376,968) (201,918)
Net realized gain:
Class A ($0.79 and $0.35 per share, respectively) (92,143) (24,123)
Class C ($0.79 and $0.35 per share, respectively) (48,851) (13,699)
Class Y ($0.79 and $0.35 per share, respectively) (2,899,846) (985,985)
------------------------------------------------------------------------------------------
Total distributions to shareowners $(3,427,572) $(1,232,058)
------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $22,253,365 $ 9,221,222
Reinvestment of distributions 83,249 10,920
Cost of shares repurchased (4,718,006) (1,313,764)
------------------------------------------------------------------------------------------
Net increase in net assets resulting from Fund share
transactions $17,618,608 $ 7,918,378
------------------------------------------------------------------------------------------
Net increase in net assets $17,041,487 $ 6,852,255
NET ASSETS:
Beginning of year 30,680,448 23,828,193
------------------------------------------------------------------------------------------
End of year $47,721,935 $30,680,448
------------------------------------------------------------------------------------------
Undistributed net investment income $ 325,464 $ 204,863
==========================================================================================
* Rounds to less than $0.01 per share
The accompanying notes are an integral part of these financial statements.
22 Pioneer Disciplined Value Fund | Annual Report | 8/31/11
------------------------------------------------------------------------------------------
'11 Shares '11 Amount '10 Shares '10 Amount
------------------------------------------------------------------------------------------
Class A
Shares sold 105,522 $ 912,806 73,867 $ 630,164
Reinvestment of distributions 6,845 55,201 757 6,351
Less shares repurchased (58,251) (496,626) (26,560) (217,975)
------------------------------------------------------------------------------------------
Net increase 54,116 $ 471,381 48,064 $ 418,540
==========================================================================================
Class C
Shares sold 37,652 $ 329,948 39,021 $ 338,140
Reinvestment of distributions 3,491 28,048 542 4,569
Less shares repurchased (19,148) (164,822) (11,299) (95,545)
------------------------------------------------------------------------------------------
Net increase 21,995 $ 193,174 28,264 $ 247,164
==========================================================================================
Class Y
Shares sold 2,331,206 $21,010,611 968,797 $8,252,918
Reinvestment of distributions -- -- -- --
Less shares repurchased (455,774) (4,056,558) (115,886) (1,000,244)
------------------------------------------------------------------------------------------
Net increase 1,875,432 $16,954,053 852,911 $7,252,674
==========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Disciplined Value Fund | Annual Report | 8/31/11 23
Financial Highlights
-----------------------------------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
8/31/11 8/31/10 8/31/09 8/31/08 8/31/07
-----------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 7.95 $ 8.19 $ 9.60 $ 11.99 $ 10.69
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.07 $ 0.06 $ 0.09 $ 0.11 $ 0.12
Net realized and unrealized gain (loss) on investments 1.00 0.12 (1.39) (1.62) 1.58
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 1.07 $ 0.18 $ (1.30) $ (1.51) $ 1.70
Distributions to shareowners:
Net investment income (0.07) (0.07) (0.11) (0.11) (0.12)
Net realized gain (0.79) (0.35) -- (0.77) (0.28)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.21 $ (0.24) $ (1.41) $ (2.39) $ 1.30
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.16 $ 7.95 $ 8.19 $ 9.60 $ 11.99
===================================================================================================================================
Total return* 13.69% 1.98% (13.34)% (13.34)% 16.24%
Ratio of net expenses to average net assets 1.25% 1.25% 1.25% 1.25% 1.25%
Ratio of net investment income to average net assets 0.95% 0.78% 1.34% 1.07% 1.01%
Portfolio turnover rate 91% 112% 114% 116% 88%
Net assets, end of period (in thousands) $ 1,358 $ 892 $ 526 $ 520 $ 600
Ratios with no waiver of fees and assumption of expenses by the
Adviser:
Net expenses 1.68% 1.76% 13.37% 16.02% 13.35%
Net investment income (loss) 0.52% 0.27% (10.78)% (13.70)% (11.09)%
===================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
The accompanying notes are an integral part of these financial statements.
24 Pioneer Disciplined Value Fund | Annual Report | 8/31/11
-----------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended 7/17/08 (a)
8/31/11 8/31/10 8/31/09 to 8/31/08
-----------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 7.96 $ 8.23 $ 9.61 $ 9.34
-----------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.01) $ (0.02) $ 0.03 $ 0.01
Net realized and unrealized gain (loss) on
investments 1.00 0.12 (1.39) 0.26
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from
investment operations $ 0.99 $ 0.10 $ (1.36) $ 0.27
-----------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.00)(c) (0.02) (0.02) --
Net realized gain (0.79) (0.35) -- --
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.20 $ (0.27) $ (1.38) $ 0.27
-----------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.16 $ 7.96 $ 8.23 $ 9.61
===========================================================================================================
Total return* 12.65% 1.07% (14.10)% 2.89%(b)
Ratio of net expenses to average net assets 2.15% 2.15% 1.99% 2.15%**
Ratio of net investment income (loss) to average
net assets 0.05% (0.12)% 0.59% 0.40%**
Portfolio turnover rate 91% 112% 114% 116%(b)
Net assets, end of period (in thousands) $ 673 $ 482 $ 265 $ 257
Ratios with no waiver of fees and assumption of
expenses by the Adviser:
Net expenses 2.41% 2.40% 13.76% 25.47%**
Net investment loss (0.21)% (0.37)% (11.18)% (22.92)%**
===========================================================================================================
(a) Class C shares were first publicly offered on July 17, 2008.
(b) Not annualized.
(c) Rounds to less than ($0.01) per share.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distribution, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Disciplined Value Fund | Annual Report | 8/31/11 25
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended 7/31/08 (a)
8/31/11 8/31/10 8/31/09 to 8/31/08
Class Y
Net asset value, beginning of period $ 8.05 $ 8.27 $ 9.62 $ 9.57
--------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.10 $ 0.09 $ 0.06 $ 0.02
Net realized and unrealized gain (loss) on
investments 1.02 0.11 (1.34) 0.03
--------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from
investment operations $ 1.12 $ 0.20 $ (1.28) $ 0.05
--------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.10) (0.07) (0.07) --
Net realized gain (0.79) (0.35) -- --
--------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.23 $ (0.22) $ (1.35) $ 0.05
--------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.28 $ 8.05 $ 8.27 $ 9.62
========================================================================================================
Total return* 14.11% 2.26% (13.22)% 0.52%(b)
Ratio of net expenses to average net assets 0.90% 0.90% 0.90% 0.90%**
Ratio of net investment income to average
net assets 1.30% 1.14% 1.41% 2.37%**
Portfolio turnover rate 91% 112% 114% 116%(b)
Net assets, end of period (in thousands) $45,691 $29,306 $23,037 $ 251
Ratios with no waiver of fees and assumption
of expenses by the Adviser:
Net expenses 1.02% 1.22% 1.88% 10.11%**
Net investment income (loss) 1.19% 0.82% 0.43% (6.84)%**
========================================================================================================
(a) Class Y shares were first publicly offered on July 31, 2008.
(b) Not annualized.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
26 Pioneer Disciplined Value Fund | Annual Report | 8/31/11
Notes to Financial Statements | 8/31/11
1. Organization and Significant Accounting Policies
Pioneer Disciplined Value Fund, formerly Pioneer Research Value Fund (the Fund),
is one of four portfolios comprising Pioneer Series Trust V, a Delaware
statutory trust. The Fund is registered under the Investment Company Act of 1940
as a diversified, open-end management investment company. The Fund was organized
on October 12, 2005, and commenced operations on December 15, 2005. Pioneer
Investment Management Inc. (PIM), the Fund's investment adviser, paid all
organizational costs of the Fund. The Fund's investment objective is long-term
capital growth.
The Fund offers three classes of shares designated as Class A, Class C and Class
Y shares. Class C shares were first publicly offered on July 17, 2008. Class Y
shares were first publicly offered on July 31, 2008. Each class of shares
represents an interest in the same portfolio of investments of the Fund and has
identical rights (based on relative net asset values) to assets and liquidation
proceeds. Share classes can bear different rates of class-specific fees and
expenses such as transfer agent and distribution fees. Differences in
class-specific fees and expenses will result in differences in net investment
income and, therefore, the payment of different dividends from net investment
income earned by each class. The Amended and Restated Declaration of Trust of
the Fund gives the Board the flexibility to specify either per-share voting or
dollar-weighted voting when submitting matters for shareholder approval. Under
per-share voting, each share of a class of the Fund is entitled to one vote.
Under dollar-weighted voting, a shareholder's voting power is determined not by
the number of shares owned, but by the dollar value of the shares on the record
date. Each share class has exclusive voting rights with respect to matters
affecting only that class, including with respect to the distribution plan for
that class. There is no distribution plan for Class Y shares.
Small and mid-sized companies may offer the potential for higher returns, but
are also subject to greater short-term price fluctuations than larger, more
established companies. The Fund's prospectus contains information regarding the
Fund's principal risks. Please refer to that document when considering the
Fund's principal risks.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts
Pioneer Disciplined Value Fund | Annual Report | 8/31/11 27
of income, expenses and gain or loss on investments during the reporting period.
Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value
of the Fund is computed once daily, on each day the New York Stock
Exchange (NYSE) is open, as of the close of regular trading on the NYSE.
In computing the net asset value, securities that have traded on an
exchange are valued at the last sale price on the principal exchange where
they are traded. Securities that have not traded on the date of valuation,
or securities for which sale prices are not available, generally are
valued at the mean between the last bid and asked prices. Securities for
which market prices and/or quotations are not readily available or are
considered to be unreliable are valued using fair value methods pursuant
to procedures adopted by the Board of Trustees.
Trading in foreign securities is substantially completed each day at
various times prior to the close of the NYSE. The values of such
securities used in computing the net asset value of the Fund's shares are
determined as of such times.
The Fund may use fair value methods if it is determined that a significant
event has occurred after the close of the exchange or market on which the
security trades and prior to the determination of the Fund's net asset
value. Thus, the valuation of the Fund's securities may differ from
exchange prices.
At August 31, 2011, there were no securities that were valued using fair
value methods (other than securities that were valued using prices
supplied by independent pricing services). 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. Short-term fixed income securities with remaining
maturities of sixty days or less generally are valued at amortized cost.
Money market mutual funds are valued at net asset value.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence. Interest income is recorded
on the accrual basis. Dividend and interest income are reported net of
unrecoverable foreign taxes withheld at the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
28 Pioneer Disciplined Value Fund | Annual Report | 8/31/11
B. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income and net realized capital gains, if
any, to its shareowners. Therefore, no federal income tax provision is
required. Tax years for the prior three fiscal years are subject to
examination by tax authorities.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal
income tax rules. Therefore, the sources of the Fund's distributions may
be shown in the accompanying financial statements as from or in excess of
net investment income or as from net realized gain on investment
transactions, or as from paid-in capital, depending on the type of
book/tax differences that may exist.
At August 31, 2011, the Fund reclassified $70 to decrease undistributed
net investment income and $70 to increase accumulated net realized gain,
to reflect permanent book/tax differences. The reclassification has no
impact on the net assets of the Fund and presents the Fund's capital
accounts on a tax basis.
Under the recently enacted Regulated Investment Company Modernization Act
of 2010, the Fund will be permitted to carry forward capital losses
incurred in taxable years beginning after December 22, 2010 for an
unlimited period. However, any losses incurred during those future years
will be required to be utilized prior to the losses incurred in
pre-enactment tax years. As a result of this ordering rule, pre-enactment
capital loss carryforwards may be more likely to expire unused.
Additionally, post-enactment capital losses that are carried forward will
retain their character as either short-term or long-term capital losses
rather than being considered all short-term as under previous law.
The tax character of distributions paid during the years ended August 31,
2011 and August 31, 2010 was as follows:
--------------------------------------------------------------------------------
2011 2010
--------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $2,703,287 $1,232,058
Long-term capital gain 724,285 --
--------------------------------------------------------------------------------
Total $3,427,572 $1,232,058
================================================================================
Pioneer Disciplined Value Fund | Annual Report | 8/31/11 29
The following shows the components of distributable earnings on a federal
income tax-basis at August 31, 2011:
--------------------------------------------------------------------------------
2011
--------------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $1,385,456
Undistributed long-term gain 1,641,914
Net unrealized loss (856,975)
--------------------------------------------------------------------------------
Total $2,170,395
================================================================================
The difference between book-basis and tax-basis unrealized depreciation is
attributable to the tax deferral of losses on wash sales.
C. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A.
(UniCredit), earned $1,369 in underwriting commissions on the sale of
Class A shares during the year ended August 31, 2011.
D. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset
value attributable to Class A and Class C shares of the Fund, respectively
(see Note 4). Class Y shares do not pay distribution fees. All expenses
and fees are paid to the transfer agent, Pioneer Investment Management
Shareholder Services, Inc. (PIMSS), for its services are allocated among
the classes of shares based on the number of accounts in each class and
the ratable allocation of related out-of-pocket expenses (see Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C, and Class Y shares can
reflect different transfer agent and distribution expense rates.
E. Securities Lending
The Fund lends securities in its portfolio to certain broker-dealers or
other institutional investors. When entering into a securities loan
transaction, the Fund typically receives cash collateral from the borrower
equal to at least the value of the securities loaned, which is invested in
temporary investments.
30 Pioneer Disciplined Value Fund | Annual Report | 8/31/11
Credit Suisse AG, New York Branch, as the Fund's securities lending agent,
manages the Fund's securities lending collateral. The income earned on the
investment of collateral is shared with the borrower and the lending agent
in payment of any rebate due to the borrower with respect to the
securities loan, and in compensation for the lending agent's services to
the Fund. The Fund also continues to receive payments in lieu of dividends
or interest on the securities loaned. Gain or loss on the value of the
loaned securities that may occur during the term of the loan will be for
the account of the Fund. The amount of the collateral is required to be
adjusted daily to reflect any price fluctuation in the value of the loaned
securities. If the required market value of the collateral is less than
the value of the loaned securities, the borrower is required to deliver
additional collateral for the account of the Fund prior to the close of
business on that day. The Fund has the right, under the lending agreement,
to terminate the loan and recover the securities from the borrower with
prior notice. The Fund is required to return the cash collateral to the
borrower and could suffer a loss if the value of the collateral, as
invested, has declined.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.65% of
the Fund's average daily net assets up to $1 billion, 0.60% of the next $4
billion and 0.55% on assets over $5 billion. For the year ended August 31, 2011,
the effective management fee (excluding waivers and/or assumption of expenses)
was equivalent to 0.65% of the Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses of the Fund to
the extent required to reduce Fund expenses to 1.25%, 2.15%, and 0.90% of the
average daily net assets attributable to Class A, Class C, and Class Y shares,
respectively. Expenses waived and reimbursed during the year ended August 31,
2011 are reflected on the Statement of Operations. These expense limitations are
in effect through January 1, 2012 for all classes. There can be no assurance
that PIM will extend the expense limitation agreement for a class of shares
beyond the date referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is $883
in management fees, administrative costs and certain other reimbursements
payable to PIM at August 31, 2011.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
Pioneer Disciplined Value Fund | Annual Report | 8/31/11 31
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the year ended August 31, 2011, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $2,381
Class C 1,330
Class Y 1,004
--------------------------------------------------------------------------------
Total $4,715
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $2,104 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at August 31, 2011.
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A and Class C shares.
Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net assets
attributable to Class A shares as compensation for personal services and/or
account maintenance services or distribution services with regard to Class A
shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the average daily
net assets attributable to Class C shares. The fee for Class C shares consists
of a 0.25% service fee and a 0.75% distribution fee paid as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class C shares. Included in "Due to affiliates" reflected on the
Statement of Assets and Liabilities is $28 in distribution fees payable to PFD
at August 31, 2011.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Redemptions of Class C shares within one year of
purchase are subject to a CDSC of 1.00%, based on the lower of cost or market
value of shares being redeemed. Shares purchased as part of an exchange remain
subject to any CDSC that applied to the original purchase of those shares. There
is no CDSC for Class Y shares. Proceeds from the CDSCs are paid to PFD. For the
year ended August 31, 2011, CDSCs in the amount of $80 were paid to PFD.
32 Pioneer Disciplined Value Fund | Annual Report | 8/31/11
5. Subsequent Events
In preparing these financial statements, PIM has evaluated the impact of all
events and transactions for potential recognition or disclosure and has
determined that there were no subsequent events requiring recognition or
disclosure in the financial statements.
Pioneer Disciplined Value Fund | Annual Report | 8/31/11 33
Report of Independent Registered Public Accounting Firm
To the Trustees of Pioneer Series Trust V and
Shareholders of Pioneer Disciplined Value Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities of Pioneer
Disciplined Value Fund (the Fund) (one of the portfolios constituting Pioneer
Series Trust V), including the schedule of investments, as of August 31, 2011,
and the related statement of operations for the year then ended, the statements
of changes in net assets for each of the two years in the period then ended, and
the financial highlights for each of the periods indicated therein. These
financial statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Fund's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Fund's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of August 31, 2011, by correspondence with the custodian and
brokers or by other appropriate auditing procedures where replies from brokers
were not received. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Disciplined Value Fund at August 31, 2011, the results of its operations
for the year then ended, the changes in its net assets for each of the two years
in the period then ended, and the financial highlights for each of the periods
indicated therein, in conformity with U.S. generally accepted accounting
principles.
/s/Ernst + Young LLP
Boston, Massachusetts
October 26, 2011
34 Pioneer Disciplined Value Fund | Annual Report | 8/31/11
ADDITIONAL INFORMATION (unaudited)
For the year ended August 30, 2011, certain dividends paid by the Fund may be
subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax
Relief Reconciliation Act (the Act) of 2003. The Fund intends to designate up to
the maximum amount of such dividends allowable under the Act, as taxed at a
maximum rate of 15%. Complete information will be computed and reported in
conjunction with your 2011 form 1099-DIV.
The qualifying percentage of the Fund's ordinary income dividends for the
purpose of the corporate dividends received deduction was 25.88%.
The percentages of the Fund's ordinary income distributions that are exempt from
nonresident alien (NRA) tax withholding resulting from qualified interest income
and qualified short term gains were 0.0% and 81.98%, respectively.
Pioneer Disciplined Value Fund | Annual Report | 8/31/11 35
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy voting policies and procedures of the Funds are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Funds voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at us.pioneerinvestments.com. This information is also available on
the Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and officers are listed on the following pages, together
with their principal occupations for at least the past five years. Trustees who
are interested persons of the Fund within the meaning of the 1940 Act are
referred to as Interested Trustees. Trustees who are not interested persons of
the Fund are referred to as Independent Trustees. Each of the Trustees, except
Mr. West, serves as a trustee of each of the 55 U.S. registered investment
portfolios for which Pioneer serves as investment adviser (the "Pioneer Funds").
Mr. West serves as a trustee of 44 U.S. registered investment portfolios for
which Pioneer serves as investment adviser. The address for all Trustees and all
officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
36 Pioneer Disciplined Value Fund | Annual Report | 8/31/11
Interested Trustees
--------------------------------------------------------------------------------
Position Held Term of Office and
Name and Age With the Fund Length of Service
--------------------------------------------------------------------------------
John F. Cogan, Jr. (85)* Chairman of the Board, Trustee since 2005.
Trustee and President Serves until a successor
trustee is elected or
earlier retirement or
removal.
--------------------------------------------------------------------------------
Daniel K. Kingsbury (53)* Trustee and Executive Trustee since 2007.
Vice President Serves until a successor
trustee is elected or
earlier retirement or
removal.
--------------------------------------------------------------------------------
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Trustee
------------------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (85)* Non-Executive Chairman and a director of Pioneer Investment None
Management USA Inc. ("PIM-USA"); Chairman and a director of
Pioneer; Chairman and Director of Pioneer Institutional Asset
Management, Inc. (since 2006); Director of Pioneer Alternative
Investment Management Limited (Dublin); President and a direc-
tor of Pioneer Alternative Investment Management (Bermuda)
Limited and affiliated funds; Deputy Chairman and a director of
Pioneer Global Asset Management S.p.A. ("PGAM") (until April
2010); Director of PIOGLOBAL Real Estate Investment Fund
(Russia) (until June 2006); Director of Nano-C, Inc. (since
2003); Director of Cole Management Inc. (since 2004); Director
of Fiduciary Counseling, Inc.; President and Director of Pioneer
Funds Distributor, Inc. ("PFD") (until May 2006); President of all
of the Pioneer Funds; and Of Counsel, Wilmer Cutler Pickering
Hale and Dorr LLP
------------------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (53)* Director, CEO and President of PIM-USA (since February 2007); None
Director and President of Pioneer and Pioneer Institutional Asset
Management, Inc. (since February 2007); Executive Vice Presi-
dent of all of the Pioneer Funds (since March 2007); Director of
PGAM (2007 - 2010); Head of New Europe Division, PGAM
(2000 - 2005); and Head of New Markets Division, PGAM
(2005 - 2007)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are
officers or directors of the Fund's investment adviser and certain of its
affiliates.
Pioneer Disciplined Value Fund | Annual Report | 8/31/11 37
Independent Trustees
--------------------------------------------------------------------------------
Position Held Term of Office and
Name and Age With the Fund Length of Service
--------------------------------------------------------------------------------
David R. Bock (67) Trustee Trustee since 2005.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
--------------------------------------------------------------------------------
Mary K. Bush (63) Trustee Trustee since 2005.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Trustee
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (67) Managing Partner, Federal City Capital Advisors (corporate advi- Director of Enterprise Com-
sory services company) (1997 - 2004 and 2008 - present); munity Investment, Inc.
Interim Chief Executive Officer, Oxford Analytica, Inc. (privately (privately held affordable
held research and consulting company) (2010); Executive Vice housing finance company)
President and Chief Financial Officer, I-trax, Inc. (publicly traded (1985 - 2010); Director of
health care services company) (2004 - 2007); and Executive Oxford Analytica, Inc. (2008
Vice President and Chief Financial Officer, Pedestal Inc. (internet- - present); Director of the
based mortgage trading company) (2000 - 2002) Swiss Helvetia Fund, Inc.
(closed-end fund) (2010 -
present); and Director of
New York Mortgage Trust
(publicly traded mortgage
REIT) (2004 - 2009)
------------------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (63) Chairman, Bush International, LLC (international financial advi- Director of Marriott Interna-
sory firm) (1991 - present); Senior Managing Director, Brock tional, Inc. (2008 -
Capital Group, LLC (strategic business advisors) 2010 - present); present); Director of Dis-
Managing Director, Federal Housing Finance Board (oversight of cover Financial Services
Federal Home Loan Bank system) (1989 - 1991); Vice President (credit card issuer and elec-
and Head of International Finance, Federal National Mortgage tronic payment services)
Association (1988 - 1989); U.S. Alternate Executive Director, (2007 - present); Former
International Monetary Fund (1984 - 1988); Executive Assistant Director of Briggs & Stratton
to Deputy Secretary of the U.S. Treasury, U.S. Treasury Depart- Co. (engine manufacturer)
ment (1982 - 1984); and Vice President and Team Leader in (2004 - 2009); Former
Corporate Banking, Bankers Trust Co. (1976 - 1982) Director of UAL Corporation
(airline holding company)
(2006 - 2010); Director of
ManTech International Cor-
poration (national security,
38 Pioneer Disciplined Value Fund | Annual Report | 8/31/11
--------------------------------------------------------------------------------
Position Held Term of Office and
Name and Age With the Fund Length of Service
--------------------------------------------------------------------------------
Mary K. Bush (continued)
--------------------------------------------------------------------------------
Benjamin M. Friedman (67) Trustee Trustee since 2008.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
--------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Trustee
------------------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (continued) defense, and intelligence
technology firm) (2006 -
present); Member, Board of
Governors, Investment Com-
pany Institute (2007 -
present); Member, Board of
Governors, Independent
Directors Council (2007 -
present); Former Director of
Brady Corporation (2000 -
2007); Former Director of
Mortgage Guaranty Insur-
ance Corporation (1991 -
2006); Former Director of
Millennium Chemicals, Inc.
