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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, 2011 through February 29, 2012
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
--------------------------------------------------------------------------------
Semiannual Report | February 29, 2012
--------------------------------------------------------------------------------
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 19
Notes to Financial Statements 26
Approval of Investment Advisory Agreement 32
Trustees, Officers and Service Providers 36
Pioneer Disciplined Growth Fund | Semiannual Report | 2/29/12 1
President's Letter
Dear Shareowner,
Last year was difficult for investors, although bond investors experienced a
much smoother ride than equity investors. The year was characterized by
higher-than-usual volatility in the equity markets triggered by a series of
major events, including the nuclear disaster in Japan, the European financial
crisis, and political gridlock in Washington D.C. The Standard & Poor's 500
Index dropped 21% from its May high to its October low, only to finish the year
virtually flat. The Barclays Capital Aggregate Bond Index, by contrast, was up
7.8% for the year.
As we ended 2011, some positive trends were developing in the U.S. economy.
Consumption, the most important driver of economic growth, rose 2.3% in the
fourth quarter, up nicely from 0.7% in the second and third quarters. Year-
over-year retail sales grew 4% over the last six months of 2011, and auto sales
reached their highest level of the year. There were improvements in broad
economic data, including employment and rising consumer confidence. Initial
jobless claims trended in the right direction, with the final weekly report of
2011 falling to a three-and-a-half year low.
While we expect moderate economic growth in the U.S. in 2012, there are still
reasons for investors to remain cautious. The central issue remains Europe,
which faces weak or possibly declining economic growth. The greatest risk to our
outlook for 2012 is the possible contagion effects of the European
sovereign-debt and banking crises. The European Union must find a comprehensive
solution that includes ensuring funding for troubled sovereigns, achieving
workable fiscal and economic integration, and improving labor competitiveness in
southern Europe. Further setbacks in Europe could lead to further market
volatility, while tangible progress could help the equity markets make up last
year's lackluster results.
Pioneer's investment professionals focus on finding good opportunities to invest
in both equity and bond markets using the same disciplined investment approach
we have used since 1928. Our strategy 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
2 Pioneer Disciplined Growth Fund | Semiannual Report | 2/29/12
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.
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.
*Diversification does not assure a profit or protect against loss in a declining
market.
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 | Semiannual Report | 2/29/12 3
Portfolio Management Discussion | 2/29/12
In the following interview, Paul Cloonan discusses the investment environment
for growth stocks and the performance of Pioneer Disciplined Growth Fund in that
environment during the six months ended February 29, 2012. Mr. Cloonan, Co-Head
of Equity Research at Pioneer; Ashesh Savla, senior quantitative analyst at
Pioneer; and Carol Lintz, fundamental research analyst at Pioneer, are
responsible for the day-to-day management of the Fund.
Q Growth stocks, as measured by the Russell 1000 Growth Index, performed
very well during the six-month period ended February 29, 2012. What would
you say were the main reasons for the strong performance of the asset
class during the six-month period?
A Defensive names and groups had been favored over more cyclical, growth-
oriented investments earlier in 2011, but that pattern was reversed later
in the year and into early 2012.
As the six-month period progressed, U.S. employment numbers, business
profits and confidence all showed strength. While the European debt crisis
remained far from resolved, interest rate cuts and liquidity injections
from the European Central Bank (ECB) eased immediate pressures on the
markets.
Within the Russell 1000 Growth Index, the Fund's benchmark, the more
economically sensitive information technology, industrials and consumer
discretionary sectors led the way during the six-month period, while
materials, consumer staples and telecom services lagged.
Q How did the Fund perform during the six months ended February 29, 2012?
A Pioneer Disciplined Growth Fund's Class A shares returned 14.40% at net
asset value during the six months ended February 29, 2012, while the
Fund's benchmark, the Russell 1000 Growth Index, returned 13.76%. During
the same six-month period, the average return of the 777 mutual funds in
Lipper's Large Cap Growth Funds category was 12.40%.
Q The Fund outperformed the Russell 1000 Growth Index (the Russell Index)
during the six months ended February 29, 2012. What were the main drivers
of the Fund's outperformance of the benchmark during the period?
A The Fund's benchmark-relative results benefited mainly from good stock
selection in the consumer services and food, beverage and tobacco industry
groups during the six-month period. The Fund also benefited from having an
overweight position in biotechnology stocks, with good stock selection
within the group also aiding performance.
4 Pioneer Disciplined Growth Fund | Semiannual Report | 2/29/12
Q What individual security selections contributed to the Fund's
outperformance of the Russell Index during the six months ended February
29, 2012?
A The Fund's holdings in Starbucks and Chipotle Mexican Grill were strong
performers within the consumer services group during the six-month period.
Starbucks continued to experience success in its U.S. store base, as
evidenced by strong same-store sales. In addition, management's packaged
goods strategy, which includes single serving K-cups, may further enhance
Starbucks' long-term growth prospects. Chipotle Mexican Grill is one of
the fastest growing restaurant chains in the U.S. Chipotle appeals to
customers seeking high-quality food with quick service in a casual
environment. Philip Morris International also was a top contributor among
the Fund's food, beverage and tobacco holdings, as the company continued
to exceed investor expectations with respect to sales and profit growth,
especially in emerging markets. Alexion Pharmaceuticals was the top
contributor to the Fund's performance within the biotechnology group.
Sales of Alexion's Soliris drug have exceeded the market's expectations
and the addressable market for the drug appears larger than originally
anticipated.
Q What individual security selections or sector allocations were
disappointments for the Fund during the six months ended February 29,
2012?
A Stock selection in the capital goods and retailing groups detracted from
the Fund's performance during the six-month period. In capital goods, the
Fund's position in Ingersoll-Rand was a detractor as the company's air
conditioning systems business experienced sluggish demand in the
commercial and residential markets. In retailing, Amazon.com continued to
post impressive growth metrics in terms of revenue and product category
expansion. However, Amazon has continued to invest heavily to build up its
long-term competitive advantages, and that activity has put pressure on
the company's near-term profit margins. We will continue to assess the
progress of those initiatives and their potential impact on Amazon's
valuation.
Q What is your outlook?
A We remain optimistic about the prospects for U.S. equities, although
macroeconomic issues, such as the ongoing U.S. fiscal/budgetary debate,
the sovereign-debt crisis in Europe, and slowing growth in China, may
remain headwinds for the equity market in the near term. We believe that
our optimism about the longer-term outlook for equities is supported by
attractive equity valuations relative to other asset classes, and our
assumption that the U.S. economy will continue to grow. In addition,
corporate balance sheets and cash flows have remained strong, which may
lead to increased merger and acquisition activity, share repurchases and
dividend increases.
Please refer to the Schedule of Investments on pages 14-18 for a full listing of
Fund securities.
Pioneer Disciplined Growth Fund | Semiannual Report | 2/29/12 5
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
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 | Semiannual Report | 2/29/12
Portfolio Summary | 2/29/12
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA IS A REPRESENTATION OF A PIE CHART IN THE PRINTED MATERIAL]
U.S. Common Stocks 94.9%
Depositary Receipts 3.6%
Exchange Traded Fund 1.5%
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
[THE FOLLOWING DATA IS A REPRESENTATION OF A PIE CHART IN THE PRINTED MATERIAL]
Information Technology 29.3%
Consumer Discretionary 14.0%
Industrials 13.3%
Energy 12.3%
Consumer Staples 11.6%
Health Care 9.4%
Materials 6.0%
Financials 4.1%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of equity holdings)*
1. Apple, Inc. 7.21%
2. Microsoft Corp. 5.35
3. Exxon Mobil Corp. 4.52
4. Philip Morris International, Inc. 4.11
5. Google, Inc. 3.85
6. Oracle Corp. 3.08
7. United Technologies Corp. 3.05
8. Starbucks Corp. 2.57
9. 3M Co. 2.54
10. Cummings, Inc. 2.50
* 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 | Semiannual Report | 2/29/12 7
Prices and Distributions | 2/29/12
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 2/29/12 8/31/11
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A $ 10.12 $ 9.67
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C $ 9.89 $ 9.48
--------------------------------------------------------------------------------
Y $ 10.18 $ 9.73
--------------------------------------------------------------------------------
Distributions per Share: 9/1/11-2/29/12
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $ 0.0319 $ 0.2368 $ 0.5434
--------------------------------------------------------------------------------
C $ -- $ 0.2368 $ 0.5434
--------------------------------------------------------------------------------
Y $ 0.0575 $ 0.2368 $ 0.5434
--------------------------------------------------------------------------------
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 | Semiannual Report | 2/29/12
Performance Update | 2/29/12 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 February 29, 2012)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
(12/15/05) 5.58% 4.58%
5 Years 4.57 3.34
1 Year 6.37 0.30
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.52% 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
Growth Fund Growth Index
12/05 $ 9,425 $10,000
2/06 $ 9,587 $10,159
2/07 $10,762 $10,977
2/08 $10,981 $11,022
2/09 $ 6,640 $ 6,609
2/10 $10,001 $10,191
2/11 $12,651 $12,733
2/12 $13,458 $13,703
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, 2013, 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 | Semiannual Report | 2/29/12 9
Performance Update | 2/29/12 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 February 29, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(7/16/08) 6.54% 6.54%
1 Year 5.43 5.43
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.47% 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
Growth Fund Growth Index
7/08 $10,000 $10,000
2/09 $ 6,356 $ 6,074
2/10 $ 9,490 $ 9,366
2/11 $11,896 $11,702
2/12 $12,541 $12,594
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, 2013, 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 | Semiannual Report | 2/29/12
Performance Update | 2/29/12 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 February 29, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(12/15/05) 5.38% 5.38%
5 Years 4.45 4.45
1 Year 6.61 6.61
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.00% 0.90%
--------------------------------------------------------------------------------
Value of $5 Million Investment
Pioneer Disciplined Russell 1000
Growth Fund Growth Index
12/05 $5,000,000 $5,000,000
2/06 $5,086,646 $5,079,695
2/07 $5,674,977 $5,488,732
2/08 $5,718,356 $5,510,762
2/09 $3,445,565 $3,304,641
2/10 $5,207,773 $5,095,421
2/11 $6,617,593 $6,366,379
2/12 $7,055,275 $6,851,507
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, 2013, 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 | Semiannual Report | 2/29/12 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 September 1, 2011 through February 29, 2012.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $ 1,000.00 $ 1,000.00 $ 1,000.00
Value on 9/1/11
--------------------------------------------------------------------------------
Ending Account Value $ 1,144.00 $ 1,138.80 $ 1,146.10
(after expenses) on 2/29/12
--------------------------------------------------------------------------------
Expenses Paid $ 6.66 $ 11.43 $ 4.80
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
182/366 (to reflect the one-half year period).
12 Pioneer Disciplined Growth Fund | Semiannual Report | 2/29/12
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 September 1, 2011 through February 29, 2012.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $ 1,000.00 $ 1,000.00 $ 1,000.00
Value on 9/1/11
--------------------------------------------------------------------------------
Ending Account Value $ 1,018.65 $ 1,014.17 $ 1,020.39
(after expenses) on 2/29/12
--------------------------------------------------------------------------------
Expenses Paid $ 6.27 $ 10.77 $ 4.52
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
182/366 (to reflect the one-half year period).
Pioneer Disciplined Growth Fund | Semiannual Report | 2/29/12 13
Schedule of Investments | 2/29/12 (unaudited)
-----------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------
COMMON STOCKS -- 98.1%
ENERGY -- 12.2%
Integrated Oil & Gas -- 6.3%
27,200 Exxon Mobil Corp. $ 2,352,800
9,100 Occidental Petroleum Corp. 949,767
-----------
$ 3,302,567
-----------------------------------------------------------------------------
Oil & Gas Drilling -- 1.1%
9,900 Ensco Plc $ 577,170
-----------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 2.3%
14,300 National-Oilwell Varco, Inc. $ 1,180,179
-----------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 2.5%
6,300 Anadarko Petroleum Corp. $ 529,956
7,400 Apache Corp. 798,682
-----------
$ 1,328,638
-----------
Total Energy $ 6,388,554
-----------------------------------------------------------------------------
MATERIALS -- 6.0%
Diversified Metals & Mining -- 2.1%
25,500 Freeport-McMoRan Copper & Gold, Inc. (Class B) $ 1,085,280
-----------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 1.4%
12,900 The Mosaic Co.* $ 744,975
-----------------------------------------------------------------------------
Specialty Chemicals -- 2.5%
10,600 Celanese Corp. $ 504,242
13,500 Ecolab, Inc. 810,000
-----------
$ 1,314,242
-----------
Total Materials $ 3,144,497
-----------------------------------------------------------------------------
CAPITAL GOODS -- 11.8%
Aerospace & Defense -- 3.1%
18,919 United Technologies Corp. $ 1,586,737
-----------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 2.5%
10,800 Cummins, Inc. $ 1,302,156
-----------------------------------------------------------------------------
Industrial Conglomerates -- 2.5%
15,100 3M Co. $ 1,322,760
-----------------------------------------------------------------------------
Industrial Machinery -- 3.7%
10,900 Crane Co. $ 529,413
14,700 Ingersoll-Rand Plc 586,236
11,300 SPX Corp. 826,482
-----------
$ 1,942,131
-----------
Total Capital Goods $ 6,153,784
-----------------------------------------------------------------------------
TRANSPORTATION -- 1.5%
Air Freight & Couriers -- 1.5%
10,100 United Parcel Service, Inc. $ 776,589
-----------
Total Transportation $ 776,589
-----------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
14 Pioneer Disciplined Growth Fund | Semiannual Report | 2/29/12
-----------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.4%
Auto Parts & Equipment -- 1.4%
16,200 Lear Corp. $ 732,402
-----------
Total Automobiles & Components $ 732,402
-----------------------------------------------------------------------------
CONSUMER SERVICES -- 4.5%
Restaurants -- 4.5%
2,600 Chipotle Mexican Grill, Inc.* $ 1,014,572
27,600 Starbucks Corp. 1,340,256
-----------
$ 2,354,828
-----------
Total Consumer Services $ 2,354,828
-----------------------------------------------------------------------------
MEDIA -- 4.9%
Broadcasting -- 1.1%
18,400 CBS Corp. (Class B) $ 550,160
-----------------------------------------------------------------------------
Cable & Satellite -- 2.0%
36,300 Comcast Corp. $ 1,066,494
-----------------------------------------------------------------------------
Movies & Entertainment -- 1.8%
22,900 The Walt Disney Co. $ 961,571
-----------
Total Media $ 2,578,225
-----------------------------------------------------------------------------
RETAILING -- 3.1%
Department Stores -- 1.5%
20,000 Macy's, Inc. $ 759,400
-----------------------------------------------------------------------------
Internet Retail -- 1.6%
4,800 Amazon.Com, Inc.* $ 862,512
-----------
Total Retailing $ 1,621,912
-----------------------------------------------------------------------------
FOOD & DRUG RETAILING -- 3.4%
Drug Retail -- 1.8%
21,400 CVS/Caremark Corp. $ 965,140
-----------------------------------------------------------------------------
Food Retail -- 1.6%
9,700 Whole Foods Market, Inc. $ 783,178
-----------
Total Food & Drug Retailing $ 1,748,318
-----------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 8.1%
Distillers & Vintners -- 1.0%
23,800 Constellation Brands, Inc.* $ 519,792
-----------------------------------------------------------------------------
Packaged Foods & Meats -- 2.0%
17,600 Campbell Soup Co. $ 586,432
8,100 Hershey Foods Corp. 491,670
-----------
$ 1,078,102
-----------------------------------------------------------------------------
Soft Drinks -- 1.0%
7,100 Fomento Economico Mexicano SA de CV $ 522,560
-----------------------------------------------------------------------------
Tobacco -- 4.1%
25,600 Philip Morris International, Inc. $ 2,138,112
-----------
Total Food, Beverage & Tobacco $ 4,258,566
-----------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Disciplined Growth Fund | Semiannual Report | 2/29/12 15
Schedule of Investments | 2/29/12 (unaudited) (continued)
-----------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 5.3%
Health Care Equipment -- 3.1%
14,300 Baxter International, Inc. $ 831,259
15,700 Covidien, Ltd. 820,325
-----------
$ 1,651,584
-----------------------------------------------------------------------------
Managed Health Care -- 2.2%
20,428 United Healthcare Group, Inc. $ 1,138,861
-----------
Total Health Care Equipment & Services $ 2,790,445
-----------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 4.0%
Biotechnology -- 4.0%
13,272 Alexion Pharmaceuticals, Inc.* $ 1,111,265
7,000 Celgene Corp.* 513,275
10,500 Gilead Sciences, Inc.* 477,750
-----------
$ 2,102,290
-----------
Total Pharmaceuticals & Biotechnology $ 2,102,290
-----------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.7%
Consumer Finance -- 2.7%
9,600 Capital One Financial Corp. $ 485,760
28,500 Discover Financial Services, Inc. 855,285
-----------
$ 1,341,045
-----------
Total Diversified Financials $ 1,341,045
-----------------------------------------------------------------------------
SOFTWARE & SERVICES -- 16.6%
Application Software -- 2.9%
9,425 Citrix Systems, Inc.* $ 704,425
30,700 Nuance Communications, Inc.* 795,744
-----------
$ 1,500,169
-----------------------------------------------------------------------------
Internet Software & Services -- 5.3%
3,245 Google, Inc.* $ 2,006,221
52,900 Yahoo! Inc.* 784,507
-----------
$ 2,790,728
-----------------------------------------------------------------------------
Systems Software -- 8.4%
87,821 Microsoft Corp. $ 2,787,439
54,754 Oracle Corp. 1,602,650
-----------
$ 4,390,089
-----------
Total Software & Services $ 8,680,986
-----------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 10.1%
Communications Equipment -- 2.9%
20,600 Juniper Networks, Inc.* $ 468,856
17,300 Qualcomm, Inc. 1,075,714
-----------
$ 1,544,570
-----------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Disciplined Growth Fund | Semiannual Report | 2/29/12
-----------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------
Computer Hardware -- 7.2%
6,916 Apple, Inc.* $ 3,751,515
-----------
Total Technology Hardware & Equipment $ 5,296,085
-----------------------------------------------------------------------------
SEMICONDUCTORS -- 2.5%
Semiconductor Equipment -- 1.4%
16,400 ASM Lithography Holdings NV $ 747,020
-----------------------------------------------------------------------------
Semiconductors -- 1.1%
13,900 Analog Devices, Inc. $ 545,017
-----------
Total Semiconductors $ 1,292,037
-----------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $41,895,857) $51,260,563
-----------------------------------------------------------------------------
EXCHANGE TRADED FUND -- 1.5%
13,200 iShare Dow Jones U.S. Real Estate Index Fund $ 793,848
-----------------------------------------------------------------------------
TOTAL EXCHANGE TRADED FUND
(Cost $777,629) $ 793,848
-----------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 99.6%
(Cost $42,673,486) (a) $52,054,411
-----------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 0.4% $ 199,572
-----------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $52,253,983
=============================================================================
* Non-income producing security.
(a) At February 29, 2012, the net unrealized gain on investments based on cost
for federal income tax purposes of $42,749,353 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $9,725,052
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (419,994)
----------
Net unrealized gain $9,305,058
==========
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended February 29, 2012 aggregated $26,929,155 and $33,252,363,
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)
The accompanying notes are an integral part of these financial statements.
Pioneer Disciplined Growth Fund | Semiannual Report | 2/29/12 17
Schedule of Investments | 2/29/12 (unaudited) (continued)
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services) are categorized as
Level 3. See Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of February 29, 2012, in
valuing the Fund's assets:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Common Stocks $51,260,563 $-- $-- $51,260,563
Exchange Traded Fund 793,848 -- -- 793,848
--------------------------------------------------------------------------------
Total $52,054,411 $-- $-- $52,054,411
================================================================================
The accompanying notes are an integral part of these financial statements.