(commodity chemicals)
(2002 - 2005); Former
Director, R.J. Reynolds
Tobacco Holdings, Inc.
(tobacco) (1999 - 2005);
and Former Director of
Texaco, Inc. (1997 - 2001)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (67) William Joseph Maier Professor of Political Economy, Harvard Trustee, Mellon Institutional
University (1972 - present) Funds Investment Trust and
Mellon Institutional Funds
Master Portfolio (oversaw
17 portfolios in fund com-
plex) (1989 - 2008)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Disciplined Value Fund | Annual Report | 8/31/11 39
Independent Trustees (continued)
--------------------------------------------------------------------------------
Position Held Term of Office and
Name and Age With the Fund Length of Service
--------------------------------------------------------------------------------
Margaret B.W. Graham (64) Trustee Trustee since 2005.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
--------------------------------------------------------------------------------
Thomas J. Perna (60) Trustee Trustee since 2006.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
--------------------------------------------------------------------------------
Marguerite A. Piret (63) Trustee Trustee since 2005.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
--------------------------------------------------------------------------------
Stephen K. West (82) Trustee Trustee since 2005.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
--------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (64) Founding Director, Vice President and Corporate Secretary, The None
Winthrop Group, Inc. (consulting firm) (1982 - present);
Desautels Faculty of Management, McGill University (1999 -
present); and Manager of Research Operations and Organiza-
tional Learning, Xerox PARC, Xerox's Advance Research Center
(1990 - 1994)
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (60) Chairman and Chief Executive Officer, Quadriserv, Inc. (technol- Director, Broadridge Finan-
ogy products for securities lending industry) (2008 - present); cial Solutions, Inc. (investor
private investor (2004 - 2008); and Senior Executive Vice Presi- communications and securi-
dent, The Bank of New York (financial and securities services) ties processing provider for
(1986 - 2004) financial services industry)
(2009 - present); and
Director, Quadriserv, Inc.
(2005 - present)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (63) President and Chief Executive Officer, Newbury, Piret & Company, Director of New America
Inc. (investment banking firm) (1981 - present) High Income Fund, Inc.
(closed-end investment
company) (2004 - present);
and member, Board of Gov-
ernors, Investment Company
Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (82) Senior Counsel, Sullivan & Cromwell LLP (law firm) (1998 - Director, The Swiss Helvetia
present); and Partner, Sullivan & Cromwell LLP (prior to 1998) Fund, Inc. (closed-end
investment company); and
Director, AMVESCAP, PLC
(investment manager)
(1997 - 2005)
------------------------------------------------------------------------------------------------------------------------------------
40 Pioneer Disciplined Value Fund | Annual Report | 8/31/11
Fund Officers
--------------------------------------------------------------------------------
Position Held Term of Office and
Name and Age With the Fund Length of Service
--------------------------------------------------------------------------------
Christopher J. Kelley (46) Secretary Since 2010. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------------
Carol B. Hannigan (50) Assistant Secretary Since 2010. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------------
Thomas Reyes (48) Assistant Secretary Since 2010. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------------
Mark E. Bradley (51) Treasurer Since 2008. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------------
Luis I. Presutti (46) Assistant Treasurer Since 2005. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------------
Gary Sullivan (53) Assistant Treasurer Since 2005. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------------
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Officer
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (46) Vice President and Associate General Counsel of Pioneer since None
January 2008 and Secretary of all of the Pioneer Funds since
June 2010; Assistant Secretary of all of the Pioneer Funds from
September 2003 to May 2010; and Vice President and Senior
Counsel of Pioneer from July 2002 to December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (50) Fund Governance Director of Pioneer since December 2006 and None
Assistant Secretary of all the Pioneer Funds since June 2010;
Manager - Fund Governance of Pioneer from December 2003 to
November 2006; and Senior Paralegal of Pioneer from January
2000 to November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (48) Counsel of Pioneer since June 2007 and Assistant Secretary of None
all the Pioneer Funds since June 2010; and Vice President and
Counsel at State Street Bank from October 2004 to June 2007
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (51) Vice President - Fund Accounting, Administration and Controller- None
ship Services of Pioneer; Treasurer of all of the Pioneer Funds
since March 2008; Deputy Treasurer of Pioneer from March 2004
to February 2008; and Assistant Treasurer of all of the Pioneer
Funds from March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (46) Assistant Vice President - Fund Accounting, Administration and None
Controllership Services of Pioneer; and Assistant Treasurer of all
of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (53) Fund Accounting Manager - Fund Accounting, Administration and None
Controllership Services of Pioneer; and Assistant Treasurer of all
of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Disciplined Value Fund | Annual Report | 8/31/11 41
Fund Officers (continued)
--------------------------------------------------------------------------------
Position Held Term of Office and
Name and Age With the Fund Length of Service
--------------------------------------------------------------------------------
David F. Johnson (31) Assistant Treasurer Since 2009. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------------
Jean M. Bradley (58) Chief Compliance Since 2010. Serves at
Officer the discretion of the
Board.
--------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Officer
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (31) Fund Administration Manager - Fund Accounting, Administration None
and Controllership Services since November 2008; Assistant
Treasurer of all of the Pioneer Funds since January 2009; and
Client Service Manager - Institutional Investor Services at State
Street Bank from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (58) Chief Compliance Officer of Pioneer and of all the Pioneer Funds None
since March 2010; Director of Adviser and Portfolio Compliance
at Pioneer since October 2005; and Senior Compliance Officer
for Columbia Management Advisers, Inc. from October 2003 to
October 2005
------------------------------------------------------------------------------------------------------------------------------------
42 Pioneer Disciplined Value Fund | Annual Report | 8/31/11
This page for your notes.
Pioneer Disciplined Value Fund | Annual Report | 8/31/11 43
This page for your notes.
44 Pioneer Disciplined Value Fund | Annual Report | 8/31/11
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
Pioneer Global
Equity Fund
--------------------------------------------------------------------------------
Annual Report | August 31, 2011
--------------------------------------------------------------------------------
Ticker Symbols:
Class A GLOSX
Class B GBSLX
Class C GCSLX
Class Y PGSYX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 8
Prices and Distributions 9
Performance Update 10
Comparing Ongoing Fund Expenses 14
Schedule of Investments 16
Financial Statements 26
Notes to Financial Statements 34
Report of Independent Registered Public Accounting Firm 43
Trustees, Officers and Service Providers 45
Pioneer Global Equity Fund | Annual Report | 8/31/11 1
President's Letter
Dear Shareowner,
The U.S. economy went through a soft patch in the first half of 2011, and the
second half of the year, so far, has been highlighted by the U.S. government's
battle over the debt ceiling and Standard & Poor's downgrade of the U.S.
Treasury's credit rating from the top rating of "AAA" for the first time in
history. The markets reacted quite negatively to the credit downgrade, and
there is concern about the strength of the global economy going forward.
Pioneer is cautiously optimistic that the U.S. economy will see moderate
economic growth over the balance of 2011, though at a slower pace than we had
expected earlier this year. While housing and employment remain weak, the
private sector shows signs of slow but steady improvement, led by higher
capital investment, solid exports, and improved consumption. At the same time,
the risks to growth remain substantial, including high unemployment, continued
delays in the housing sector's recovery, and the fiscal drag of U.S. federal
and state budget cuts.
The difficult recovery process has been accompanied by wide market swings.
While this is a challenging environment, our investment professionals continue
to focus on finding good opportunities to invest in both equity and bond
markets using the same disciplined approach Pioneer has used since 1928. Our
approach is to identify undervalued individual securities with the greatest
potential for success, carefully weighing risk against reward. Our teams of
investment professionals continually monitor and analyze the relative
valuations of different sectors and securities globally to help build
portfolios that we believe can help you achieve your investment goals.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. The strategy has generally performed well for many
investors. Our advice, as always, is to work closely with a trusted financial
advisor to discuss your goals and work together to develop an investment
strategy that meets your individual needs. There is no single best strategy
that works for every investor.
2 Pioneer Global Equity Fund | Annual Report | 8/31/11
We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should
not be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Global Equity Fund | Annual Report | 8/31/11 3
Portfolio Management Discussion | 8/31/11
In the following interview, Marco Pirondini, head of equities, U.S., at Pioneer
and portfolio manager of Pioneer Global Equity Fund, discusses the factors that
influenced the Fund's performance during the 12-month period ended August 31,
2011.
Q How did the Fund perform over the 12-month period ended August 31, 2011?
A In a mixed period for the global equity markets, Pioneer Global Equity Fund
Class A shares returned 10.48% at net asset value over the 12 months ended
August 31, 2011, while the Fund's benchmark, the Morgan Stanley Capital
International (MSCI)* World Index, returned 15.06%. Over the same period,
the average return of the 125 mutual funds in Lipper's Global Large-Cap
Core Funds category was 13.52%.
Q How would you characterize the global equity markets over the Fund's most
recent fiscal year ended August 31, 2011?
A The past 12 months featured two sharply contrasting periods of market
performance. Earlier in the period global stock markets rallied sharply,
spurred by the U.S. Federal Reserve Board's (the Fed's) announcement of a
second round of quantitative easing (QE2). The positive impact that market
watchers felt QE2 would have on liquidity and asset prices helped to push
stock prices up. The market upturn began in early September 2010, and
continued through June of 2011. Beginning in July 2011, however, a number
of unfavorable events short-circuited the rally. They included the
termination of QE2, the cumulative effect of the tragic natural disasters
in Japan, continued severe problems with European sovereign debt, and
downward revisions in the outlook for growth in major developed economies.
* The MSCI information may only be used for your internal use, may not be
reproduced or redisseminated in any form and may not be used as a basis for
or a component of any financial instruments or products or indices. None of
the MSCI information is intended to constitute investment advice or a
recommendation to make (or refrain from making) any kind of investment
decision and may not be relied on as such. Historical data and analysis
should not be taken as an indication or guarantee of any future performance
analysis, forecast or prediction. The MSCI information is provided on an "as
is" basis and the user of this information assumes the entire risk of any
use made of this information. MSCI, each of its affiliates and each other
person involved in or related to compiling, computing or creating any MSCI
information (collectively, the "MSCI Parties") expressly disclaims all
warranties (including, without limitation, any warranties of originality,
accuracy, completeness, timeliness, non-infringement, merchantability and
fitness for a particular purpose) with respect to this information. Without
limiting any of the foregoing, in no event shall any MSCI Party have any
liability for any direct, indirect, special, incidental, punitive,
consequential (including, without limitation, lost profits) or any other
damages.
4 Pioneer Global Equity Fund | Annual Report | 8/31/11
Q Would you review the Fund's overall investment approach during the 12 months
ended August 31, 2011?
A In managing the Fund, we examine mid- and large-capitalization stocks
worldwide, including those in emerging markets. From there, we build a
diversified portfolio. In selecting securities for the Fund, we look for
"growth at a reasonable price," and so there is a strong value component to
our analysis. We seek to invest the Fund in companies that are not only
benefiting from operating efficiencies as reflected in factors including
increased market share and revenues, but also those that employ their
capital efficiently. In particular, we emphasize strong free cash flow,
because it provides companies with the flexibility to make share buybacks,
reinvest in their businesses, make acquisitions and raise dividends. We
also look for stocks with attractive dividend yields as well as those
trading at lower-than-market valuations.
Finally, we attempt to assess not only the potential price gains for each
stock but also the potential for a decline in price if circumstances become
unfavorable. We prefer stocks with the highest potential upside relative to
their downside.
Q What investment strategies or individual securities helped and/or hurt the
Fund's performance over the 12 months ended August 31, 2011?
A During the period, the Fund's performance was aided by our gradual
repositioning of the portfolio toward increased holdings in the emerging
markets and our moves to hedge the Fund's currency exposure. While the
Fund's overall weighting to emerging markets ended up being a minor drag on
benchmark-relative returns, particularly in Asia (ex-Japan), stock
selection in the emerging markets was a strong positive contributor to
relative performance.
The Fund's holdings in the industrials sector, especially in Schneider
Industries, also helped performance. We sold the Fund's position earlier
this year in order to capture price appreciation. In addition, a Fund
position in Irish government bonds that we purchased during the period
contributed significantly. For diversification purposes, we bought the
bonds as a way of generating exposure for the Fund to the European
financial industry, without holding European bank stocks, which we viewed
as too risky. Among the nations along the euro-zone "periphery" that have
experienced significant budgetary problems over the past several years, we
see Ireland as a country that is resilient and competitive economically,
with export levels that have been improving. During the 12-month period
ended August 31, 2011, yields on the Fund's Irish government bond holdings
declined significantly, thus boosting the prices of the bonds, and the
Fund's return.
Pioneer Global Equity Fund | Annual Report | 8/31/11 5
Another holding that contributed to performance was the Fund's position in
ITOCHU, a cyclical company that performed well in spite of the earthquake
and tsunami in Japan. Investors came to believe that based on its healthy
import/export business, ITOCHU could benefit in the medium term from
Japan's extensive reconstruction efforts.
Overall, our conservative positioning during the first half of the Fund's
fiscal year subtracted from returns, as we never believed that the Fed's
QE2 program alone would improve U.S. economic performance in a sustained
fashion. However, earlier in the period consumer spending in Europe and the
United States proved stronger than expected, and our cautious investment
stance regarding the consumer discretionary sector hurt the Fund's
performance. Specific detractors from performance during the 12-month
period came mainly from holdings in consumer discretionary and also in
materials. Within consumer discretionary, the Fund's position in the
Brazilian real estate developer Gafisa hurt relative return as investors
worried that interest rate hikes by the Brazilian central bank would slow
the economy there. The Fund continues to hold the stock as short-term rates
in Brazil are now being reduced, and many market watchers see improved
prospects for consumer companies such as Gafisa.
In the materials area, holdings in Sino-Forest had a significant negative
impact on the Fund's one-year return. Sino-Forest, a Chinese forestry
company, came under investigation by Canadian securities authorities during
the summer of 2011. Company officials have been accused of exaggerating
revenues and the firm's CEO was forced to resign. Trading in Sino-Forest
shares has been suspended until January 2012, when the results of a fraud
investigation are due to be released.
Q What is your outlook and how is it reflected in the Fund's positioning as the
Fund's new fiscal year begins?
A Investors have been focused for some time on the sovereign-debt problems in
Europe that first emerged with the Greek fiscal crisis in 2010 and
subsequently spread to peripheral European countries, and beyond. We think
that the European situation is solvable, but only if the region's leaders
summon the political will to issue sufficient Eurobonds to ease the crisis,
and accelerate political and fiscal integration there. We think the
solutions are possible longer-term, but at the same time we are concerned
that the European crisis could drag on for years. In addition, we believe
that developed economies will continue to be structurally weak and that
emerging market countries should prosper by comparison. We look for slow,
but steady economic growth in the United States.
Though our biggest concerns regarding developed markets are focused on the
European side, we also find that valuations are significantly compressed.
In light of that, in recent weeks we have added some severely discounted
6 Pioneer Global Equity Fund | Annual Report | 8/31/11
European stocks to the Fund, along with hedged currency positions designed
to offset any further deterioration in the euro.
Please refer to the Schedule of Investments on pages 16-25 for a full listing
of fund securities.
Investing in foreign and/or emerging markets securities involves certain risks,
including risks relating to interest rates, currency exchange rates, economic
and political conditions. Investments in mid-sized companies may offer the
potential for higher returns, but are also subject to greater short-term price
fluctuations than larger, more established companies. The Fund is
non-diversified and invests in a limited number of securities and, as a result,
the Fund's performance may be more volatile than the performance of funds
holding more securities. At times, the Fund's investments may represent
industries or industry sectors that are interrelated or have common risks,
making it more susceptible to any economic, political, or regulatory
developments or other risks affecting those industries and sectors.
These risks may increase share price volatility.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should
not be relied upon for any other purposes.
Pioneer Global Equity Fund | Annual Report | 8/31/11 7
Portfolio Summary | 8/31/11
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Financials 20.3%
Information Technology 12.7%
Industrials 12.1%
Health Care 11.5%
Energy 10.0%
Consumer Staples 9.9%
Materials 7.4%
Consumer Discretionary 6.3%
Telecommunication Services 5.8%
Government 2.4%
Utilities 1.6%
Geographical Distribution
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A BAR CHART IN THE PRINTED MATERIAL]
United States 40.1%
United Kingdom 10.3%
Japan 7.5%
People's Republic of China 5.9%
Hong Kong 5.3%
Germany 4.8%
Switzerland 3.5%
Singapore 3.1%
Ireland 2.3%
Brazil 2.3%
Australia 2.2%
Indonesia 2.0%
Luxembourg 1.7%
Netherlands 1.7%
France 1.4%
South Africa 1.2%
South Korea 1.2%
Philippines 1.2%
Canada 1.2%
Other (individually less than 1%) 1.1%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of equity holdings)*
1. Microsoft Corp. 3.14%
2. Capital One Financial Corp. 2.73
3. Industrial & Commercial Bank of China, Ltd. 2.57
4. First Pacific Co. 2.45
5. Merck & Co., Inc. 2.00
6. BP Amoco Plc 1.94
7. GlaxoSmithKline Plc 1.91
8. Itochu Corp. 1.76
9. Allianz AG 1.74
10. Gafisa SA 1.73
* This list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
8 Pioneer Global Equity Fund | Annual Report | 8/31/11
Prices and Distributions | 8/31/11
Net Asset Value per Share
--------------------------------------------------------------------------------
Class 8/31/11 8/31/10
A $9.27 $8.44
--------------------------------------------------------------------------------
B $9.08 $8.30
--------------------------------------------------------------------------------
C $9.09 $8.31
--------------------------------------------------------------------------------
Y $9.32 $8.49
--------------------------------------------------------------------------------
Distributions per Share: 9/1/10-8/31/11
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
A $0.0580 $ -- $ --
--------------------------------------------------------------------------------
B $ -- $ -- $ --
--------------------------------------------------------------------------------
C $ -- $ -- $ --
--------------------------------------------------------------------------------
Y $0.1065 $ -- $ --
--------------------------------------------------------------------------------
The Morgan Stanley Capital International (MSCI) World Index measures the
performance of stock markets in the developed world. Index returns are
calculated monthly, assume reinvestment of dividends and, unlike Fund returns,
do not reflect any fees, expenses or sales charges. It is not possible to
invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 10-13.
Pioneer Global Equity Fund | Annual Report | 8/31/11 9
Performance Update | 8/31/11 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Global Equity Fund at public offering price,
compared to that of the Morgan Stanley Capital International (MSCI) World
Index.
Average Annual Total Returns
(As of August 31, 2011)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
(12/15/05) 0.89% -0.15%
5 Years -1.21 -2.37
1 Year 10.48 4.19
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2010)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.71% 1.30%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global Equity Fund MSCI World Index
12/05 9425 10000
8/06 10547 10949
8/07 12085 12807
8/08 10794 11261
8/09 9085 9323
8/10 8982 9467
8/11 9923 10836
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 5.75% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 1/1/12 for Class A shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
10 Pioneer Global Equity Fund | Annual Report | 8/31/11
Performance Update | 8/31/11 Class B Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Global Equity Fund, compared to that of the Morgan
Stanley Capital International (MSCI) World Index.
Average Annual Total Returns
(As of August 31, 2011)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(12/15/05) -0.03% -0.03%
5 Years -2.10 -2.10
1 Year 9.40 5.40
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2010)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.93% 2.20%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global Equity Fund MSCI World Index
12/05 10000 10000
8/06 11111 10949
8/07 12617 12807
8/08 11172 11261
8/09 9320 9323
8/10 9133 9467
8/11 9992 10836
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If Redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). The maximum CDSC for Class B shares is 4% and declines over five years.
For more complete information, please see the prospectus.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses
will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 1/1/12 for Class B shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
Pioneer Global Equity Fund | Annual Report | 8/31/11 11
Performance Update | 8/31/11 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Global Equity Fund, compared to that of the Morgan
Stanley Capital International (MSCI) World Index.
Average Annual Total Returns
(As of August 31, 2011)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(12/15/05) -0.02% -0.02%
5 Years -2.09 -2.09
1 Year 9.39 9.39
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2010)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.54% 2.20%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global Equity Fund MSCI World Index
12/05 10000 10000
8/06 11111 10949
8/07 12628 12807
8/08 11179 11261
8/09 9326 9323
8/10 9139 9467
8/11 9997 10836
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 1/1/12 for Class C shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer Global Equity Fund | Annual Report | 8/31/11
Performance Update | 8/31/11 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Global Equity Fund, compared to that of the Morgan
Stanley Capital International (MSCI) World Index.
Average Annual Total Returns
(As of August 31, 2011)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(12/15/05) 0.59% 0.59%
5 Years -1.55 -1.55
1 Year 10.96 10.96
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2010)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.96% 0.80%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Global Equity Fund MSCI World Index
12/05 5000000 5000000
8/06 5595596 5474445
8/07 6329046 6403612
8/08 5579945 5630699
8/09 4692443 4661475
8/10 4664575 4733454
8/11 5175958 5417874
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for periods prior to the inception of the Fund's Class Y
shares on December 31, 2008 reflects the NAV performance of the Fund's Class A
shares. The performance does not reflect differences in expenses, including the
Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares are
generally higher than those of Class Y shares, the performance for Class Y
shares prior to their inception would have been higher than the performance
shown. Class Y shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors. All
results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses
will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 1/1/12 for Class Y shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Global Equity Fund | Annual Report | 8/31/11 13
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments
and redemption fees.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Global Equity Fund
Based on actual returns from March 1, 2011 through August 31, 2011.
--------------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 3/1/11
--------------------------------------------------------------------------------------
Ending Account $903.50 $899.01 $898.26 $904.84
Value (after expenses)
on 8/31/11
--------------------------------------------------------------------------------------
Expenses Paid $6.33 $10.63 $10.62 $3.94
During Period*
--------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.32%, 2.22%,
2.22%, and 0.82% for Class A, Class B, Class C, and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 184/365 (to reflect the
one-half year period) to calculate the Expenses Paid During Period in the
table above.
14 Pioneer Global Equity Fund | Annual Report | 8/31/11
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) or redemption fees that are charged at the time of the
transaction. Therefore, the table below is useful in comparing ongoing costs
only and will not help you determine the relative total costs of owning
different funds. In addition, if these transaction costs were included, your
costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Global Equity Fund
Based on a hypothetical 5% return before expenses, reflecting the period from
March 1, 2011 through August 31, 2011.
--------------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 3/1/11
--------------------------------------------------------------------------------------
Ending Account $1,018.55 $1,014.01 $1,014.01 $1,021.07
Value (after expenses)
on 8/31/11
--------------------------------------------------------------------------------------
Expenses Paid $6.72 $11.27 $11.27 $4.18
During Period*
--------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio plus the expense
ratios of the underlying funds. These combined totals were 1.32%, 2.22%,
2.22%, and 0.82% for Class A, Class B, Class C, and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 184/365 (to reflect the
one-half year period) to calculate the Expenses Paid During Period in the
table above.
Pioneer Global Equity Fund | Annual Report | 8/31/11 15
Schedule of Investments | 8/31/11
----------------------------------------------------------------
Shares Value
----------------------------------------------------------------
PREFERRED STOCK -- 0.2%
UTILITIES -- 0.2%
Multi-Utilities -- 0.2%
9,300 RWE AG* $ 310,415
----------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost $318,751) $ 310,415
----------------------------------------------------------------
COMMON STOCKS -- 98.0%
ENERGY -- 10.0%
Integrated Oil & Gas -- 5.7%
391,245 BP Amoco Plc $ 2,563,108
18,600 ConocoPhillips, Inc. 1,266,102
9,400 Petrochina Co., Ltd. (A.D.R.)* 1,207,900
1,182,000 PetroChina Co., Ltd. 1,518,884
20,300 Total SA 991,943
------------
$ 7,547,937
----------------------------------------------------------------
Oil & Gas Drilling -- 1.7%
46,100 Ensco Plc (A.D.R.) $ 2,224,786
----------------------------------------------------------------
Oil & Gas Exploration & Production -- 2.6%
40,800 Chesapeake Energy Corp. $ 1,321,512
1,100 HRT Participacoes SA de CV* 709,298
200 Inpex Corp.* 1,355,593
------------
$ 3,386,403
------------
Total Energy $ 13,159,126
----------------------------------------------------------------
MATERIALS -- 7.5%
Construction Materials -- 0.6%
812,000 China Resources Cement, Ltd.*(b) $ 764,241
----------------------------------------------------------------
Diversified Chemical -- 0.2%
9,400 Dow Chemical Co. $ 267,430
----------------------------------------------------------------
Diversified Metals & Mining -- 1.3%
32,300 Eurasian Natural Resources Corp. $ 357,613
6,800 Molycorp, Inc.*(b) 384,336
12,200 Rio Tinto, Ltd. 951,784
------------
$ 1,693,733
----------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 0.6%
10,900 The Mosaic Co. $ 775,317
----------------------------------------------------------------
Forest Products -- 0.1%
138,700 Sino-Forest Corp.*(e) $ 141,625
----------------------------------------------------------------
Gold -- 3.5%
36,700 Anglogold Ashanti, Ltd. (A.D.R.) $ 1,646,362
950,500 Centamin Egypt, Ltd.* 1,607,034
21,500 Newmont Mining Corp. 1,346,330
------------
$ 4,599,726
----------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Global Equity Fund | Annual Report | 8/31/11
---------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------
Specialty Chemicals -- 0.7%
22,300 Nitto Denko Corp.* $ 872,717
---------------------------------------------------------------------------
Steel -- 0.5%
336,000 Sumitomo Metal Industries, Ltd.* $ 704,685
------------
Total Materials $ 9,819,474
---------------------------------------------------------------------------
CAPITAL GOODS -- 11.7%
Aerospace & Defense -- 1.6%
28,027 United Technologies Corp. $ 2,081,005
---------------------------------------------------------------------------
Construction & Engineering -- 0.3%
698,000 China Railways Construction Corp. $ 371,931
---------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 2.1%
1,362,433 Industrea, Ltd.* $ 1,981,010
263,000 United Tractors Tbk 749,850
------------
$ 2,730,860
---------------------------------------------------------------------------
Electrical Component & Equipment -- 3.0%
29,300 Emerson Electric Co. $ 1,363,915
79,300 Fushi Copperweld, Inc.* 543,998
33,500 Harbin Electric, Inc.*(b) 555,430
23,000 Rockwell International Corp. 1,474,990
------------
$ 3,938,333
---------------------------------------------------------------------------
Industrial Conglomerates -- 1.6%
11,100 3M Co. $ 921,078
24,100 Philips Electronics NV 510,285
203,000 Shanghai Industrial Holdings, Ltd.* 668,243
------------
$ 2,099,606
---------------------------------------------------------------------------
Industrial Machinery -- 1.3%
30,800 SPX Corp. $ 1,752,212
---------------------------------------------------------------------------
Trading Companies & Distributors -- 1.8%
214,300 Itochu Corp.* $ 2,319,182
------------
Total Capital Goods $ 15,293,129
---------------------------------------------------------------------------
TRANSPORTATION -- 0.6%
Highways & Railtrack -- 0.6%
1,694,700 Yuexiu Transport Infrastructure, Ltd. $ 730,821
------------
Total Transportation $ 730,821
---------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 2.8%
Auto Parts & Equipment -- 1.2%
300,700 China XD Plastics Co.* $ 1,596,717
---------------------------------------------------------------------------
Automobile Manufacturers -- 1.2%
29,600 Daimlerchrysler AG $ 1,599,166
---------------------------------------------------------------------------
Tires & Rubber -- 0.4%
20,900 Bridgestone Corp.* $ 465,746
------------
Total Automobiles & Components $ 3,661,629
---------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/11 17
Schedule of Investments | 8/31/11 (continued)
--------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.7%
Homebuilding -- 1.7%
487,035 Gafisa SA $ 2,279,530
------------
Total Consumer Durables & Apparel $ 2,279,530
--------------------------------------------------------------------
MEDIA -- 0.8%
Cable & Satellite -- 0.8%
39,500 SES SA $ 1,080,347
------------
Total Media $ 1,080,347
--------------------------------------------------------------------
RETAILING -- 1.0%
Automotive Retail -- 1.0%
15,000 USS Co., Ltd.* $ 1,300,760
------------
Total Retailing $ 1,300,760
--------------------------------------------------------------------
FOOD & DRUG RETAILING -- 0.5%
Hypermarkets & Supercenters -- 0.5%
13,500 Wal-Mart Stores, Inc. $ 718,335
------------
Total Food & Drug Retailing $ 718,335
--------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 9.4%
Distillers & Vintners -- 0.5%
33,800 Constellation Brands, Inc.* $ 668,226
--------------------------------------------------------------------
Packaged Foods & Meats -- 4.5%
45,200 Campbell Soup Co. (b) $ 1,440,524
29,000 Nestle SA 1,797,232
994,500 PT Indofood Sukses Makmur Tbk 728,413
36,800 Unilever Plc 1,237,079
655,000 Universal Robina Corp. 611,781
------------
$ 5,815,029
--------------------------------------------------------------------
Soft Drinks -- 2.0%
18,600 Coca-Cola Co. $ 1,310,370
20,900 PepsiCo, Inc. 1,346,587
------------
$ 2,656,957
--------------------------------------------------------------------
Tobacco -- 2.4%
26,500 Altria Group, Inc. $ 720,535
48,100 Imperial Tobacco Group Plc 1,593,791
200 Japan Tobacco, Inc.* 863,485
------------
$ 3,177,811
------------
Total Food, Beverage & Tobacco $ 12,318,023
--------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.1%
Health Care Equipment -- 0.7%
18,100 Covidien, Ltd. $ 944,458
--------------------------------------------------------------------
Managed Health Care -- 0.4%
11,100 United Healthcare Group, Inc. $ 527,472
------------
Total Health Care Equipment & Services $ 1,471,930
--------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global Equity Fund | Annual Report | 8/31/11
------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 10.5%
Biotechnology -- 0.5%
10,100 Cubist Pharmaceuticals, Inc.* $ 350,369
6,600 Vertex Pharmaceuticals, Inc.* 298,782
------------
$ 649,151
------------------------------------------------------------------------------
Pharmaceuticals -- 10.0%
118,100 GlaxoSmithKline Plc $ 2,520,889
25,360 Johnson & Johnson Co. 1,668,688
79,400 Merck & Co., Inc. 2,629,728
21,500 Mylan, Inc.* 446,125
29,100 Novartis AG 1,701,927
32,500 Pfizer, Inc. 616,850
3,700 Roche Holdings AG 648,250
24,900 Salix Pharmaceuticals, Ltd.* 758,205
12,157 Sanofi SA 885,291
10,600 Teva Pharmaceutical Industries, Ltd. (A.D.R.) 438,416
12,000 Watson Pharmaceuticals, Inc.* 805,440
------------
$ 13,119,809
------------
Total Pharmaceuticals & Biotechnology $ 13,768,960
------------------------------------------------------------------------------
BANKS -- 9.8%
Diversified Banks -- 9.4%
812,300 Bank Negara Indonesia Persero Tbk PT $ 405,150
6,000,000 Bank Pembangunan Daerah Jawa Tbk 757,813
1,679,785 China Construction Bank, Ltd. 1,249,615
203,100 Commerzbank AG* 604,935
110,500 HSBC Holding Plc 962,598
5,125,605 Industrial and Commercial Bank of China, Ltd.* 3,388,095
64,200 Industrial Bank of Korea, Ltd.* 961,575
101,000 Overseas-Chinese Banking Corp., Ltd. 733,813
23,600 Sumitomo Mitsui Financial Group, Inc.* 701,500
17,550 Toronto-Dominion Bank, Inc. (b) 1,384,682
80,000 United Overseas Bank, Inc. 1,232,225
------------
$ 12,382,001
------------------------------------------------------------------------------
Regional Banks -- 0.4%
10,200 PNC Bank Corp. $ 511,428
------------
Total Banks $ 12,893,429
------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 7.8%
Asset Management & Custody Banks -- 0.9%
32,300 GAM Holding AG $ 478,378
186,400 Man Group Plc 675,820
------------
$ 1,154,198
------------------------------------------------------------------------------
Consumer Finance -- 2.7%
78,400 Capital One Financial Corp. (b) $ 3,610,320
------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/11 19
Schedule of Investments | 8/31/11 (continued)
-----------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------
Diversified Finance Services -- 1.7%
59,000 J.P. Morgan Chase & Co. $ 2,216,040
-----------------------------------------------------------------------------
Multi-Sector Holding -- 2.5%
3,373,300 First Pacific Co. $ 3,234,559
------------
Total Diversified Financials $ 10,215,117
-----------------------------------------------------------------------------
INSURANCE -- 2.2%
Multi-Line Insurance -- 1.7%
22,204 Allianz AG $ 2,292,298
-----------------------------------------------------------------------------
Reinsurance -- 0.5%
4,900 Muenchener Rueckversicherungs Gesellschaft AG $ 641,211
------------
Total Insurance $ 2,933,509
-----------------------------------------------------------------------------
REAL ESTATE -- 0.5%
Real Estate Development -- 0.5%
501,000 Wheelock Properties Singapore, Ltd. $ 708,443
------------
Total Real Estate $ 708,443
-----------------------------------------------------------------------------
SOFTWARE & SERVICES -- 3.9%
Internet Software & Services -- 0.8%
1,900 Google, Inc.* $ 1,027,824
-----------------------------------------------------------------------------
Systems Software -- 3.1%
156,119 Microsoft Corp. $ 4,152,765
------------
Total Software & Services $ 5,180,589
-----------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 5.7%
Communications Equipment -- 1.2%
18,200 Cisco Systems, Inc. $ 285,376
950 HTC Corp. 24,941
25,100 Juniper Networks, Inc.* 525,343
168,700 Tellabs, Inc. 688,296
------------
$ 1,523,956
-----------------------------------------------------------------------------
Computer Hardware -- 1.8%
4,785 Apple, Inc.* $ 1,841,412
20,200 Hewlett-Packard Co. 525,806
------------
$ 2,367,218
-----------------------------------------------------------------------------
Office Electronics -- 1.5%
27,400 Canon, Inc.* $ 1,293,684
75,700 Xerox Corp. 628,310
------------
$ 1,921,994
-----------------------------------------------------------------------------
Technology Distributors -- 1.2%
30,800 Arrow Electronics, Inc.* $ 960,960
37,300 Ingram Micro, Inc.* 665,432
------------
$ 1,626,392
------------
Total Technology Hardware & Equipment $ 7,439,560
-----------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global Equity Fund | Annual Report | 8/31/11
----------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------
SEMICONDUCTORS -- 3.2%
Semiconductor Equipment -- 2.1%
90,600 Applied Materials, Inc. $ 1,025,592
48,600 ASM Lithography Holding NV 1,722,339
------------
$ 2,747,931
----------------------------------------------------------------------
Semiconductors -- 1.1%
38,600 Intel Corp. $ 777,018
1,800 Samsung Electronics, Ltd.* (144A) 629,903
------------
$ 1,406,921
------------
Total Semiconductors $ 4,154,852
----------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 5.9%
Integrated Telecommunication Services -- 2.8%
9,500 CenturyLink, Inc. $ 343,425
72,000 Deutsche Telekom AG* 914,323
529,100 Singapore Telecommunications, Ltd. 1,366,307
912,000 Telecom Italia S.p.A.* 998,093
------------
$ 3,622,148
----------------------------------------------------------------------
Wireless Telecommunication Services -- 3.1%
76,300 China Mobile, Ltd. $ 779,361
10,600 Millicom International Cellular SA (b) 1,190,236
79,600 Vodafone Group Plc (A.D.R.) 2,096,666
------------
$ 4,066,263
------------
Total Telecommunication Services $ 7,688,411
----------------------------------------------------------------------
UTILITIES -- 1.4%
Water Utilities -- 1.4%
1,347,500 Guangdong Investment, Ltd. $ 818,357
2,185,700 Manila Water Co., Inc. 991,954
------------
$ 1,810,311
------------
Total Utilities $ 1,810,311
----------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $133,323,268) $128,626,285
----------------------------------------------------------------------
----------------------------------------------------------------------
Principal
Amount ($)
----------------------------------------------------------------------
CORPORATE BOND -- 0.0%
BANKS -- 0.0%
Diversified Banks -- 0.0%
18,000 NBP Capital Trust III, 7.375%, 10/29/49 $ 15,480
----------------------------------------------------------------------
TOTAL CORPORATE BOND
(Cost $14,590) $ 15,480
----------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/11 21
Schedule of Investments | 8/31/11 (continued)
------------------------------------------------------------------------------------
Principal
Amount ($) Value
------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 2.4%
1,132,500 Ireland Government Bond, 5.0%, 10/18/20 $ 1,278,268
1,686,500 Ireland Government Bond, 5.4%, 3/13/25 1,833,252
------------
$ 3,111,520
------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $2,470,482) $ 3,111,520
------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 5.8%
SECURITIES LENDING COLLATERAL -- 5.8% (c)
Certificates of Deposit:
222,561 Bank of America NA, 0.19%, 9/2/11 $ 222,561
222,561 Bank of Montreal Chicago, 0.18%, 10/20/11 222,561
44,512 Bank of Nova Scotia, 0.26%, 9/29/11 44,512
178,049 Bank of Nova Scotia, 0.32%, 6/11/12 178,049
222,561 Canadian Imperial Bank of Commerce NY, 0.21%, 10/3/11 222,561
222,539 DnB NOR Bank ASA NY, 0.22%, 11/14/11 222,539
111,280 National Australia Bank NY, 0.27%, 10/19/11 111,280
244,848 RaboBank Netherland NV NY, 0.29%, 4/2/12 244,848
133,537 Royal Bank of Canada NY, 0.33%, 12/2/11 133,537
222,570 Skandinav Enskilda Bank NY, 0.33%, 12/6/11 222,570
222,561 Westpac Banking Corp. NY, 0.33%, 12/6/11 222,561
------------
$ 2,047,579
------------------------------------------------------------------------------------
Commercial Paper:
133,528 ABTPP, 0.10%, 9/26/11 $ 133,528
89,025 American Honda Finance, 0.30%, 1/11/12 89,025
133,534 Australia & New Zealand Banking Group, 0.15%, 9/6/11 133,534
222,551 CHARFD, 0.14%, 9/13/11 222,551
133,533 CHARFD, 0.14%, 9/8/11 133,533
102,155 Federal Farm Credit Bank, 0.18%, 8/20/12 102,155
160,243 General Electric Capital Corp., 0.37%, 4/10/12 160,243
22,239 General Electric Capital Corp., 0.42%, 7/27/12 22,239
24,492 General Electric Capital Corp., 0.48%, 11/21/11 24,492
84,569 JDCCPP, 0.10%, 9/20/11 84,569
200,305 JPMorgan Chase & Co., 0.28%, 7/17/12 200,305
111,262 NABPP, 0.19%, 10/3/11 111,262
200,189 NESCAP, 0.19%, 12/20/11 200,189
177,869 NORDNA, 0.28%, 1/9/12 177,869
142,670 OLDLLC, 0.17%, 10/5/11 142,670
66,757 OLDLLC, 0.17%, 10/7/11 66,757
178,006 PGPP, 0.14%, 11/3/11 178,006
111,281 Royal Bank of Canada NY, 0.30%, 8/17/12 111,281
111,281 SANCPU, 0.64%, 9/1/11 111,281
133,506 Sanofi Aventis, 0.17%, 10/20/11 133,506
89,025 SOCNAM, 0.22%, 9/1/11 89,025
222,561 Svenska Handelsbanken, 0.29%, 6/29/12 222,561
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global Equity Fund | Annual Report | 8/31/11
----------------------------------------------------------------------
Principal
Amount ($) Value
----------------------------------------------------------------------
Commercial Paper -- (continued)
111,279 TBLLC, 0.12%, 9/7/11 $ 111,279
119,332 TBLLC, 0.17%, 10/12/11 119,332
89,139 TBLLC, 0.18%, 10/5/11 89,139
222,561 Toyota Motor Credit Corp., 0.33%, 9/8/11 222,561
111,253 VARFUN, 0.19%, 10/19/11 111,253
89,033 Wachovia, 0.38%, 10/15/11 89,033
66,807 Wachovia, 0.40%, 3/1/12 66,807
44,529 Wells Fargo & Co., 0.34%, 1/24/12 44,529
89,023 WMT, 0.08%, 9/7/11 89,023
------------
$ 3,793,537
----------------------------------------------------------------------
Tri-party Repurchase Agreements:
202,291 BNP Paribas, Inc., 0.06%, 9/1/11 $ 202,291
845,707 RBS Securities, Inc., 0.06%, 9/1/11 845,707
------------
$ 1,047,998
----------------------------------------------------------------------
----------------------------------------------------------------------
Shares
----------------------------------------------------------------------
Money Market Mutual Funds:
333,843 Dreyfus Preferred Money Market Fund $ 333,843
333,843 Fidelity Prime Money Market Fund 333,843
------------
$ 667,686
------------
Total Securities Lending Collateral $ 7,556,800
----------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $7,556,800) $ 7,556,800
----------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 106.4%
(Cost $143,683,891) (a)(d) $139,620,500
----------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- (6.4)% $ (8,377,907)
----------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $131,242,593
======================================================================
(A.D.R.) American Depositary Receipt.
* Non-income producing security.
(144A) Security is exempt from registration under Rule 144A of the Securities
Act of 1933. Such securities may be resold normally to qualified
institutional buyers in a transaction exempt from registration. At
August 31, 2011, the value of these securities amounted to $629,903 or
0.5% of total net assets.
(a) At August 31, 2011, the net unrealized loss on investments based on
cost for federal income tax purposes of $144,111,316 was as follows:
Aggregate gross unrealized gain for all investments
in which there is an excess of value over tax cost $ 6,416,553
Aggregate gross unrealized loss for all investments
in which there is an excess of tax cost over value (10,907,369)
-----------
Net unrealized loss $(4,490,816)
===========
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/11 23
Schedule of Investments | 8/31/11 (continued)
(b) At August 31, 2011, the following securities were out on loan:
---------------------------------------------------------------
Shares Security Value
---------------------------------------------------------------
44,700 Campbell Soup Co. $1,424,589
50,000 Capital One Financial Corp. 2,302,500
401,000 China Resources Cement, Ltd.* 377,415
33,000 Harbin Electric, Inc.* 547,140
10,000 Millicom International Cellular SA 1,122,865
6,000 Molycorp, Inc.* 339,120
16,000 Toronto-Dominion Bank, Inc. 1,262,388
---------------------------------------------------------------
Total $7,376,017
===============================================================
(c) Securities lending collateral is managed by Credit Suisse AG, New York
Branch.
(d) Distributions of investments by country of issue, as a percentage of
total investment in securities (excluding temporary cash investments),
is as follows:
United States 40.1%
United Kingdom 10.3%
Japan 7.5%
People's Republic of China 5.9%
Hong Kong 5.3%
Germany 4.8%
Switzerland 3.5%
Singapore 3.1%
Ireland 2.3%
Brazil 2.3%
Australia 2.2%
Indonesia 2.0%
Luxembourg 1.7%
Netherlands 1.7%
France 1.4%
South Africa 1.2%
South Korea 1.2%
Philippines 1.2%
Canada 1.2%
Other (individually less than 1%) 1.1%
-----
100.0%
=====
(e) Security is valued by management using fair value methods (See Note
1A).
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global Equity Fund | Annual Report | 8/31/11
Purchases and sales of securities (excluding temporary cash investments) for
the year ended August 31, 2011 aggregated $281,282,163 and $284,801,214,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 -- quoted prices in active markets for identical securities
Level 2 -- other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.)
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments)
Generally, equity securities are categorized as Level 1, fixed income
securities and senior loans as Level 2 and securities using fair value methods
(see Note 1A) are categorized as Level 3.
The following is a summary of the inputs used as of August 31, 2011, in valuing
the Fund's assets:
--------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------------------
Common Stocks (U.S.) $58,300,541 $ -- $ -- $58,300,541
Common Stocks (Foreign) 4,373,510 65,810,609 -- 70,184,119
Common Stocks
(Forest Products) -- -- 141,625 141,625
Preferred Stock -- 310,415 -- 310,415
Corporate Bond -- 15,480 -- 15,480
Foreign Government Bonds -- 3,111,520 -- 3,111,520
Temporary Cash Investments -- 5,841,116 -- 5,841,116
Money Market Mutual Funds 667,686 -- -- 667,686
Repurchase Agreements -- 1,047,998 -- 1,047,998
--------------------------------------------------------------------------------------------
Total $63,341,737 $76,137,138 $141,625 $139,620,500
============================================================================================
Other Financial Instruments* $ -- $ (728,512) $ -- $ (728,512)
--------------------------------------------------------------------------------------------
* Other financial instruments include foreign exchange contracts.
The Fund had no significant transfers between levels 1 and 2 during the year
ended August 31, 2011.
Following is a reconciliation of assets using significant unobservable inputs
(Level 3):
--------------------------------------------------------------------------------
Common
Stocks
--------------------------------------------------------------------------------
Balance as of 8/31/10 $ --
Realized gain (loss)(1) --
Change in unrealized appreciation (depreciation)(2) --
Net purchases (sales) --
Transfers in and out of Level 3* 141,625
--------------------------------------------------------------------------------
Balance as of 8/31/11 $141,625
================================================================================
(1) Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized gain (loss) on investments in the Statement of
Operations.
* Transfers are calculated on the date of transfer.