18 Pioneer Disciplined Growth Fund | Semiannual Report | 2/29/12
Statement of Assets and Liabilities | 2/29/12 (unaudited)
ASSETS:
Investment in securities (cost $42,673,486) $52,054,411
Cash 331,568
Receivables --
Investment securities sold 186,043
Fund shares sold 4,801
Dividends and interest 76,548
Due from Pioneer Investment Management, Inc. 1,377
Other 26,015
---------------------------------------------------------------------
Total assets $52,680,763
---------------------------------------------------------------------
LIABILITIES:
Payables --
Fund shares repurchased $ 389,347
Due to affiliates 3,003
Accrued expenses 34,430
---------------------------------------------------------------------
Total liabilities $ 426,780
---------------------------------------------------------------------
NET ASSETS:
Paid-in capital $43,100,522
Undistributed net investment income 31,434
Accumulated net realized loss on investments (258,898)
Net unrealized gain on investments 9,380,925
---------------------------------------------------------------------
Total net assets $52,253,983
=====================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $8,190,015/809,463 shares) $ 10.12
Class C (based on $1,322,061/133,731 shares) $ 9.89
Class Y (based on $42,741,907/4,199,190 shares) $ 10.18
MAXIMUM OFFERING PRICE:
Class A ($10.12 [divided by] 94.25%) $ 10.74
=====================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Disciplined Growth Fund | Semiannual Report | 2/29/12 19
Statement of Operations (unaudited)
For the Six Months Ended 2/29/12
INVESTMENT INCOME:
Dividends $412,105
Income from securities loaned, net 510
Interest 22
----------------------------------------------------------------------------------
Total investment income $ 412,637
----------------------------------------------------------------------------------
EXPENSES:
Management fees $166,416
Transfer agent fees
Class A 4,910
Class C 1,888
Class Y 239
Distribution fees
Class A 8,192
Class C 6,779
Shareholder communications expense 1,793
Administrative reimbursements 7,425
Custodian fees 10,491
Registration fees 28,810
Professional fees 26,935
Printing expense 8,625
Fees and expenses of nonaffiliated trustees 3,650
Miscellaneous 1,560
----------------------------------------------------------------------------------
Total expenses $ 277,713
Less fees waived and expenses reimbursed by Pioneer
Investment Management, Inc. (27,676)
----------------------------------------------------------------------------------
Net expenses $ 250,037
----------------------------------------------------------------------------------
Net investment income $ 162,600
----------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investments $ (182,440)
----------------------------------------------------------------------------------
Change in net unrealized gain on investments $6,819,603
----------------------------------------------------------------------------------
Net gain on investments $6,637,163
----------------------------------------------------------------------------------
Net increase in net assets resulting from operations $6,799,763
==================================================================================
The accompanying notes are an integral part of these financial statements.
20 Pioneer Disciplined Growth Fund | Semiannual Report | 2/29/12
Statements of Changes in Net Assets
-------------------------------------------------------------------------------------
Six Months
Ended
2/29/12 Year Ended
(unaudited) 8/31/11
-------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 162,600 $ 202,061
Net realized gain (loss) on investments (182,440) 4,200,771
Change in net unrealized gain (loss) on investments 6,819,603 963,868
-------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 6,799,763 $ 5,366,700
-------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.03 and $0.03 per share, respectively) $ (23,044) $ (7,817)
Class Y ($0.06 and $0.06 per share, respectively) (258,442) (190,573)
Net realized gain:
Class A ($0.78 and $1.00 per share, respectively) (516,639) (235,344)
Class C ($0.78 and $1.00 per share, respectively) (108,354) (38,263)
Class Y ($0.78 and $1.00 per share, respectively) (3,536,089) (3,283,057)
-------------------------------------------------------------------------------------
Total distributions to shareowners $(4,442,568) $(3,755,054)
-------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 4,984,325 $28,518,570
Reinvestment of distributions 599,700 205,430
Cost of shares repurchased (8,755,527) (8,273,473)
-------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
Fund share transactions $(3,171,502) $20,450,527
-------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ (814,307) $22,062,173
NET ASSETS:
Beginning of period 53,068,290 31,006,117
-------------------------------------------------------------------------------------
End of period $52,253,983 $53,068,290
-------------------------------------------------------------------------------------
Undistributed net investment income $ 31,434 $ 150,320
=====================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Disciplined Growth Fund | Semiannual Report | 2/29/12 21
Statements of Changes in Net Assets (continued)
-----------------------------------------------------------------------------------------
'12 Shares '12 Amount '11 Shares '11 Amount
(unaudited) (unaudited)
-----------------------------------------------------------------------------------------
Class A
Shares sold 398,936 $ 3,783,014 702,324 $ 7,113,542
Reinvestment of distributions 55,068 481,720 19,998 189,680
Less shares repurchased (188,167) (1,785,129) (287,838) (2,895,135)
-----------------------------------------------------------------------------------------
Net increase 265,837 $ 2,479,605 434,484 $ 4,408,087
=========================================================================================
Class C
Shares sold 43,630 $ 407,314 118,543 $ 1,193,508
Reinvestment of distributions 9,749 83,067 1,359 12,670
Less shares repurchased (54,983) (519,356) (21,370) (213,978)
-----------------------------------------------------------------------------------------
Net increase (decrease) (1,603) $ (28,975) 98,532 $ 992,200
=========================================================================================
Class Y
Shares sold 85,061 $ 793,997 1,927,826 $20,211,520
Reinvestment of distributions 3,952 34,913 322 3,080
Less shares repurchased (669,981) (6,451,042) (502,072) (5,164,360)
-----------------------------------------------------------------------------------------
Net increase (decrease) (580,968) $(5,622,132) 1,426,076 $15,050,240
=========================================================================================
The accompanying notes are an integral part of these financial statements.
22 Pioneer Disciplined Growth Fund | Semiannual Report | 2/29/12
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six months
Ended
2/29/12 Year Ended Year Ended Year Ended Year Ended Year Ended
(unaudited) 8/31/11 8/31/10 8/31/09 8/31/08 8/31/07
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.67 $ 8.82 $ 8.59 $ 9.98 $ 12.25 $ 10.18
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.01 $ (0.01) $ 0.03 $ 0.02 $ 0.02 $ 0.01
Net realized and unrealized gain (loss) on investments 1.25 1.89 0.45 (1.39) (1.12) 2.09
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.26 $ 1.88 $ 0.48 $ (1.37) $ (1.10) $ 2.10
Distributions to shareowners:
Net investment income (0.03) (0.03) (0.03) (0.02) -- (0.03)
Net realized gain (0.78) (1.00) (0.22) -- (1.17) --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.45 $ 0.85 $ 0.23 $ (1.39) $ (2.27) $ 2.07
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.12 $ 9.67 $ 8.82 $ 8.59 $ 9.98 $ 12.25
====================================================================================================================================
Total return* 14.40% 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% 1.25%
Ratio of net investment income to average net assets 0.37%** 0.18% 0.39% 0.39% 0.22% 0.09%
Portfolio turnover rate 107%** 107% 104% 106% 92% 95%
Net assets, end of period (in thousands) $ 8,190 $ 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 1.45%** 1.52% 1.66% 10.79% 16.35% 13.49%
Net investment income (loss) 0.16%** (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 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Disciplined Growth Fund | Semiannual Report | 2/29/12 23
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------
Six months
Ended 7/17/08 (a)
2/29/12 Year Ended Year Ended Year Ended to
(unaudited) 8/31/11 8/31/10 8/31/09 8/31/08
------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.48 $ 8.71 $ 8.54 $ 9.97 $ 9.74
------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment loss $ (0.02) $ (0.07) $ (0.05) $ (0.03) $ 0.00(c)
Net realized and unrealized gain (loss) on investments 1.21 1.84 0.44 (1.40) 0.23
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.19 $ 1.77 $ 0.39 $ (1.43) $ 0.23
Distributions to shareowners:
Net realized gain (0.78) (1.00) (0.22) -- --
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.41 $ 0.77 $ 0.17 $ (1.43) $ 0.23
------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.89 $ 9.48 $ 8.71 $ 8.54 $ 9.97
==============================================================================================================================
Total return* 13.88% 20.58% 4.49% (14.34)% 2.36%(b)
Ratio of net expenses to average net assets 2.15%** 2.15% 2.11% 2.15% 1.83%**
Ratio of net investment loss to average net assets (0.53)%** (0.72)% (0.48)% (0.52)% (0.05)%**
Portfolio turnover rate 107%** 107% 104% 106% 92%(b)
Net assets, end of period (in thousands) $ 1,322 $ 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 2.30%** 2.47% 2.36% 11.44% 30.50%**
Net investment loss (0.69)%** (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 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.
The accompanying notes are an integral part of these financial statements.
24 Pioneer Disciplined Growth Fund | Semiannual Report | 2/29/12
------------------------------------------------------------------------------------------------------------------------------
Six months
Ended 7/31/08 (a)
2/29/12 Year Ended Year Ended Year Ended to
(unaudited) 8/31/11 8/31/10 8/31/09 8/31/08
------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.73 $ 8.86 $ 8.62 $ 9.98 $ 9.87
------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.04 $ 0.05 $ 0.07 $ 0.03 $ 0.01
Net realized and unrealized gain (loss) on investments 1.25 1.88 0.43 (1.37) 0.10
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.29 $ 1.93 $ 0.50 $ (1.34) $ 0.11
Distributions to shareowners:
Net investment income (0.06) (0.06) (0.04) (0.02) --
Net realized gain (0.78) (1.00) (0.22) -- --
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.45 $ 0.87 $ 0.24 $ (1.36) $ 0.11
------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.18 $ 9.73 $ 8.86 $ 8.62 $ 9.98
==============================================================================================================================
Total return* 14.61% 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% 0.90%**
Ratio of net investment income to average net assets 0.71%** 0.52% 0.72% 0.88% 1.60%**
Portfolio turnover rate 107%** 107% 104% 106% 92%(b)
Net assets, end of period (in thousands) $42,742 $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 0.99%** 1.00% 1.15% 1.70% 20.69%**
Net investment income (loss) 0.62%** 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.
Pioneer Disciplined Growth Fund | Semiannual Report | 2/29/12 25
Notes to Financial Statements | 2/29/12 (unaudited)
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.
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
26 Pioneer Disciplined Growth Fund | Semiannual Report | 2/29/12
(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. 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.
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.
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
may use fair value methods if it is determined that a significant event
has occurred after the close of the exchange or market on which the
security trades and prior to the determination of the Fund's net asset
value. Examples of a significant event might include political or economic
news, corporate restructurings, natural disasters, terrorist activity of
trading halts. Thus, the valuation of the Fund's securities may differ
from exchange prices.
At February 29, 2012, 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.
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.
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 federal and state tax authorities.
Pioneer Disciplined Growth Fund | Semiannual Report | 2/29/12 27
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.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the year ended August 31, 2011 was as follows:
--------------------------------------------------------------------------------
2011
--------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $2,691,667
Long-term capital gain 1,063,387
--------------------------------------------------------------------------------
Total $3,755,054
================================================================================
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. 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 $1,728 in underwriting commissions on the sale of
Class A shares during the six months ended February 29, 2012.
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
28 Pioneer Disciplined Growth Fund | Semiannual Report | 2/29/12
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. Risks
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.
F. Securities Lending
The Fund may lend 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
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. There were
no securities on loan at February 29, 2012.
Pioneer Disciplined Growth Fund | Semiannual Report | 2/29/12 29
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 six months ended February 29, 2012, 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. Fees waived and expenses reimbursed during the six months ended
February 29, 2012 are reflected on the Statement of Operations. These expense
limitations are in effect through January 1, 2013. 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 $974
in management fees, administrative costs and certain other reimbursements
payable to PIM at February 29, 2012.
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 six months ended February 29, 2012, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $1,358
Class C 191
Class Y 244
--------------------------------------------------------------------------------
Total $1,793
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $1,935 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at February 29, 2012.
30 Pioneer Disciplined Growth Fund | Semiannual Report | 2/29/12
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 $94 in distribution fees payable to PFD
at February 29, 2012.
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
six months ended February 29, 2012, CDSCs in the amount of $153 were paid to
PFD.
Pioneer Disciplined Growth Fund | Semiannual Report | 2/29/12 31
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Disciplined Growth Fund (the Fund) pursuant to an investment advisory
agreement between PIM and the Fund. In order for PIM to remain the investment
adviser of the Fund, the Trustees of the Fund must determine annually whether to
renew the investment advisory agreement for the Fund.
The contract review process began in March 2011 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
In July 2011, the Trustees approved the format of the contract review materials
and submitted their formal request to PIM to furnish information necessary to
evaluate the terms of the investment advisory agreement. The contract review
materials were provided to the Trustees in July 2011 and September 2011. After
reviewing and discussing the materials, the Trustees submitted a request for
additional information to PIM, and materials were provided in response to this
request. Meetings of the Independent Trustees of the Fund were held in July,
September, October, and November, 2011 to review and discuss the contract review
materials. In addition, the Trustees took into account the information related
to the Fund provided to the Trustees at each regularly scheduled meeting.
At a meeting held on November 29, 2011, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for the
Fund, its research process and its process for trade execution. The Trustees
considered the resources of PIM and the personnel of PIM who provide investment
management services to the Fund. The Trustees considered the non-investment
resources and personnel of PIM involved in PIM's services to the Fund, including
PIM's compliance and legal resources and personnel. The Trustees also considered
the substantial attention and high priority given by PIM's senior management to
the Pioneer fund complex. In addition, the Trustees considered PIM's plans to
increase resources in its investment management function and other enhancements
to PIM's advisory capabilities.
32 Pioneer Disciplined Growth Fund | Semiannual Report | 2/29/12
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Fund
The Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the second quintile of its Morningstar
category for the one and three year periods ended June 30, 2011 and in the first
quintile of its Morningstar category for the five year period ended June 30,
2011. (In all quintile rankings referred to throughout this disclosure, first
quintile is most favorable to the Fund's shareowners. Thus, highest relative
performance would be first quintile and lowest relative expenses would also be
first quintile.) The Trustees concluded that the investment performance of the
Fund was satisfactory.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight Mutual Trust Research
and Consulting, LLC (Strategic Insight), an independent third party.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2011 was in the second quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period. The
Trustees also considered the breakpoints in the management fee schedule and the
reduced fee rates above certain asset levels. The Trustees considered that the
Fund's expense ratio for the twelve months ended June 30, 2011 was in the second
quintile relative to its Strategic Insight peer group for the comparable period.
The Trustees reviewed gross and net management fees charged by PIM to its
institutional and other clients, including publicly offered European funds, U.S.
Pioneer Disciplined Growth Fund | Semiannual Report | 2/29/12 33
registered investment companies (in a sub-advisory capacity), and unaffiliated
foreign and domestic separate accounts. The Trustees also considered PIM's costs
in providing services to the Fund and to its other clients and considered the
differences in management fees and profit margins for PIM's Fund and non-Fund
services. In evaluating the fees associated with PIM's client accounts, the
Trustees took into account the respective demands, resources and complexity
associated with the Fund and client accounts. The Trustees noted that in some
instances the fee rates for those clients were lower than the management fee for
the Fund and considered that, under the investment advisory agreement with the
Fund, PIM performs additional services for the Fund that it does not provide to
those other clients or services that are broader in scope, including oversight
of the Fund's other service providers and activities related to compliance and
the extensive regulatory and tax regimes to which the Fund is subject. The
Trustees also considered the different entrepreneurial risks associated with
PIM's management of the Fund and the other client accounts. The Trustees
concluded that the management fee payable by the Fund to PIM was reasonable in
relation to the nature and quality of the services provided by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoints in the management fee schedule. The Trustees recognize
that economies of scale are difficult to identify and quantify, rarely
identifiable on a Fund-by-Fund basis, and that, among other factors that may be
relevant, are the following: fee levels, expense subsidization, investment by
PIM in research and analytical capabilities and PIM's commitment and resource
allocation to the Funds. The Trustees noted that profitability also may be an
indicator of the availability of any economies of scale, although profitability
may vary for other reasons particularly, for example during the recent difficult
periods for financial markets, as the level of services was maintained
34 Pioneer Disciplined Growth Fund | Semiannual Report | 2/29/12
notwithstanding a significant decline in PIM's fee revenues from the Funds.
Accordingly, the Trustees concluded that economies of scale, if any, were being
appropriately shared with the Fund.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Fund. The Trustees considered the character and amount of fees paid by the Fund,
other than under the investment advisory agreement, for services provided by PIM
and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
also considered the benefits to the Fund and to PIM and its affiliates from the
use of "soft" commission dollars generated by the Fund to pay for research and
brokerage services. The Trustees considered the intangible benefits to PIM by
virtue of its relationship with the Fund and the other Pioneer funds. The
Trustees concluded that the receipt of these benefits was reasonable in the
context of the overall relationship between PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
Pioneer Disciplined Growth Fund | Semiannual Report | 2/29/12 35
Trustees, Officers and Service Providers
Trustees Officers
John F. Cogan, Jr., Chairman John F. Cogan, Jr., President
David R. Bock Daniel K. Kingsbury, Executive
Mary K. Bush Vice President
Benjamin M. Friedman Mark E. Bradley, Treasurer
Margaret B.W. Graham Christopher J. Kelley, Secretary
Daniel K. Kingsbury
Thomas J. Perna
Marguerite A. Piret
Stephen K. West
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
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 Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
36 Pioneer Disciplined Growth Fund | Semiannual Report | 2/29/12
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 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.
[GRAPHIC MAP]
Pioneer Disciplined
Value Fund
--------------------------------------------------------------------------------
Semiannual Report | February 29, 2012
--------------------------------------------------------------------------------
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 19
Notes to Financial Statements 26
Approval of Investment Advisory Agreement 32
Trustees, Officers and Service Providers 36
Pioneer Disciplined Value Fund | Semiannual Report | 2/29/12 1
President's Letter
Dear Shareowner,
Last year was difficult for investors, although bond investors experienced a
much smoother ride than equity investors. The year was characterized by
higher-than-usual volatility in the equity markets triggered by a series of
major events, including the nuclear disaster in Japan, the European financial
crisis, and political gridlock in Washington D.C. The Standard & Poor's 500
Index dropped 21% from its May high to its October low, only to finish the year
virtually flat. The Barclays Capital Aggregate Bond Index, by contrast, was up
7.8% for the year.
As we ended 2011, some positive trends were developing in the U.S. economy.
Consumption, the most important driver of economic growth, rose 2.3% in the
fourth quarter, up nicely from 0.7% in the second and third quarters. Year-
over-year retail sales grew 4% over the last six months of 2011, and auto sales
reached their highest level of the year. There were improvements in broad
economic data, including employment and rising consumer confidence. Initial
jobless claims trended in the right direction, with the final weekly report of
2011 falling to a three-and-a-half year low.
While we expect moderate economic growth in the U.S. in 2012, there are still
reasons for investors to remain cautious. The central issue remains Europe,
which faces weak or possibly declining economic growth. The greatest risk to
our outlook for 2012 is the possible contagion effects of the European
sovereign-debt and banking crises. The European Union must find a comprehensive
solution that includes ensuring funding for troubled sovereigns, achieving
workable fiscal and economic integration, and improving labor competitiveness
in southern Europe. Further setbacks in Europe could lead to further market
volatility, while tangible progress could help the equity markets make up last
year's lackluster results.
Pioneer's investment professionals focus on finding good opportunities to
invest in both equity and bond markets using the same disciplined investment
approach we have used since 1928. Our strategy 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
2 Pioneer Disciplined Value Fund | Semiannual Report | 2/29/12
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.
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.
*Diversification does not assure a profit or protect against loss in a
declining market.
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 | Semiannual Report | 2/29/12 3
Portfolio Management Discussion | 2/29/12
In the following interview, John Peckham, Co-Head of Equity Research at
Pioneer, discusses the market environment for value stocks during the six
months ended February 29, 2012, and the performance of Pioneer Disciplined
Value Fund in that environment. Mr. Peckham, along with Paul Cloonan, Co-Head
of Equity Research at Pioneer; Ashesh Savla, senior quantitative analyst at
Pioneer; and Brian Popiel, fundamental research analyst at Pioneer, are
responsible for the day-to-day management of the Fund.
Q Value stocks, as measured by the Russell 1000 Value Index, performed very
well during the six-month period ended February 29, 2012, but they
underperformed growth stocks. What would you say were the main reasons for
the strong overall performance of value stocks, and for the slight
underperformance of growth stocks during the period?
A Value stocks bottomed during the first week of October 2011, and subsequently
rebounded through the fall and winter as investors grew more confident in
the global economic growth outlook and less concerned about the prospects
for a dire outcome of the European debt crisis and a rapid economic
collapse, or for a "hard landing" of the economies in Asia.
Consumer discretionary and information technology were the top-performing
sectors during the first half of the period, while telecom services and
utilities lagged on a relative basis. Importantly, all 10 sectors in the
Russell 1000 Value Index, the Fund's benchmark, posted positive returns
during the six-month period. Financials, which had been a material laggard
in 2011, got off to a slow start in 2012, but subsequently rebounded in
late January and February.
Value stocks modestly underperformed growth stocks during the six-month
period primarily because information technology outperformed financials.
The relative underperformance of financials was largely due to the
difficulties experienced by bank stocks during the fall of 2011.
Q How did the Fund perform in that environment during the six months ended
February 29, 2012?
A Pioneer Disciplined Value Fund's Class A shares returned 12.03% at net asset
value during the six months ended February 29, 2012, while the Fund's
benchmark, the Russell 1000 Value Index (the Russell Index), returned
12.84%. During the same period, the average return of the 541 mutual funds
in Lipper's Large Cap Value Funds category was 12.29%.
4 Pioneer Disciplined Value Fund | Semiannual Report | 2/29/12
Q The Fund slightly underperformed the Russell Index during the six months
ended February 29, 2012. What were some of the reasons behind the Fund's
underperformance of the benchmark during the period?
A Our stock-picking decisions during the period caused some struggles for the
Fund's performance relative to the Russell Index, but much of the
difficulty was offset due to solid sector allocations. In particular, our
decision to underweight the Fund to the utilities and telecom services
sectors in December 2011 proved especially timely, as the sectors
subsequently underperformed due to high valuations and deteriorating
fundamentals.