Net change in unrealized appreciation (depreciation) of
investments still held as of 8/31/11 $(2,410,974)
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/11 25
Statement of Assets and Liabilities | 8/31/11
ASSETS:
Investment in securities (including securities loaned of $7,376,017)
(cost $143,683,891) $139,620,500
Foreign currencies, at value (cost $31,854) 31,779
Receivables --
Investment securities sold 3,278,076
Fund shares sold 35,461
Dividends, interest and foreign taxes withheld 547,448
Due from Pioneer Investment Management, Inc. 15,279
Other 19,921
--------------------------------------------------------------------------------------
Total assets $143,548,464
--------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 682,077
Fund shares repurchased 63,445
Upon return of securities loaned 7,556,800
Forward foreign currency settlement contracts, net 728,512
Due to bank 3,065,704
Due to affiliates 40,801
Accrued expenses 168,532
--------------------------------------------------------------------------------------
Total liabilities $ 12,305,871
--------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $188,557,909
Undistributed net investment income 1,931,305
Accumulated net realized loss on investments and foreign currency
transactions (54,469,762)
Net unrealized loss on investments (4,063,391)
Net unrealized loss on other assets and liabilities denominated in
foreign currencies (713,468)
--------------------------------------------------------------------------------------
Total net assets $131,242,593
======================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $60,701,295/6,551,678 shares) $ 9.27
Class B (based on $4,174,583/459,883 shares) $ 9.08
Class C (based on $6,439,273/708,489 shares) $ 9.09
Class Y (based on $59,927,442/6,432,206 shares) $ 9.32
MAXIMUM OFFERING PRICE:
Class A ($9.27 [divided by] 94.25%) $ 9.84
======================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global Equity Fund | Annual Report | 8/31/11
Statement of Operations
For the Year Ended 8/31/11
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $250,319) $ 3,476,130
Interest 105,433
Income from securities loaned, net 144,188
-------------------------------------------------------------------------------------------------------
Total investment income $ 3,725,751
-------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 1,101,852
Transfer agent fees
Class A 245,865
Class B 43,517
Class C 24,734
Class Y 456
Distribution fees
Class A 171,976
Class B 54,265
Class C 72,247
Shareholder communications expense 113,523
Administrative reimbursements 44,616
Custodian fees 78,067
Registration fees 63,266
Professional fees 53,994
Printing expense 20,907
Fees and expenses of nonaffiliated Trustees 8,335
Miscellaneous 15,530
-------------------------------------------------------------------------------------------------------
Total expenses $ 2,113,150
Less fees waived and expenses reimbursed by Pioneer
Investment Management, Inc. (416,773)
-------------------------------------------------------------------------------------------------------
Net expenses $ 1,696,377
-------------------------------------------------------------------------------------------------------
Net investment income $ 2,029,374
-------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $18,685,060
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies (173,333) $18,511,727
-------------------------------------------------------------------------------------------------------
Change in net unrealized gain on:
Investments $(5,186,812)
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies (720,847) $(5,907,659)
-------------------------------------------------------------------------------------------------------
Net gain on investments and foreign currency transactions $12,604,068
-------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $14,633,442
=======================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/11 27
Statements of Changes in Net Assets
----------------------------------------------------------------------------------------------------
Year Ended Year Ended
8/31/11 8/31/10
----------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 2,029,374 $ 1,402,150
Net realized gain on investments and foreign currency
transactions 18,511,727 12,022,435
Change in net unrealized gain (loss) on investments and foreign
currency transactions (5,907,659) (15,096,865)
----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
operations $ 14,633,442 $ (1,672,280)
----------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.06 and $0.03 per share, respectively) $ (415,946) $ (203,491)
Class Y ($0.11 and $0.05 per share, respectively) (711,220) (372,349)
----------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (1,127,166) $ (575,840)
----------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 9,623,090 $ 10,121,527
Reinvestment of distributions 411,202 195,488
Cost of shares repurchased (24,160,771) (21,899,281)
----------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from Fund
share transactions $(14,126,479) $(11,582,266)
----------------------------------------------------------------------------------------------------
Net decrease in net assets $ (620,203) $(13,830,386)
NET ASSETS:
Beginning of year 131,862,796 145,693,182
----------------------------------------------------------------------------------------------------
End of year $131,242,593 $131,862,796
====================================================================================================
Undistributed net investment income $ 1,931,305 $ 1,126,283
====================================================================================================
The accompanying notes are an integral part of these financial statements.
28 Pioneer Global Equity Fund | Annual Report | 8/31/11
-------------------------------------------------------------------------------------------------
'11 Shares '11 Amount '10 Shares '10 Amount
-------------------------------------------------------------------------------------------------
Class A
Shares sold 670,887 $ 6,600,343 615,218 $ 6,093,640
Reinvestment of distributions 40,574 398,443 20,447 189,737
Less shares repurchased (1,438,891) (14,151,064) (1,617,227) (14,587,783)
-------------------------------------------------------------------------------------------------
Net decrease (727,430) $(7,152,278) (981,562) $(8,304,406)
=================================================================================================
Class B
Shares sold or exchanged 35,442 $ 339,937 55,616 $ 549,379
Less shares repurchased (248,775) (2,390,105) (326,553) (2,926,878)
-------------------------------------------------------------------------------------------------
Net decrease (213,333) $(2,050,168) (270,937) $(2,377,499)
=================================================================================================
Class C
Shares sold 161,657 $ 1,577,172 123,259 $ 1,162,452
Less shares repurchased (189,333) (1,831,876) (202,072) (1,796,016)
-------------------------------------------------------------------------------------------------
Net decrease (27,676) $ (254,704) (78,813) $ (633,564)
=================================================================================================
Class Y
Shares sold 112,886 $ 1,105,638 208,730 $ 2,316,056
Reinvestment of distributions 1,295 12,759 619 5,751
Less shares repurchased (594,937) (5,787,726) (288,865) (2,588,604)
-------------------------------------------------------------------------------------------------
Net decrease (480,756) $(4,669,329) (79,516) $ (266,797)
=================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/11 29
Financial Highlights
---------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/11 8/31/10 8/31/09 8/31/08 8/31/07
---------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 8.44 $ 8.56 $ 10.42 $ 12.53 $11.18
---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.13 $ 0.08 $ 0.07 $ 0.14 $ 0.08
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.76 (0.17) (1.76) (1.38) 1.53
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.89 $ (0.09) $ (1.69) $ (1.24) $ 1.61
Distribution to shareowners:
Net investment income (0.06) (0.03) (0.17) (0.11) (0.05)
Net realized gain -- -- -- (0.76) (0.21)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.83 $ (0.12) $ (1.86) $ (2.11) $ 1.35
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.27 $ 8.44 $ 8.56 $ 10.42 $12.53
===========================================================================================================================
Total return* 10.48% (1.13)% (15.83)% (10.68)% 14.58%
Ratio of net expenses to average net assets+ 1.30% 1.30% 1.30% 1.31% 1.30%
Ratio of net investment income to average net assets+ 1.23% 0.82% 0.69% 1.30% 1.05%
Portfolio turnover rate 194% 114% 120% 137% 74%
Net assets, end of period (in thousands) $60,701 $61,466 $70,718 $ 3,060 $2,562
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Net expenses 1.67% 1.71% 2.25% 4.61% 6.11%
Net investment income (loss) 0.86% 0.41% (0.26)% (2.00)% (3.76)%
Ratios with waiver of fees by the Adviser and reduction
for fees paid indirectly:
Net expenses 1.30% 1.30% 1.30% 1.30% 1.30%
Net investment income 1.23% 0.82% 0.69% 1.31% 1.05%
===========================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Global Equity Fund | Annual Report | 8/31/11
--------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/11 8/31/10 8/31/09 8/31/08 8/31/07
--------------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 8.30 $ 8.47 $ 10.28 $ 12.37 $11.10
--------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.07 $ 0.00(a) $ (0.02) $ 0.03 $ 0.00(a)
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 0.71 (0.17) (1.70) (1.36) 1.49
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.78 $ (0.17) $ (1.72) $ (1.33) $ 1.49
Distribution to shareowners:
Net investment income -- -- (0.09) -- (0.01)
Net realized gain -- -- -- (0.76) (0.21)
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.78 $ (0.17) $ (1.81) $ (2.09) $ 1.27
--------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.08 $ 8.30 $ 8.47 $ 10.28 $12.37
================================================================================================================================
Total return* 9.40% (2.01)% (16.57)% (11.46)% 13.55%
Ratio of net expenses to average net assets+ 2.20% 2.20% 2.20% 2.21% 2.20%
Ratio of net investment income (loss) to average net assets+ 0.29% (0.11)% (0.01)% 0.41% 0.12%
Portfolio turnover rate 194% 114% 120% 137% 74%
Net assets, end of period (in thousands) $4,175 $ 5,587 $ 7,994 $ 1,403 $1,200
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Net expenses 2.97% 2.93% 4.14% 5.37% 6.84%
Net investment loss (0.49)% (0.84)% (1.95)% (2.75)% (4.52)%
Ratios with waiver of fees by the Adviser and reduction
for fees paid indirectly:
Net expenses 2.20% 2.20% 2.20% 2.20% 2.20%
Net investment income (loss) 0.29% (0.11)% (0.01)% 0.42% 0.12%
================================================================================================================================
(a) Amount rounds to less than $0.01 per share.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/11 31
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/11 8/31/10 8/31/09 8/31/08 8/31/07
---------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 8.31 $ 8.48 $ 10.26 $ 12.39 $ 11.10
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.04 $ 0.00(b) $ (0.04) $ 0.03 $ 0.01
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.74 (0.17) (1.68) (1.36) 1.49
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.78 $ (0.17) $ (1.72) $ (1.33) $ 1.50
Distribution to shareowners:
Net investment income -- -- (0.06) (0.04) --
Net realized gain -- -- -- (0.76) (0.21)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.78 $ (0.17) $ (1.78) $ (2.13) $ 1.29
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.09 $ 8.31 $ 8.48 $ 10.26 $ 12.39
=================================================================================================================================
Total return* 9.39% (2.00)% (16.58)% (11.47)% 13.65%
Ratio of net expenses to average net assets+ 2.20% 2.20% 2.20% 2.21% 2.20%
Ratio of net investment income (loss) to average net assets+ 0.35% (0.07)% 0.00%(a) 0.35% 0.12%
Portfolio turnover rate 194% 114% 120% 137% 74%
Net assets, end of period (in thousands) $6,439 $ 6,118 $ 6,910 $ 818 $ 780
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Net expenses 2.48% 2.54% 3.76% 5.45% 6.70%
Net investment income (loss) 0.07% (0.41)% (1.56)% (2.89)% 4.38%
Ratios with waiver of fees by the Adviser and reduction for
fees paid indirectly:
Net expenses 2.20% 2.20% 2.20% 2.20% 2.20%
Net investment income (loss) 0.35% (0.07%) 0.00%(a) 0.36% 0.12%
=================================================================================================================================
(a) Amount rounds to less than 0.01%.
(b) Amount rounds to less than $0.01 per share.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Global Equity Fund | Annual Report | 8/31/11
---------------------------------------------------------------------------------------------------------------
Year Year
Ended Ended 12/31/08 (a)
8/31/11 8/31/10 to 8/31/09
---------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 8.49 $ 8.59 $ 7.25
---------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.18 $ 0.12 $ 0.06
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.76 (0.17) 1.28
---------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.94 $ (0.05) $ 1.34
Distribution to shareowners:
Net investment income (0.11) (0.05) --
---------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.83 $ (0.10) $ 1.34
---------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.32 $ 8.49 $ 8.59
===============================================================================================================
Total return* 10.96% (0.59)% 18.48%(b)
Ratio of net expenses to average net assets+ 0.80% 0.80% 0.80%**
Ratio of net investment income to average net assets+ 1.74% 1.33% 2.57%**
Portfolio turnover rate 194% 114% 120%
Net assets, end of period (in thousands) $59,927 $58,692 $60,071
Ratios with no waiver of fees and assumption of
expenses by the Adviser and no reduction for fees
paid indirectly:
Net expenses 0.95% 0.96% 1.10%**
Net investment income 1.59% 1.17% 2.27%**
Ratios with waiver of fees by the Adviser and reduction
for fees paid indirectly:
Net expenses 0.80% 0.80% 0.80%**
Net investment income 1.74% 1.33% 2.57%**
===============================================================================================================
(a) Class Y shares were first publicly offered on December 31, 2008.
(b) Not annualized.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/11 33
Notes to Financial Statements | 8/31/11
1. Organization and Significant Accounting Policies
Pioneer Global Equity Fund, formerly Pioneer Global Select Equity Fund (the
Fund), is one of four portfolios comprising Pioneer Series Trust V, a Delaware
statutory trust. The Fund is registered under the Investment Company Act of
1940 as a diversified, open-end management investment company. The Fund
commenced operations on December 15, 2005. The Fund's investment objective is
to seek long-term capital growth.
The Fund offers four classes of shares designated as Class A, Class B, Class C
and Class Y shares. Class Y shares were first publicly offered on December 31,
2008. Effective as of the close of business on December 31, 2009, Class B
shares are no longer offered to new or existing shareholders, except that
dividends and/or capital gain distributions may continue to be reinvested in
Class B shares, and shareholders may exchange their Class B shares for Class B
shares of other Pioneer funds, as permitted by existing exchange privileges.
Each class of shares represents an interest in the same portfolio of
investments of the Fund and has identical rights (based on relative net asset
values) to assets and liquidation proceeds. Share classes can bear different
rates of class-specific fees and expenses such as transfer agent and
distribution fees. Differences in class-specific fees and expenses will result
in differences in net investment income and, therefore, the payment of
different dividends from net investment income earned by each class. The
Amended and Restated Declaration of Trust of the Fund gives the Board the
flexibility to specify either per-share voting or dollar-weighted voting when
submitting matters for shareholder approval. Under per-share voting, each share
of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares. Class B shares convert to Class A shares
approximately eight years after the date of purchase.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates and economic and political
conditions. At times, the Fund's investments may represent industries or
industry sectors that are interrelated or have common risks, making the Fund
more susceptible to any economic, political, or regulatory developments or
other risks affecting those industries and sectors. The Fund's prospectus
contains unaudited information regarding the Fund's principal risks. Please
refer to that document when considering the Fund's principal risks.
34 Pioneer Global Equity Fund | Annual Report | 8/31/11
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the
Fund to, among other things, make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets
and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gain or loss on investments during the
reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. In computing
the net asset value, securities that have traded on an exchange are valued
using the last sale price on the principal exchange where they are traded.
Securities that have not traded on the date of valuation, or securities for
which sale prices are not available, generally are valued using the mean
between the last bid and asked prices. Securities for which market prices
and/or quotations are not readily available or are considered to be
unreliable are valued using fair value methods pursuant to procedures adopted
by the Board of Trustees.
The Fund invests primarily in securities of non-U.S. issuers. The principal
exchanges and markets for such securities have closing times prior to the
close of the NYSE. However, the value of these securities may be influenced
by changes in global markets occurring after the closing times of the local
exchanges and markets up to the time the Fund determines its net asset value.
Consequently, the Board of Trustees of the Fund has determined that daily
adjustments to the valuation of securities of non-U.S. issuers by an
independent pricing service that supplies an appropriate fair value factor is
appropriate for the Fund.
The Fund may use fair value methods if it is determined that a significant
event has occurred after the close of the exchange or market on which the
security trades and prior to the determination of the Fund's net asset value.
Thus, the valuation of the Fund's securities may differ from exchange prices.
At August 31, 2011, one security, representing 0.1% of total net assets was
valued using fair value methods (other than securities that were valued using
prices supplied by independent pricing services). 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.
Pioneer Global Equity Fund | Annual Report | 8/31/11 35
Short-term fixed income securities with remaining maturities of sixty days or
less generally are valued at amortized cost. Money market mutual funds are
valued at net asset value.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have passed
are recorded as soon as the Fund becomes aware of the ex-dividend data in the
exercise of reasonable diligence. Interest income, including interest on
income bearing cash accounts, is recorded on the accrual basis. Dividend and
interest income are reported net of unrecoverable foreign taxes withheld at
the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no federal income tax provision is required. Tax
years for the prior three fiscal years remain subject to examination by tax
authorities.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal income
tax rules. Therefore, the sources of the Fund's distributions may be shown in
the accompanying financial statements as from or in excess of net investment
income or as from net realized gain on investment transactions, or as from
paid-in capital, depending on the type of book/tax differences that may
exist.
Under the recently enacted Regulated Investment Company Modernization Act of
2010, the Fund will be permitted to carry forward capital losses incurred in
taxable years beginning after December 22, 2010 for an unlimited period.
However, any losses incurred during those future years will be required to be
utilized prior to the losses incurred in pre-enactment tax years. As a result
of this ordering rule, pre-enactment capital loss carryforwards may be more
likely to expire unused. Additionally, post-enactment capital losses that are
carried forward will retain their character as either short-term or long-term
capital losses rather than being considered all short-term as under previous
law.
At August 31, 2011, the Fund reclassified $97,186 to decrease undistributed
net investment income and $97,186 to decrease accumulated net realized loss
on investments and foreign currency transactions to reflect permanent
book/tax differences. The reclassification has no impact on the net asset
value of the Fund and is designed to present the Fund's capital accounts on a
tax basis.
36 Pioneer Global Equity Fund | Annual Report | 8/31/11
At August 31, 2011, the Fund had a net capital loss carryforward of
$54,042,337, which will expire in 2016 if not utilized.
The tax character of distributions paid during the years ended August 31,
2011 and August 31, 2010 were as follows:
---------------------------------------------------------------
2011 2010
---------------------------------------------------------------
Distributions paid from:
Ordinary income $1,127,166 $575,840
---------------------------------------------------------------
Total $1,127,166 $575,840
===============================================================
The following shows the components of distributable earnings on a federal
income tax basis at August 31, 2011:
---------------------------------------------------------------
2011
---------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 1,202,656
Capital loss carryforward (54,042,337)
Net unrealized loss (4,475,635)
---------------------------------------------------------------
Total $ (57,315,316)
===============================================================
The difference between book-basis and tax-basis unrealized depreciation is
attributable to the tax deferral of losses on wash sales and the mark-to-
market of foreign currency contracts.
C. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the Fund
and a wholly owned indirect subsidiary of UniCredit S.p.A. (UniCredit),
earned $7,230 in underwriting commissions on the sale of Class A shares
during the year ended August 31, 2011.
D. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates. Net realized gains and losses on foreign currency
transactions, if any, represent, among other things, the net realized gains
and losses on foreign currency contracts, disposition of foreign currencies
and the difference between the amount of income accrued and the U.S. dollars
actually received. Further, the effects of changes in foreign currency
exchange rates on investments are not segregated in the statement of
operations from the effects of changes in market price of those securities
but are included with the net realized and unrealized gain or loss on
investments.
Pioneer Global Equity Fund | Annual Report | 8/31/11 37
E. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized gains or losses are recorded in
the Fund's financial statements. The Fund records realized gains and losses
at the time a portfolio hedge is offset by entry into a closing transaction
or extinguished by delivery of the currency. Risks may arise upon entering
into these contracts from the potential inability of counterparties to meet
the terms of the contract and from unanticipated movements in the value of
foreign currencies relative to the U.S. dollar (see Note 6).
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning of
the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class B and Class C shares of the Fund, respectively
(see Note 4). Class Y shares do not pay distribution fees. All expenses and
fees paid to the transfer agent, Pioneer Investment Management Shareholder
Services, Inc. (PIMSS), for its services, are allocated among the classes of
shares based on the number of accounts in each class and the ratable
allocation of related out-of-pocket expenses (see Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class B, Class C and Class Y shares
can reflect different transfer agent and distribution expense rates.
G. Securities Lending
The Fund lends securities in its portfolio to certain broker-dealers or other
institutional investors. When entering into a securities loan transaction,
the Fund typically receives cash collateral from the borrower equal to at
least the value of the securities loaned, which is invested in temporary
investments. Credit Suisse AG, New York Branch, as the Fund's securities
lending agent, manages the Fund's securities lending collateral. The income
earned on the investment of collateral is shared with the borrower and the
lending agent in payment of any rebate due to the borrower with respect to
the securities loan, and in compensation for the lending agent's services to
the Fund. The Fund also continues to receive payments in lieu of dividends or
interest on the securities loaned. Gain or loss on the value of the loaned
securities that may occur during the term of the loan will be for the account
of the Fund. The amount of the collateral is required to be adjusted daily to
reflect any
38 Pioneer Global Equity Fund | Annual Report | 8/31/11
price fluctuation in the value of the loaned securities. If the required
market value of the collateral is less than the value of the loaned
securities, the borrower is required to deliver additional collateral for the
account of the Fund prior to the close of business on that day. The Fund has
the right, under the lending agreement, to terminate the loan and recover the
securities from the borrower with prior notice. The Fund is required to
return the cash collateral to the borrower and could suffer a loss if the
value of the collateral, as invested, has declined.
2. Management Agreement
Pioneer Investment Management, Inc. (PIM), a wholly owned indirect subsidiary
of UniCredit, manages the Fund's portfolio. Management fees are calculated
daily at the annual rate of 0.75% of the Fund's average daily net assets up to
$500 million, 0.70% of the next $500 million and 0.65% on assets over $1
billion. For the year ended August 31, 2011, the effective management fee
(excluding waivers and/or assumption of expenses) was equivalent to 0.75% of
the Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses of the Fund
to the extent required to reduce the Fund's expenses to 1.30%, 2.20%, 2.20%,
and 0.80% of the average daily net assets attributable to Class A, Class B,
Class C and Class Y shares, respectively. Expenses waived and reimbursed during
the year ended August 31, 2011 are reflected on the Statement of Operations.
These expense limitations are in effect through January 1, 2012 for each class
of shares. There can be no assurance that PIM will extend the expense
limitation agreement for a class of shares beyond the date referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$2,771 in management fees, administrative costs and certain other
reimbursements payable to PIM at August 31, 2011.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts.
Pioneer Global Equity Fund | Annual Report | 8/31/11 39
For the year ended August 31, 2011, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 84,088
Class B 12,313
Class C 13,891
Class Y 3,231
--------------------------------------------------------------------------------
Total: $113,523
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $37,330 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at August 31, 2011.
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class B and Class C
shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net
assets attributable to Class A shares as compensation for personal services
and/or account maintenance services or distribution services with regard to
Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the
average daily net assets attributable to Class B and Class C shares. The fee
for Class B and Class C shares consists of a 0.25% service fee and a 0.75%
distribution fee paid as compensation for personal services and/or account
maintenance services or distribution services with regard to Class B and Class
C shares. Included in "Due to affiliates" reflected on the Statement of Assets
and Liabilities is $700 in distribution fees payable to PFD at August 31, 2011.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Class B shares that are redeemed within five
years of purchase are subject to a CDSC at declining rates beginning at 4.00%,
based on the lower of cost or market value of shares being redeemed.
Redemptions of Class C shares within one year of purchase are subject to a CDSC
of 1.00%, based on the lower of cost or market value of shares being redeemed.
Shares purchased as part of an exchange remain subject to any CDSC that applied
to the original purchase of those shares. There is no CDSC for Class Y shares.
Proceeds from the CDSCs are paid to PFD. For the year ended August 31, 2011,
CDSCs in the amount of $5,078 were paid to PFD.
40 Pioneer Global Equity Fund | Annual Report | 8/31/11
5. Expense Offsets Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS, which
may result in a reduction in the Fund's total expenses due to interest earned
on cash held by PIMSS. For the year ended August 31, 2011, the Fund's expenses
were not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At August 31, 2011, the Fund had entered into various forward foreign currency
contracts that obligate the Fund to deliver or take delivery of currencies at
specified future maturity dates. Alternatively, prior to the settlement date of
a forward foreign currency contract, the Fund may close out such contract by
entering into an offsetting contract. The Fund's gross forward currency
settlement contracts receivable and payable were $1,954,526 and $1,955,000,
respectively, resulting in a net payable of $474. The average value of
contracts open during the year ended August 31, 2011 was $16,655,204. Open
portfolio hedges at August 31, 2011 were as follows:
-----------------------------------------------------------------------------------------------------------
Net In Net
Contracts Exchange Settlement Unrealized
Currency to deliver For Date Value Gain (Loss)
-----------------------------------------------------------------------------------------------------------
CAD 9,000,000 $ 9,476,155 11/30/11 $ 9,174,870 $(301,285)
(Canadian Dollar)
CAD (9,000,000) $(9,488,322) 11/30/11 $(9,170,388) $ 317,934
(Canadian Dollar)
EUR 5,000,000 $ 7,193,940 11/30/11 $ 7,182,550 $ (11,390)
(European Euro)
EUR (5,000,000) $(7,148,765) 11/30/11 $(7,184,700) $ (35,935)
(European Euro)
JPY (475,000,000) $(5,825,105) 9/30/11 $(6,203,975) $(378,870)
(Japanese Yen)
JPY (450,000,000) $(5,539,484) 11/30/11 $(5,881,050) $(341,566)
(Japanese Yen)
KRW 5,924,700,000 $ 5,539,486 11/30/11 $ 5,562,560 $ 23,074
(South Korean Won) ---------
$(728,038)
7. Additional Disclosures about Derivative Instruments and Hedging Activities
Values of derivative instruments as of August 31, 2011 were as follows:
Liabilities
Asset Derivatives 2011 Derivatives 2011
---------------------- ---------------------
Balance Balance
Sheet Sheet
Derivatives Location Value Location Value
--------------------------------------------------------------------------------------
Forward Foreign Currency Contracts Receivables $ -- Payables* $728,512
--------------------------------------------------------------------------------------
Total $ -- $728,512
--------------------------------------------------------------------------------------
* Forward Foreign Currency Contracts are shown as a net payable on the
Statement of Assets and Liabilities.