Our overall stock picks in the industrials and health care sectors helped
the Fund's performance during the six-month period. However, our stock
picks in materials and information technology fared poorly.
Q What individual security selections (or sector allocation decisions)
contributed to the Fund's overall performance during the six months ended
February 29, 2012?
A Sector allocations were a positive for the Fund's performance during the
six-month period, as underweights in utilities, telecom services and
consumer staples contributed to benchmark-relative performance. In
addition, our decision to overweight the Fund to the consumer discretionary
sector contributed to performance.
Among the Fund's best-performing stock holdings during the period were
department store operator Macy's, cable company Comcast, and regional bank
Wells Fargo. The Fund continues to hold sizable stock positions in all
three companies.
Q What individual security selections (or sector allocation decisions) were
detractors from the Fund's benchmark-relative performance during the six
months ended February 29, 2012?
A A number of stock picks in the materials and information technology sectors
hurt the Fund's performance during the six-month period.
In materials, fertilizer-maker Mosaic was a poor performer as the outlooks
for fertilizer prices and volumes disappointed. The Fund continues to hold
Mosaic in its portfolio, however, as we expect that market conditions will
improve later this year. In addition, the Fund's investment in copper and
gold miner Freeport-McMoRan did not meet our expectations, as copper prices
struggled amid inventory concerns.
In information technology, Hewlett-Packard (HP) was a material
underperformer for the Fund after posting poor quarterly results and
offering a disappointing outlook. While HP's stock is cheap by some
measures, we believe the company's turnaround will take some time to
execute and have
Pioneer Disciplined Value Fund | Semiannual Report | 2/29/12 5
retained the Fund's position. In addition, the Fund's investment in
semiconductor equipment maker Applied Materials performed poorly during the
period, as a weak market for solar energy equipment and video displays more
than offset improvements in the company's core equipment business. We
subsequently sold the Fund's position in Applied Materials.
Q What is your outlook?
A We remain cautiously optimistic and have positioned the Fund's portfolio
accordingly. As of February 29, 2012, the Fund's largest sector overweights
were in information technology and consumer discretionary, while the Fund's
largest underweights were in utilities and telecom services. The Fund's
positioning reflects the better prospects we foresee for many
consumer-oriented and technology stocks, compared with utilities and
telecom services. For example, we added Microsoft and CBS to the Fund at
the beginning of 2012, and sold positions in phone company CenturyLink and
utility company Exelon.
We believe that large-cap value stocks are relatively cheap, particularly
when compared with some fixed-income investment alternatives. We expect
that the economic environment will remain relatively supportive, with the
United States growing at a modest pace, Europe struggling a bit but not
falling into the abyss, and emerging markets continuing to grow at a
reasonable rate. We also expect that governments and their regulators will
avoid making massive policy errors.
Please refer to the Schedule of Investments on pages 14-18 for a full listing
of Fund securities.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
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 | Semiannual Report | 2/29/12
Portfolio Summary | 2/29/12
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Common Stocks 94.9%
Depositary Receipts 3.1%
Exchange Traded Index Fund 2.0%
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Financials 25.2%
Health Care 12.9%
Energy 12.4%
Information Technology 12.1%
Consumer Discretionary 11.2%
Industrials 10.5%
Consumer Staples 8.5%
Materials 3.2%
Utilities 2.0%
Telecommunication Services 2.0%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of equity holdings)*
1. Chevron Corp. 4.01%
--------------------------------------------------------------------------------
2. Wells Fargo Co. 3.43
--------------------------------------------------------------------------------
3. JPMorgan Chase & Co. 3.27
--------------------------------------------------------------------------------
4. Merck & Co., Inc. 3.26
--------------------------------------------------------------------------------
5. Microsoft Corp. 3.18
--------------------------------------------------------------------------------
6. United Healthcare Group, Inc. 3.05
--------------------------------------------------------------------------------
7. Occidental Petro Corp. 2.98
--------------------------------------------------------------------------------
8. The Walt Disney Co. 2.78
--------------------------------------------------------------------------------
9. Union Pacific Corp. 2.63
--------------------------------------------------------------------------------
10. Amgen, Inc. 2.60
--------------------------------------------------------------------------------
* 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 | Semiannual Report | 2/29/12 7
Prices and Distributions | 2/29/12
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 2/29/12 8/31/11
--------------------------------------------------------------------------------
A $ 8.48 $ 8.16
--------------------------------------------------------------------------------
C $ 8.51 $ 8.16
--------------------------------------------------------------------------------
Y $ 8.60 $ 8.28
--------------------------------------------------------------------------------
Distributions per Share: 9/1/11-2/29/12
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $ 0.0872 $ 0.1925 $ 0.2982
--------------------------------------------------------------------------------
C $ 0.0127 $ 0.1925 $ 0.2982
--------------------------------------------------------------------------------
Y $ 0.1133 $ 0.1925 $ 0.2982
--------------------------------------------------------------------------------
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 | Semiannual Report | 2/29/12
Performance Update | 2/29/12 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 February 29, 2012)
------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
------------------------------------------------------------------------------
Life-of-Class
(12/15/05) 3.15% 2.17%
5 Years 0.68 -0.51
1 Year 3.18 -2.74
------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2011)
------------------------------------------------------------------------------
Gross Net
------------------------------------------------------------------------------
1.70% 1.27%
------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS 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
2/06 $ 9,781 $10,452
2/07 $11,164 $12,188
2/08 $10,780 $11,224
2/09 $ 6,500 $ 5,909
2/10 $ 9,520 $ 9,248
2/11 $11,190 $11,297
2/12 $11,546 $11,543
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, 2013, 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 | Semiannual Report | 2/29/12 9
Performance Update | 2/29/12 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 February 29, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(7/16/08) 3.20% 3.20%
1 Year 2.02 2.02
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.43% 2.17%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Disciplined Russell 1000
Value Fund Value Index
7/31/2008 $10,000 $10,000
2/28/2009 $ 6,408 $ 5,623
2/28/2010 $ 9,297 $ 8,800
2/28/2011 $10,837 $10,750
2/29/2012 $11,055 $10,984
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, 2013, 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 | Semiannual Report | 2/29/12
Performance Update | 2/29/12 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 February 29, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(12/15/05) 2.94% 2.94%
5 Years 0.55 0.55
1 Year 3.45 3.45
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.04% 0.92%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS 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
2/06 $5,186,869 5,225,895
2/07 $5,883,751 6,093,933
2/08 $5,610,826 5,611,884
2/09 $3,372,768 2,954,584
2/10 $4,957,021 4,623,823
2/11 $5,844,259 5,648,632
2/12 $6,046,049 5,771,558
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, 2013, 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 | Semiannual Report | 2/29/12 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 September 1, 2011, through February 29, 2012.
--------------------------------------------------------------------------------
Actual
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 9/1/11
--------------------------------------------------------------------------------
Ending Account Value $1,120.30 $1,113.90 $1,122.00
(after expenses) on 2/29/12
--------------------------------------------------------------------------------
Expenses Paid $ 6.59 $ 11.30 $ 4.75
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 182/366 (to
reflect the partial year period).
12 Pioneer Disciplined Value Fund | Semiannual Report | 2/29/12
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 September 1, 2011, through February 29, 2012.
--------------------------------------------------------------------------------
Hypothetical
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 9/1/11
--------------------------------------------------------------------------------
Ending Account Value $1,018.65 $1,014.17 $1,020.39
(after expenses) on 2/29/12
--------------------------------------------------------------------------------
Expenses Paid $ 6.27 $ 10.77 $ 4.52
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 182/366 (to
reflect the partial year period).
Pioneer Disciplined Value Fund | Semiannual Report | 2/29/12 13
Schedule of Investments | 2/29/12 (unaudited)
--------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------
COMMON STOCKS -- 97.9%
ENERGY -- 12.4%
Integrated Oil & Gas -- 9.0%
17,283 Chevron Corp. $ 1,885,921
11,125 Exxon Mobil Corp. 962,313
13,409 Occidental Petroleum Corp. 1,399,497
-----------
$ 4,247,731
--------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 1.2%
6,556 National-Oilwell Varco, Inc. $ 541,067
--------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 2.2%
9,535 Apache Corp. $ 1,029,113
-----------
Total Energy $ 5,817,911
--------------------------------------------------------------------------
MATERIALS -- 3.2%
Diversified Metals & Mining -- 1.2%
13,211 Freeport-McMoRan Copper & Gold, Inc. (Class B) $ 562,260
--------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 2.0%
16,232 The Mosaic Co.* $ 937,398
-----------
Total Materials $ 1,499,658
--------------------------------------------------------------------------
CAPITAL GOODS -- 7.8%
Aerospace & Defense -- 2.1%
12,023 United Technologies Corp. $ 1,008,369
--------------------------------------------------------------------------
Construction & Engineering -- 2.5%
31,686 KBR, Inc. $ 1,150,836
--------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 1.9%
7,549 Cummins, Inc. $ 910,183
--------------------------------------------------------------------------
Industrial Machinery -- 1.3%
8,642 SPX Corp. $ 632,076
-----------
Total Capital Goods $ 3,701,464
--------------------------------------------------------------------------
TRANSPORTATION -- 2.6%
Railroads -- 2.6%
11,224 Union Pacific Corp. $ 1,237,446
-----------
Total Transportation $ 1,237,446
--------------------------------------------------------------------------
CONSUMER SERVICES -- 2.0%
Restaurants -- 2.0%
9,448 McDonald's Corp. $ 937,997
-----------
Total Consumer Services $ 937,997
--------------------------------------------------------------------------
MEDIA -- 6.8%
Broadcasting -- 1.6%
25,428 CBS Corp. (Class B) $ 760,297
--------------------------------------------------------------------------
Cable & Satellite -- 2.4%
38,837 Comcast Corp. $ 1,141,031
--------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
14 Pioneer Disciplined Value Fund | Semiannual Report | 2/29/12
------------------------------------------------------------------
Shares Value
------------------------------------------------------------------
Movies & Entertainment -- 2.8%
31,189 The Walt Disney Co. $ 1,309,626
-----------
Total Media $ 3,210,954
------------------------------------------------------------------
RETAILING -- 2.4%
Department Stores -- 2.4%
29,401 Macy's, Inc. $ 1,116,356
-----------
Total Retailing $ 1,116,356
------------------------------------------------------------------
FOOD & DRUG RETAILING -- 2.2%
Drug Retail -- 2.2%
22,746 CVS/Caremark Corp. $ 1,025,845
-----------
Total Food & Drug Retailing $ 1,025,845
------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 6.3%
Distillers & Vintners -- 2.1%
45,194 Constellation Brands, Inc.* $ 987,037
------------------------------------------------------------------
Packaged Foods & Meats -- 1.8%
25,641 Campbell Soup Co. $ 854,358
------------------------------------------------------------------
Tobacco -- 2.4%
13,419 Philip Morris International, Inc. $ 1,120,755
-----------
Total Food, Beverage & Tobacco $ 2,962,150
------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 3.0%
Managed Health Care -- 3.0%
25,728 United Healthcare Group, Inc. $ 1,434,336
-----------
Total Health Care Equipment & Services $ 1,434,336
------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 9.9%
Biotechnology -- 2.6%
17,978 Amgen, Inc. $ 1,221,605
------------------------------------------------------------------
Pharmaceuticals -- 7.3%
40,228 Merck & Co., Inc. $ 1,535,503
55,624 Pfizer, Inc. 1,173,666
16,091 Teva Pharmaceutical Industries, Ltd. 721,038
-----------
$ 3,430,207
-----------
Total Pharmaceuticals & Biotechnology $ 4,651,812
------------------------------------------------------------------
BANKS -- 5.4%
Diversified Banks -- 3.4%
51,551 Wells Fargo & Co. $ 1,613,031
------------------------------------------------------------------
Regional Banks -- 2.0%
15,296 PNC Bank Corp. $ 910,418
-----------
Total Banks $ 2,523,449
------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 12.3%
Asset Management & Custody Banks -- 2.0%
37,943 Invesco, Ltd. $ 939,848
------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Disciplined Value Fund | Semiannual Report | 2/29/12 15
Schedule of Investments | 2/29/12 (unaudited) (continued)
-----------------------------------------------------------------
Shares Value
-----------------------------------------------------------------
Consumer Finance -- 4.6%
19,369 Capital One Financial Corp. $ 980,071
40,400 Discover Financial Services, Inc. 1,212,404
-----------
$ 2,192,475
-----------------------------------------------------------------
Diversified Finance Services -- 5.7%
33,800 Citigroup, Inc. $ 1,126,216
39,234 JPMorgan Chase & Co. 1,539,542
-----------
$ 2,665,758
-----------
Total Diversified Financials $ 5,798,081
-----------------------------------------------------------------
INSURANCE -- 5.5%
Life & Health Insurance -- 3.6%
14,899 Aflac, Inc. $ 703,978
15,992 Prudential Financial, Inc. 978,071
-----------
$ 1,682,049
-----------------------------------------------------------------
Property & Casualty Insurance -- 1.9%
12,515 ACE, Ltd. $ 897,451
-----------
Total Insurance $ 2,579,500
-----------------------------------------------------------------
SOFTWARE & SERVICES -- 5.0%
Systems Software -- 5.0%
47,181 Microsoft Corp. $ 1,497,525
29,500 Oracle Corp. 863,465
-----------
$ 2,360,990
-----------
Total Software & Services $ 2,360,990
-----------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 4.0%
Computer Hardware -- 1.9%
35,289 Hewlett-Packard Co. $ 893,165
-----------------------------------------------------------------
Technology Distributors -- 2.1%
24,633 Arrow Electronics, Inc.* $ 989,015
-----------
Total Technology Hardware & Equipment $ 1,882,180
-----------------------------------------------------------------
SEMICONDUCTORS -- 3.1%
Semiconductor Equipment -- 1.6%
16,488 ASM Lithography Holdings NV $ 751,028
-----------------------------------------------------------------
Semiconductors -- 1.5%
17,581 Analog Devices, Inc. $ 689,351
-----------
Total Semiconductors $ 1,440,379
-----------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 2.0%
Integrated Telecommunication Services -- 2.0%
24,985 Verizon Communications, Inc. $ 952,177
-----------
Total Telecommunication Services $ 952,177
-----------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Disciplined Value Fund | Semiannual Report | 2/29/12
------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------
UTILITIES -- 2.0%
Multi-Utilities -- 2.0%
29,715 Ameren Corp. $ 952,960
-----------
Total Utilities $ 952,960
------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $41,172,529) $46,085,645
------------------------------------------------------------------------
EXCHANGE TRADED FUND -- 2.0%
15,900 iShare Dow Jones U.S. Real Estate Index Fund $ 956,226
------------------------------------------------------------------------
TOTAL EXCHANGE TRADED FUND
(Cost $775,026) $ 956,226
------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 99.9%
(Cost $41,947,555) (a) $47,041,871
------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 0.1% $ 50,948
------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $47,092,819
========================================================================
* Non-income producing security.
(a) At February 29, 2012, the net unrealized gain on investments based on
cost for federal income tax purposes of $41,981,074 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $5,657,003
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (596,206)
----------
Net unrealized gain $5,060,797
==========
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended February 29, 2012 aggregated $23,093,451 and $26,892,582,
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 (other than prices supplied by independent pricing services) are
categorized as Level 3. See Notes to Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
Pioneer Disciplined Value Fund | Semiannual Report | 2/29/12 17
Schedule of Investments | 2/29/12 (unaudited) (continued)
The following is a summary of the inputs used as of February 29, 2012, in
valuing the Fund's assets:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Common Stocks $46,085,645 $ -- $ -- $46,085,645
Exchange Traded Fund 956,226 -- -- 956,226
--------------------------------------------------------------------------------
Total $47,041,871 $ -- $ -- $47,041,871
================================================================================
The accompanying notes are an integral part of these financial statements.
18 Pioneer Disciplined Value Fund | Semiannual Report | 2/29/12
Statement of Assets and Liabilities | 2/29/12 (unaudited)
ASSETS:
Investment in securities, at value (cost $41,947,555) $47,041,871
Cash 239,552
Receivables --
Investment securities sold 866,873
Fund shares sold 770
Dividends 98,326
Due from Pioneer Investment Management, Inc. 17,774
Other 22,608
------------------------------------------------------------------------
Total assets $48,287,774
------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 806,481
Fund shares repurchased 353,979
Due to affiliates 2,592
Accrued expenses 31,903
------------------------------------------------------------------------
Total liabilities $ 1,194,955
------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $43,116,827
Undistributed net investment income 85,186
Accumulated net realized loss on investments (1,203,510)
Net unrealized gain on investments 5,094,316
------------------------------------------------------------------------
Total net assets $47,092,819
------------------------------------------------------------------------
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $1,575,882/185,777 shares) $ 8.48
Class C (based on $525,874/61,762 shares) $ 8.51
Class Y (based on $44,991,063/5,229,407 shares) $ 8.60
MAXIMUM OFFERING PRICE:
Class A ($8.48 [divided by] 94.25%) $ 9.00
========================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Disciplined Value Fund | Semiannual Report | 2/29/12 19
Statement of Operations (unaudited)
For the Six Months Ended 2/29/12
INVESTMENT INCOME:
Dividends $590,254
Income from securities loaned, net 2,772
-----------------------------------------------------------------------------------------
Total investment income $ 593,026
-----------------------------------------------------------------------------------------
EXPENSES:
Management fees $148,201
Transfer agent fees
Class A 1,998
Class C 781
Class Y 243
Distribution fees
Class A 1,814
Class C 3,444
Shareholder communication expense 489
Administrative reimbursements 6,612
Custodian fees 8,656
Registration fees 25,002
Professional fees 27,781
Printing expense 8,504
Fees and expenses of nonaffiliated trustees 3,643
Miscellaneous 2,791
-----------------------------------------------------------------------------------------
Total expenses $ 239,959
Less fees waived and expenses reimbursed by Pioneer
Investment Management, Inc. (28,285)
-----------------------------------------------------------------------------------------
Net expenses $ 211,674
-----------------------------------------------------------------------------------------
Net investment income $ 381,352
-----------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investments $ (1,169,193)
-----------------------------------------------------------------------------------------
Change in net unrealized loss on investments $ 5,917,772
-----------------------------------------------------------------------------------------
Net gain on investments $ 4,748,579
-----------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 5,129,931
=========================================================================================
The accompanying notes are an integral part of these financial statements.
20 Pioneer Disciplined Value Fund | Semiannual Report | 2/29/12
Statement of Changes in Net Assets
------------------------------------------------------------------------------------------
Six Months
Ended
2/29/12 Year Ended
(unaudited) 8/31/11
------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 381,352 $ 507,403
Net realized gain (loss) on investments (1,169,193) 2,738,999
Change in net unrealized gain (loss) on investments 5,917,772 (395,951)
------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 5,129,931 $ 2,850,451
------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.09 and $0.07 per share, respectively) $ (15,803) $ (9,441)
Class C ($0.01 and $0.00* per share, respectively) (1,132) (323)
Class Y ($0.11 and $0.10 per share, respectively) (604,695) (376,968)
Net realized gain:
Class A ($0.49 and $0.79 per share, respectively) (82,993) (92,143)
Class C ($0.49 and $0.79 per share, respectively) (42,010) (48,851)
Class Y ($0.49 and $0.79 per share, respectively) (2,577,701) (2,899,846)
------------------------------------------------------------------------------------------
Total distributions to shareowners $(3,324,334) $(3,427,572)
------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 2,328,290 $22,253,365
Reinvestment of distributions 93,870 83,249
Cost of shares repurchased (4,856,873) (4,718,006)
------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
Fund share transactions $(2,434,713) $17,618,608
------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ (629,116) $17,041,487
NET ASSETS:
Beginning of period 47,721,935 30,680,448
------------------------------------------------------------------------------------------
End of period $47,092,819 $47,721,935
------------------------------------------------------------------------------------------
Undistributed net investment income $ 85,186 $ 325,464
==========================================================================================
* Rounds to less than $(0.01) per share.
The accompanying notes are an integral part of these financial statements.
Pioneer Disciplined Value Fund | Semiannual Report | 2/29/12 21
Statement of Changes in Net Assets (continued)
---------------------------------------------------------------------------------------------------
'12 Shares '12 Amount '11 Shares '11 Amount
(unaudited) (unaudited)
---------------------------------------------------------------------------------------------------
Class A
Shares sold 82,372 $ 670,142 105,522 $ 912,806
Reinvestment of distributions 8,586 64,203 6,845 55,201
Less shares repurchased (71,611) (596,339) (58,251) (496,626)
---------------------------------------------------------------------------------------------------
Net increase 19,347 $ 138,006 54,116 $ 471,381
===================================================================================================
Class C
Shares sold 8,986 $ 71,571 37,652 $ 329,948
Reinvestment of distributions 4,008 29,667 3,491 28,048
Less shares repurchased (33,747) (285,107) (19,148) (164,822)
---------------------------------------------------------------------------------------------------
Net increase (decrease) (20,753) $ (183,869) 21,995 $ 193,174
===================================================================================================
Class Y
Shares sold 200,118 $ 1,586,577 2,331,206 $21,010,611
Less shares repurchased (485,972) (3,975,427) (455,774) (4,056,558)
---------------------------------------------------------------------------------------------------
Net increase (decrease) (285,854) $(2,388,850) 1,875,432 $16,954,053
===================================================================================================
The accompanying notes are an integral part of these financial statements.
22 Pioneer Disciplined Value Fund | Semiannual Report | 2/29/12
Financial Highlights
--------------------------------------------------------------------------------------------------------------------
Six Months
Ended
2/29/12 Year Ended
(unaudited) 8/31/11
--------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 8.16 $ 7.95
--------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.05 $ 0.07
Net realized and unrealized gain (loss) on investments 0.85 1.00
--------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.90 $ 1.07
Distributions to shareowners:
Net investment income (0.09) (0.07)
Net realized gain (0.49) (0.79)
--------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.32 $ 0.21
--------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.48 $ 8.16
====================================================================================================================
Total return* 12.03% 13.69%
Ratio of net expenses to average net assets 1.25%** 1.25%
Ratio of net investment income to average net assets 1.35%** 0.95%
Portfolio turnover rate 104%** 91%
Net assets, end of period (in thousands) $ 1,576 $ 1,358
Ratios with no waiver of fees and assumption of expenses by the Adviser:
Net expenses 1.60%** 1.68%
Net investment income (loss) 1.00%** 0.52%
====================================================================================================================
---------------------------------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
8/31/10 8/31/09 8/31/08 8/31/07
---------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 8.19 $ 9.60 $ 11.99 $ 10.69
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.06 $ 0.09 $ 0.11 $ 0.12
Net realized and unrealized gain (loss) on investments 0.12 (1.39) (1.62) 1.58
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.18 $ (1.30) $ (1.51) $ 1.70
Distributions to shareowners:
Net investment income (0.07) (0.11) (0.11) (0.12)
Net realized gain (0.35) -- (0.77) (0.28)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.24) $ (1.41) $ (2.39) $ 1.30
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.95 $ 8.19 $ 9.60 $ 11.99
=================================================================================================================================
Total return* 1.98% (13.34)% (13.34)% 16.24%
Ratio of net expenses to average net assets 1.25% 1.25% 1.25% 1.25%
Ratio of net investment income to average net assets 0.78% 1.34% 1.07% 1.01%
Portfolio turnover rate 112% 114% 116% 88%
Net assets, end of period (in thousands) $ 892 $ 526 $ 520 $ 600
Ratios with no waiver of fees and assumption of expenses by the Adviser:
Net expenses 1.76% 13.37% 16.02% 13.35%
Net investment income (loss) 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 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Disciplined Value Fund | Semiannual Report | 2/29/12 23
----------------------------------------------------------------------------------------------------------------
Six months
Ended
2/29/12 Year Ended
(unaudited) 8/31/11
----------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 8.16 $ 7.96
----------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.04 $ (0.01)
Net realized and unrealized gain (loss) on investments 0.81 1.00
----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.85 $ 0.99
Distributions to shareowners:
Net investment income (0.01) (0.00)(c)
Net realized gain (0.49) (0.79)
----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.36 $ 0.20
----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.51 $ 8.16
================================================================================================================
Total return* 11.39% 12.65%
Ratio of net expenses to average net assets 2.15%** 2.15%
Ratio of net investment income (loss) to average net assets 0.45%** 0.05%
Portfolio turnover rate 104%** 91%
Net assets, end of period (in thousands) $ 526 $ 673
Ratios with no waiver of fees and assumption of expenses by the Adviser:
Net expenses 2.27%** 2.41%
Net investment income (loss) 0.33%** (0.21)%
================================================================================================================
----------------------------------------------------------------------------------------------------------------------
Year Ended Year Ended 7/17/08 (a)
8/31/10 8/31/09 to 8/31/08
----------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 8.23 $ 9.61 $ 9.34
----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.02) $ 0.03 $ 0.01
Net realized and unrealized gain (loss) on investments 0.12 (1.39) 0.26
----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.10 $ (1.36) $ 0.27
Distributions to shareowners:
Net investment income (0.02) (0.02) --
Net realized gain (0.35) -- --
----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.27) $ (1.38) $ 0.27
----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.96 $ 8.23 $ 9.61
======================================================================================================================
Total return* 1.07% (14.10)% 2.89%(b)
Ratio of net expenses to average net assets 2.15% 1.99% 2.15%**
Ratio of net investment income (loss) to average net assets (0.12)% 0.59% 0.40%**
Portfolio turnover rate 112% 114% 116%(b)
Net assets, end of period (in thousands) $ 482 $ 265 $ 257
Ratios with no waiver of fees and assumption of expenses by the Adviser:
Net expenses 2.40% 13.76% 25.47%**
Net investment income (loss) (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 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.
The accompanying notes are an integral part of these financial statements.
24 Pioneer Disciplined Value Fund | Semiannual Report | 2/29/12
------------------------------------------------------------------------------------------------------------------------------------
Six months
Ended
2/29/12 Year Ended Year Ended Year Ended 7/17/08 (a)
(unaudited) 8/31/11 8/31/10 8/31/09 to 8/31/08
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 8.28 $ 8.05 $ 8.27 $ 9.62 $ 9.57
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.07 $ 0.10 $ 0.09 $ 0.06 $ 0.02
Net realized and unrealized gain (loss) on investments 0.85 1.02 0.11 (1.34) 0.03
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 0.92 $ 1.12 $ 0.20 $ (1.28) $ 0.05
Distributions to shareowners:
Net investment income (0.11) (0.10) (0.07) (0.07) --
Net realized gain (0.49) (0.79) (0.35) -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.32 $ 0.23 $ (0.22) $ (1.35) $ 0.05
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.60 $ 8.28 $ 8.05 $ 8.27 $ 9.62
====================================================================================================================================
Total return* 12.20% 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% 0.90%**
Ratio of net investment income to average net assets 1.71%** 1.30% 1.14% 1.41% 2.37%**
Portfolio turnover rate 104%** 91% 112% 114% 116%(b)
Net assets, end of period (in thousands) $44,991 $45,691 $29,306 $23,037 $ 251
Ratios with no waiver of fees and assumption of expenses by the Adviser:
Net expenses 1.02%** 1.02% 1.22% 1.88% 10.11%**
Net investment income (loss) 1.59%** 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.
Pioneer Disciplined Value Fund | Semiannual Report | 2/29/12 25
Notes to Financial Statements | 2/29/12 (unaudited)
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.
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:
26 Pioneer Disciplined Value Fund | Semiannual Report | 2/29/12
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. 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.
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.
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
may use fair value methods if it is determined that a significant event has
occurred after the close of the exchange or market on which the security
trades and prior to the determination of the Fund's net asset value.
Examples of a significant event might include political or economic news,
corporate restructurings, natural disasters, terrorist activity or trading
halts. Thus, the valuation of the Fund's securities may differ from
exchange prices.
At February 29, 2012, 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.
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.
Pioneer Disciplined Value Fund | Semiannual Report | 2/29/12 27
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
federal and state 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.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the year ended August 31, 2011 was as follows:
---------------------------------------------------------------------------
2011
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $2,703,287
Long-term capital gain 724,285
---------------------------------------------------------------------------
Total $3,427,572
===========================================================================
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 $502 in underwriting commissions on the sale of Class A
shares during the six months ended February 29, 2012.
28 Pioneer Disciplined Value Fund | Semiannual Report | 2/29/12
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. Risks
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.
F. Securities Lending
The Fund may lend 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 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
Pioneer Disciplined Value Fund | Semiannual Report | 2/29/12 29
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. There were no
securities on loan as of February 29, 2012.
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 six months ended February
29, 2012, 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. Fees waived and expenses reimbursed during the six months
ended February 29, 2012 are reflected on the Statement of Operations. These
expense limitations are in effect through January 1, 2013. 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
$885 in management fees, administrative costs and certain other reimbursements
payable to PIM at February 29, 2012.
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 six months ended February 29, 2012, such out-of-pocket expenses by
class of shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $224
Class C 99
Class Y 166
--------------------------------------------------------------------------------
Total $489
================================================================================
30 Pioneer Disciplined Value Fund | Semiannual Report | 2/29/12
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $1,681 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at February 29, 2012.
4. Distribution Plan
The Fund has adopted a distribution plan (the Plan) pursuant to Rule 12b-1 of
the Investment Company Act of 1940 with respect to its Class A and Class C
shares. Pursuant to the Plan, the Fund pays 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 $26 in
distribution fees payable to PFD at February 29, 2012.
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 six months ended February 29, 2012, CDSCs in the amount of $11 were
paid to PFD.
Pioneer Disciplined Value Fund | Semiannual Report | 2/29/12 31
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Disciplined Value Fund (the Fund) pursuant to an investment advisory
agreement between PIM and the Fund. In order for PIM to remain the investment
adviser of the Fund, the Trustees of the Fund must determine annually whether
to renew the investment advisory agreement for the Fund.
The contract review process began in March 2011 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the
process. In July 2011, the Trustees approved the format of the contract review
materials and submitted their formal request to PIM to furnish information
necessary to evaluate the terms of the investment advisory agreement. The
contract review materials were provided to the Trustees in July 2011 and
September 2011. After reviewing and discussing the materials, the Trustees
submitted a request for additional information to PIM, and materials were
provided in response to this request. Meetings of the Independent Trustees of
the Fund were held in July, September, October, and November, 2011 to review
and discuss the contract review materials. In addition, the Trustees took into
account the information related to the Fund provided to the Trustees at each
regularly scheduled meeting.
At a meeting held on November 29, 2011, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for
the Fund, its research process and its process for trade execution. The
Trustees considered the resources of PIM and the personnel of PIM who provide
investment management services to the Fund. The Trustees considered the
non-investment resources and personnel of PIM involved in PIM's services to the
Fund, including PIM's compliance and legal resources and personnel. The
Trustees also considered the substantial attention and high priority given by
PIM's senior management to the Pioneer fund complex. In addition, the
32 Pioneer Disciplined Value Fund | Semiannual Report | 2/29/12
Trustees considered PIM's plans to increase resources in its investment
management function and other enhancements to PIM's advisory capabilities.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory
agreement.
Performance of the Fund
The Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the third quintile of its Morningstar
category for the one and three year periods ended June 30, 2011 and in the
second quintile of its Morningstar category for the five year period ended June
30, 2011. (In all quintile rankings referred to throughout this disclosure,
first quintile is most favorable to the Fund's shareowners. Thus, highest
relative performance would be first quintile and lowest relative expenses would
also be first quintile.) The Trustees concluded that the investment performance
of the Fund was satisfactory.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund
in comparison to the management fees and expense ratios of its peer group of
funds as classified by Morningstar and also to the expense ratios of a peer
group of funds selected on the basis of criteria determined by the Independent
Trustees for this purpose using data provided by Strategic Insight Mutual Trust
Research and Consulting, LLC (Strategic Insight), an independent third party.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2011 was in the second quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period.
The Trustees also considered the breakpoints in the management fee schedule and
the reduced fee rates above certain asset levels. The Trustees considered that
the Fund's expense ratio for the twelve months ended June 30, 2011 was in the
second quintile relative to its Strategic Insight peer group for the comparable
period.
Pioneer Disciplined Value Fund | Semiannual Report | 2/29/12 33
The Trustees reviewed gross and net management fees charged by PIM to its
institutional and other clients, including publicly offered European funds,
U.S. registered investment companies (in a sub-advisory capacity), and
unaffiliated foreign and domestic separate accounts. The Trustees also
considered PIM's costs in providing services to the Fund and to its other
clients and considered the differences in management fees and profit margins
for PIM's Fund and non-Fund services. In evaluating the fees associated with
PIM's client accounts, the Trustees took into account the respective demands,
resources and complexity associated with the Fund and client accounts. The
Trustees noted that in some instances the fee rates for those clients were
lower than the management fee for the Fund and considered that, under the
investment advisory agreement with the Fund, PIM performs additional services
for the Fund that it does not provide to those other clients or services that
are broader in scope, including oversight of the Fund's other service providers
and activities related to compliance and the extensive regulatory and tax
regimes to which the Fund is subject. The Trustees also considered the
different entrepreneurial risks associated with PIM's management of the Fund
and the other client accounts. The Trustees concluded that the management fee
payable by the Fund to PIM was reasonable in relation to the nature and quality
of the services provided by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in
connection with the Pioneer Funds as fund assets grow and the extent to which
any such economies of scale are shared with funds and fund shareholders. The
Trustees noted the breakpoints in the management fee schedule. The Trustees
recognize that economies of scale are difficult to identify and quantify,
rarely identifiable on a Fund-by-Fund basis, and that, among other factors that
may be relevant, are the following: fee levels, expense subsidization,
investment by PIM in research and analytical capabilities and PIM's commitment
and resource allocation to the Funds. The Trustees noted that profitability
also may
34 Pioneer Disciplined Value Fund | Semiannual Report | 2/29/12
be an indicator of the availability of any economies of scale, although
profitability may vary for other reasons particularly, for example during the
recent difficult periods for financial markets, as the level of services was
maintained notwithstanding a significant decline in PIM's fee revenues from the
Funds. Accordingly, the Trustees concluded that economies of scale, if any,
were being appropriately shared with the Fund.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with
the Fund. The Trustees considered the character and amount of fees paid by the
Fund, other than under the investment advisory agreement, for services provided
by PIM and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
also considered the benefits to the Fund and to PIM and its affiliates from the
use of "soft" commission dollars generated by the Fund to pay for research and
brokerage services. The Trustees considered the intangible benefits to PIM by
virtue of its relationship with the Fund and the other Pioneer funds. The
Trustees concluded that the receipt of these benefits was reasonable in the
context of the overall relationship between PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors,
the Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
Pioneer Disciplined Value Fund | Semiannual Report | 2/29/12 35
Trustees, Officers and Service Providers
Trustees Officers
John F. Cogan, Jr., Chairman John F. Cogan, Jr., President
David R. Bock Daniel K. Kingsbury, Executive Vice President
Mary K. Bush Mark E. Bradley, Treasurer
Benjamin M. Friedman Christopher J. Kelley, Secretary
Margaret B.W. Graham
Daniel K. Kingsbury
Thomas J. Perna
Marguerite A. Piret
Stephen K. West
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
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 Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at us.pioneerinvestments.com. This information is also available on
the Securities and Exchange Commission's web site at www.sec.gov.
36 Pioneer Disciplined Value Fund | Semiannual Report | 2/29/12
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 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
--------------------------------------------------------------------------------
Semiannual Report | February 29, 2012
--------------------------------------------------------------------------------
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 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 15
Schedule of Investments 17
Financial Statements 26
Notes to Financial Statements 34
Approval of Investment Advisory Agreement 43
Trustees, Officers and Service Providers 47
Pioneer Global Equity Fund | Semiannual Report | 2/29/12 1
President's Letter
Dear Shareowner,
Last year was difficult for investors, although bond investors experienced a
much smoother ride than equity investors. The year was characterized by
higher-than-usual volatility in the equity markets triggered by a series of
major events, including the nuclear disaster in Japan, the European financial
crisis, and political gridlock in Washington D.C. The Standard & Poor's 500
Index dropped 21% from its May high to its October low, only to finish the year
virtually flat. The Barclays Capital Aggregate Bond Index, by contrast, was up
7.8% for the year.
As we ended 2011, some positive trends were developing in the U.S. economy.
Consumption, the most important driver of economic growth, rose 2.3% in the
fourth quarter, up nicely from 0.7% in the second and third quarters. Year-
over-year retail sales grew 4% over the last six months of 2011, and auto sales
reached their highest level of the year. There were improvements in broad
economic data, including employment and rising consumer confidence. Initial
jobless claims trended in the right direction, with the final weekly report of
2011 falling to a three-and-a-half year low.
While we expect moderate economic growth in the U.S. in 2012, there are still
reasons for investors to remain cautious. The central issue remains Europe,
which faces weak or possibly declining economic growth. The greatest risk to
our outlook for 2012 is the possible contagion effects of the European
sovereign-debt and banking crises. The European Union must find a comprehensive
solution that includes ensuring funding for troubled sovereigns, achieving
workable fiscal and economic integration, and improving labor competitiveness
in southern Europe. Further setbacks in Europe could lead to further market
volatility, while tangible progress could help the equity markets make up last
year's lackluster results.
Pioneer's investment professionals focus on finding good opportunities to
invest in both equity and bond markets using the same disciplined investment
approach we have used since 1928. Our strategy 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
2 Pioneer Global Equity Fund | Semiannual Report | 2/29/12
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.
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.
*Diversification does not assure a profit or protect against loss in a
declining market.
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 | Semiannual Report | 2/29/12 3
Portfolio Management Discussion | 2/29/12
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 six-month period ended February
29, 2012.
Q How did the Fund perform during the six months ended February 29, 2012?
A Pioneer Global Equity Fund Class A shares returned 8.79% at net asset value
during the six months ended February 29, 2012, while the Fund's benchmark,
the Morgan Stanley Capital International (MSCI) World Index(1), returned
8.54%. During the same period, the average return of the 114 mutual funds in
Lipper's Global Large-Cap Growth Funds category was 7.45%.
Q How would you characterize the global equity markets during the six months
ended February 29, 2012?
A Global equity markets were extremely volatile during the six-month period.
Market volatility was triggered in the late summer of 2011 by a clamorous
U.S. debt-ceiling debate that engendered fresh doubts regarding the United
States' ability to deal with its budget imbalances. In August 2011, shortly
after the debt-ceiling debate concluded, the rating on U.S. Treasuries was
downgraded by the ratings agency Standard & Poor's. Then, in the final three
months of 2011, market watchers' focus turned to the worsening sovereign-debt
and banking crisis in Europe, amid worries that European banks might soon
lack the resources to finance their business activities.
Beginning in December 2011, however, we saw a much-improved tone for global
equities as the European Central Bank (ECB) lowered interest rates and
launched major initiatives aimed at dealing with European banks' financing
issues. In coordination with the U.S. Federal Reserve Board (the Fed), the
ECB established longer-term refinancing operations that provided
(1) The MSCI information may only be used for your internal use, may not be
reproduced or redisseminated in any form and may not be used as a basis
for or a component of any financial instruments or products or indices.
None of the MSCI information is intended to constitute investment advice
or a recommendation to make (or refrain from making) any kind of
investment decision and may not be relied on as such. Historical data and
analysis should not be taken as an indication or guarantee of any future
performance analysis, forecast or prediction. The MSCI information is
provided on an "as is" basis and the user of this information assumes the
entire risk of any use made of this information. MSCI, each of its
affiliates and each other person involved in or related to compiling,
computing or creating any MSCI information (collectively, the "MSCI
Parties") expressly disclaims all warranties (including, without
limitation, any warranties of originality, accuracy, completeness,
timeliness, non-infringement, merchantability and fitness for a particular
purpose) with respect to this information. Without limiting any of the
foregoing, in no event shall any MSCI Party have any liability for any
direct, indirect, special, incidental, punitive, consequential (including,
without limitation, lost profits) or any other damages.
4 Pioneer Global Equity Fund | Semiannual Report | 2/29/12
Europe's banks with more than one trillion euros of additional liquidity. The
coordinated actions eased the European debt crisis and provided an improved
environment for global stocks.
During the six-month period, the U.S. economy performed reasonably well,
especially within the export sub-sector and the industrial sector. We also
saw an improvement in the U.S. real estate sector, an area of the economy
that is critical for future growth. And while we witnessed a continued
slowdown in the growth rate for emerging markets, by the end of the period on
February 29, 2012, inflation in most emerging economies had begun to edge
downward, which was a hopeful sign. In contrast, in the wake of austerity
measures undertaken by leaders in Europe's more developed markets, economic
conditions in that area (European developed markets) continued to
deteriorate, as Europe appeared headed for a recession.
Q How would you describe your overall investment approach for the Fund?
A Our typical investment approach is to examine mid- and large-capitalization
stocks worldwide, including those in emerging markets. From there, we aim to
build a diversified* portfolio. In selecting securities for the Fund's
portfolio, we look for "growth at a reasonable price" opportunities, 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 such factors as increased market share and revenues, but also
those that employ their capital efficiently. In particular, we emphasize
strong free cash flow, because that often 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 that the Fund own stocks with the highest upside
potential relative to downside potential.
* Diversification does not assure a profit or protect against loss in a
declining market.
** Dividends are not guaranteed.
Q What investment decisions or individual securities both helped and hurt the
Fund's performance during the six months ended February 29, 2012?
A The Fund entered the six-month period with a more conservative stance than
its peers, a positioning which aided relative performance. For example, the
Fund's higher-than-typical cash position entering the period in the summer of
2011 ended up helping relative performance. Additionally, the Fund's holdings
in Irish government bonds contributed strongly to relative returns. Interest
rate spreads (or differences in yield) between Irish and German bonds
narrowed considerably as prices of Irish government bonds
Pioneer Global Equity Fund | Semiannual Report | 2/29/12 5
rose based on improved economic conditions in Ireland. (Germany is considered
Europe's highest-rated credit issuer.)