Pioneer Global Equity Fund | Annual Report | 8/31/11 41
The effect of derivative instruments on the Statement of Operations for the
year ended August 31, 2011 was as follows:
-------------------------------------------------------------------------------------------------
Change in
Realized Gain Unrealized
or (Loss) on Gain or (Loss)
Location of Gain or (Loss) Derivatives on Derivatives
on Derivatives Recognized Recognized Recognized
Derivatives in Income in Income in Income
-------------------------------------------------------------------------------------------------
Foreign Exchange Contracts Net realized gain (loss) on $(43,014)
forward foreign currency contracts
and other assets and liabilities
denominated in foreign currencies
Foreign Exchange Contracts Change in unrealized gain on $(720,847)
forward foreign currency contracts
and other assets and liabilities
denominated in foreign currencies
8. Subsequent Events
In preparing these financial statements, PIM has evaluated the impact of all
events and transactions for potential recognition or disclosure and has
determined that there were no subsequent events requiring recognition or
disclosure in the financial statements.
42 Pioneer Global Equity Fund | Annual Report | 8/31/11
Report of Independent Registered Public Accounting Firm
To the Trustees of Pioneer Series Trust V and
Shareholders of Pioneer Global Equity Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities of Pioneer
Global Equity Fund (the Fund), (one of the portfolios constituting Pioneer
Series Trust V), including the schedule of investments, as of August 31, 2011,
and the related statement of operations for the year then ended, the statements
of changes in net assets for each of the two years in the period then ended,
and the financial highlights for each of the periods indicated therein. These
financial statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. We were not engaged to perform an audit of the Fund's internal
control over financial reporting. Our audits included consideration of internal
control over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Fund's internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights, assessing the accounting
principles used and significant estimates made by management, and evaluating
the overall financial statement presentation. Our procedures included
confirmation of securities owned as of August 31, 2011, by correspondence with
the custodian and brokers or by other appropriate auditing procedures where
replies from brokers were not received. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Global Equity Fund at August 31, 2011, the results of its operations
for the year then ended, the changes in its net assets for each of the two
years in the period then ended, and the financial highlights for each of the
periods indicated therein, in conformity with U.S. generally accepted
accounting principles.
Ernst & Young LLP
Boston, Massachusetts
October 26, 2011
Pioneer Global Equity Fund | Annual Report | 8/31/11 43
ADDITIONAL INFORMATION (unaudited)
For the year ended August 30, 2011, certain dividends paid by the Fund may be
subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth
Tax Relief Reconciliation Act (the Act) of 2003. The Fund intends to designate
up to the maximum amount of such dividends allowable under the Act, as taxed at
a maximum rate of 15%. Complete information will be computed and reported in
conjunction with your 2009 form 1099-DIV.
The qualifying percentage of the Fund's ordinary income dividends for the
purpose of the corporate dividends received deduction was 85.29%.
44 Pioneer Global Equity Fund | Annual Report | 8/31/11
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy voting policies and procedures of the Funds are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Funds voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at us.pioneerinvestments.com. This information is also available on
the Securities and Exchange Commission's web site at www.sec.gov.
Trustees and officers
The Fund's Trustees and officers are listed on the following pages, together
with their principal occupations for at least the past five years. Trustees who
are interested persons of the Fund within the meaning of the 1940 Act are
referred to as Interested Trustees. Trustees who are not interested persons of
the Fund are referred to as Independent Trustees. Each of the Trustees, except
Mr. West, serves as a trustee of each of the 55 U.S. registered investment
portfolios for which Pioneer serves as investment adviser (the "Pioneer
Funds"). Mr. West serves as a trustee of 44 U.S. registered investment
portfolios for which Pioneer serves as investment adviser. The address for all
Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts
02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
Pioneer Global Equity Fund | Annual Report | 8/31/11 45
Interested Trustees
--------------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
--------------------------------------------------------------------------------
John F. Cogan, Jr. (85)* Chairman of the Board, Trustee since 2005.
Trustee and President Serves until a successor
trustee is elected or
earlier retirement or
removal.
--------------------------------------------------------------------------------
Daniel K. Kingsbury (53)* Trustee and Executive Trustee since 2007.
Vice President Serves until a successor
trustee is elected or
earlier retirement or
removal.
--------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation(s) Held by this Trustee
------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (85)* Non-Executive Chairman and a director of Pioneer Investment None
Management USA Inc. ("PIM-USA"); Chairman and a director of
Pioneer; Chairman and Director of Pioneer Institutional Asset
Management, Inc. (since 2006); Director of Pioneer Alternative
Investment Management Limited (Dublin); President and a direc-
tor of Pioneer Alternative Investment Management (Bermuda)
Limited and affiliated funds; Deputy Chairman and a director of
Pioneer Global Asset Management S.p.A. ("PGAM") (until April
2010); Director of PIOGLOBAL Real Estate Investment Fund
(Russia) (until June 2006); Director of Nano-C, Inc. (since
2003); Director of Cole Management Inc. (since 2004); Director
of Fiduciary Counseling, Inc.; President and Director of Pioneer
Funds Distributor, Inc. ("PFD") (until May 2006); President of all
of the Pioneer Funds; and Of Counsel, Wilmer Cutler Pickering
Hale and Dorr LLP
------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (53)* Director, CEO and President of PIM-USA (since February 2007); None
Director and President of Pioneer and Pioneer Institutional Asset
Management, Inc. (since February 2007); Executive Vice Presi-
dent of all of the Pioneer Funds (since March 2007); Director of
PGAM (2007 - 2010); Head of New Europe Division, PGAM
(2000 - 2005); and Head of New Markets Division, PGAM
(2005 - 2007)
------------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are officers or directors of the Fund's investment
adviser and certain of its affiliates.
46 Pioneer Global Equity Fund | Annual Report | 8/31/11
Independent Trustees
--------------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
--------------------------------------------------------------------------------
David R. Bock (67) Trustee Trustee since 2005.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
--------------------------------------------------------------------------------
Mary K. Bush (63) Trustee Trustee since 2005.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation(s) Held by this Trustee
--------------------------------------------------------------------------------------------------------------------------
David R. Bock (67) Managing Partner, Federal City Capital Advisors (corporate advi- Director of Enterprise Com-
sory services company) (1997 - 2004 and 2008 - present); munity Investment, Inc.
Interim Chief Executive Officer, Oxford Analytica, Inc. (privately (privately held affordable
held research and consulting company) (2010); Executive Vice housing finance company)
President and Chief Financial Officer, I-trax, Inc. (publicly traded (1985 - 2010); Director of
health care services company) (2004 - 2007); and Executive Oxford Analytica, Inc. (2008
Vice President and Chief Financial Officer, Pedestal Inc. (internet- - present); Director of the
based mortgage trading company) (2000 - 2002) Swiss Helvetia Fund, Inc.
(closed-end fund) (2010 -
present); and Director of
New York Mortgage Trust
(publicly traded mortgage
REIT) (2004 - 2009)
--------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (63) Chairman, Bush International, LLC (international financial advi- Director of Marriott Interna-
sory firm) (1991 - present); Senior Managing Director, Brock tional, Inc. (2008 -
Capital Group, LLC (strategic business advisors) 2010 - present); present); Director of Dis-
Managing Director, Federal Housing Finance Board (oversight of cover Financial Services
Federal Home Loan Bank system) (1989 - 1991); Vice President (credit card issuer and elec-
and Head of International Finance, Federal National Mortgage tronic payment services)
Association (1988 - 1989); U.S. Alternate Executive Director, (2007 - present); Former
International Monetary Fund (1984 - 1988); Executive Assistant Director of Briggs & Stratton
to Deputy Secretary of the U.S. Treasury, U.S. Treasury Depart- Co. (engine manufacturer)
ment (1982 - 1984); and Vice President and Team Leader in (2004 - 2009); Former
Corporate Banking, Bankers Trust Co. (1976 - 1982) Director of UAL Corporation
(airline holding company)
(2006 - 2010); Director of
ManTech International Cor-
poration (national security,
--------------------------------------------------------------------------------------------------------------------------
Pioneer Global Equity Fund | Annual Report | 8/31/11
47
Independent Trustees (continued)
--------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
--------------------------------------------------------------------------
Mary K. Bush (continued)
--------------------------------------------------------------------------
Benjamin M. Friedman (67) Trustee Trustee since 2008.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
--------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation(s) Held by this Trustee
--------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (continued) defense, and intelligence
technology firm) (2006 -
present); Member, Board of
Governors, Investment Com-
pany Institute (2007 -
present); Member, Board of
Governors, Independent
Directors Council (2007 -
present); Former Director of
Brady Corporation (2000 -
2007); Former Director of
Mortgage Guaranty Insur-
ance Corporation (1991 -
2006); Former Director of
Millennium Chemicals, Inc.
(commodity chemicals)
(2002 - 2005); Former
Director, R.J. Reynolds
Tobacco Holdings, Inc.
(tobacco) (1999 - 2005);
and Former Director of
Texaco, Inc. (1997 - 2001)
--------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (67) William Joseph Maier Professor of Political Economy, Harvard Trustee, Mellon Institutional
University (1972 - present) Funds Investment Trust and
Mellon Institutional Funds
Master Portfolio (oversaw
17 portfolios in fund com-
plex) (1989 - 2008)
--------------------------------------------------------------------------------------------------------------------------
48 Pioneer Global Equity Fund | Annual Report | 8/31/11
--------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
--------------------------------------------------------------------------
Margaret B.W. Graham (64) Trustee Trustee since 2005.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
--------------------------------------------------------------------------
Thomas J. Perna (60) Trustee Trustee since 2006.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
--------------------------------------------------------------------------
Marguerite A. Piret (63) Trustee Trustee since 2005.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
--------------------------------------------------------------------------
Stephen K. West (82) Trustee Trustee since 2005.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
--------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation(s) Held by this Trustee
------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (64) Founding Director, Vice President and Corporate Secretary, The None
Winthrop Group, Inc. (consulting firm) (1982 - present);
Desautels Faculty of Management, McGill University (1999 -
present); and Manager of Research Operations and Organiza-
tional Learning, Xerox PARC, Xerox's Advance Research Center
(1990 - 1994)
------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (60) Chairman and Chief Executive Officer, Quadriserv, Inc. (technol- Director, Broadridge Finan-
ogy products for securities lending industry) (2008 - present); cial Solutions, Inc. (investor
private investor (2004 - 2008); and Senior Executive Vice Presi- communications and securi-
dent, The Bank of New York (financial and securities services) ties processing provider for
(1986 - 2004) financial services industry)
(2009 - present); and
Director, Quadriserv, Inc.
(2005 - present)
------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (63) President and Chief Executive Officer, Newbury, Piret & Director of New America
Company, Inc. (investment banking firm) (1981 - present) High Income Fund, Inc.
(closed-end investment
company) (2004 - present);
and member, Board of Gov-
ernors, Investment Company
Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (82) Senior Counsel, Sullivan & Cromwell LLP (law firm) (1998 - Director, The Swiss Helvetia
present); and Partner, Sullivan & Cromwell LLP (prior to 1998) Fund, Inc. (closed-end
investment company); and
Director, AMVESCAP, PLC
(investment manager)
(1997 - 2005)
------------------------------------------------------------------------------------------------------------------------------
Pioneer Global Equity Fund | Annual Report | 8/31/11
49
Fund Officers
--------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
--------------------------------------------------------------------------
Christopher J. Kelley (46) Secretary Since 2010. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------
Carol B. Hannigan (50) Assistant Secretary Since 2010. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------
Thomas Reyes (48) Assistant Secretary Since 2010. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------
Mark E. Bradley (51) Treasurer Since 2008. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------
Luis I. Presutti (46) Assistant Treasurer Since 2005. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------
Gary Sullivan (53) Assistant Treasurer Since 2005. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation(s) Held by this Officer
----------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (46) Vice President and Associate General Counsel of Pioneer since None
January 2008 and Secretary of all of the Pioneer Funds since
June 2010; Assistant Secretary of all of the Pioneer Funds from
September 2003 to May 2010; and Vice President and Senior
Counsel of Pioneer from July 2002 to December 2007
----------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (50) Fund Governance Director of Pioneer since December 2006 and None
Assistant Secretary of all the Pioneer Funds since June 2010;
Manager - Fund Governance of Pioneer from December 2003 to
November 2006; and Senior Paralegal of Pioneer from January
2000 to November 2003
----------------------------------------------------------------------------------------------------------------------
Thomas Reyes (48) Counsel of Pioneer since June 2007 and Assistant Secretary of None
all the Pioneer Funds since June 2010; and Vice President and
Counsel at State Street Bank from October 2004 to June 2007
----------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (51) Vice President - Fund Accounting, Administration and Controller- None
ship Services of Pioneer; Treasurer of all of the Pioneer Funds
since March 2008; Deputy Treasurer of Pioneer from March 2004
to February 2008; and Assistant Treasurer of all of the Pioneer
Funds from March 2004 to February 2008
----------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (46) Assistant Vice President - Fund Accounting, Administration and None
Controllership Services of Pioneer; and Assistant Treasurer of all
of the Pioneer Funds
----------------------------------------------------------------------------------------------------------------------
Gary Sullivan (53) Fund Accounting Manager - Fund Accounting, Administration and None
Controllership Services of Pioneer; and Assistant Treasurer of all
of the Pioneer Funds
----------------------------------------------------------------------------------------------------------------------
50 Pioneer Global Equity Fund | Annual Report | 8/31/11
--------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
--------------------------------------------------------------------------
David F. Johnson (31) Assistant Treasurer Since 2009. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------
Jean M. Bradley (58) Chief Compliance Since 2010. Serves at
Officer the discretion of the
Board.
--------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation(s) Held by this Officer
------------------------------------------------------------------------------------------------------------------
David F. Johnson (31) Fund Administration Manager - Fund Accounting, Administration None
and Controllership Services since November 2008; Assistant
Treasurer of all of the Pioneer Funds since January 2009; and
Client Service Manager - Institutional Investor Services at State
Street Bank from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (58) Chief Compliance Officer of Pioneer and of all the Pioneer Funds None
since March 2010; Director of Adviser and Portfolio Compliance
at Pioneer since October 2005; and Senior Compliance Officer
for Columbia Management Advisers, Inc. from October 2003 to
October 2005
------------------------------------------------------------------------------------------------------------------
Pioneer Global Equity Fund | Annual Report | 8/31/11 51
This page for your notes.
52 Pioneer Global Equity Fund | Annual Report | 8/31/11
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete statement of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
--------------------------------------------------------------------------------
Pioneer High Income
Municipal Fund
--------------------------------------------------------------------------------
Annual Report | August 31, 2011
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PIMAX
Class C HICMX
Class Y HIMYX
[LOGO]PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 7
Prices and Distributions 8
Performance Update 9
Comparing Ongoing Fund Expenses 12
Schedule of Investments 14
Financial Statements 26
Notes to Financial Statements 33
Report of Independent Registered Public Accounting Firm 40
Trustees, Officers and Service Providers 42
Pioneer High Income Municipal Fund | Annual Report | 8/31/11 1
President's Letter
Dear Shareowner,
The U.S. economy went through a soft patch in the first half of 2011, and the
second half of the year, so far, has been highlighted by the U.S. government's
battle over the debt ceiling and Standard & Poor's downgrade of the U.S.
Treasury's credit rating from the top rating of "AAA" for the first time in
history. The markets reacted quite negatively to the credit downgrade, and there
is concern about the strength of the global economy going forward.
Pioneer is cautiously optimistic that the U.S. economy will see moderate
economic growth over the balance of 2011, though at a slower pace than we had
expected earlier this year. While housing and employment remain weak, the
private sector shows signs of slow but steady improvement, led by higher capital
investment, solid exports, and improved consumption. At the same time, the risks
to growth remain substantial, including high unemployment, continued delays in
the housing sector's recovery, and the fiscal drag of U.S. federal and state
budget cuts.
The difficult recovery process has been accompanied by wide market swings. While
this is a challenging environment, our investment professionals continue to
focus on finding good opportunities to invest in both equity and bond markets
using the same disciplined approach Pioneer has used since 1928. Our approach is
to identify undervalued individual securities with the greatest potential for
success, carefully weighing risk against reward. Our teams of investment
professionals continually monitor and analyze the relative valuations of
different sectors and securities globally to help build portfolios that we
believe can help you achieve your investment goals.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. The strategy has generally performed well for many
investors. Our advice, as always, is to work closely with a trusted financial
advisor to discuss your goals and work together to develop an investment
strategy that meets your individual needs. There is no single best strategy that
works for every investor.
2 Pioneer High Income Municipal Fund | Annual Report | 8/31/11
We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us and we thank
you for investing with Pioneer.
Respectfully,
/s/Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer High Income Municipal Fund | Annual Report | 8/31/11 3
Portfolio Management Discussion | 8/31/11
Despite facing down a variety of domestic and global headwinds during the 12
months ended August 31, 2011, municipal bonds finished the period with positive
results. In the following interview, Timothy Pynchon, vice president at Pioneer
and lead portfolio manager of Pioneer High Income Municipal Fund, discusses the
factors that affected the municipal bond market and the Fund's performance over
the 12-month period ended August 31, 2011. Mr. Pynchon is responsible for the
day-to-day management of the Fund and is supported by David Eurkus, vice
president of Pioneer.
Q How did the Fund perform during the 12-month period ended August 31, 2011?
A Pioneer High Income Municipal Fund Class A shares returned 1.83% at net
asset value during the 12 months ended August 31, 2011, while the Fund's
benchmark, the Barclays Capital High Yield Municipal Bond Index (the
Barclays Index), returned 3.45%. Over the same period the average return
of the 126 mutual funds in Lipper's High Yield Municipal Debt Funds
category was 0.86%. As of August 31, 2011, the Fund's Class A shares
provided a 30-day SEC yield of 6.89%. As of August 31, 2011, 21.66% of the
Fund's investments were subject to the federal Alternative Minimum Tax
(AMT), and the Fund held investments in 207 bond issues from 30 states.
Q What was the investment environment like for high-yield municipal bonds
during the 12 months ended August 31, 2011?
A The period started out on a positive note, with high-yield municipal bonds
continuing a favorable performance trend that had begun in 2010. In
November 2010, however, well-publicized remarks of one financial analyst
warning of the possibility of widespread bankruptcies by municipalities
cast a shadow over the municipal market, including high-yield issues. We
did not share that view at the time and continue to believe that while
budget shortfalls exist in many states and municipalities, the chance of
widespread defaults and bankruptcies remains very small.
The municipal bond market felt the effect of those remarks for several
months, producing tepid results into mid-April 2011 when investors began
to recognize the value that municipal bonds offered. At first, investors
favored investment-grade bonds when they came back to the market, but
gradually moved into high-yield issues. In July and August 2011, national
and global concerns crept into the municipal market. For example,
uncertainty about raising the U.S. debt ceiling as well as the potential
for an
4 Pioneer High Income Municipal Fund | Annual Report | 8/31/11
economic slowdown in Europe and its effect on the U.S. economy and
corporate profitability weighed on investors. As a result, the municipal
bond market closed the 12-month period ended August 31, 2011, in a
slightly weaker, though positive, state.
Q What were your investment strategies for the Fund during the 12 months
ended August 31, 2011, and how did they affect the Fund's performance?
A Throughout the period, we invested the Fund exclusively in revenue bonds,
which rely on revenues from specific funding sources. We avoided general
obligation bonds, which are financed by municipal tax revenues and are
more directly exposed to the general financial problems of state and local
governments. Investments in health care, particularly continuing care
retirement communities, and airlines and airports accounted for the
largest positions in the Fund's portfolio. As of August 31, 2011,
approximately 40% of the Fund's assets were invested in health care; and
approximately 24% of the Fund's assets were invested in airline and
airport bonds. Education bonds accounted for 7.7% of assets, with the
focus primarily on charter schools in areas with underperforming public
school systems. As a way to meet redemptions during the weakness in the
municipal market, we took advantage of the strong valuations of corporate
revenue bonds and trimmed the Fund's exposure to the sector. We
substantially reduced the Fund's investments in tobacco bonds because our
fundamental view changed. Concerns about disputed payments within the
national settlement agreement and a decline in consumption, which is
likely to have a negative impact on the bonds over the long term, drove
the changes. On August 31, 2011, approximately 2.0% of the Fund's assets
were invested in tobacco bonds, down from roughly 11% of assets on
February 28, 2011.
The Fund's focus on revenue bonds, as opposed to general obligation bonds,
benefited performance during the 12-month period. The Fund's position in
tobacco bonds, which are not part of the benchmark Barclays Index,
dampened results.
Q What is your investment outlook?
A We are positive in our outlook for the high-yield municipal bond market.
During 2011 the rate of new issuance has been robust, at approximately 45%
of 2010 levels, and the fundamentals of the underlying assets are strong.
We believe that some of the turmoil in other asset classes, including
equities and other kinds of bonds, should also be positive for municipals,
as municipal bonds appear to be relatively stable and are attractive on an
absolute and a relative basis due to their comparatively high current
yields. Despite our constructive outlook for the high-yield municipal bond
market, we cannot ignore the macroeconomic issues currently in play on a
global scale. We do not believe there will be a double-dip recession in
the United States. However, we expect economic growth to be slower than
originally
Pioneer High Income Municipal Fund | Annual Report | 8/31/11 5
thought; and depending on investors' appetite for risk, that could have a
negative impact on high-yield municipal bonds.
As we manage the Fund during these uncertain economic times, our
investment discipline will continue to be based on independent fundamental
analysis. Before a security is added to the portfolio, we will maintain
our practice of analyzing both the credit-worthiness of the issuer and the
reliability and sustainability of the security's revenue stream. We
believe there is value in the high-yield municipal bond market, as the
tax-advantaged yields of municipal securities continue to compare
favorably with yields provided by taxable bonds.
Please refer to the Schedule of Investments on pages 14-25 for a full listing of
Fund securities.
Investments in high-yield or lower-rated securities are subject to
greater-than-average risk. The Fund may invest in securities of issuers that are
in default or that are in bankruptcy.
A portion of the Fund's income may be subject to state, federal, and/or
alternative minimum tax. Capital gains, if any, are subject to a capital gains
tax. The Fund is not diversified, which means that it can invest a higher
percentage of its assets in any one issuer than a diversified fund. Being
non-diversified may magnify the Fund's losses from adverse events affecting a
particular issuer. By investing primarily in municipal securities, the Fund is
more susceptible to adverse economic, political or regulatory developments than
is a fund that invests more broadly.
When interest rates rise, the prices of fixed-income securities in the Fund will
generally fall. Conversely, when interest rates fall, the prices of fixed-income
securities in the Fund will generally rise. Investments in the Fund are subject
to possible loss due to the financial failure of issuers of underlying
securities and their inability to meet their debt obligations. At times, the
Fund's investments may represent industries or industry sectors that are
interrelated or have common risks, making it more susceptible to any economic,
political, or regulatory developments or other risks affecting those industries
and sectors.
These risks may increase share price volatility.
Past performance is not a guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These opinions should not
be relied upon for any other purposes.
6 Pioneer High Income Municipal Fund | Annual Report | 8/31/11
Portfolio Summary | 8/31/11
Portfolio Quality
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA IS A REPRESENTATION OF A PIE CHART IN THE PRINTED MATERIAL]
AA 3.0%
A 1.6%
BBB 4.9%
BB & Lower 90.5%
Bond ratings are ordered highest to lowest in portfolio. Based on Standard &
Poor's measures, AAA (highest possible rating) through BBB are considered
investment grade; BB or lower ratings are considered non-investment grade. Cash
equivalents and some bonds may not be rated.
Maturity Distribution
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA IS A REPRESENTATION OF A PIE CHART IN THE PRINTED MATERIAL]
< 1 year 0.9%
1 - 3 years 3.3%
3 - 6 years 12.1%
6 - 8 years 27.7%
8 - 10 years 14.1%
10+ years 41.9%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of debt holdings)*
1. Chicago Illinois O'Hare International Airport, 5.5%, 12/1/30 3.31%
2. Florida Development, 7.625%, 6/15/41 3.21
3. New York City Industrial Development Agency, 5.25%, 12/1/32 2.77
4. Illinois Finance Authority, 8.125%, 2/15/40 2.69
5. Public Finance Authority, 8.25%, 6/1/46 2.40
6. Dallas-Fort Worth Texas International Airport, 5.5%, 11/1/30 2.30
7. West Virginia Hospital Finance Authority, 9.125%, 10/1/41 2.29
8. Capital Trust Agency, 7.75%, 1/1/41 2.17
9. Rhode Island Health & Educational Building Corp., 8.375%, 1/1/46 2.09
10. Pennsylvania Economic Development Financing Authority, 6.0%, 6/1/31 2.07
* This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommendations to buy or
sell any security listed.
Pioneer High Income Municipal Fund | Annual Report | 8/31/11 7
Prices and Distributions | 8/31/11
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 8/31/11 8/31/10
--------------------------------------------------------------------------------
A $ 7.58 $ 7.97
--------------------------------------------------------------------------------
C $ 7.58 $ 7.96
--------------------------------------------------------------------------------
Y $ 7.49 $ 7.88
--------------------------------------------------------------------------------
Distributions per Share: 9/1/10-8/31/11
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $ 0.5160 $ -- $ --
--------------------------------------------------------------------------------
C $ 0.4587 $ -- $ --
--------------------------------------------------------------------------------
Y $ 0.5288 $ -- $ --
--------------------------------------------------------------------------------
Index Definitions
--------------------------------------------------------------------------------
The Barclays Capital High Yield Municipal Bond Index measures the performance of
the high-yield municipal bond market. Index returns are calculated monthly,
assume reinvestment of dividends and, unlike Fund returns, do not reflect any
fees, expenses or sales charges. It is not possible to invest directly in an
index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts shown on pages 10-12.
8 Pioneer High Income Municipal Fund | Annual Report | 8/31/11
Performance Update | 8/31/11 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment in Pioneer High Income Municipal Fund at public offering price,
compared to that of the Barclays Capital High Yield Municipal Bond Index.
Average Annual Total Returns
(As of August 31, 2011)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
(10/17/06) 1.04% 0.10%
1 Year 1.83 -2.81
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2010)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.95% 0.90%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED
MATERIAL]
Value of $10,000 Investment
Pioneer High Income Barclays Capital High Yield
Municipal Fund Municipal Bond Index
10/06 $ 9,550 $10,000
8/07 $ 9,662 $10,076
8/08 $ 9,184 $ 9,635
8/09 $ 7,861 $ 8,750
8/10 $ 9,838 $10,682
8/11 $10,018 $11,051
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 4.50% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 1/1/12 for Class A shares. There can be no assurance that Pioneer
will extend the expense limitations beyond such time. Please see the prospectus
and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer High Income Municipal Fund | Annual Report | 8/31/11 9
Performance Update | 8/31/11 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer High Income Municipal Fund, compared to that of the
Barclays Capital High Yield Municipal Bond Index.
Average Annual Total Returns
(As of August 31, 2011)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(10/17/06) 0.16% 0.16%
1 Year 1.19 1.19
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2010)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.69% 1.69%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED
MATERIAL]
Value of $10,000 Investment
Pioneer High Income Barclays Capital High Yield
Municipal Fund Municipal Bond Index
10/06 $10,000 $10,000
8/07 $10,026 $10,076
8/08 $ 9,430 $ 9,635
8/09 $ 7,999 $ 8,750
8/10 $ 9,928 $10,682
8/11 $10,046 $11,051
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
10 Pioneer High Income Municipal Fund | Annual Report | 8/31/11
Performance Update | 8/31/11 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer High Income Municipal Fund, compared to that of the
Barclays Capital High Yield Municipal Bond Index.
Average Annual Total Returns
(As of August 31, 2011)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(10/17/06) 0.86% 0.86%
1 Year 2.02 2.02
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2010)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.67% 0.67%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED
MATERIAL]
Value of $5 Million Investment
Pioneer High Income Barclays Capital High Yield
Municipal Fund Municipal Bond Index
10/06 $5,000,000 $5,000,000
8/07 $5,040,643 $5,037,963
8/08 $4,765,972 $4,817,672
8/09 $4,084,381 $4,374,981
8/10 $5,094,276 $5,340,982
8/11 $5,197,079 $5,525,277
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer High Income Municipal Fund | Annual Report | 8/31/11 11
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
1. Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
2. Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer High Income Municipal Fund
Based on actual returns from March 1, 2011 through August 31, 2011.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $ 1,000.00 $ 1,000.00 $ 1,000.00
Value on 3/1/11
--------------------------------------------------------------------------------
Ending Account Value $ 1,066.06 $ 1,060.69 $ 1,064.82
(after expenses) on 8/31/11
--------------------------------------------------------------------------------
Expenses Paid $ 4.58 $ 8.47 $ 3.49
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.88%, 1.63%
and 0.67% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
184/365 (to reflect the one-half year period).
12 Pioneer High Income Municipal Fund | Annual Report | 8/31/11
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer High Income Municipal Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from March 1, 2011 through August 31, 2011.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $ 1,000.00 $ 1,000.00 $ 1,000.00
Value on 3/1/11
--------------------------------------------------------------------------------
Ending Account Value $ 1,020.77 $ 1,016.99 $ 1,021.83
(after expenses) on 8/31/11
--------------------------------------------------------------------------------
Expenses Paid $ 4.48 $ 8.29 $ 3.41
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.88%, 1.63%
and 0.67% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
184/365 (to reflect the one-half year period).
Pioneer High Income Municipal Fund | Annual Report | 8/31/11 13
Schedule of Investments | 8/31/11
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (c) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 98.8%
Municipal General -- 0.1%
1,175,000 12.00 NR/NR Non-Profit Preferred Funding, Floating Rate
Note, 9/15/37 $ 743,141
-----------------------------------------------------------------------------------------------------
Alabama -- 0.9%
2,000,000 NR/NR Huntsville-Redstone VLG Alabama,
6.875%, 1/1/43 $ 1,769,780
1,000,000 B-/WR Jefferson County Alabama Public Building,
5.125%, 4/1/19 799,370
985,000 B-/WR Jefferson County Public Building Authority,
5.125%, 4/1/17 834,788
3,000,000 B-/WR Jefferson County Public Building Authority,
5.125%, 4/1/18 2,444,310
2,000,000 B-/WR Jefferson County Public Building Authority,
5.125%, 4/1/21 1,515,500
------------
$ 7,363,748
-----------------------------------------------------------------------------------------------------
Arizona -- 0.8%
2,000,000 NR/NR Pima County Arizona Development
Authority, 7.0%, 1/1/38 $ 1,866,100
750,000 NR/NR Pima County Arizona, 8.5%, 7/1/39 778,433
4,000,000 NR/NR San Luis Facility Development Corp.,
8.375%, 5/1/27 3,895,120
------------
$ 6,539,653
-----------------------------------------------------------------------------------------------------
California -- 5.9%
2,000,000 NR/NR California Statewide Communities,
7.5%, 6/1/42 $ 2,053,920
334,656 NR/NR California Statewide, 9.0%, 12/1/38 (d) 18,306
4,810,000 A-/NR Compton Community Redevelopment
Agency, 6.0%, 8/1/42 4,710,433
7,100,000 BBB+/NR County of Riverside Economic
Development Agency, 0.0%, 12/1/41* 606,553
7,075,000 BBB+/NR County of Riverside Economic
Development Agency, 0.0%, 12/1/42* 557,227
7,050,000 BBB+/NR County of Riverside Economic
Development Agency, 0.0%, 12/1/43* 511,901
5,600,000 BBB+/NR County of Riverside Economic
Development Agency, 0.0%, 12/1/44* 374,864
15,000,000 BBB-/Baa3 Foothill-Eastern Transportation,
0.0%, 1/15/33* 3,426,000
10,000,000 BBB-/Baa3 Foothill-Eastern Transportation,
0.0%, 1/15/36* 1,789,900
83,415,000 B/NR Golden State Tobacco Securitization Co.,
0.0%, 6/1/47* 2,681,792
2,000,000 B-/Caa2 Los Angeles California Regulation,
7.5%, 12/1/24 2,016,780
The accompanying notes are an integral part of these financial statements.
14 Pioneer High Income Municipal Fund | Annual Report | 8/31/11
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (c) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
California -- (continued)
28,055,000 AA+/Aa3 Oceanside Unified School, 0.0%, 8/1/49* $ 2,108,614
2,900,000 A+/WR Pittsburg Redevelopment Agency,
0.0%, 8/1/25* 1,150,923
8,790,000 A+/WR Pittsburg Redevelopment Agency,
0.0%, 8/1/25* 2,505,238
5,000,000 A+/WR Pittsburg Redevelopment Agency,
0.0%, 8/1/28* 1,553,650
9,145,000 A+/WR Pittsburg Redevelopment Agency,
0.0%, 8/1/30* 2,412,451
10,420,000 AA+/Aa3 Stockton Unified School District,
0.0%, 8/1/36* 1,936,140
11,245,000 AA+/Aa3 Stockton Unified School District,
0.0%, 8/1/37* 1,952,919
12,115,000 AA+/Aa3 Stockton Unified School District,
0.0%, 8/1/38* 1,956,451
13,930,000 AA+/Aa3 Stockton Unified School District,
0.0%, 8/1/40* 1,969,981
14,735,000 AA+/Aa3 Stockton Unified School District,
0.0%, 8/1/41* 1,941,926
11,035,000 AA+/Aa3 Stockton Unified School District,
0.0%, 8/1/42* 1,359,071
17,145,000 AA+/Aa3 Stockton Unified School District,
0.0%, 8/1/43* 1,955,044
17,470,000 AA+/Aa3 Stockton Unified School District,
0.0%, 8/1/44* 1,855,139
14,850,000 AA+/Aa3 Stockton Unified School District,
0.0%, 8/1/45* 1,473,120
17,405,000 AA+/Aa3 Stockton Unified School District,
0.0%, 8/1/46* 1,607,352
14,015,000 AA+/Aa3 Stockton Unified School District,
0.0%, 8/1/48* 1,114,052
8,090,000 A+/Aa2 Yuba Community College District,
0.0%, 8/1/42* 954,377
------------
$ 48,554,124
-----------------------------------------------------------------------------------------------------
Colorado -- 2.3%
1,055,000 NR/NR Colorado Educational, 5.625%, 12/1/36 $ 758,461
3,000,000 BB/Ba2 Colorado Health Facilities Authority,
5.75%, 1/1/37 2,621,580
3,900,000 BBB/NR Denver Health, 1.333%, 12/1/33 2,606,877
10,000,000 NR/NR Kremmling Memorial Hospital District,
7.125%, 12/1/45 9,922,400
3,500,000 NR/NR Three Springs Metropolitan District,
7.75%, 12/1/39 3,473,575
------------
$ 19,382,893
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/11 15
Schedule of Investments | 8/31/11 (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (c) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Florida -- 10.3%
18,000,000 NR/Ba3 Capital Trust Agency, 7.75%, 1/1/41 $ 17,630,100
2,290,000 NR/NR County of Palm Beach Florida,
2.0%, 6/1/16 2,304,702
5,900,000 NR/NR Collier County Industrial Development
Authority, 14.0%, 5/15/15 5,870,087
25,880,000 NR/NR Florida Development, 7.625%, 6/15/41 26,073,841
4,050,000 BB+/NR Florida Keys College Campus Foundation,
Inc., 7.0%, 11/1/42 4,013,955
1,000,000 NR/NR Greater Orlando Aviation Authority,
6.375%, 11/15/26 951,360
15,965,000 NR/NR Greater Orlando Aviation Authority,
6.5%, 11/15/36 15,122,846
2,830,000 NR/NR Hillsborough County Industrial
Development, 6.5%, 7/1/29 2,560,216
1,410,000 NR/NR Hillsborough County Industrial
Development, 6.7%, 7/1/21 1,378,740
2,380,000 NR/NR Hillsborough County Industrial
Development, 6.75%, 7/1/29 2,209,663
6,200,000 BB+/NR Lee County Florida Industrial Development
Authority, 5.375%, 6/15/37 4,905,502
1,870,000 NR/NR Liberty County Florida, 8.25%, 7/1/28 1,847,597
------------
$ 84,868,609
-----------------------------------------------------------------------------------------------------
Georgia -- 3.4%
6,000,000 CCC+/NR Clayton County Development Authority,
8.75%, 6/1/29 $ 6,917,340
7,000,000 CCC+/NR Clayton County Development Authority,
9.0%, 6/1/35 7,483,840
3,150,000 NR/NR Fulton County Georgia Water and Sewer
Revenue, 5.0%, 7/1/27 2,334,717
16,500,000 NR/NR Fulton County Georgia Water and Sewer
Revenue, 5.125%, 7/1/42 10,839,015
------------
$ 27,574,912
-----------------------------------------------------------------------------------------------------
Hawaii -- 0.3%
1,500,000 NR/NR Hawaii State Department Budget,
7.5%, 11/15/15 $ 1,517,595
1,000,000 NR/NR Hawaii State Department Budget,
9.0%, 11/15/44 1,111,850
------------
$ 2,629,445
-----------------------------------------------------------------------------------------------------
Iowa -- 0.9%
1,455,000 NR/NR Iowa Finance Authority Senior Housing,
5.0%, 11/15/12 $ 1,409,939
1,445,000 NR/NR Iowa Finance Authority, 5.5%, 11/15/27 1,054,995
4,365,000 BB/NR Iowa Finance Authority Senior Housing,
5.5%, 11/15/37 2,908,487
The accompanying notes are an integral part of these financial statements.
16 Pioneer High Income Municipal Fund | Annual Report | 8/31/11
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (c) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Iowa -- (continued)
4,495,000 NR/NR Iowa Finance Authority Senior Housing,
5.625%, 12/1/45 $ 2,404,780
------------
$ 7,778,201
-----------------------------------------------------------------------------------------------------
Illinois -- 16.6%
34,500,000 NR/Caa2 Chicago Illinois O'Hare International
Airport, 5.5%, 12/1/30 $ 26,854,110
3,000,000 BB-/B1 Illinois Finance Authority,
6.5%, 10/15/40 3,005,850
1,690,000 NR/NR Illinois Finance Authority, 5.5%, 5/15/37 1,286,834
5,000,000 NR/NR Illinois Finance Authority,
5.625%, 2/15/37 3,974,750
7,790,000 NR/NR Illinois Finance Authority,
6.0%, 11/15/39 4,663,484
4,500,000 BB/NR Illinois Finance Authority,
6.25%, 11/15/35 3,790,215
3,625,000 NR/NR Illinois Finance Authority, 7.0%, 5/15/18 3,624,456
5,085,000 NR/NR Illinois Finance Authority,
7.625%, 5/15/25 5,058,558
1,735,000 NR/NR Illinois Finance Authority, 8.0%, 2/15/30 1,710,259
1,750,000 NR/NR Illinois Finance Authority, 8.0%, 5/15/30 1,696,993
7,545,000 NR/NR Illinois Finance Authority, 8.0%, 5/15/40 7,585,743
10,965,000 NR/NR Illinois Finance Authority, 8.0%, 5/15/46 11,024,211
22,490,000 NR/NR Illinois Finance Authority,
8.125%, 2/15/40 21,853,758
4,500,000 BB/NR Illinois Finance Authority,
8.125%, 5/15/40 4,365,630
13,275,000 NR/NR Illinois Finance Authority,
8.25%, 2/15/46 12,956,267
15,135,000 BB/NR Illinois Finance Authority,
8.25%, 5/15/45 14,828,668
3,320,000 NR/NR Southwestern Illinois Development
Authority Revenue, 5.625%, 11/1/26 2,496,607
2,500,000 NR/NR Southwestern Illinois Development
Authority Revenue, 6.625%, 6/1/37 2,331,725
1,000,000 NR/NR Upper Illinois River Valley Development,
7.25%, 11/15/40 952,270
2,700,000 NR/NR Upper Illinois River Valley Development,
7.375%, 11/15/45 2,598,885
------------
$136,659,273
-----------------------------------------------------------------------------------------------------
Indiana -- 1.5%
3,500,000 NR/NR City of Crown Point, 8.0%, 11/15/39 $ 3,562,370
715,000 B-/Caa2 City of East Chicago, 5.5%, 9/1/28 553,753
1,500,000 BBB-/NR Hammond Local Public Improvement,
6.75%, 8/15/35 1,515,435
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/11 17
Schedule of Investments | 8/31/11 (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (c) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Indiana -- (continued)
2,435,000 NR/NR St. Joseph County Industrial Education,
6.0%, 5/15/38 $ 2,150,202
4,000,000 BB/NR Vigo County Hospital Authority,
8.0%, 9/1/41 4,251,720
------------
$ 12,033,480
-----------------------------------------------------------------------------------------------------
Kentucky -- 0.6%
1,000,000 NR/NR Kentucky Economic Development Finance
Authority, 7.0%, 5/15/30 $ 1,004,740
1,750,000 NR/NR Kentucky Economic Development Finance
Authority, 7.25%, 5/15/41 1,716,278
2,000,000 NR/NR Kentucky Economic Development Finance
Authority, 7.375%, 5/15/46 1,984,820
------------
$ 4,705,838
-----------------------------------------------------------------------------------------------------
Massachusetts -- 1.8%
1,750,000 NR/NR Massachusetts State Development
Finance Agency, 5.5%, 11/15/22 $ 1,046,588
3,155,000 NR/NR Massachusetts State Development
Finance Agency, 5.75%, 11/15/35 1,760,648
1,060,000 NR/NR Massachusetts State Development
Finance Agency, 5.75%, 11/15/42 565,033
2,000,000 NR/NR Massachusetts State Development
Finance Agency, 6.75%, 10/25/37 1,830,060
2,500,000 NR/NR Massachusetts State Development
Finance Agency, 7.25%, 6/1/16 2,500,375
500,000 NR/NR Massachusetts State Development
Finance Agency, 7.5%, 6/1/29 501,980
880,000 NR/NR Massachusetts State Development
Finance Agency, 7.625%, 10/15/37 886,019
2,000,000 NR/NR Massachusetts State Development
Finance Agency, 7.875%, 6/1/44 2,023,020
500,000 BBB/NR Massachusetts State Development
Finance Agency, 8.0%, 4/15/39 554,010
3,500,000 NR/NR Massachusetts State Health,
6.5%, 1/15/38 2,722,160
------------
$ 14,389,893
-----------------------------------------------------------------------------------------------------
Maine -- 0.5%
4,250,000 NR/B2 Town of Rumford Maine,
6.875%, 10/1/26 $ 3,859,128
-----------------------------------------------------------------------------------------------------
Michigan -- 4.6%
160,000 NR/NR Doctor Charles Drew Academy,
5.7%, 11/1/36 $ 104,547
3,000,000 BBB-/NR Flint Michigan International Academy,
5.75%, 10/1/37 2,449,050
The accompanying notes are an integral part of these financial statements.