Stock selection was a positive contributor to the Fund's relative returns in
the vast majority of equity market sectors during the six-month period. The
Fund saw particularly favorable performance from the portfolio's consumer
staples, financials and information technology holdings. In consumer staples,
strong performance was spread across all of the Fund's holdings in the
sector. Within financials, positions in companies not directly exposed to
Europe contributed to the Fund's relative performance.
Individual Fund holdings that contributed to performance during the six-month
period included First Pacific, a financial holding company in Singapore,
which proved beneficial to Fund returns as the company executed a major share
buyback program that boosted its stock price. First Pacific also holds
several consumer staples businesses based in the Philippines and elsewhere in
Asia that posted strong earnings during the period. (We had purchased the
stock for the Fund at a steep discount.) In information technology, the
Fund's position in Samsung Electronics represented the most important driver
of positive performance within the sector. Samsung, along with Apple, has
become a global leader in the profitable smartphone business. Lastly, Fund
holdings in KBR, a U.S. engineering company, helped performance as the firm
has been profiting significantly from new orders related to LNG (liquefied
natural gas) projects.
During a very positive period for the Fund's stock selection, there were some
detractors from performance, mainly concentrated in three individual Fund
positions. The first was Industrea, an Australian mining equipment firm.
Industrea's performance suffered due to the severe flooding that occurred in
Australia and New Zealand earlier in the period, causing a number of the
company's orders to be pushed back to 2012 from 2011. We continue to hold
Industrea in the Fund's portfolio, as we believe that the firm will bounce
back strongly in 2012. The second underperformer was Gafisa, a real estate
company in Brazil, which was hurt by investor concerns regarding the firm's
weakened financial position in a slowing Brazilian economy. We recently sold
the Fund's holdings in Gafisa. Lastly, the Fund's position in the U.K.
alternative asset management firm Man Group also detracted from returns. The
company experienced performance problems in some of its investment funds
during the six-month period. We have maintained the Fund's position in Man
Group based on the firm's strong cash position and extraordinarily attractive
valuation, and because we are confident that Man Group can improve its
investment product performance over time.
6 Pioneer Global Equity Fund | Semiannual Report | 2/29/12
Q What is your outlook and how is it reflected in the Fund's positioning?
A We believe that the U.S. economy will continue to grow, but at a level lower
than its long-term growth rate. In addition, we look for economic expansion
in the emerging markets to remain slow during the first part of the year, but
to reaccelerate later in 2012 based on favorable central bank policies in
emerging market countries. As stated above, we do think that 2012 will be a
very difficult year for Europe, as the Continent should see a reduction in
growth domestic product levels given the severe financial problems that
persist in "peripheral" European countries such as Greece, Italy, Spain and
Portugal.
Overall, we expect moderate global growth that should pick up heading into
2013. Based on proactive policies by numerous central banks, we think the
global financial system can avoid a renewed liquidity crisis like what we
witnessed in 2011 and 2008.
In this environment, we believe that equity valuations are very attractive,
especially compared with long-term government bonds. For example, in the
United States, the current dividend rate for stocks is slightly higher than
the yield of the 10-year Treasury bond, a yield advantage that is almost
unprecedented.
The Fund has been positioned with an overweight to Asia, with the goal of
taking advantage of improving economic growth in the region. From a sector
perspective, the Fund is overweight to financials, because we think that the
more stable macroeconomic scenario that we anticipate will help that sector.
We also have a favorable view on telecom services and health care, based on
the low valuations and attractive dividend yields offered by many firms in
those sectors. In contrast, the Fund is underweight to consumer staples and
utilities stocks, as we regard both sectors to be overvalued.
Please refer to the Schedule of Investments on pages 17-25 for a full listing
of fund securities.
Pioneer Global Equity Fund | Semiannual Report | 2/29/12 7
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.
8 Pioneer Global Equity Fund | Semiannual Report | 2/29/12
Portfolio Summary | 2/29/12
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
[THE DATA BELOW WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL.]
Financials 26.0%
Information Technology 12.0%
Health Care 11.0%
Industrials 10.9%
Energy 10.8%
Consumer Staples 8.3%
Consumer Discretionary 6.8%
Telecommunication Services 6.6%
Materials 5.8%
Utilities 1.8%
Geographical Distribution
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
[THE DATA BELOW WAS REPRESENTED AS A BAR CHART IN THE PRINTED MATERIAL.]
United States 39.3%
United Kingdom 10.5%
Germany 6.3%
People's Republic of China 5.3%
Italy 5.2%
Japan 4.6%
Hong Kong 4.2%
Switzerland 4.0%
France 3.4%
Brazil 2.5%
South Korea 2.3%
Australia 2.0%
Canada 1.9%
Singapore 1.7%
South Africa 1.2%
Mexico 1.0%
Other (individually less than 1%) 4.6%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of equity holdings)*
1. Capital One Financial Corp. 3.07%
--------------------------------------------------------------------------------
2. BP Amoco Plc 3.05
--------------------------------------------------------------------------------
3. KBR, Inc. 2.74
--------------------------------------------------------------------------------
4. Microsoft Corp. 2.61
--------------------------------------------------------------------------------
5. Nestle SA 2.27
--------------------------------------------------------------------------------
6. Apple, Inc. 2.18
--------------------------------------------------------------------------------
7. Ensco Plc (A.D.R.) 2.05
--------------------------------------------------------------------------------
8. Merck & Co., Inc. 1.98
--------------------------------------------------------------------------------
9. Industrial and Commercial Bank of China, Ltd. 1.90
--------------------------------------------------------------------------------
10. China Construction Bank Corp. 1.88
--------------------------------------------------------------------------------
* 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 Global Equity Fund | Semiannual Report | 2/29/12 9
Prices and Distributions | 2/29/12
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 2/29/12 8/31/11
--------------------------------------------------------------------------------
A $9.94 $9.27
------------------------------------------------------------------------------
B $9.82 $9.08
------------------------------------------------------------------------------
C $9.81 $9.09
------------------------------------------------------------------------------
Y $9.96 $9.32
------------------------------------------------------------------------------
Distributions per Share: 9/1/11-2/29/12
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1278 $ -- $ --
--------------------------------------------------------------------------------
B $0.0166 $ -- $ --
--------------------------------------------------------------------------------
C $0.0319 $ -- $ --
--------------------------------------------------------------------------------
Y $0.1791 $ -- $ --
--------------------------------------------------------------------------------
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 11-14.
10 Pioneer Global Equity Fund | Semiannual Report | 2/29/12
Performance Update | 2/29/12 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 February 29, 2012)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
(12/15/05) 2.20% 1.23%
5 Years -1.28 -2.45
1 Year -1.71 -7.40
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.69% 1.32%
--------------------------------------------------------------------------------
[THE DATA BELOW WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Global
Equity Fund MSCI World Index
12/05 $9,425 $10,000
2/06 9,840 10,431
2/07 11,516 12,085
2/08 11,861 12,021
2/09 6,400 6,357
2/10 9,461 9,809
2/11 10,983 11,934
2/12 10,795 11,732
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 1/1/13 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 Global Equity Fund | Semiannual Report | 2/29/12 11
Performance Update | 2/29/12 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 February 29, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(12/15/05) 1.27% 1.27%
5 Years -2.18 -2.18
1 Year -2.59 -6.48
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.99% 2.22%
--------------------------------------------------------------------------------
[THE DATA BELOW WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Global
Equity Fund MSCI World Index
12/05 $10,000 $10,000
2/06 10,420 10,431
2/07 12,087 12,085
2/08 12,334 12,021
2/09 6,591 6,357
2/10 9,661 9,809
2/11 11,114 11,934
2/12 10,827 11,732
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 1/1/13 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.
12 Pioneer Global Equity Fund | Semiannual Report | 2/29/12
Performance Update | 2/29/12 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 February 29, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(12/15/05) 1.27% 1.27%
5 Years -2.16 -2.16
1 Year -2.71 -2.71
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.50% 2.22%
--------------------------------------------------------------------------------
[THE DATA BELOW WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Global
Equity Fund MSCI World Index
12/05 $10,000 $10,000
2/06 10,420 10,431
2/07 12,077 12,085
2/08 12,334 12,021
2/09 6,599 6,357
2/10 9,667 9,809
2/11 11,130 11,934
2/12 10,829 11,732
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 1/1/13 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.
Pioneer Global Equity Fund | Semiannual Report | 2/29/12 13
Performance Update | 2/29/12 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 February 29, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(12/15/05) 1.96% 1.96%
5 Years -1.45 -1.45
1 Year -1.33 -1.33
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.97% 0.82%
--------------------------------------------------------------------------------
[THE DATA BELOW WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $5 Million Investment
Pioneer Global
Equity Fund MSCI World Index
12/05 $5,000,000 $5,000,000
2/06 5,220,220 5,215,491
2/07 6,070,688 6,042,565
2/08 6,171,889 6,010,513
2/09 3,293,997 3,178,376
2/10 4,900,826 4,904,248
2/11 5,720,211 5,967,213
2/12 5,643,965 5,866,078
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 1/1/13 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.
14 Pioneer Global Equity Fund | Semiannual Report | 2/29/12
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 September 1, 2011 through February 29, 2012.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 9/1/11
--------------------------------------------------------------------------------
Ending Account $1,087.90 $1,083.60 $1,083.20 $1,090.40
Value on 2/29/12
--------------------------------------------------------------------------------
Expenses Paid $6.75 $11.40 $11.39 $4.16
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.30%, 2.20%,
2.20%, and 0.80% for Class A, Class B, Class C, and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 182/366 (to reflect the one-half year period).
Pioneer Global Equity Fund | Semiannual Report | 2/29/12 15
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) 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
September 1, 2011 through February 29, 2012.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 9/1/11
--------------------------------------------------------------------------------
Ending Account $1,018.40 $1,013.92 $1,013.92 $1,020.89
Value on 2/29/12
--------------------------------------------------------------------------------
Expenses Paid $6.52 $11.02 $11.02 $4.02
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.30%, 2.20%,
2.20%, and 0.80% for Class A, Class B, Class C, and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 182/366 (to reflect the one-half year period).
16 Pioneer Global Equity Fund | Semiannual Report | 2/29/12
Schedule of Investments | 2/29/12 (unaudited)
---------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------
PREFERRED STOCKS -- 0.4%
UTILITIES -- 0.4%
Multi-Utilities -- 0.4%
13,600 RWE AG* $ 575,162
---------------------------------------------------------------------------
Total Utilities $ 575,162
---------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $443,691) $ 575,162
---------------------------------------------------------------------------
COMMON STOCKS -- 97.4%
ENERGY -- 10.7%
Integrated Oil & Gas -- 7.0%
509,745 BP Amoco Plc $ 4,005,120
13,400 Lukoil Holding (A.D.R.)* 854,250
6,300 Occidental Petroleum Corp. 657,531
651,900 PetroChina Co., Ltd.* 980,587
42,200 Total SA 2,364,916
17,900 YPF SA (A.D.R.)* 469,517
------------
$ 9,331,921
---------------------------------------------------------------------------
Oil & Gas Drilling -- 2.0%
46,100 Ensco Plc (A.D.R.) $ 2,687,630
---------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 1.7%
7,800 Anadarko Petroleum Corp. $ 656,136
1,100 HRT Participacoes em SA* 435,644
159 Inpex Corp.* 1,124,356
------------
$ 2,216,136
------------
Total Energy $ 14,235,687
---------------------------------------------------------------------------
MATERIALS -- 5.5%
Construction Materials -- 0.8%
1,254,000 China Resources Cement Holdings, Ltd. $ 1,041,359
---------------------------------------------------------------------------
Diversified Chemical -- 0.5%
53,500 Huntsman Corp.* $ 730,810
---------------------------------------------------------------------------
Diversified Metals & Mining -- 0.3%
32,300 Eurasian Natural Resources Corp. $ 359,497
---------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 0.9%
20,500 The Mosaic Co.* $ 1,183,875
---------------------------------------------------------------------------
Forest Products -- 0.1%
138,700 Sino-Forest Corp.*(c) $ 192,181
---------------------------------------------------------------------------
Gold -- 1.7%
21,800 Anglogold Ashanti, Ltd. (A.D.R.) $ 925,410
950,500 Centamin Egypt, Ltd.* 1,373,080
------------
$ 2,298,490
---------------------------------------------------------------------------
Precious Metals & Minerals -- 0.5%
28,700 Impala Platinum Holdings, Ltd.* $ 638,095
---------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Semiannual Report | 2/29/12 17
Schedule of Investments | 2/29/12 (unaudited) (continued)
-----------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------
Steel -- 0.7%
35,100 Companhia Vale do Rio Doce (A.D.R.) $ 882,414
------------
Total Materials $ 7,326,721
-----------------------------------------------------------------------------------
CAPITAL GOODS -- 10.3%
Aerospace & Defense -- 0.5%
8,327 United Technologies Corp. $ 698,385
-----------------------------------------------------------------------------------
Construction & Engineering -- 2.7%
99,100 KBR, Inc. $ 3,599,312
-----------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 2.7%
12,600 Cummins, Inc. $ 1,519,182
1,843,733 Industrea, Ltd. 1,738,709
9,300 Komatsu, Ltd.* 278,429
------------
$ 3,536,320
-----------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.6%
10,800 Rockwell International Corp. $ 863,784
-----------------------------------------------------------------------------------
Industrial Conglomerates -- 2.0%
7,800 3M Co. $ 683,280
26,900 General Electric Co. 512,445
297,000 Shanghai Industrial Holdings, Ltd. 1,073,534
3,800 Siemens AG (A.D.R.) 378,898
------------
$ 2,648,157
-----------------------------------------------------------------------------------
Trading Companies & Distributors -- 1.8%
182,000 Itochu Corp.* $ 2,078,858
222,200 Noble Group, Ltd. 249,973
------------
$ 2,328,831
------------
Total Capital Goods $ 13,674,789
-----------------------------------------------------------------------------------
TRANSPORTATION -- 0.5%
Highways & Railtrack -- 0.5%
1,413,700 Yuexiu Transport Infrastructure, Ltd. $ 639,540
------------
Total Transportation $ 639,540
-----------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 3.5%
Auto Parts & Equipment -- 1.1%
295,800 China XD Plastics Co.* $ 1,505,622
-----------------------------------------------------------------------------------
Automobile Manufacturers -- 1.4%
29,600 Daimlerchrysler AG $ 1,789,155
-----------------------------------------------------------------------------------
Tires & Rubber -- 1.0%
20,900 Bridgestone Corp. $ 504,703
84,400 Pirelli & Co. S.p.A.* 878,795
------------
$ 1,383,498
------------
Total Automobiles & Components $ 4,678,275
-----------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global Equity Fund | Semiannual Report | 2/29/12
----------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.2%
Household Appliances -- 0.2%
13,200 Electrolux AB (Series B) $ 289,998
------------
Total Consumer Durables & Apparel $ 289,998
----------------------------------------------------------------------------
CONSUMER SERVICES -- 0.5%
Restaurants -- 0.5%
6,900 McDonald's Corp. $ 685,032
------------
Total Consumer Services $ 685,032
----------------------------------------------------------------------------
MEDIA -- 2.2%
Advertising -- 0.4%
42,300 WPP Group Plc $ 542,090
----------------------------------------------------------------------------
Movies & Entertainment -- 1.8%
56,300 The Walt Disney Co. $ 2,364,037
------------
Total Media $ 2,906,127
----------------------------------------------------------------------------
RETAILING -- 0.3%
Automotive Retail -- 0.3%
4,100 USS Co., Ltd.* $ 402,475
------------
Total Retailing $ 402,475
----------------------------------------------------------------------------
FOOD & DRUG RETAILING -- 0.5%
Food Retail -- 0.5%
16,500 FamilyMart Co., Ltd. $ 643,465
------------
Total Food & Drug Retailing $ 643,465
----------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 7.7%
Distillers & Vintners -- 1.0%
62,700 Constellation Brands, Inc.* $ 1,369,368
----------------------------------------------------------------------------
Packaged Foods & Meats -- 3.1%
33,100 Campbell Soup Co. $ 1,102,892
48,800 Nestle SA (Registered Shares) 2,985,778
------------
$ 4,088,670
----------------------------------------------------------------------------
Soft Drinks -- 1.0%
18,300 Fomento Economico Mexicano SA de C.V. (A.D.R.) $ 1,346,880
----------------------------------------------------------------------------
Tobacco -- 2.6%
32,200 Altria Group, Inc. $ 969,220
34,500 Imperial Tobacco Group Plc 1,368,642
200 Japan Tobacco, Inc.* 1,064,425
------------
$ 3,402,287
------------
Total Food, Beverage & Tobacco $ 10,207,205
----------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.4%
Health Care Equipment -- 1.1%
26,400 Covidien, Ltd. $ 1,379,400
----------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Semiannual Report | 2/29/12 19
Schedule of Investments | 2/29/12 (unaudited) (continued)
-----------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------
Health Care Services -- 0.3%
6,600 Medco Health Solutions, Inc.* $ 446,094
------------
Total Health Care Equipment & Services $ 1,825,494
-----------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 9.4%
Biotechnology -- 1.2%
14,500 Amgen, Inc. $ 985,275
15,800 Cubist Pharmaceuticals, Inc.* 677,188
------------
$ 1,662,463
-----------------------------------------------------------------------------
Pharmaceuticals -- 8.2%
98,400 GlaxoSmithKline Plc $ 2,172,261
19,660 Johnson & Johnson 1,279,473
68,000 Merck & Co., Inc. 2,595,560
29,100 Novartis 1,588,094
32,500 Pfizer, Inc. 685,750
3,700 Roche Holdings AG* 644,475
13,100 Salix Pharmaceuticals, Ltd.* 646,092
8,557 Sanofi 634,112
14,400 Teva Pharmaceutical Industries, Ltd. (A.D.R.) 645,264
------------
$ 10,891,081
------------
Total Pharmaceuticals & Biotechnology $ 12,553,544
-----------------------------------------------------------------------------
BANKS -- 12.4%
Diversified Banks -- 12.4%
96,000 Banco Itau S.A. (A.D.R.) $ 2,020,800
27,500 Banco Santander Brasil (A.D.R.)* 293,700
6,000,000 Bank Pembangunan Daerah Jawa 747,746
2,971,385 China Construction Bank 2,474,104
103,100 Commerzbank AG* 258,642
3,432,505 Industrial and Commercial Bank of China* 2,496,270
64,200 Industrial Bank of Korea* 741,380
867,800 Intesa Sanpaolo* 1,685,695
35,900 National Australia Bank, Ltd. 907,973
101,000 Overseas-Chinese Banking Corp., Ltd. 721,640
219,300 Philippine National Bank* 349,418
27,900 Royal Bank of Canada 1,569,793
29,000 Societe Generale 933,855
8,550 Toronto-Dominion Bank 697,178
43,800 United Overseas Bank 631,884
------------
$ 16,530,078
------------
Total Banks $ 16,530,078
-----------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 9.3%
Asset Management & Custody Banks -- 2.1%
31,300 Invesco, Ltd. $ 775,301
952,500 Man Group Plc 1,983,366
------------
$ 2,758,667
-----------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global Equity Fund | Semiannual Report | 2/29/12
-----------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------
Consumer Finance -- 3.0%
79,800 Capital One Financial Corp. $ 4,037,880
-----------------------------------------------------------------------------
Diversified Financial Services -- 1.9%
12,800 Citigroup, Inc. $ 426,496
51,900 JPMorgan Chase & Co. 2,036,556
------------
$ 2,463,052
-----------------------------------------------------------------------------
Multi-Sector Holding -- 0.8%
1,002,300 First Pacific Co. $ 1,123,622
-----------------------------------------------------------------------------
Specialized Finance -- 1.5%
30,600 Deutsche Boerse AG* $ 2,031,351
------------
Total Diversified Financials $ 12,414,572
-----------------------------------------------------------------------------
INSURANCE -- 3.2%
Life & Health Insurance -- 0.7%
109,300 Ping An Insurance (Group) Co. of China, Ltd. $ 942,753
-----------------------------------------------------------------------------
Multi-Line Insurance -- 1.7%
18,354 Allianz AG $ 2,224,089
-----------------------------------------------------------------------------
Reinsurance -- 0.8%
7,000 Muenchener Rueckversicherungs Gesellschaft AG $ 1,020,676
------------
Total Insurance $ 4,187,518
-----------------------------------------------------------------------------
SOFTWARE & SERVICES -- 5.7%
Application Software -- 0.3%
17,500 Nuance Communications, Inc.* $ 453,600
-----------------------------------------------------------------------------
Internet Software & Services -- 0.8%
1,700 Google, Inc.* $ 1,051,025
-----------------------------------------------------------------------------
Systems Software -- 4.6%
108,019 Microsoft Corp. $ 3,428,523
27,200 Oracle Corp. 796,144
51,400 Rovi Corp.* 1,823,672
------------
$ 6,048,339
------------
Total Software & Services $ 7,552,964
-----------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 2.7%
Communications Equipment -- 0.5%
11,100 Qualcomm, Inc. $ 690,198
-----------------------------------------------------------------------------
Computer Hardware -- 2.2%
5,285 Apple, Inc.* $ 2,866,795
------------
Total Technology Hardware & Equipment $ 3,556,993
-----------------------------------------------------------------------------
SEMICONDUCTORS -- 3.5%
Semiconductor Equipment -- 1.2%
56,000 Applied Materials, Inc. $ 685,440
62,500 ASM Pacific Technology, Ltd. 879,722
------------
$ 1,565,162
-----------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Semiannual Report | 2/29/12 21
Schedule of Investments | 2/29/12 (unaudited) (continued)
------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------
Semiconductors -- 2.3%
14,900 Hynix Semiconductor, Inc.* $ 399,954
87,900 Micron Technology, Inc.* 751,545
3,500 Samsung Electronics Co., Ltd. (144A) (A.D.R.)* 1,892,466
------------
$ 3,043,965
------------
Total Semiconductors $ 4,609,127
------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 6.5%
Integrated Telecommunication Services -- 3.5%
36,600 CenturyLink, Inc. $ 1,473,150
933,000 Pacific Century Cyberworks, Ltd.* 344,410
264,500 Singapore Telecommunications, Ltd. 669,228
2,353,100 Telecom Italia S.p.A. di Risp* 2,226,928
------------
$ 4,713,716
------------------------------------------------------------------------------
Wireless Telecommunication Services -- 3.0%
43,300 China Mobile, Ltd. $ 460,381
629,300 Idea Cellular, Ltd.* 1,204,637
2,900 Millicom International Cellular SA (A.D.R.) 325,487
71,900 Vodafone Group Plc (A.D.R.) 1,947,771
------------
$ 3,938,276
------------
Total Telecommunication Services $ 8,651,992
------------------------------------------------------------------------------
UTILITIES -- 1.4%
Electric Utilities -- 1.0%
318,100 Enel S.p.A.* $ 1,276,214
------------------------------------------------------------------------------
Multi-Utilities -- 0.1%
7,276 GDF Suez SA $ 188,668
------------------------------------------------------------------------------
Water Utilities -- 0.3%
699,000 Manila Water Co., Inc. $ 364,648
------------
Total Utilities $ 1,829,530
------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $121,823,274) $129,401,126
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Principal
Amount ($)
------------------------------------------------------------------------------
CORPORATE BONDS -- 1.0%
MATERIALS -- 0.2%
Paper Packaging -- 0.2%
335,000 Sealed Air Corp., 6.875%, 7/15/33 $ 321,600
------------
Total Materials $ 321,600
------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global Equity Fund | Semiannual Report | 2/29/12
---------------------------------------------------------------------
Principal
Amount ($) Value
---------------------------------------------------------------------
BANKS -- 0.8%
Diversified Banks -- 0.8%
300,000 BNP Paribas SA, 5.019%, 4/29/49 $ 316,323
600,000 Intesa Sanpaolo S.p.A., 8.047%, 6/29/49 708,275
18,000 NBP Capital Trust III, 7.375%, 10/29/49 12,870
------------
$ 1,037,468
------------
Total Banks $ 1,037,468
---------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $1,132,957) $ 1,359,068
---------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 98.8%
(Cost $123,399,922) (a)(b) $131,335,356
---------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 1.2% $ 1,545,628
---------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $132,880,984
=====================================================================
(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
February 29, 2012, the value of these securities amounted to $1,892,466
or 1.4% of total net assets.
(a) At February 29, 2012, the net unrealized gain on investments based on
cost for federal income tax purposes of $123,827,347 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $14,178,223
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (6,670,214)
-----------
Net unrealized gain $ 7,508,009
===========
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Semiannual Report | 2/29/12 23
Schedule of Investments | 2/29/12 (unaudited) (continued)
(b) Distributions of investments by country of issue, as a percentage of
total investment in securities (excluding temporary cash investments),
is as follows:
United States 39.3%
United Kingdom 10.5%
Germany 6.3%
People's Republic of China 5.3%
Italy 5.2%
Japan 4.6%
Hong Kong 4.2%
Switzerland 4.0%
France 3.4%
Brazil 2.5%
South Korea 2.3%
Australia 2.0%
Canada 1.9%
Singapore 1.7%
South Africa 1.2%
Mexico 1.0%
Other (individually less than 1%) 4.6%
-----
100.0%
=====
(c) Security is valued using fair value methods (other than prices supplied
by independent pricing services). See Notes to Financial Statements --
Note 1A.
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended February 29, 2012 aggregated $98,251,310 and $108,553,987,
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
are categorized as Level 3. See Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of February 29, 2012, in
valuing the Fund's assets:
---------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
---------------------------------------------------------------------------------------------
Common Stocks (U.S.) $61,544,603 $ -- $ -- $ 61,544,603
Common Stocks (Foreign) 2,702,615 64,961,727 192,181 67,856,523
Preferred Stock 575,162 -- -- 575,162
Corporate Bonds -- 1,359,068 -- 1,359,068
---------------------------------------------------------------------------------------------
Total $64,822,380 $66,320,795 $192,181 $131,335,356
=============================================================================================
Other Financial Instruments* $ (46,100) $ (166) $ -- $ (46,266)
---------------------------------------------------------------------------------------------
* Other financial instruments include foreign exchange and futures contracts.
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global Equity Fund | Semiannual Report | 2/29/12
Following is a reconciliation of assets using significant unobservable inputs
(Level 3):
--------------------------------------------------------------
Common
Stocks
--------------------------------------------------------------
Balance as of 8/31/11 $141,625
Realized gain (loss)(1) --
Change in unrealized appreciation (depreciation)(2) 50,556
Net purchases (sales) --
Transfers in and out of Level 3* --
--------------------------------------------------------------
Balance as of 2/29/12 $192,181
==============================================================
(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 beginning of period values.
Net change in unrealized appreciation (depreciation) of
investments still held as of 2/29/12 $50,556
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Semiannual Report | 2/29/12 25
Statement of Assets and Liabilities | 2/29/12 (unaudited)
ASSETS:
Investment in securities (cost $123,399,922) $131,335,356
Cash 693,462
Futures collateral 48,640
Foreign currencies, at value (cost $927) 967
Receivables --
Investment securities sold 1,549,541
Fund shares sold 42,359
Dividends, interest and foreign taxes withheld 435,090
Due from Pioneer Investment Management, Inc. 25,161
Other 38,072
------------------------------------------------------------------------------------
Total assets $134,168,648
------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 1,034,270
Fund shares repurchased 82,197
Forward foreign currency settlement contracts, net 166
Variation margin 3,150
Due to affiliates 41,535
Accrued expenses 126,346
------------------------------------------------------------------------------------
Total liabilities $ 1,287,664
------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $182,258,722
Undistributed net investment income 856,043
Accumulated net realized loss on investments and foreign currency
transactions (58,134,512)
Net unrealized gain on investments 7,935,434
Net unrealized gain on other assets and liabilities denominated in
foreign currencies 11,397
Net unrealized loss on futures (46,100)
------------------------------------------------------------------------------------
Total net assets $132,880,984
====================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $62,349,773/6,273,944 shares) $ 9.94
Class B (based on $3,648,273/371,679 shares) $ 9.82
Class C (based on $6,443,117/656,778 shares) $ 9.81
Class Y (based on $60,439,821/6,067,461 shares) $ 9.96
MAXIMUM OFFERING PRICE:
Class A ($9.94 [divided by] 94.25%) $ 10.55
====================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global Equity Fund | Semiannual Report | 2/29/12
Statement of Operations (unaudited)
For the Six Months Ended 2/29/12
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $42,798) $ 1,463,675
Interest 65,481
Income from securities loaned, net 52,615
-----------------------------------------------------------------------------------------------------------
Total investment income $ 1,581,771
-----------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 468,237
Transfer agent fees
Class A 109,285
Class B 18,519
Class C 11,557
Class Y 165
Distribution fees
Class A 72,733
Class B 18,558
Class C 29,899
Shareholder communications expense 46,649
Administrative reimbursements 18,105
Custodian fees 23,291
Registration fees 36,180
Professional fees 26,076
Printing expense 17,013
Fees and expenses of nonaffiliated Trustees 3,966
Miscellaneous 984
-----------------------------------------------------------------------------------------------------------
Total expenses $ 901,217
Less fees waived and expenses reimbursed by Pioneer
Investment Management, Inc. (189,728)
-----------------------------------------------------------------------------------------------------------
Net expenses $ 711,489
-----------------------------------------------------------------------------------------------------------
Net investment income $ 870,282
-----------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized loss on:
Investments $ (2,433,897)
Futures contracts (263,555)
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies (967,298) $ (3,664,750)
-----------------------------------------------------------------------------------------------------------
Change in net unrealized gain (loss) on:
Investments $ 11,998,825
Futures contracts (46,100)
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies 724,865 $ 12,677,590
-----------------------------------------------------------------------------------------------------------
Net gain on investments and foreign currency transactions $ 9,012,840
-----------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 9,883,122
===========================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Semiannual Report | 2/29/12 27
Statement of Changes in Net Assets
------------------------------------------------------------------------------------------------
Six Months
Ended
2/29/12 Year Ended
(unaudited) 8/31/11
------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 870,282 $ 2,029,374
Net realized gain (loss) on investments, futures contracts and
foreign currency transactions (3,664,750) 18,511,727
Change in net unrealized gain (loss) on investments, futures
contracts and foreign currency transactions 12,677,590 (5,907,659)
------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 9,883,122 $ 14,633,442
------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.13 and $0.06 per share, respectively) $ (808,116) $ (415,946)
Class B ($0.02 and $0.00 per share, respectively) (6,659) --
Class C ($0.03 and $0.00 per share, respectively) (20,814) --
Class Y ($0.18 and $0.11 per share, respectively) (1,109,955) (711,220)
------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (1,945,544) $ (1,127,166)
------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 3,697,983 $ 9,623,090
Reinvestment of distributions 823,533 411,202
Cost of shares repurchased (10,820,703) (24,160,771)
------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from Fund share
transactions $ (6,299,187) $(14,126,479)
------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ 1,638,391 $ (620,203)
NET ASSETS:
Beginning of period 131,242,593 131,862,796
------------------------------------------------------------------------------------------------
End of period $132,880,984 $131,242,593
================================================================================================
Undistributed net investment income $ 856,043 $ 1,931,305
================================================================================================
The accompanying notes are an integral part of these financial statements.
28 Pioneer Global Equity Fund | Semiannual Report | 2/29/12
--------------------------------------------------------------------------------------------
'12 Shares '12 Amount '11 Shares '11 Amount
(unaudited) (unaudited)
--------------------------------------------------------------------------------------------
Class A
Shares sold 202,602 $ 2,247,051 670,887 $ 6,600,343
Reinvestment of distributions 88,140 774,760 40,574 398,443
Less shares repurchased (568,476) (5,215,042) (1,438,891) (14,151,064)
--------------------------------------------------------------------------------------------
Net decrease (277,734) $(2,193,231) (727,430) $(7,152,278)
============================================================================================
Class B
Shares sold 16,102 $ 170,771 35,442 $ 339,937
Reinvestment of distributions 749 6,512 -- --
Less shares repurchased (105,055) (938,528) (248,775) (2,390,105)
--------------------------------------------------------------------------------------------
Net decrease (88,204) $ (761,245) (213,333) $(2,050,168)
============================================================================================
Class C
Shares sold 62,086 $ 601,010 161,657 $ 1,577,172
Reinvestment of distributions 2,205 19,169 -- --
Less shares repurchased (116,002) (1,030,524) (189,333) (1,831,876)
--------------------------------------------------------------------------------------------
Net decrease (51,711) $ (410,345) (27,676) $ (254,704)
============================================================================================
Class Y
Shares sold 30,224 $ 679,151 112,886 $ 1,105,638
Reinvestment of distributions 2,624 23,092 1,295 12,759
Less shares repurchased (397,593) (3,636,609) (594,937) (5,787,726)
--------------------------------------------------------------------------------------------
Net decrease (364,745) $(2,934,366) (480,756) $(4,669,329)
============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Semiannual Report | 2/29/12 29
Financial Highlights
Six Months
Ended
2/29/12 Year Ended
(unaudited) 8/31/11
Class A
Net asset value, beginning of period $ 9.27 $ 8.44
-----------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.06 $ 0.13
Net realized and unrealized gain (loss) on investments and foreign
currency transactions 0.74 0.76
-----------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.80 $ 0.89
Distribution to shareowners:
Net investment income (0.13) (0.06)
Net realized gain -- --
-----------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.67 $ 0.83
-----------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.94 $ 9.27
=====================================================================================================
Total return* 8.79% 10.48%
Ratio of net expenses to average net assets+ 1.30%** 1.30%
Ratio of net investment income to average net assets+ 1.23%** 1.23%
Portfolio turnover rate 158%** 194%
Net assets, end of period (in thousands) $62,350 $60,701
Ratios with no waiver of fees and assumption of expenses by the Adviser
and no reduction for fees paid indirectly:
Net expenses 1.71%** 1.67%
Net investment income (loss) 0.82%** 0.86%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 1.30%** 1.30%
Net investment income 1.23%** 1.23%
=====================================================================================================
--------------------------------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
8/31/10 8/31/09 8/31/08 8/31/07
--------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 8.56 $ 10.42 $ 12.53 $11.18
--------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.08 $ 0.07 $ 0.14 $ 0.08
Net realized and unrealized gain (loss) on investments and foreign
currency transactions (0.17) (1.76) (1.38) 1.53
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.09) $ (1.69) $ (1.24) $ 1.61
Distribution to shareowners:
Net investment income (0.03) (0.17) (0.11) (0.05)
Net realized gain -- -- (0.76) (0.21)
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.12) $ (1.86) $ (2.11) $ 1.35
--------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.44 $ 8.56 $ 10.42 $12.53
================================================================================================================================
Total return* (1.13)% (15.83)% (10.68)% 14.58%
Ratio of net expenses to average net assets+ 1.30% 1.30% 1.31% 1.30%
Ratio of net investment income to average net assets+ 0.82% 0.69% 1.30% 1.05%
Portfolio turnover rate 114% 120% 137% 74%
Net assets, end of period (in thousands) $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 1.71% 2.25% 4.61% 6.11%
Net investment income (loss) 0.41% (0.26)% (2.00)% (3.76)%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 1.30% 1.30% 1.30% 1.30%
Net investment income 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.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Global Equity Fund | Semiannual Report | 2/29/12
-------------------------------------------------------------------------------------------------------
Six Months
Ended
2/29/12 Year Ended
(unaudited) 8/31/11
-------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 9.08 $ 8.30
-------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.05 $ 0.07
Net realized and unrealized gain (loss) on investments and foreign
currency transactions 0.71 0.71
-------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.76 $ 0.78
Distribution to shareowners:
Net investment income (0.02) --
Net realized gain -- --
-------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.74 $ 0.78
-------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.82 $ 9.08
=======================================================================================================
Total return* 8.36% 9.40%
Ratio of net expenses to average net assets+ 2.20%** 2.20%
Ratio of net investment income (loss) to average net assets+ 0.35%** 0.29%
Portfolio turnover rate 158%** 194%
Net assets, end of period (in thousands) $3,648 $4,175
Ratios with no waiver of fees and assumption of expenses by the Adviser
and no reduction for fees paid indirectly:
Net expenses 3.15%** 2.97%
Net investment loss (0.60)%** (0.49)%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 2.20%** 2.20%
Net investment income (loss) 0.35%** 0.29%
=======================================================================================================
---------------------------------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
8/31/10 8/31/09 8/31/08 8/31/07
---------------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 8.47 $ 10.28 $ 12.37 $11.10
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.00(a) $ (0.02) $ 0.03 $ 0.00(a)
Net realized and unrealized gain (loss) on investments and foreign
currency transactions (0.17) (1.70) (1.36) 1.49
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $(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 $(0.17) $ (1.81) $ (2.09) $ 1.27
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.30 $ 8.47 $ 10.28 $12.37
=================================================================================================================================
Total return* (2.01)% (16.57)% (11.46)% 13.55%
Ratio of net expenses to average net assets+ 2.20% 2.20% 2.21% 2.20%
Ratio of net investment income (loss) to average net assets+ (0.11)% (0.01)% 0.41% 0.12%
Portfolio turnover rate 114% 120% 137% 74%
Net assets, end of period (in thousands) $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 2.93% 4.14% 5.37% 6.84%
Net investment loss (0.84)% (1.95)% (2.75)% (4.52)%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 2.20% 2.20% 2.20% 2.20%
Net investment income (loss) (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.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Semiannual Report | 2/29/12 31
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------
Six Months
Ended
2/29/12 Year Ended Year Ended
(unaudited) 8/31/11 8/31/10
------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.09 $ 8.31 $ 8.48
------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.03 $ 0.04 $ 0.00(b)
Net realized and unrealized gain (loss) on investments and foreign
currency transactions 0.72 0.74 (0.17)
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.75 $ 0.78 $(0.17)
Distribution to shareowners:
Net investment income (0.03) -- --
Net realized gain -- -- --
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.72 $ 0.78 $(0.17)
------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.81 $ 9.09 $ 8.31
==================================================================================================================
Total return* 8.32% 9.39% (2.00)%
Ratio of net expenses to average net assets+ 2.20%** 2.20% 2.20%
Ratio of net investment income (loss) to average net assets+ 0.34%** 0.35% (0.07)%
Portfolio turnover rate 158%** 194% 114%
Net assets, end of period (in thousands) $6,443 $6,439 $6,118
Ratios with no waiver of fees and assumption of expenses by the Adviser
and no reduction for fees paid indirectly:
Net expenses 2.51%** 2.48% 2.54%
Net investment income (loss) 0.03%** 0.07% (0.41)%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 2.20%** 2.20% 2.20%
Net investment income (loss) 0.34%** 0.35% (0.07%)
==================================================================================================================
----------------------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended
8/31/09 8/31/08 8/31/07
----------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.26 $ 12.39 $ 11.10
----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.04) $ 0.03 $ 0.01
Net realized and unrealized gain (loss) on investments and foreign
currency transactions (1.68) (1.36) 1.49
----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (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 $ (1.78) $ (2.13) $ 1.29
----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.48 $ 10.26 $ 12.39
======================================================================================================================
Total return* (16.58)% (11.47)% 13.65%
Ratio of net expenses to average net assets+ 2.20% 2.21% 2.20%
Ratio of net investment income (loss) to average net assets+ 0.00%(a) 0.35% 0.12%
Portfolio turnover rate 120% 137% 74%
Net assets, end of period (in thousands) $ 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 3.76% 5.45% 6.70%
Net investment income (loss) (1.56)% (2.89)% 4.38%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 2.20% 2.20% 2.20%
Net investment income (loss) 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.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Global Equity Fund | Semiannual Report | 2/29/12
Financial Highlights
------------------------------------------------------------------------------------------------------------------
Six Months
ended
2/29/12 Year Ended Year Ended 12/31/08 (a)
(unaudited) 8/31/11 8/31/10 to 8/31/09
------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.32 $ 8.49 $ 8.59 $ 7.25
------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment
operations:
Net investment income $ 0.09 $ 0.18 $ 0.12 $ 0.06
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions 0.73 0.76 (0.17) 1.28
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from
investment operations $ 0.82 $ 0.94 $ (0.05) $ 1.34
Distribution to shareowners:
Net investment income (0.18) (0.11) (0.05) --
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.64 $ 0.83 $ (0.10) $ 1.34
------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.96 $ 9.32 $ 8.49 $ 8.59
==================================================================================================================
Total return* 9.04% 10.96% (0.59)% 18.48%(b)
Ratio of net expenses to average net assets+ 0.80%** 0.80% 0.80% 0.80%**
Ratio of net investment income to average
net assets+ 1.74%** 1.74% 1.33% 2.57%**
Portfolio turnover rate 158%** 194% 114% 120%
Net assets, end of period (in thousands) $60,440 $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 0.96%** 0.95% 0.96% 1.10%**
Net investment income 1.58%** 1.59% 1.17% 2.27%**
Ratios with waiver of fees and assumption of
expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.80%** 0.80% 0.80% 0.80%**
Net investment income 1.74%** 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 | Semiannual Report | 2/29/12 33
Notes to Financial Statements | 2/29/12 (unaudited)
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.
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.
34 Pioneer Global Equity Fund | Semiannual Report | 2/29/12
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. 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.
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 utilizing
an independent pricing service that supplies an appropriate fair value factor
is appropriate for the Fund.
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 may
use fair value methods if it is determined that a significant event has
occurred after the close of the exchange or market on which the security
trades and prior to the determination of the Fund's net asset value. Examples
of a significant event might include political or economic news, corporate
restructurings, natural disasters, terrorist activity or trading halts. Thus,
the valuation of the Fund's securities may differ from exchange prices.
At February 29, 2012, one security was valued using fair value methods (in
addition to securities valued using prices supplied by independent pricing
services) representing 0.1% of net assets. 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.
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
Pioneer Global Equity Fund | Semiannual Report | 2/29/12 35
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
federal and state 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.