18 Pioneer High Income Municipal Fund | Annual Report | 8/31/11
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (c) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Michigan -- (continued)
6,315,000 NR/NR Michigan Finance Authority,
8.5%, 10/1/45 $ 6,751,114
350,000 BB+/NR Michigan Public Educational Facilities
Authority, 7.25%, 4/1/20 361,116
2,020,000 BB+/NR Michigan Public Educational Facilities
Authority, 8.0%, 4/1/40 2,037,190
500,000 BBB-/NR Michigan Public Educational Facilities
Authority, 8.75%, 9/1/39 536,585
2,750,000 NR/NR Michigan State Hospital Finance Authority,
5.5%, 11/15/35 2,206,930
7,135,000 A/A2 Michigan Strategic Fund, 6.75%, 3/1/40 7,255,082
3,175,000 NR/NR Michigan Strategic Fund, 7.25%, 1/1/39 3,208,084
18,285,000 BBB/NR Michigan Tobacco Settlement Finance,
6.0%, 6/1/48 12,782,312
------------
$ 37,692,010
-----------------------------------------------------------------------------------------------------
Minnesota -- 2.3%
15,000,000 NR/NR Bloomington Port Authority,
9.0%, 12/1/35 $ 15,318,900
1,500,000 NR/NR City of Brooklyn Park, 9.25%, 3/1/39 1,657,260
2,260,000 NR/B2 City of International Falls Minnesota,
6.85%, 12/1/29 2,046,407
------------
$ 19,022,567
-----------------------------------------------------------------------------------------------------
Missouri -- 1.2%
2,000,000 B+/Ba City of Manchester Missouri,
6.875%, 11/1/39 $ 2,040,360
2,000,000 BB/NR Community Memorial Hospital District,
6.68%, 12/1/34 2,092,540
4,500,000 NR/NR Kirkwood Industrial, 8.25%, 5/15/45 4,645,440
500,000 NR/Ca St. Louis Missouri Development Authority,
7.2%, 12/15/28 (d) 225,000
1,365,000 NR/Ca St. Louis Missouri Industrial Development
Revenue, 7.25%, 12/15/35 (d) 614,250
------------
$ 9,617,590
-----------------------------------------------------------------------------------------------------
North Carolina -- 0.8%
1,665,000 NR/NR North Carolina Medical Care Commission,
7.75%, 3/1/31 $ 1,706,542
4,725,000 NR/NR North Carolina Medical Care Commission,
7.75%, 3/1/41 4,780,283
------------
$ 6,486,825
-----------------------------------------------------------------------------------------------------
Nebraska -- 0.1%
3,250,000 NR/NR Grand Island Nebraska Solid Waste,
7.0%, 6/1/23 (d) $ 910,878
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/11 19
Schedule of Investments | 8/31/11 (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (c) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
New Jersey -- 3.1%
5,035,000 B/B3 New Jersey Economic Development
Authority Special Facility Revenue,
7.0%, 11/15/30 $ 5,033,741
3,960,000 B/B3 New Jersey Economic Development
Authority, 6.25%, 9/15/19 3,843,299
6,080,000 B/B3 New Jersey Economic Development
Authority, 6.25%, 9/15/29 5,660,115
3,000,000 B/B3 New Jersey Economic Development
Authority, 6.4%, 9/15/23 2,888,040
6,000,000 NR/NR New Jersey Economic Development
Authority, 6.625%, 1/1/37 5,568,420
2,500,000 CCC+/Caa2 New Jersey Economic Development
Authority, 7.1%, 11/1/31 2,055,250
------------
$ 25,048,865
-----------------------------------------------------------------------------------------------------
New Mexico -- 0.2%
2,000,000 NR/NR County of Otero New Mexico,
8.25%, 12/1/23 $ 2,007,820
-----------------------------------------------------------------------------------------------------
New York -- 8.8%
285,000 NR/NR Dutchess County New York Industrial
Development, 7.25%, 3/1/19 $ 281,737
965,000 NR/NR Dutchess County New York Industrial
Development, 7.5%, 3/1/29 931,650
1,365,000 NR/NR Dutchess County New York Industrial
Development, 7.5%, 3/1/29 1,317,826
1,795,000 NR/NR Erie County Industrial Development
Agency, 9.25%, 10/1/30 1,961,935
8,000,000 NR/NR Erie County Industrial Development
Agency, 9.25%, 10/1/30 8,744,000
10,000,000 NR/NR Erie County Industrial Development
Agency, 9.25%, 10/1/30 10,930,000
5,750,000 NR/NR Erie County New York, 6.0%, 11/15/36 4,177,720
3,000,000 NR/NR Nassau County Industrial Development,
6.7%, 1/1/43 2,804,130
27,750,000 BB-/B1 New York City Industrial Development
Agency, 5.25%, 12/1/32 22,469,453
8,600,000 CCC+/Caa2 New York City Industrial Development
Agency, 6.9%, 8/1/24 7,384,734
3,650,000 B-/Caa2 New York City Transportation Finance,
5.125%, 5/15/30 2,943,506
10,300,000 BB/NR Seneca Nation Indians Capital
Improvements Authority, 5.0%, 12/1/23 8,474,840
------------
$ 72,421,531
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer High Income Municipal Fund | Annual Report | 8/31/11
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (c) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Ohio -- 2.0%
55,000,000 NR/NR Buckeye Tobacco Settlement Finance,
0.0%, 6/1/47* $ 1,536,700
6,000,000 CCC+/B3 Cleveland Ohio Airport Revenue,
5.375%, 9/15/27 5,206,980
6,015,000 CCC+/B3 Cleveland Ohio Airport Revenue,
5.7%, 12/1/19 5,632,326
3,510,000 B-/Caa2 Ohio State Pollution Control Revenue,
5.6%, 8/1/32 2,674,164
1,970,000 B-/Caa2 Ohio State Pollution Control Revenue,
5.65%, 3/1/33 1,506,695
------------
$ 16,556,865
-----------------------------------------------------------------------------------------------------
Pennsylvania -- 3.6%
20,800,000 B-/Caa2 Pennsylvania Economic Development
Financing Authority, 6.0%, 6/1/31 $ 16,806,816
2,005,000 CCC+/Caa3 Pennsylvania Economic Development,
7.5%, 5/1/20 2,012,539
9,075,000 CCC+/Caa3 Pennsylvania Economic Development,
8.0%, 5/1/29 9,304,325
4,000,000 AA+/Aa3 Pittsburg Unified School District,
0.0%, 9/1/38* 550,240
3,925,000 AA+/Aa3 Pittsburg Unified School District,
0.0%, 9/1/39* 499,849
2,500,000 AA+/Aa3 Pittsburg Unified School District,
0.0%, 9/1/41* 327,625
1,925,000 AA+/Aa3 Pittsburg Unified School District,
0.0%, 9/1/42* 235,736
------------
$ 29,737,130
-----------------------------------------------------------------------------------------------------
Rhode Island -- 2.4%
2,100,000 NR/NR Central Falls Rhode Island Detention
Facility Corp., 7.25%, 7/15/35 $ 1,702,302
16,700,000 NR/NR Rhode Island Health & Educational
Building Corp., 8.375%, 1/1/46 16,947,828
17,200,000 B/NR Tobacco Settlement, 0.0%, 6/1/52* 689,892
------------
$ 19,340,022
-----------------------------------------------------------------------------------------------------
Texas -- 15.1%
23,535,000 CCC+/NR Alliance Airport Authority Texas,
5.25%, 12/1/29 $ 15,567,696
5,000,000 CCC+/NR Alliance Airport Authority Texas,
5.75%, 12/1/29 3,528,200
12,125,000 CC/Ca Brazos River Authority Texas,
5.4%, 10/1/29 9,336,250
2,500,000 CC/Ca Brazos River Authority Texas,
5.75%, 5/1/36 2,425,000
1,000,000 CCC+/B3 City of Houston Texas, 6.125%, 7/15/27 936,360
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/11 21
Schedule of Investments | 8/31/11 (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (c) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Texas -- (continued)
27,435,000 CCC+/NR Dallas-Fort Worth Texas International
Airport, 5.5%, 11/1/30 $ 18,670,331
6,605,000 CCC+/Caa2 Dallas-Fort Worth Texas International
Airport, 6.375%, 5/1/35 4,876,868
430,000 BBB/Baa1 Equinix, Inc., 0.0%, 11/15/34* 74,145
248,873 NR/NR Gulf Coast Waste Disposal Authority Texas
Revenue, 7.0%, 12/1/36 (d) 13,638
1,385,000 BBB/Baa1 Harris County-Houston Sports Authority,
0.0%, 11/15/22* 606,935
5,030,000 BBB/Baa1 Harris County-Houston Sports Authority,
0.0%, 11/15/25* 1,767,391
3,000,000 BBB/Baa1 Harris County-Houston Sports Authority,
0.0%, 11/15/26* 972,120
5,000,000 BBB/Baa1 Harris County-Houston Sports Authority,
0.0%, 11/15/27* 1,504,500
12,000,000 BBB/Baa1 Harris County-Houston Sports Authority,
0.0%, 11/15/28* 3,325,200
13,435,000 BBB/Baa1 Harris County-Houston Sports Authority,
0.0%, 11/15/29* 3,424,985
5,000,000 BBB/Baa1 Harris County-Houston Sports Authority,
0.0%, 11/15/31* 1,096,950
9,685,000 BBB/Baa1 Harris County-Houston Sports Authority,
0.0%, 11/15/31* 2,126,439
7,335,000 BBB/Baa1 Harris County-Houston Sports Authority,
0.0%, 11/15/32* 1,471,694
970,000 BBB/Baa1 Harris County-Houston Sports Authority,
0.0%, 11/15/33* 181,196
395,000 BBB/Baa1 Harris County-Houston Sports Authority,
0.0%, 11/15/34* 68,414
425,000 BBB/Baa1 Harris County-Houston Sports Authority,
0.0%, 11/15/35* 68,255
1,690,000 BBB/Baa1 Harris County-Houston Sports Authority,
0.0%, 11/15/35* 270,147
20,000,000 BBB/Baa1 Harris County-Houston Sports Authority,
0.0%, 11/15/38* 2,843,800
10,000,000 BBB/Baa1 Harris County-Houston Sports Authority,
0.0%, 11/15/38* 1,240,700
10,000,000 BBB/Baa1 Harris County-Houston Sports Authority,
0.0%, 11/15/39* 1,133,600
775,000 BBB/Baa1 Harris County-Houston Sports Authority,
0.0%, 11/15/39* 91,504
1,350,000 BBB/Baa1 Harris County-Houston Sports Authority,
0.0%, 11/15/40* 146,529
1,290,000 BBB/Baa1 Harris County-Houston Sports Authority,
0.0%, 11/15/41* 147,924
The accompanying notes are an integral part of these financial statements.
22 Pioneer High Income Municipal Fund | Annual Report | 8/31/11
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (c) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Texas -- (continued)
1,600,000 NR/NR HFDC of Central Texas, 7.75%, 11/15/29 $ 1,550,400
6,825,000 NR/NR HFDC of Central Texas, 7.75%, 11/15/44 6,305,072
3,760,000 CCC+/B3 Houston Texas Airport Systems Revenue,
5.7%, 7/15/29 3,303,762
3,120,000 CCC+/B3 Houston Texas Airport, 6.125%, 7/15/27 2,921,443
1,640,000 NR/NR Kinney County Public Facilities Corp.,
7.0%, 11/1/25 1,575,712
5,000,000 NR/NR Tarrant County Cultural Eduation,
5.75%, 11/15/37 4,422,150
2,000,000 BB/Ba Tarrant County Cultural Eduation,
7.5%, 11/15/16 2,004,960
1,775,000 BB/NR Tarrant County Cultural Eduation,
8.0%, 11/15/28 1,810,944
2,250,000 NR/NR Tarrant County Cultural Eduation,
8.0%, 11/15/29 2,256,795
2,000,000 NR/NR Tarrant County Cultural Eduation,
8.125%, 11/15/39 2,005,280
8,350,000 NR/NR Tarrant County Cultural Eduation,
8.125%, 11/15/44 8,174,901
5,000,000 NR/NR Tarrant County Cultural Eduation,
8.25%, 11/15/44 5,076,200
4,000,000 NR/NR Tarrant County Cultural Eduation,
8.25%, 11/15/44 4,019,240
1,000,000 CC/NR Texas Midwest Public Facility Corp.,
9.0%, 10/1/30 599,820
------------
$123,943,450
-----------------------------------------------------------------------------------------------------
Utah -- 1.2%
1,400,000 NR/NR Spanish Fork City Utah Charter,
5.7%, 11/15/36 $ 1,129,716
1,510,000 NR/NR Utah State Charter School Finance
Authority, 7.25%, 5/15/21 1,562,367
1,985,000 NR/NR Utah State Charter School Finance
Authority, 8.125%, 5/15/31 2,069,799
5,145,000 NR/NR Utah State Charter School Finance
Authority, 8.5%, 5/15/41 5,378,892
------------
$ 10,140,774
-----------------------------------------------------------------------------------------------------
Virginia -- 0.1%
53,095,000 B+/NR Tobacco Settlement Funding,
0.0%, 6/1/47* $ 1,078,890
-----------------------------------------------------------------------------------------------------
Washington -- 2.7%
3,250,000 NR/NR Washington State Housing Finance,
5.25%, 1/1/17 $ 2,756,910
12,500,000 NR/NR Washington State Housing Finance,
5.625% 1/1/27 8,863,875
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/11 23
Schedule of Investments | 8/31/11 (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (c) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Washington -- (continued)
16,960,000 NR/NR Washington State Housing Finance,
5.625%, 1/1/38 $ 10,890,694
------------
$ 22,511,479
-----------------------------------------------------------------------------------------------------
Wisconsin -- 2.4%
19,325,000 NR/NR Public Finance Authority, 8.25%, 6/1/46 $ 19,516,318
-----------------------------------------------------------------------------------------------------
West Virginia -- 2.3%
18,000,000 NR/NR West Virginia Hospital Finance Authority,
9.125%, 10/1/41 $ 18,609,660
-----------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $809,563,332) $811,725,012
-----------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN
SECURITIES -- 98.8%
(Cost $809,563,332) (a)(b) $811,725,012
-----------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 1.2% $ 10,093,867
-----------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $821,818,879
=====================================================================================================
NR Not rated by either S&P or Moody's.
WR Withdrawn rating
* Security issued with a zero coupon. Income is recognized through accretion
of discount.
(a) At August 31, 2011, the net unrealized gain on investments based on cost
for federal income tax purposes of $807,267,565 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $22,554,841
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (18,097,394)
-----------
Net unrealized gain $ 4,457,447
===========
(b) The concentration of investments by type of obligation/market sector is as
follows:
Revenue Bonds:
Health Revenue 40.3%
Transportation 23.9
Various Revenues 11.9
Education 7.7
Insured 7.4
Pollution Control Revenue 5.3
Special Revenues 2.4
Housing 0.8
Water & Sewer 0.3
--------------------------------------------------------------------------------
100.0%
================================================================================
The accompanying notes are an integral part of these financial statements.
24 Pioneer High Income Municipal Fund | Annual Report | 8/31/11
(c) Debt obligation with a variable interest rate. Rate shown is rate at end
of period.
(d) Security is in default and is non-income producing.
Purchases and sales of securities (excluding temporary cash investments) for the
year ended August 31, 2011 aggregated $701,391,567 and $443,878,080,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 -- quoted prices in active markets for identical securities
Level 2 -- other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds, credit
risk, etc.)
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments)
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods (see
Note 1A) are categorized as Level 3.
The following is a summary of the inputs used as of August 31, 2011, in valuing
the Fund's assets:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Municipal Bonds $-- $811,725,012 $-- $811,725,012
--------------------------------------------------------------------------------
Total $-- $811,725,012 $-- $811,725,012
================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/11 25
Statement of Assets and Liabilities | 8/31/11
ASSETS:
Investment in securities, at value (cost $809,563,332) $811,725,012
Receivables --
Fund shares sold 3,952,893
Dividends, interest and foreign taxes withheld 15,055,946
Other 54,311
-------------------------------------------------------------------------
Total assets $830,788,162
-------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 2,058,356
Fund shares repurchased 2,818,482
Dividends 1,391,335
Due to bank 2,538,142
Due to affiliates 63,522
Accrued expenses 99,446
-------------------------------------------------------------------------
Total liabilities $ 8,969,283
-------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $840,155,108
Undistributed net investment income 1,632,475
Accumulated net realized loss on investments (22,130,384)
Net unrealized gain on investments 2,161,680
-------------------------------------------------------------------------
Total net assets $821,818,879
-------------------------------------------------------------------------
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $378,882,617/50,011,100 shares) $ 7.58
Class C (based on $244,847,520/32,303,661 shares) $ 7.58
Class Y (based on $198,088,742/26,438,730 shares) $ 7.49
MAXIMUM OFFERING PRICE:
Class A ($7.58 [divided by] 95.5%) $ 7.94
=========================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer High Income Municipal Fund | Annual Report | 8/31/11
Statement of Operations
For the Year Ended 8/31/11
INVESTMENT INCOME:
Interest $54,096,720
----------------------------------------------------------------------------------------
Total investment income $ 54,096,720
----------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 3,391,298
Transfer agent fees
Class A 86,949
Class C 49,652
Class Y 8,094
Distribution fees
Class A 880,545
Class C 2,173,220
Shareholder communications expense 259,571
Administrative reimbursement 208,050
Custodian fees 19,501
Registration fees 116,115
Professional fees 85,144
Printing expense 45,342
Fees and expenses of nonaffiliated Trustees 23,494
Interest expense 53,310
Miscellaneous 25,770
----------------------------------------------------------------------------------------
Total expenses $ 7,426,055
----------------------------------------------------------------------------------------
Net investment income $ 46,670,665
----------------------------------------------------------------------------------------
REALIZED AND UNREALIZED LOSS ON INVESTMENTS:
Net realized loss on investments $(11,110,342)
----------------------------------------------------------------------------------------
Change in net unrealized loss on investments $(19,956,783)
----------------------------------------------------------------------------------------
Net loss on investments $(31,067,125)
----------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 15,603,540
========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/11 27
Statement of Changes in Net Assets
-------------------------------------------------------------------------------------------
Year Ended Year Ended
8/31/11 8/31/10
-------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 46,670,665 $ 18,909,673
Net realized gain (loss) on investments (11,110,342) (1,003,788)
Change in net unrealized gain (loss) on investments (19,956,783) 30,875,626
-------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 15,603,540 $ 48,781,511
-------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.52 and $0.55 per share, respectively) $(23,970,994) $(11,064,401)
Class C ($0.46 and $0.48 per share, respectively) (13,170,041) (5,630,158)
Class Y ($0.53 and $0.56 per share, respectively) (8,328,485) (1,816,573)
-------------------------------------------------------------------------------------------
Total distributions to shareowners $(45,469,520) $(18,511,132)
-------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $641,124,820 $563,773,504
Reinvestment of distributions 33,713,271 8,094,759
Cost of shares repurchased (396,302,944) (91,936,683)
-------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $278,535,147 $479,931,580
-------------------------------------------------------------------------------------------
Net increase in net assets $248,669,167 $510,201,959
NET ASSETS:
Beginning of year 573,149,712 62,947,753
-------------------------------------------------------------------------------------------
End of year $821,818,879 $573,149,712
-------------------------------------------------------------------------------------------
Undistributed net investment income $ 1,632,475 $ 485,854
-------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer High Income Municipal Fund | Annual Report | 8/31/11
----------------------------------------------------------------------------------------------
'11 Shares '11 Amount '10 Shares '10 Amount
----------------------------------------------------------------------------------------------
Class A
Shares sold 44,404,439 $335,670,830 41,790,571 $319,790,605
Reinvestment of distributions 2,533,975 19,113,357 677,973 5,187,450
Less shares repurchased (35,985,432) (271,793,681) (9,011,504) (69,015,829)
----------------------------------------------------------------------------------------------
Net increase 10,952,982 $ 82,990,506 33,457,040 $255,962,226
==============================================================================================
Class C
Shares sold 16,070,267 $122,778,656 21,421,703 $163,353,586
Reinvestment of distributions 1,243,136 9,376,715 301,759 2,304,141
Less shares repurchased (8,133,819) (60,947,257) (1,867,978) (14,192,664)
----------------------------------------------------------------------------------------------
Net increase 9,179,584 $ 71,208,114 19,855,484 $151,465,063
==============================================================================================
Class Y
Shares sold 24,449,133 $182,675,334 10,597,255 $ 80,629,313
Reinvestment of distributions 700,304 5,223,199 79,439 603,168
Less shares repurchased (8,578,076) (63,562,006) (1,150,180) (8,728,190)
----------------------------------------------------------------------------------------------
Net increase 16,571,361 $124,336,527 9,526,514 $ 72,504,291
==============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/11 29
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
10/17/06 (a)
Year Year Year Year (Commencement
Ended Ended Ended Ended of Operations)
8/31/11 8/31/10 8/31/09 8/31/08 to 8/31/07
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 7.97 $ 6.84 $ 8.70 $ 9.72 $ 10.00
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.53 $ 0.55 $ 0.56 $ 0.54 $ 0.44
Net realized and unrealized gain (loss) on investments (0.40) 1.12 (1.86) (1.01) (0.29)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.13 $ 1.67 $ (1.30) $ (0.47) $ 0.15
Distributions to shareowners:
Net investment income (0.52) (0.55) (0.56) (0.55) (0.43)
------------------------------------------------------------------------------------------------------------------------------------
Net decrease in net asset value $ (0.39) $ 1.12 $ (1.86) $ (1.02) $ (0.28)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.58 $ 7.97 $ 6.84 $ 8.70 $ 9.72
====================================================================================================================================
Total return* 1.83% 25.15% (14.41)% (4.95)% 1.45%***
Ratio of net expenses to average net assets+ 0.88% 0.90% 0.90% 0.90% 0.90%**
Ratio of net investment income to average net assets+ 6.98% 7.08% 8.32% 5.92% 5.31%**
Portfolio turnover rate 65% 15% 50% 59% 130%***
Net assets, end of period (in thousands) $378,883 $311,324 $ 38,312 $ 38,717 $ 16,637
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Net expenses 0.88% 0.95% 1.28% 1.21% 1.77%**
Net investment income 6.98% 7.03% 7.95% 5.61% 4.44%**
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses 0.88% 0.90% 0.90% 0.90% 0.90%**
Net investment income 6.98% 7.08% 8.32% 5.92% 5.31%**
====================================================================================================================================
(a) Class A shares were first publicly offered on October 17, 2006.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
*** Not annualized.
+ Ratio with no reduction for fees paid indirecly.
The accompanying notes are an integral part of these financial statements.
30 Pioneer High Income Municipal Fund | Annual Report | 8/31/11
------------------------------------------------------------------------------------------------------------------------------------
10/17/06 (a)
Year Year Year Year (Commencement
Ended Ended Ended Ended of Operations)
8/31/11 8/31/10 8/31/09 8/31/08 to 8/31/07
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 7.96 $ 6.83 $ 8.68 $ 9.71 $ 10.00
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.47 $ 0.49 $ 0.50 $ 0.46 $ 0.36
Net realized and unrealized gain (loss) on investments (0.39) 1.12 (1.85) (1.03) (0.30)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.08 $ 1.61 $ (1.35) $ (0.57) $ 0.06
Distributions to shareowners:
Net investment income (0.46) (0.48) (0.50) (0.46) (0.35)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.38) $ 1.13 $ (1.85) $ (1.03) $ (0.29)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.58 $ 7.96 $ 6.83 $ 8.68 $ 9.71
====================================================================================================================================
Total return* 1.19% 24.11% (15.17)% (5.94)% 0.56%***
Ratio of net expenses to average net assets+ 1.63% 1.69% 1.80% 1.80% 1.80%**
Ratio of net investment income to average net assets+ 6.24% 6.31% 7.44% 5.11% 4.35%**
Portfolio turnover rate 65% 15% 50% 59% 130%***
Net assets, end of period (in thousands) $244,848 $184,068 $ 22,319 $ 20,915 $ 6,445
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Net expenses 1.63% 1.69% 1.98% 1.95% 2.72%**
Net investment income 6.24% 6.31% 7.26% 4.96% 3.43%**
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses 1.63% 1.69% 1.80% 1.80% 1.80%**
Net investment income 6.24% 6.31% 7.44% 5.11% 4.35%**
====================================================================================================================================
(a) Class C shares were first publicly offered on October 17, 2006.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
*** Not annualized.
+ Ratio with no reduction for fees paid indirecly.
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/11 31
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
10/17/06 (a)
Year Year Year Year (Commencement
Ended Ended Ended Ended of Operations)
8/31/11 8/31/10 8/31/09 8/31/08 to 8/31/07
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 7.88 $ 6.80 $ 8.63 $ 9.69 $ 10.00
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.53 $ 0.57 $ 0.55 $ 0.53 $ 0.42
Net realized and unrealized gain (loss) on investments (0.39) 1.08 (1.83) (1.05) (0.30)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.14 $ 1.65 $ (1.28) $ (0.52) $ 0.12
Distributions to shareowners:
Net investment income (0.53) (0.56) (0.55) (0.54) (0.43)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.39) $ 1.09 $ (1.83) $ (1.06) $ (0.31)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.49 $ 7.88 $ 6.80 $ 8.63 $ 9.69
====================================================================================================================================
Total return* 2.02% 24.73% (14.30)% (5.45)% 1.12%***
Ratio of net expenses to average net assets+ 0.67% 0.67% 0.99% 1.00% 1.23%**
Ratio of net investment income to average net assets+ 7.21% 7.32% 8.23% 5.80% 4.70%**
Portfolio turnover rate 65% 15% 50% 59% 130%***
Net assets, end of period (in thousands) $198,089 $ 77,757 $ 2,317 $ 1,142 $ 1,080
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Net expenses 0.67% 0.67% 1.04% 1.00% 2.11%**
Net investment income 7.21% 7.32% 8.18% 5.80% 3.82%**
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses 0.67% 0.67% 0.99% 0.99% 1.23%**
Net investment income 7.21% 7.32% 8.23% 5.81% 4.70%**
====================================================================================================================================
(a) Class Y shares were first publicly offered on October 17, 2006.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
*** Not annualized.
+ Ratio with no reduction for fees paid indirecly.
The accompanying notes are an integral part of these financial statements.
32 Pioneer High Income Municipal Fund | Annual Report | 8/31/11
Notes to Financial Statements | 8/31/11
1. Organization and Significant Accounting Policies
Pioneer High Income Municipal Fund (the Fund) is one of four portfolios
comprising Pioneer Series Trust V, a Delaware statutory trust. The Fund is
registered under the Investment Company Act of 1940 as an open-end management
investment company. The Fund is non-diversified. The Fund commenced operations
on October 17, 2006. The investment objective of the Fund is to maximize total
return through a combination of income that is exempt from regular federal
income tax and capital appreciation.