The tax character of current year distributions payable will be determined at
the end of the Fund's taxable year. The tax character of distributions paid
during the years ended August 31, 2011 were as follows:
--------------------------------------------------
2011
--------------------------------------------------
Distributions paid from:
Ordinary income $1,127,166
--------------------------------------------------
Total $1,127,166
==================================================
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 net unrealized loss is
attributable to the tax deferral of losses on wash sales and the mark-to-
market of foreign currency contracts.
36 Pioneer Global Equity Fund | Semiannual Report | 2/29/12
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 $2,255 in underwriting commissions on the sale of Class A shares
during the six months ended February 29, 2012.
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.
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).
Pioneer Global Equity Fund | Semiannual Report | 2/29/12 37
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. Risks
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.
H. Securities Lending
The Fund may lend 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 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. At February 29, 2012, the Fund had no securities on loan.
I. Futures Contracts
The Fund may enter into futures transactions to hedge against changes in
interest rates, securities prices and currency rates or to seek to increase
total return. Futures contracts are types of derivatives. All futures
contracts
38 Pioneer Global Equity Fund | Semiannual Report | 2/29/12
entered into by the Fund are traded on a futures exchange. Upon entering into
a futures contract, the Fund is required to deposit with a broker an amount
of cash or securities equal to the minimum "initial margin" requirements of
the associated futures exchange. Subsequent payments for futures contracts
("variation margin") are paid or received by the Fund, depending on the daily
fluctuation in the value of the contracts, and are recorded by the Fund as
unrealized gains or losses. When the contract is closed, the Fund realizes a
gain or loss equal to the difference between the opening and closing value of
the contract. The use of futures contracts involves, to varying degrees,
elements of market and counterparty risks, which may exceed the amounts
recognized by the Fund. Changes in value of the contracts may not directly
correlate to the changes in value of the underlying securities. These risks
may decrease the effectiveness of the Fund's hedging strategies and
potentially result in a loss. The average number of contracts open for the
six months ended February 29, 2012 was 62.
At February 29, 2012, open futures contracts were as follows.
-------------------------------------------------------------------------------------------
Number of
Contracts Settlement Unrealized
Type Long/(Short) Month Value Gain (Loss)
-------------------------------------------------------------------------------------------
CBOE Volatility Index Futures (15) 4/12 360,000 $ (4,900)
CBOE Volatility Index Futures 10 5/12 256,000 17,400
CBOE Volatility Index Futures 12 6/12 318,000 (58,600)
-------------------------------------------------------------------------------------------
Total $ (46,100)
===========================================================================================
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 six months ended February 29, 2012, 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 Fund 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. Fees waived and expenses reimbursed during
the six months ended February 29, 2012 are reflected on the Statement of
Operations. These expense limitations are in effect through January 1, 2013.
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
Pioneer Global Equity Fund | Semiannual Report | 2/29/12 39
insurance premiums, are paid by the Fund as administrative reimbursements.
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $2,852 in management fees, administrative costs and certain
other reimbursements payable to PIM at February 29, 2012.
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 six months ended February 29, 2012, such out-of-pocket expenses by
class of shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $37,274
Class B 3,752
Class C 4,840
Class Y 783
--------------------------------------------------------------------------------
Total: $46,649
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $37,975 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at February 29, 2012.
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 $708 in distribution fees payable to PFD at February 29,
2012.
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
40 Pioneer Global Equity Fund | Semiannual Report | 2/29/12
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 six months ended February 29,
2012, CDSCs in the amount of $2,116 were paid to PFD.
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 six months ended February 29, 2012, the Fund's
expenses were not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At February 29, 2012, 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. There were no open
portfolio hedges at February 29, 2012. The Fund's gross forward currency
settlement contracts receivable and payable were $107,919 and $108,085
respectively, resulting in a net payable of $166. The average number of
contracts open during the six months ended February 29, 2012 was 4,048,767,217.
7. Additional Disclosures about Derivative Instruments and Hedging Activities
Values of derivative instruments as of February 29, 2012 were as follows:
----------------------------------------------------------------------------------
Liabilities
Asset Derivatives 2012 Derivatives 2012
---------------------- ------------------
Derivatives Not Accounted
for as Hedging
Instruments Under Balance Balance
Accounting Standards Sheet Sheet
Codification (ASC) 815 Location Value Location Value
----------------------------------------------------------------------------------
Forward Foreign Currency Contracts* Receivables $ -- Payables $ 166
Futures Contracts** Receivables $ -- Payables $46,100
----------------------------------------------------------------------------------
Total $ -- $46,266
==================================================================================
* Forward Foreign Currency Contracts are shown as a net payable on the
Statement of Assets and Liabilities.
** Reflects the unrealized depreciation on futures contracts (see Note 1I). The
current day's variation margin is separately disclosed on the Statement of
Assets and Liabilities.
Pioneer Global Equity Fund | Semiannual Report | 2/29/12 41
The effect of derivative instruments on the Statement of Operations for the six
months ended February 29, 2012 was as follows:
-----------------------------------------------------------------------------------------------------
Derivatives Not Change in
Accounted for as Realized Gain Unrealized
Hedging Instruments or (Loss) on Gain or (Loss)
Under Accounting Location of Gain or (Loss) Derivatives on Derivatives
Standards Codification on Derivatives Recognized Recognized Recognized
(ASC) 815 in Income in Income in Income
-----------------------------------------------------------------------------------------------------
Foreign Exchange Contracts Net realized gain (loss) on forward $181,632
foreign currency contracts and
other assets and liabilities
denominated in foreign currencies
Foreign Exchange Contracts Change in unrealized gain on $728,346
forward foreign currency contracts
and other assets and liabilities
denominated in foreign currencies
Futures Contracts Net realized loss on futures $(263,555)
contracts
Futures Contracts Change in net unrealized loss on $(46,100)
futures contracts
42 Pioneer Global Equity Fund | Semiannual Report | 2/29/12
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Global Equity Fund (the Fund) pursuant to an investment advisory
agreement between PIM and the Fund. In order for PIM to remain the investment
adviser of the Fund, the Trustees of the Fund must determine annually whether
to renew the investment advisory agreement for the Fund.
The contract review process began in March 2011 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the
process. In July 2011, the Trustees approved the format of the contract review
materials and submitted their formal request to PIM to furnish information
necessary to evaluate the terms of the investment advisory agreement. The
contract review materials were provided to the Trustees in July 2011 and
September 2011. After reviewing and discussing the materials, the Trustees
submitted a request for additional information to PIM, and materials were
provided in response to this request. Meetings of the Independent Trustees of
the Fund were held in July, September, October, and November, 2011 to review
and discuss the contract review materials. In addition, the Trustees took into
account the information related to the Fund provided to the Trustees at each
regularly scheduled meeting.
At a meeting held on November 29, 2011, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for
the Fund, its research process and its process for trade execution. The
Trustees considered the resources of PIM and the personnel of PIM who provide
investment management services to the Fund. The Trustees considered the
non-investment resources and personnel of PIM involved in PIM's services to the
Fund, including PIM's compliance and legal resources and personnel. The
Trustees also considered the substantial attention and high priority given by
PIM's senior management to the Pioneer fund complex. In addition, the
Pioneer Global Equity Fund | Semiannual Report | 2/29/12 43
Trustees considered PIM's plans to increase resources in its investment
management function and other enhancements to PIM's advisory capabilities.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory
agreement.
Performance of the Fund
The Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the fifth quintile of its Morningstar
category for the one, three and five year periods ended June 30, 2011. (In all
quintile rankings referred to throughout this disclosure, first quintile is
most favorable to the Fund's shareowners. Thus, highest relative performance
would be first quintile and lowest relative expenses would also be first
quintile.) The Trustees discussed the Fund's performance record and PIM's plan
for improving the Fund's performance. The Trustees agreed that they would
closely monitor the implementation of PIM's plan for improving the Fund's
performance.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund
in comparison to the management fees and expense ratios of its peer group of
funds as classified by Morningstar and also to the expense ratios of a peer
group of funds selected on the basis of criteria determined by the Independent
Trustees for this purpose using data provided by Strategic Insight Mutual Trust
Research and Consulting, LLC (Strategic Insight), an independent third party.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2011 was in the second quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period.
The Trustees also considered the breakpoints in the management fee schedule and
the reduced fee rates above certain asset levels. The Trustees considered that
the Fund's expense ratio for the twelve months ended June 30, 2011 was in
44 Pioneer Global Equity Fund | Semiannual Report | 2/29/12
the first quintile relative to its Strategic Insight peer group for the
comparable period.
The Trustees reviewed gross and net management fees charged by PIM to its
institutional and other clients, including publicly offered European funds,
U.S. registered investment companies (in a sub-advisory capacity), and
unaffiliated foreign and domestic separate accounts. The Trustees also
considered PIM's costs in providing services to the Fund and to its other
clients and considered the differences in management fees and profit margins
for PIM's Fund and non-Fund services. In evaluating the fees associated with
PIM's client accounts, the Trustees took into account the respective demands,
resources and complexity associated with the Fund and client accounts. The
Trustees noted that in some instances the fee rates for those clients were
lower than the management fee for the Fund and considered that, under the
investment advisory agreement with the Fund, PIM performs additional services
for the Fund that it does not provide to those other clients or services that
are broader in scope, including oversight of the Fund's other service providers
and activities related to compliance and the extensive regulatory and tax
regimes to which the Fund is subject. The Trustees also considered the
different entrepreneurial risks associated with PIM's management of the Fund
and the other client accounts. The Trustees concluded that the management fee
payable by the Fund to PIM was reasonable in relation to the nature and quality
of the services provided by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in
connection with the Pioneer Funds as fund assets grow and the extent to which
any such economies of scale are shared with funds and fund shareholders. The
Trustees recognize that economies of scale are difficult to identify and
quantify, rarely identifiable on a Fund-by-Fund basis, and that, among other
factors that may be relevant, are the following: fee levels, expense
subsidization, investment by PIM in research and analytical capabilities and
PIM's commitment and resource allocation to the Funds. The Trustees noted that
profitability also may
Pioneer Global Equity Fund | Semiannual Report | 2/29/12 45
be an indicator of the availability of any economies of scale, although
profitability may vary for other reasons particularly, for example during the
recent difficult periods for financial markets, as the level of services was
maintained notwithstanding a significant decline in PIM's fee revenues from the
Funds. Accordingly, the Trustees concluded that economies of scale, if any,
were being appropriately shared with the Fund.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with
the Fund. The Trustees considered the character and amount of fees paid by the
Fund, other than under the investment advisory agreement, for services provided
by PIM and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
also considered the benefits to the Fund and to PIM and its affiliates from the
use of "soft" commission dollars generated by the Fund to pay for research and
brokerage services. The Trustees considered the intangible benefits to PIM by
virtue of its relationship with the Fund and the other Pioneer funds. The
Trustees concluded that the receipt of these benefits was reasonable in the
context of the overall relationship between PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors,
the Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
46 Pioneer Global Equity Fund | Semiannual Report | 2/29/12
Trustees, Officers and Service Providers
Trustees Officers
John F. Cogan, Jr., Chairman John F. Cogan, Jr., President
David R. Bock Daniel K. Kingsbury, Executive
Mary K. Bush Vice President
Benjamin M. Friedman Mark E. Bradley, Treasurer
Margaret B.W. Graham Christopher J. Kelley, Secretary
Daniel K. Kingsbury
Thomas J. Perna
Marguerite A. Piret
Stephen K. West
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
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 Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at us.pioneerinvestments.com. This information is also available on
the Securities and Exchange Commission's web site at www.sec.gov.
Pioneer Global Equity Fund | Semiannual Report | 2/29/12 47
This page for your notes.
48 Pioneer Global Equity Fund | Semiannual Report | 2/29/12
This page for your notes.
Pioneer Global Equity Fund | Semiannual Report | 2/29/12 49
This page for your notes.
50 Pioneer Global Equity Fund | Semiannual Report | 2/29/12
This page for your notes.
Pioneer Global Equity Fund | Semiannual Report | 2/29/12 51
This page for your notes.
52 Pioneer Global Equity Fund | Semiannual Report | 2/29/12
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 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
--------------------------------------------------------------------------------
Semiannual Report | February 29, 2012
--------------------------------------------------------------------------------
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 25
Notes to Financial Statements 32
Approval of Investment Advisory Agreement 38
Trustees, Officers and Service Providers 42
Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12 1
President's Letter
Dear Shareowner,
Last year was difficult for investors, although bond investors experienced a
much smoother ride than equity investors. The year was characterized by
higher-than-usual volatility in the equity markets triggered by a series of
major events, including the nuclear disaster in Japan, the European financial
crisis, and political gridlock in Washington D.C. The Standard & Poor's 500
Index dropped 21% from its May high to its October low, only to finish the year
virtually flat. The Barclays Capital Aggregate Bond Index, by contrast, was up
7.8% for the year.
As we ended 2011, some positive trends were developing in the U.S. economy.
Consumption, the most important driver of economic growth, rose 2.3% in the
fourth quarter, up nicely from 0.7% in the second and third quarters. Year-
over-year retail sales grew 4% over the last six months of 2011, and auto sales
reached their highest level of the year. There were improvements in broad
economic data, including employment and rising consumer confidence. Initial
jobless claims trended in the right direction, with the final weekly report of
2011 falling to a three-and-a-half year low.
While we expect moderate economic growth in the U.S. in 2012, there are still
reasons for investors to remain cautious. The central issue remains Europe,
which faces weak or possibly declining economic growth. The greatest risk to
our outlook for 2012 is the possible contagion effects of the European
sovereign-debt and banking crises. The European Union must find a comprehensive
solution that includes ensuring funding for troubled sovereigns, achieving
workable fiscal and economic integration, and improving labor competitiveness
in southern Europe. Further setbacks in Europe could lead to further market
volatility, while tangible progress could help the equity markets make up last
year's lackluster results.
Pioneer's investment professionals focus on finding good opportunities to
invest in both equity and bond markets using the same disciplined investment
approach we have used since 1928. Our strategy 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
2 Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12
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.
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.
*Diversification does not assure a profit or protect against loss in a
declining market.
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 High Income Municipal Fund | Semiannual Report | 2/29/12 3
Portfolio Management Discussion | 2/29/12
Higher-yielding municipal bonds generally produced improved returns over the
six months ended February 29, 2012, aided by growing evidence that the U.S.
economic recovery was strengthening. In the following interview, Timothy
Pynchon, senior vice president at Pioneer and lead portfolio manager of Pioneer
High Income Municipal Fund, discusses the factors that affected the municipal
bond market and influenced the performance of the Fund over the six-month
period. Mr. Pynchon is responsible for the day-to-day management of the Fund
and is supported by David Eurkus, senior vice president at Pioneer.
Q How did the Fund perform during the six-month period ended February 29, 2012?
A Pioneer High Income Municipal Fund Class A shares returned -0.71% at net asset
value during the six months ended February 29, 2012, while the Fund's
benchmark, the Barclays Capital High Yield Municipal Bond Index (the Barclays
Index), returned 6.78%. During the same period, the average return of the 127
mutual funds in Lipper's High Yield Municipal Debt Funds category was 8.13%.
On February 29, 2012, the 30-day SEC yield of the Fund's Class A shares was
6.14%, with and without fees waived.
Q What were the principal factors that affected the Fund's performance during
the six months ended February 29, 2012?
A The unexpected bankruptcy filing by one corporation, to which several of the
Fund's holdings were significantly exposed, was the primary reason for the
Fund's underperformance relative to the Barclays Index and its Lipper peers
during the six-month period. AMR Corporation (AMR), the parent of American
Airlines, filed for bankruptcy protection in late November of 2011,
precipitating sharp price drops in several municipal bonds owned by the Fund
that were dependent on revenues from American Airlines. That major event
marred the otherwise solid performance by the Fund during what was a good
six-month period for high-yield municipal bonds.
Among the biggest individual detractors from the Fund's performance during the
period were AMR-related municipal issues from Chicago O'Hare International
Airport (Special Facilities Revenue -- American Airlines), Dallas-Ft. Worth
International Airport (Facilities Revenue -- American Airlines), and Alliance
Airport in Texas (Special Facilities Revenue -- American Airlines). One day
after the November 29, 2011, bankruptcy filing, we eliminated all of the
Fund's positions in AMR-related unsecured municipal debt, including the three
holdings mentioned above.
4 Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12
Q Did any other factors have significant effects on the Fund's performance
during the six months ended February 29, 2012?
A Apart from the difficult experience with AMR-related bonds, the Fund actually
performed reasonably well during the six-month period, as the period saw a
generally good environment for higher-yielding municipal bonds that produced
steadily improving results. The market for high-yielding municipals
strengthened during the six months against a backdrop of an improving economy
and increased investment in tax-advantaged, higher-yielding opportunities.
Demand for higher-yielding, lower-rated municipals kept growing during the
period as investors sought new opportunities to attain yield after price gains
by investment-grade bonds made that asset class appear more expensive.
In general, the Fund's performance was helped by a larger portfolio position
in the health care sector, which included a substantial weighting in
continuing care retirement communities.
At the end of the six-month period on February 29, 2012, approximately 34% of
the Fund's net assets were invested in bonds backed by health care-related
projects, including continuing care retirement communities. Airport-backed
revenue bonds constituted roughly 13% of the Fund's net assets, while tobacco
revenue bonds accounted for about 9% of net assets. Bonds backed by
educational institution revenues represented about 8% of the Fund's net
assets, while industrial revenue bonds constituted about 6% of net assets. On
February 29, 2012, the average effective duration of the Fund holdings was
10.6 years (duration is a measure of price sensitivity to changes in interest
rates).
Q What is your investment outlook?
A We see a number of positive signs in the high-yield municipal bond market that
should benefit the Fund.
First of all, there has been relatively little recent issuance of new
higher-yielding bonds, thus limiting the supply available in the market.
Second, high-yield bonds have gained in relative value as the rally in
investment-grade municipals has left that asset class with higher prices and
lower relative yields. Third, generally low interest rates throughout the
market have left yield-seeking investors with fewer alternatives. Fourth, the
municipal market in general has shown increased awareness of the greater
protections offered by project-specific bonds, as opposed to general
obligation bonds, given that project-revenue bonds offer greater potential for
both capital appreciation and higher yields. Lastly, our economic outlook
foresees a steadily strengthening economy, which should buttress the
underlying credit-worthiness of high-yield bonds generally, and
project-revenue bonds in particular.
Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12 5
Going forward, we think the Fund is well-positioned for the current
environment. We plan to continue to be very selective in choosing specific
project-revenue credits for the Fund's portfolio, emphasizing securities
backed by revenue streams from essential service projects, such as those in
the health care, transportation and education sectors.
Please refer to the Schedule of Investments on pages 14-24 for a full listing
of Fund securities.
Investments in high-yield or lower-rated securities are subject to
greater-than-average risk.
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.
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.
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.
Prepayment risk is the chance that mortgage-backed bonds will be paid off early
if falling interest rates prompt homeowners to refinance their mortgages.
Forced to reinvest the unanticipated proceeds at lower interest rates, the Fund
would experience a decline in income and lose the opportunity for additional
price appreciation associated with falling interest rates.
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 | Semiannual Report | 2/29/12
Portfolio Summary | 2/29/12
Portfolio Quality
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE DATA BELOW WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL.]
AA 2.6%
A 0.7%
BBB 4.9%
BB 8.3%
B 11.9%
Not Rated 64.9%
Cash Equivalent 1.5%
CCC 5.2%
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.
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE DATA BELOW WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL.]
Health 43.8%
Transportation 12.8%
Various Revenues 10.0%
Pollution Control Revenue 9.6%
Special Revenues 9.5%
Education 7.2%
Insured 4.4%
Reserves 1.5%
Housing 1.1%
General Obligation 0.1%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of debt holdings)*
1. Illinois Finance Authority, 8.125%, 2/15/40 2.83%
----------------------------------------------------------------------------------------
2. West Virginia Hospital Finance Authority, 9.125%, 10/1/41 2.41
----------------------------------------------------------------------------------------
3. Public Finance Authority, 8.25%, 6/1/46 2.33
----------------------------------------------------------------------------------------
4. Illinois Finance Authority, 8.25%, 5/15/45 2.21
----------------------------------------------------------------------------------------
5. Greater Orlando Aviation Authority, 6.5%, 11/15/36 2.14
----------------------------------------------------------------------------------------
6. Capital Trust Agency, 7.75%, 1/1/41 2.10
----------------------------------------------------------------------------------------
7. Rhode Island Health & Educational Building Corp., 8.375%, 1/1/46 2.10
----------------------------------------------------------------------------------------
8. Florida Development Finance Corp., 7.625%, 6/15/41 2.01
----------------------------------------------------------------------------------------
9. Bloomington Port Authority, 9.0%, 12/1/35 1.98
----------------------------------------------------------------------------------------
10. Pennsylvania Economic Development Authority, 6.0%, 6/1/31 1.83
----------------------------------------------------------------------------------------
* 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 | Semiannual Report | 2/29/12 7
Prices and Distributions | 2/29/12
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 2/29/12 8/31/11
--------------------------------------------------------------------------------
A $7.28 $7.58
--------------------------------------------------------------------------------
C $7.29 $7.58
--------------------------------------------------------------------------------
Y $7.20 $7.49
--------------------------------------------------------------------------------
Distributions per Share: 9/1/11-2/29/12
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.2440 $ -- $ --
--------------------------------------------------------------------------------
C $0.2166 $ -- $ --
--------------------------------------------------------------------------------
Y $0.2500 $ -- $ --
--------------------------------------------------------------------------------
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 9-11.