The Fund offers three classes of shares designated as Class A, Class C and Class
Y shares. Each class of shares represents an interest in the same portfolio of
investments of the Fund and has identical rights (based on relative net asset
values) to assets and liquidation proceeds. Share classes can bear different
rates of class-specific fees and expenses such as transfer agent and
distribution fees. Differences in class-specific fees and expenses will result
in differences in net investment income and, therefore, the payment of different
dividends from net investment income earned by each class. The Amended and
Restated Declaration of Trust of the Fund gives the Board the flexibility to
specify either per share voting or dollar-weighted voting when submitting
matters for shareholder approval. Under per share voting, each share of a class
of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making the Fund more susceptible to
any economic, political, or regulatory developments or other risks affecting
those industries and sectors. The Fund's prospectus contains unaudited
information regarding the Fund's principal risks. Please refer to that document
when considering the Fund's principal risks.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses, and gain or loss on investments during the reporting period.
Actual results could differ from those estimates.
Pioneer High Income Municipal Fund | Annual Report | 8/31/11 33
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value
of the Fund is computed once daily, on each day the New York Stock
Exchange (NYSE) is open, as of the close of regular trading on the NYSE.
Fixed income securities with remaining maturity of more than sixty days
are valued at 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.
Valuations may be supplemented by dealers and other sources, as required.
Securities for which independent pricing services 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 using fair value
methods pursuant to procedures adopted by the Board of Trustees.
The Fund may use fair value methods if it is determined that a significant
event has occurred after the close of the exchange or market on which the
security trades and prior to the determination of the Fund's net asset
value. Thus, the valuation of the Fund's securities may differ from
exchange prices.
At August 31, 2011, there were no securities that were valued using fair
value methods (other than securities valued using prices supplied by
independent pricing services). 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. Short-term fixed income securities with remaining maturities
of sixty days or less generally are valued at amortized cost. Money market
mutual funds are valued at net asset value.
Discount and premium on debt securities are accreted or amortized,
respectively, daily into interest income on a yield-to-maturity basis with
a corresponding increase or decrease in the cost basis of the security.
Interest income is recorded on the accrual basis.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income, exempt interest income, and net
realized capital gains, if any, to its shareowners. Therefore, no federal
income tax provision
34 Pioneer High Income Municipal Fund | Annual Report | 8/31/11
is required. Tax years for the prior three fiscal years remain subject to
examination by tax authorities.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal
income tax rules. Therefore, the sources of the Fund's distributions may
be shown in the accompanying financial statements as from or in excess of
net investment income or as from net realized gain on investment
transactions, or as from paid-in capital, depending on the type of
book/tax differences that may exist.
At August 31, 2011, the Fund had a net capital loss carryforward of
$8,649,148, of which the following amounts will expire in 2017 and 2018 if
not utilized: $2,640,380 in 2017 and $6,008,768 in 2018.
The Fund has elected to defer approximately $13,467,896 of capital losses
recognized between November 1, 2010 and August 31, 2011 to its fiscal year
ending August 31, 2012.
At August 31, 2011, the Fund reclassified $54,524 to decrease
undistributed net investment income and $54,524 to decrease accumulated
net realized loss, to reflect permanent book/tax differences. The
reclassification has no impact on the net assets of the Fund and presents
the Fund's capital accounts on a tax basis.
Under the recently enacted Regulated Investment Company Modernization Act
of 2010, the Fund will be permitted to carry forward capital losses
incurred in taxable years beginning after December 22, 2010 for an
unlimited period. However, any losses incurred during those future years
will be required to be utilized prior to the losses incurred in
pre-enactment tax years. As a result of this ordering rule, pre-enactment
capital loss carryforwards may be more likely to expire unused.
Additionally, post-enactment capital losses that are carried forward will
retain their character as either short-term or long-term capital losses
rather than being considered all short-term as under previous law.
The tax character of distributions paid during the years ended August 31,
2011 and August 31, 2010 was as follows:
--------------------------------------------------------------------------------
2011 2010
--------------------------------------------------------------------------------
Distributions paid from:
Tax-exempt income $44,987,348 $18,450,635
Ordinary income 482,172 60,497
--------------------------------------------------------------------------------
Total $45,469,520 $18,511,132
================================================================================
Pioneer High Income Municipal Fund | Annual Report | 8/31/11 35
The following shows the components of distributable earnings on a federal
income tax-basis at August 31, 2011:
--------------------------------------------------------------------------------
2011
--------------------------------------------------------------------------------
Distributable earnings:
Undistributed tax exempt income $ 714,703
Capital loss carryforward (8,649,148)
Post-October loss deferred (13,467,896)
Dividend payable (1,391,335)
Net unrealized gain 4,457,447
--------------------------------------------------------------------------------
Total $ (18,336,229)
================================================================================
The difference between book-basis and tax-basis unrealized appreciation is
attributable to the tax deferral of losses on wash sales, the tax
treatment of premium and amortization and tax-basis adjustments on
partnerships.
C. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A.
(UniCredit), earned $268,442 in underwriting commissions on the sale of
Class A shares during the year ended August 31, 2011.
D. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset
value attributable to Class A and Class C shares of the Fund, respectively
(see Note 4). Class Y shares do not pay distribution fees. All expenses
and fees paid to the transfer agent, Pioneer Investment Management
Shareholder Services, Inc. (PIMSS), for its services are allocated among
the classes of shares based on the number of accounts in each class and
the ratable allocation of related out-of-pocket expenses (see Note 3).
The Fund declares, as daily dividends, substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-term
capital gain distributions, if any, may be declared with the daily
dividends. Distributions to shareowners are recorded as of the ex-dividend
date. Distributions paid by the Fund with respect to each class of shares
are calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C, and Class Y shares can
reflect different transfer agent and distribution expense rates.
36 Pioneer High Income Municipal Fund | Annual Report | 8/31/11
2. Management Agreement
Pioneer Investment Management, Inc. (PIM), a wholly owned indirect subsidiary of
UniCredit, manages the Fund's portfolio. Management fees are calculated daily at
the annual rate of 0.50% of the Fund's average daily net assets up to $500
million; 0.475% on the next $500 million; and 0.45% on assets over $1 billion.
For the year ended August 31, 2011, the effective management fee (excluding
waivers and/or assumption of expenses) was equivalent to 0.49% of the Fund's
average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses (excluding
taxes, commissions, interest and extraordinary expenses) of the Fund to the
extent required to reduce the Fund's expenses to 0.90% and 1.80% of the average
daily net assets attributable to Class A shares and Class C shares,
respectively. These expense limitations are in effect through January 1, 2012
for Class A and Class C shares. There can be no assurance that PIM will extend
the expense limitation agreement for a class of shares beyond the date referred
to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$11,621 in management fees, administrative costs and certain other
reimbursements payable to PIM at August 31, 2011.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the year ended August 31, 2011, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareholder Communications
--------------------------------------------------------------------------------
Class A $ 91,539
Class C 72,580
Class Y 95,452
--------------------------------------------------------------------------------
Total $259,571
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $42,647 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at August 31, 2011.
Pioneer High Income Municipal Fund | Annual Report | 8/31/11 37
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A and Class C shares.
Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net assets
attributable to Class A shares as compensation for personal services and/or
account maintenance services or distribution services with regard to Class A
shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the average daily
net assets attributable to Class C shares. The fee for Class C shares consists
of a 0.25% service fee and a 0.75% distribution fee paid as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class C shares. Included in "Due to affiliates" reflected on the
Statement of Assets and Liabilities is $9,254 in distribution fees payable to
PFD at August 31, 2011.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Redemptions of Class C shares within one year of
purchase are subject to a CDSC of 1.00%, based on the lower of cost or market
value of shares being redeemed. Shares purchased as part of an exchange remain
subject to any CDSC that applied to the original purchase of those shares. There
is no CDSC for Class Y shares. Proceeds from the CDSCs are paid to PFD. For the
year ended August 31, 2011, CDSCs in the amount of $360,114 were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the year ended August 31, 2011, the Fund's expenses were
not reduced under such arrangements.
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a $165 million committed, unsecured revolving line of
credit facility. Borrowings are used solely for temporary or emergency purposes.
The Fund may borrow up to the lesser of the amount available under the facility
or the limits set for borrowing by the Fund's prospectus and the 1940 Act.
Interest on borrowings is payable at the higher of the London Interbank Offered
Rate (LIBOR) on the borrowing date plus 1.25% on an annualized basis or the
Federal Funds Rate on the borrowing date plus 1.25% on an annualized basis. The
Funds pay an annual commitment fee for this facility. The commitment fee is
allocated among participating Funds based on an allocation schedule set forth in
the credit agreement.
38 Pioneer High Income Municipal Fund | Annual Report | 8/31/11
For the year ended August 31, 2011, the average daily amount of borrowings
outstanding during the period was $2,464,518. The related weighted average
annualized interest rate for the period was 1.52%, and the total interest
expense on such borrowings was $53,310. As of August 31, 2011, there were no
borrowings outstanding.
7. Subsequent Events
In preparing these financial statements, PIM has evaluated the impact of all
events and transactions for potential recognition or disclosure and has
determined that there were no subsequent events requiring recognition or
disclosure in the financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/11 39
Report of Independent Registered Public Accounting Firm
To the Trustees of Pioneer Series Trust V and
Shareholders of Pioneer High Income Municipal Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities of Pioneer
High Income Municipal Fund (the Fund) (one of the portfolios constituting
Pioneer Series Trust V), including the schedule of investments, as of August 31,
2011, and the related statement of operations for the year then ended, the
statement of changes in net assets for each of the two years in the period then
ended, and the financial highlights for each of the periods indicated therein.
These financial statements and financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Fund's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Fund's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of August 31, 2011, by correspondence with the custodian and
brokers or by other appropriate auditing procedures where replies from brokers
were not received. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer High Income Municipal Fund at August 31, 2011, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended, and the financial highlights for each of
the periods indicated therein, in conformity with U.S. generally accepted
accounting principles.
/s/Ernst + Young LLP
Boston, Massachusetts
October 26, 2011
40 Pioneer High Income Municipal Fund | Annual Report | 8/31/11
ADDITIONAL INFORMATION (unaudited)
The percentages of the Fund's ordinary income distributions that are exempt from
nonresident alien (NRA) tax withholding resulting from qualified interest income
and qualified short term gains were 100.0% and 0.0%, respectively.
Pioneer High Income Municipal Fund | Annual Report | 8/31/11 41
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy voting policies and procedures of the Funds are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Funds voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at us.pioneerinvestments.com. This information is also available on
the Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and officers are listed on the following pages, together
with their principal occupations for at least the past five years. Trustees who
are interested persons of the Fund within the meaning of the 1940 Act are
referred to as Interested Trustees. Trustees who are not interested persons of
the Fund are referred to as Independent Trustees. Each of the Trustees, except
Mr. West, serves as a trustee of each of the 55 U.S. registered investment
portfolios for which Pioneer serves as investment adviser (the "Pioneer Funds").
Mr. West serves as a trustee of 44 U.S. registered investment portfolios for
which Pioneer serves as investment adviser. The address for all Trustees and all
officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
42 Pioneer High Income Municipal Fund | Annual Report | 8/31/11
Interested Trustees
--------------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
--------------------------------------------------------------------------------
John F. Cogan, Jr. (85)* Chairman of the Board, Trustee since 2005.
Trustee and President Serves until a successor
trustee is elected or
earlier retirement or
removal.
--------------------------------------------------------------------------------
Daniel K. Kingsbury (53)* Trustee and Executive Trustee since 2007.
Vice President Serves until a successor
trustee is elected or
earlier retirement or
removal.
--------------------------------------------------------------------------------
Interested Trustees
--------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation(s) Held by this Trustee
--------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (85)* Non-Executive Chairman and a director of Pioneer Investment None
Management USA Inc. ("PIM-USA"); Chairman and a director of
Pioneer; Chairman and Director of Pioneer Institutional Asset
Management, Inc. (since 2006); Director of Pioneer Alternative
Investment Management Limited (Dublin); President and a direc-
tor of Pioneer Alternative Investment Management (Bermuda)
Limited and affiliated funds; Deputy Chairman and a director of
Pioneer Global Asset Management S.p.A. ("PGAM") (until April
2010); Director of PIOGLOBAL Real Estate Investment Fund (Rus-
sia) (until June 2006); Director of Nano-C, Inc. (since 2003);
Director of Cole Management Inc. (since 2004); Director of Fidu-
ciary Counseling, Inc.; President and Director of Pioneer Funds
Distributor, Inc. ("PFD") (until May 2006); President of all of the
Pioneer Funds; and Of Counsel, Wilmer Cutler Pickering Hale and
Dorr LLP
--------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (53)* Director, CEO and President of PIM-USA (since February 2007); None
Director and President of Pioneer and Pioneer Institutional Asset
Management, Inc. (since February 2007); Executive Vice Presi-
dent of all of the Pioneer Funds (since March 2007); Director of
PGAM (2007 - 2010); Head of New Europe Division, PGAM
(2000 - 2005); and Head of New Markets Division, PGAM
(2005 - 2007)
--------------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are
officers or directors of the Fund's investment adviser and certain of its
affiliates.
Pioneer High Income Municipal Fund | Annual Report | 8/31/11 43
Independent Trustees
--------------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
--------------------------------------------------------------------------------
David R. Bock (67) Trustee Trustee since 2005.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
--------------------------------------------------------------------------------
Mary K. Bush (63) Trustee Trustee since 2005.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
--------------------------------------------------------------------------------
Independent Trustees
----------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation(s) Held by this Trustee
----------------------------------------------------------------------------------------------------------------------------------
David R. Bock (67) Managing Partner, Federal City Capital Advisors (corporate advi- Director of Enterprise Com-
sory services company) (1997 - 2004 and 2008 - present); munity Investment, Inc.
Interim Chief Executive Officer, Oxford Analytica, Inc. (privately (privately held affordable
held research and consulting company) (2010); Executive Vice housing finance company)
President and Chief Financial Officer, I-trax, Inc. (publicly traded (1985 - 2010); Director of
health care services company) (2004 - 2007); and Executive Oxford Analytica, Inc. (2008
Vice President and Chief Financial Officer, Pedestal Inc. (internet- - present); Director of the
based mortgage trading company) (2000 - 2002) Swiss Helvetia Fund, Inc.
(closed-end fund) (2010 -
present); and Director of
New York Mortgage Trust
(publicly traded mortgage
REIT) (2004 - 2009)
----------------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (63) Chairman, Bush International, LLC (international financial advi- Director of Marriott Interna-
sory firm) (1991 - present); Senior Managing Director, Brock tional, Inc. (2008 -
Capital Group, LLC (strategic business advisors) 2010 - present); present); Director of Dis-
Managing Director, Federal Housing Finance Board (oversight of cover Financial Services
Federal Home Loan Bank system) (1989 - 1991); Vice President (credit card issuer and elec-
and Head of International Finance, Federal National Mortgage tronic payment services)
Association (1988 - 1989); U.S. Alternate Executive Director, (2007 - present); Former
International Monetary Fund (1984 - 1988); Executive Assistant Director of Briggs & Stratton
to Deputy Secretary of the U.S. Treasury, U.S. Treasury Depart- Co. (engine manufacturer)
ment (1982 - 1984); and Vice President and Team Leader in (2004 - 2009); Former
Corporate Banking, Bankers Trust Co. (1976 - 1982) Director of UAL Corporation
(airline holding company)
(2006 - 2010); Director of
ManTech International Cor-
poration (national security,
----------------------------------------------------------------------------------------------------------------------------------
44 Pioneer High Income Municipal Fund | Annual Report | 8/31/11
--------------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
--------------------------------------------------------------------------------
Mary K. Bush (continued)
--------------------------------------------------------------------------------
Benjamin M. Friedman (67) Trustee Trustee since 2008.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
--------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation(s) Held by this Trustee
----------------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (continued) defense, and intelligence
technology firm) (2006 -
present); Member, Board of
Governors, Investment Com-
pany Institute (2007 -
present); Member, Board of
Governors, Independent
Directors Council (2007 -
present); Former Director of
Brady Corporation (2000 -
2007); Former Director of
Mortgage Guaranty Insur-
ance Corporation (1991 -
2006); Former Director of
Millennium Chemicals, Inc.
(commodity chemicals)
(2002 - 2005); Former
Director, R.J. Reynolds
Tobacco Holdings, Inc.
(tobacco) (1999 - 2005);
and Former Director of
Texaco, Inc. (1997 - 2001)
----------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (67) William Joseph Maier Professor of Political Economy, Harvard Trustee, Mellon Institutional
University (1972 - present) Funds Investment Trust and
Mellon Institutional Funds
Master Portfolio (oversaw
17 portfolios in fund com-
plex) (1989 - 2008)
----------------------------------------------------------------------------------------------------------------------------------
Pioneer High Income Municipal Fund | Annual Report | 8/31/11 45
Independent Trustees (continued)
--------------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
--------------------------------------------------------------------------------
Margaret B.W. Graham (64) Trustee Trustee since 2005.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
--------------------------------------------------------------------------------
Thomas J. Perna (60) Trustee Trustee since 2006.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
--------------------------------------------------------------------------------
Marguerite A. Piret (63) Trustee Trustee since 2005.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
--------------------------------------------------------------------------------
Stephen K. West (82) Trustee Trustee since 2005.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
--------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation(s) Held by this Trustee
-----------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (64) Founding Director, Vice President and Corporate Secretary, The None
Winthrop Group, Inc. (consulting firm) (1982 - present);
Desautels Faculty of Management, McGill University (1999 -
present); and Manager of Research Operations and Organiza-
tional Learning, Xerox PARC, Xerox's Advance Research Center
(1990 - 1994)
-----------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (60) Chairman and Chief Executive Officer, Quadriserv, Inc. (technol- Director, Broadridge Finan-
ogy products for securities lending industry) (2008 - present); cial Solutions, Inc. (investor
private investor (2004 - 2008); and Senior Executive Vice Presi- communications and securi-
dent, The Bank of New York (financial and securities services) ties processing provider for
(1986 - 2004) financial services industry)
(2009 - present); and
Director, Quadriserv, Inc.
(2005 - present)
-----------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (63) President and Chief Executive Officer, Newbury, Piret & Company, Director of New America
Inc. (investment banking firm) (1981 - present) High Income Fund, Inc.
(closed-end investment
company) (2004 - present);
and member, Board of Gov-
ernors, Investment Company
Institute (2000 - 2006)
-----------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (82) Senior Counsel, Sullivan & Cromwell LLP (law firm) (1998 - Director, The Swiss Helvetia
present); and Partner, Sullivan & Cromwell LLP (prior to 1998) Fund, Inc. (closed-end
investment company); and
Director, AMVESCAP, PLC
(investment manager)
(1997 - 2005)
-----------------------------------------------------------------------------------------------------------------------------------
46 Pioneer High Income Municipal Fund | Annual Report | 8/31/11
Fund Officers
--------------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
--------------------------------------------------------------------------------
Christopher J. Kelley (46) Secretary Since 2010. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------------
Carol B. Hannigan (50) Assistant Secretary Since 2010. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------------
Thomas Reyes (48) Assistant Secretary Since 2010. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------------
Mark E. Bradley (51) Treasurer Since 2008. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------------
Luis I. Presutti (46) Assistant Treasurer Since 2005. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------------
Gary Sullivan (53) Assistant Treasurer Since 2005. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------------
Fund Officers
-------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation(s) Held by this Officer
-------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (46) Vice President and Associate General Counsel of Pioneer since None
January 2008 and Secretary of all of the Pioneer Funds since
June 2010; Assistant Secretary of all of the Pioneer Funds from
September 2003 to May 2010; and Vice President and Senior
Counsel of Pioneer from July 2002 to December 2007
-------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (50) Fund Governance Director of Pioneer since December 2006 and None
Assistant Secretary of all the Pioneer Funds since June 2010;
Manager -- Fund Governance of Pioneer from December 2003 to
November 2006; and Senior Paralegal of Pioneer from January
2000 to November 2003
-------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (48) Counsel of Pioneer since June 2007 and Assistant Secretary of None
all the Pioneer Funds since June 2010; and Vice President and
Counsel at State Street Bank from October 2004 to June 2007
-------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (51) Vice President -- Fund Accounting, Administration and Controller- None
ship Services of Pioneer; Treasurer of all of the Pioneer Funds
since March 2008; Deputy Treasurer of Pioneer from March 2004
to February 2008; and Assistant Treasurer of all of the Pioneer
Funds from March 2004 to February 2008
-------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (46) Assistant Vice President -- Fund Accounting, Administration and None
Controllership Services of Pioneer; and Assistant Treasurer of all
of the Pioneer Funds
-------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (53) Fund Accounting Manager -- Fund Accounting, Administration None
and Controllership Services of Pioneer; and Assistant Treasurer of
all of the Pioneer Funds
-------------------------------------------------------------------------------------------------------------------------
Pioneer High Income Municipal Fund | Annual Report | 8/31/11 47
Fund Officers (continued)
--------------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
--------------------------------------------------------------------------------
David F. Johnson (31) Assistant Treasurer Since 2009. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------------
Jean M. Bradley (58) Chief Compliance Since 2010. Serves at
Officer the discretion of the
Board.
--------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation(s) Held by this Officer
-------------------------------------------------------------------------------------------------------------------------
David F. Johnson (31) Fund Administration Manager -- Fund Accounting, Administration None
and Controllership Services since November 2008; Assistant
Treasurer of all of the Pioneer Funds since January 2009; and
Client Service Manager -- Institutional Investor Services at State
Street Bank from March 2003 to March 2007
-------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (58) Chief Compliance Officer of Pioneer and of all the Pioneer Funds None
since March 2010; Director of Adviser and Portfolio Compliance
at Pioneer since October 2005; and Senior Compliance Officer
for Columbia Management Advisers, Inc. from October 2003 to
October 2005
-------------------------------------------------------------------------------------------------------------------------
48 Pioneer High Income Municipal Fund | Annual Report | 8/31/11
This page for your notes.
Pioneer High Income Municipal Fund | Annual Report | 8/31/11 49
This page for your notes.
50 Pioneer High Income Municipal Fund | Annual Report | 8/31/11
This page for your notes.
Pioneer High Income Municipal Fund | Annual Report | 8/31/11 51
This page for your notes.
52 Pioneer High Income Municipal Fund | Annual Report | 8/31/11
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 10(a), a copy of its code
of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller,
or persons performing similar functions, as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, 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.
Audit Fees
Fees for audit services provided to the Series, including
fees associated with the filings of its Form N-1A, totaled
approximately $124,143 in 2011 and approximately
$124,143 in 2010.
(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.
Audit-Related Fees
There were no audit-related services in 2011 or 2010.
(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.
Tax Fees
Fees for tax compliance services, primarily for tax returns,
totaled $33,160 in 2011 and $33,160 in 2010.
(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.
Other Fees
There were no other services provided to the Fund during
the fiscal years ended August 31, 2011 and 2010.
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
Beginning with non-audit service contracts entered into on
or after May 6, 2003, the effective date of the new SEC
pre-approval rules, the Fund's audit committee is required
to pre-approve services to affiliates defined by SEC rules
to the extent that the services are determined to have a
direct impact on the operations or financial reporting of the
Fund. For the years ended August 31, 2011 and 2010,
there were no services provided to an affiliate that required
the Fund's audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
The aggregate non-audit fees for the Fund and affiliates, as
previously defined, totaled approximately $33,160 in 2011
and $33,160 in 2010.
The Fund's audit committee of the Board of Trustees has considered whether
the provision of non-audit services that were rendered to the Affiliates
(as defined) that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees has
considered whether the provision of non-audit services that
were rendered to the Affiliates (as defined) that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.
Item 5. Audit Committee of Listed Registrants
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants 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 I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment
Companies.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.
Not applicable to open-end management investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
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 registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) 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.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Series Trust V
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date October 28, 2011
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/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date October 28, 2011
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date October 28, 2011
* Print the name and title of each signing officer under his or her signature.