8 Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12
Performance Update | 2/29/12 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 February 29, 2012)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
(10/17/06) 0.81% -0.05%
5 Years 0.08 -0.84
1 Year 5.85 1.05
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.88% 0.88%
--------------------------------------------------------------------------------
[THE DATA BELOW WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer High Income Barclays Capital High
Municipal Fund Yield Municipal Bond Index
10/06 $9,550 $10,000
2/07 9,909 10,270
2/08 8,948 9,569
2/09 6,836 7,805
2/10 9,095 9,878
2/11 9,397 10,337
2/12 9,947 11,800
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 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 | Semiannual Report | 2/29/12 9
Performance Update | 2/29/12 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 February 29, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(10/17/06) -0.04% -0.04%
5 Years -0.74 -0.74
1 Year 5.06 5.06
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.63% 1.63%
--------------------------------------------------------------------------------
[THE DATA BELOW WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer High Income Barclays Capital High
Municipal Fund Yield Municipal Bond Index
10/06 $10,000 $10,000
2/07 10,329 10,270
2/08 9,219 9,569
2/09 6,990 7,805
2/10 9,217 9,878
2/11 9,471 10,337
2/12 9,951 11,800
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 | Semiannual Report | 2/29/12
Performance Update | 2/29/12 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 February 29, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(10/17/06) 0.68% 0.68%
5 Years -0.06 -0.06
1 Year 5.95 5.95
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.67% 0.67%
--------------------------------------------------------------------------------
[THE DATA BELOW WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $5 Million Investment
Pioneer High Income Barclays Capital High
Municipal Fund Yield Municipal Bond Index
10/06 $5,000,000 $5,000,000
2/07 5,187,054 5,135,163
2/08 4,644,235 4,784,639
2/09 3,552,200 3,902,577
2/10 4,701,409 4,939,057
2/11 4,880,716 5,168,354
2/12 5,170,926 5,900,058
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 | Semiannual Report | 2/29/12 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 September 1, 2011 through February 29, 2012.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 9/1/11
--------------------------------------------------------------------------------
Ending Account Value $992.90 $990.50 $995.00
(after expenses) on 2/29/12
--------------------------------------------------------------------------------
Expenses Paid $4.41 $8.17 $3.32
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.89%, 1.65% and
0.67% for Class A, Class C and Class Y shares, respectively, multiplied by
the average account value over the period, multiplied by 182/366 (to reflect
the one-half year period).
12 Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12
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 September 1, 2011 through February 29, 2012.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 9/1/11
--------------------------------------------------------------------------------
Ending Account Value $1,020.44 $1,016.66 $1,021.53
(after expenses) on 2/29/12
--------------------------------------------------------------------------------
Expenses Paid $4.47 $8.27 $3.37
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.89%, 1.65% and
0.67% for Class A, Class C and Class Y shares, respectively, multiplied by
the average account value over the period, multiplied by 182/366 (to reflect
the one-half year period).
Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12 13
Schedule of Investments | 2/29/12 (unaudited)
---------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (c) Ratings Value
---------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 96.5%
Municipal General -- 0.1%
1,175,000 6.75 NR/NR Non-Profit Preferred Funding, Floating Rate
Note, 9/15/37 $ 851,346
---------------------------------------------------------------------------------------------------
Alabama -- 0.7%
2,000,000 NR/NR Huntsville-Redstone VLG Alabama,
6.875%, 1/1/43 $ 1,990,860
2,580,000 NR/NR Huntsville-Redstone VLG Alabama,
7.5%, 1/1/47 2,683,303
------------
$ 4,674,163
---------------------------------------------------------------------------------------------------
Arizona -- 0.9%
2,000,000 NR/NR Pima County Arizona Development
Authority, 7.0%, 1/1/38 $ 1,957,700
750,000 NR/NR Pima County Arizona, 8.5%, 7/1/39 801,195
4,000,000 NR/NR San Luis Facility Development Corp.,
8.375%, 5/1/27 3,981,600
------------
$ 6,740,495
---------------------------------------------------------------------------------------------------
California -- 8.3%
4,000,000 NR/NR California County Tobacco Securitization
Agency, 5.0%, 6/1/47 $ 2,921,560
4,000,000 NR/B3 California County Tobacco Securitization
Agency, 5.25%, 6/1/45 2,829,920
5,935,000 B-/NR California County Tobacco Securitization
Agency, 5.25%, 6/1/45 4,252,724
9,250,000 NR/B1 California County Tobacco Securitization
Agency, 5.65%, 6/1/41 7,073,383
2,000,000 NR/NR California Statewide Communities,
7.5%, 6/1/42 2,152,220
315,559 NR/NR California Statewide Communities,
9.0%, 12/1/38 (d) 3,029
4,810,000 A-/NR Compton Community Redevelopment
Agency, 6.0%, 8/1/42 5,056,128
15,000,000 BBB-/Baa3 Foothill-Eastern Transportation,
0.0%, 1/15/33* 4,146,000
10,000,000 BBB-/Baa3 Foothill-Eastern Transportation,
0.0%, 1/15/36* 2,193,800
2,500,000 B-/B3 Golden State Tobacco Securitization Corp.,
0.0%, 6/1/37* 1,743,075
5,495,000 B-/B3 Golden State Tobacco Securitization Corp.,
5.75%, 6/1/47 4,199,664
28,055,000 AA-/Aa3 Oceanside Unified School District,
0.0%, 8/1/49* 2,395,616
6,245,000 AA-/Aa3 Stockton Unified School District,
0.0%, 8/1/37* 1,350,544
12,115,000 AA-/Aa3 Stockton Unified School District,
0.0%, 8/1/38* 2,454,257
The accompanying notes are an integral part of these financial statements.
14 Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12
----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (c) Ratings Value
----------------------------------------------------------------------------------------------------
California -- (continued)
13,930,000 AA-/Aa3 Stockton Unified School District,
0.0%, 8/1/40* $ 2,452,794
17,470,000 AA-/Aa3 Stockton Unified School District,
0.0%, 8/1/44* 2,381,336
14,850,000 AA-/Aa3 Stockton Unified School District,
0.0%, 8/1/45* 1,897,979
17,405,000 AA-/Aa3 Stockton Unified School District,
0.0%, 8/1/46* 2,030,467
14,015,000 AA-/Aa3 Stockton Unified School District,
0.0%, 8/1/48* 1,429,950
9,500,000 BB+/B3 Tobacco Securitization Authority of
Southern California, 5.0%, 6/1/37 7,216,675
------------
$ 60,181,121
----------------------------------------------------------------------------------------------------
Colorado -- 2.5%
1,040,000 NR/NR Colorado Educational & Cultural Facilities
Authority, 5.625%, 12/1/36 $ 746,918
3,860,000 BBB/NR Denver Health, 1.333%, 12/1/33 2,809,154
38,000,000 BBB-/Baa2 E-470 Public Highway Authority,
0.0%, 9/1/40* 6,154,860
8,000,000 NR/NR Kremmling Memorial Hospital District,
7.125%, 12/1/45 8,487,680
------------
$ 18,198,612
----------------------------------------------------------------------------------------------------
Florida -- 12.6%
6,000,000 NR/NR Alachua County Health Facilities Authority,
8.125%, 11/15/41 $ 6,186,360
9,000,000 NR/NR Alachua County Health Facilities Authority,
8.125%, 11/15/46 9,279,540
14,000,000 NR/Ba3 Capital Trust Agency, 7.75%, 1/1/41 14,690,760
5,900,000 NR/NR Collier County Industrial Development
Authority, 14.0%, 5/15/15 5,897,522
2,290,000 NR/NR County of Palm Beach Florida,
2.0%, 6/1/16 2,320,045
13,380,000 NR/NR Florida Development Finance Corp.,
7.625%, 6/15/41 14,041,909
5,000,000 NR/NR Florida Development Finance Corp.,
7.75%, 6/15/42 5,137,100
4,050,000 BB+/NR Florida Keys College Campus Foundation,
Inc., 7.0%, 11/1/42 4,058,505
1,000,000 NR/NR Greater Orlando Aviation Authority,
6.375%, 11/15/26 1,000,760
14,965,000 NR/NR Greater Orlando Aviation Authority,
6.5%, 11/15/36 14,967,843
2,830,000 NR/NR Hillsborough County Florida Industrial
Development, 6.5%, 7/1/29 2,799,266
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12 15
Schedule of Investments | 2/29/12 (unaudited) (continued)
--------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (c) Ratings Value
--------------------------------------------------------------------------------------------------
Florida -- (continued)
1,410,000 NR/NR Hillsborough County Florida Industrial
Development, 6.7%, 7/1/21 $ 1,410,465
2,380,000 NR/NR Hillsborough County Florida Industrial
Development, 6.75%, 7/1/29 2,379,905
6,200,000 BB+/NR Lee County Florida Industrial Development
Authority, 5.375%, 6/15/37 5,408,198
1,870,000 NR/NR Liberty County Florida, 8.25%, 7/1/28 1,876,283
------------
$ 91,454,461
--------------------------------------------------------------------------------------------------
Georgia -- 4.0%
6,000,000 CCC+/NR Clayton County Development Authority,
8.75%, 6/1/29 $ 6,996,780
9,000,000 CCC+/NR Clayton County Development Authority,
9.0%, 6/1/35 9,722,880
4,650,000 NR/NR Fulton County Georgia Water and Sewer
Revenue, 5.0%, 7/1/27 3,813,837
11,500,000 NR/NR Fulton County Georgia Water and Sewer
Revenue, 5.125%, 7/1/42 8,478,030
------------
$ 29,011,527
--------------------------------------------------------------------------------------------------
Hawaii -- 0.4%
1,500,000 NR/NR Hawaii State Department Budget,
7.5%, 11/15/15 $ 1,508,325
1,000,000 NR/NR Hawaii State Department Budget,
9.0%, 11/15/44 1,176,130
------------
$ 2,684,455
--------------------------------------------------------------------------------------------------
Iowa -- 1.5%
745,000 NR/NR Iowa Financing Authority,
5.0%, 11/15/12 $ 734,406
1,445,000 NR/NR Iowa Financing Authority,
5.5%, 11/15/27 1,123,834
4,365,000 NR/NR Iowa Financing Authority,
5.5%, 11/15/37 3,123,507
5,000,000 B+/B2 Iowa Tobacco Settlement Authority,
5.6%, 6/1/34 4,394,050
2,000,000 B+/B2 Tobacco Settlement Authority of Iowa,
5.625%, 6/1/46 1,541,860
------------
$ 10,917,657
--------------------------------------------------------------------------------------------------
Illinois -- 12.1%
5,000,000 NR/NR Illinois Finance Authority,
5.625%, 2/15/37 $ 4,301,300
7,790,000 NR/NR Illinois Finance Authority,
6.0%, 11/15/39 (d) 3,894,844
4,500,000 NR/NR Illinois Finance Authority,
6.25%, 11/15/35 3,995,685
The accompanying notes are an integral part of these financial statements.
16 Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12
---------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (c) Ratings Value
---------------------------------------------------------------------------------------------------
Illinois -- (continued)
5,085,000 NR/NR Illinois Finance Authority,
7.625%, 5/15/25 $ 5,183,954
1,750,000 NR/NR Illinois Finance Authority, 8.0%, 5/15/30 1,784,388
3,295,000 NR/NR Illinois Finance Authority, 8.0%, 5/15/40 3,357,737
8,965,000 NR/NR Illinois Finance Authority, 8.0%, 5/15/46 9,135,694
19,640,000 NR/NR Illinois Finance Authority,
8.125%, 2/15/40 19,784,943
4,500,000 NR/NR Illinois Finance Authority,
8.125%, 5/15/40 4,567,590
11,275,000 NR/NR Illinois Finance Authority,
8.25%, 2/15/46 11,365,651
15,135,000 NR/NR Illinois Finance Authority,
8.25%, 5/15/45 15,420,295
3,185,000 NR/NR Southwestern Illinois Development
Authority Revenue, 5.625%, 11/1/26 2,391,839
2,500,000 NR/NR Southwestern Illinois Development
Authority Revenue, 6.625%, 6/1/37 2,540,125
------------
$ 87,724,045
---------------------------------------------------------------------------------------------------
Indiana -- 2.1%
3,500,000 NR/NR City of Crown Point, 8.0%, 11/15/39 $ 3,787,490
715,000 B-/Caa2 City of East Chicago, 5.5%, 9/1/28 554,954
1,500,000 BBB-/NR Hammond Local Public Improvement,
6.75%, 8/15/35 1,558,800
2,435,000 NR/NR St. Joseph County Industrial Education,
6.0%, 5/15/38 2,362,827
4,000,000 NR/NR Vigo County Hospital Authority,
8.0%, 9/1/41 4,551,400
2,340,000 NR/NR Vigo County Industrial Hospital,
5.8%, 9/1/47 2,255,596
------------
$ 15,071,067
---------------------------------------------------------------------------------------------------
Kentucky -- 0.3%
2,000,000 NR/NR Kentucky Economic Development Finance
Authority, 7.375%, 5/15/46 $ 2,105,840
---------------------------------------------------------------------------------------------------
Louisiana -- 0.8%
5,800,000 NR/NR Tensas Parish Law Enforcement District,
8.5%, 10/1/26 $ 5,869,600
---------------------------------------------------------------------------------------------------
Massachusetts -- 1.6%
1,116,746 NR/NR Massachusetts Development Finance
Agency, 0.0%, 11/15/56* $ 5,908
224,523 NR/NR Massachusetts Development Finance
Agency, 5.5%, 11/15/46 137,410
751,584 NR/NR Massachusetts Development Finance
Agency, 6.25%, 11/15/46 538,570
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12 17
Schedule of Investments | 2/29/12 (unaudited) (continued)
--------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (c) Ratings Value
--------------------------------------------------------------------------------------------------
Massachusetts -- (continued)
1,235,770 NR/NR Massachusetts Development Finance
Agency, 6.25%, 11/15/26 $ 1,004,595
2,224,798 NR/NR Massachusetts Development Finance
Agency, 6.25%, 11/15/39 1,630,132
2,000,000 NR/NR Massachusetts Development Finance
Agency, 6.75%, 10/25/37 2,008,120
2,500,000 NR/NR Massachusetts Development Finance
Agency, 7.25%, 6/1/16 2,501,200
500,000 NR/NR Massachusetts Development Finance
Agency, 7.5%, 6/1/29 495,670
880,000 NR/NR Massachusetts Development Finance
Agency, 7.625%, 10/15/37 932,290
2,000,000 NR/NR Massachusetts Development Finance
Agency, 7.875%, 6/1/44 1,992,660
500,000 BBB/NR Massachusetts Development Finance
Agency, 8.0%, 4/15/39 576,300
3,500,000 NR/NR Massachusetts State Health,
6.5%, 1/15/38 (d) 34,895
------------
$ 11,857,750
--------------------------------------------------------------------------------------------------
Maryland -- 0.5%
4,115,000 NR/NR County of Howard Maryland,
5.25%, 4/1/27 $ 3,489,397
--------------------------------------------------------------------------------------------------
Maine -- 0.3%
2,250,000 NR/B2 Town of Rumford Maine,
6.875%, 10/1/26 $ 2,098,080
--------------------------------------------------------------------------------------------------
Michigan -- 5.1%
160,000 NR/NR Doctor Charles Drew Academy,
5.7%, 11/1/36 $ 108,112
5,485,000 BBB-/NR Flint Michigan International Academy,
5.75%, 10/1/37 4,887,629
4,700,000 NR/NR Michigan Public Educational Facilities
Authority Revenue, 5.875%, 6/1/37 4,008,254
350,000 BB+/NR Michigan Public Educational Facilities
Authority Revenue, 7.25%, 4/1/20 372,047
2,020,000 BB+/NR Michigan Public Educational Facilities
Authority Revenue, 8.0%, 4/1/40 2,117,586
2,750,000 NR/NR Michigan State Hospital Finance Authority,
5.5%, 11/15/35 2,422,475
4,000,000 NR/NR Michigan Strategic Fund,
6.625%, 11/1/41 4,216,080
7,135,000 NR/NR Michigan Strategic Fund, 6.75%, 3/1/40 7,752,748
3,175,000 NR/NR Michigan Strategic Fund, 7.25%, 1/1/39 3,317,081
The accompanying notes are an integral part of these financial statements.
18 Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12
--------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (c) Ratings Value
--------------------------------------------------------------------------------------------------
Michigan -- (continued)
7,500,000 B-/NR Michigan Tobacco Settlement Finance
Authority, 6.0%, 6/1/34 $ 5,823,150
2,285,000 B-/NR Michigan Tobacco Settlement Finance
Authority, 6.0%, 6/1/48 1,725,541
------------
$ 36,750,703
--------------------------------------------------------------------------------------------------
Minnesota -- 2.2%
13,000,000 NR/NR Bloomington Port Authority,
9.0%, 12/1/35 $ 13,863,460
1,500,000 NR/NR City of Brooklyn Park, 9.25%, 3/1/39 1,684,695
------------
$ 15,548,155
--------------------------------------------------------------------------------------------------
Missouri -- 1.1%
2,000,000 NR/NR Community Memorial Hospital District,
6.68%, 12/1/34 $ 2,185,220
4,500,000 NR/NR Kirkwood Industrial, 8.25%, 5/15/45 4,934,295
500,000 NR/Ca St. Louis Missouri Development Authority,
7.2%, 12/15/28 (d) 145,000
1,365,000 NR/Ca St. Louis Missouri Industrial Development
Authority, 7.25%, 12/15/35 (d) 409,486
------------
$ 7,674,001
--------------------------------------------------------------------------------------------------
North Carolina -- 0.9%
1,665,000 NR/NR North Carolina Medical Care Commission,
7.75%, 3/1/31 $ 1,798,716
4,725,000 NR/NR North Carolina Medical Care Commission,
7.75%, 3/1/41 5,043,229
------------
$ 6,841,945
--------------------------------------------------------------------------------------------------
New Jersey -- 2.6%
5,035,000 B/B3 New Jersey Economic Development
Authority Special Facility Revenue,
7.0%, 11/15/30 $ 5,041,344
3,960,000 B/B3 New Jersey Economic Development
Authority, 6.25%, 9/15/19 3,970,296
4,000,000 B/B3 New Jersey Economic Development
Authority, 6.4%, 9/15/23 4,005,040
6,000,000 NR/NR New Jersey Economic Development
Authority, 6.625%, 1/1/37 5,989,860
------------
$ 19,006,540
--------------------------------------------------------------------------------------------------
New Mexico -- 0.3%
2,000,000 NR/NR County of Otero New Mexico,
8.25%, 12/1/23 $ 1,989,500
--------------------------------------------------------------------------------------------------
New York -- 7.9%
1,795,000 NR/NR Erie County Industrial Development
Agency, 9.25%, 10/1/30 $ 2,023,809
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12 19
Schedule of Investments | 2/29/12 (unaudited) (continued)
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (c) Ratings Value
-------------------------------------------------------------------------------------------------
New York -- (continued)
8,000,000 NR/NR Erie County Industrial Development
Agency, 9.25%, 10/1/30 $ 9,019,760
10,000,000 NR/NR Erie County Industrial Development
Agency, 9.25%, 10/1/30 11,274,700
5,750,000 NR/NR Erie County New York, 6.0%, 11/15/36 4,859,095
3,000,000 NR/NR Nassau County Industrial Development,
6.7%, 1/1/43 2,342,910
15,750,000 BB-/B2 New York City Industrial Development
Agency, 5.25%, 12/1/32 12,747,420
3,650,000 B-/Caa2 New York City Transportation Finance,
5.125%, 5/15/30 3,157,944
10,300,000 BB/NR Seneca Nation Indians Capital
Improvements Authority, 5.0%, 12/1/23 8,874,789
4,000,000 BB+/NR Westchester Tobacco Asset Securitization,
5.125%, 6/1/45 3,057,480
-----------
$57,357,907
-------------------------------------------------------------------------------------------------
Ohio -- 1.7%
55,000,000 NR/NR Buckeye Tobacco Settlement Finance,
0.0%, 6/1/47* $ 1,650,000
8,645,000 B-/B3 Buckeye Tobacco Settlement Finance,
5.875%, 6/1/30 6,690,193
3,000,000 B-/B3 Cleveland Ohio Airport Revenue,
5.375%, 9/15/27 2,733,180
1,970,000 B-/Caa2 Ohio State Pollution Control Revenue,
5.65%, 3/1/33 1,509,237
-----------
$12,582,610
-------------------------------------------------------------------------------------------------
Pennsylvania -- 3.9%
15,800,000 B-/Caa2 Pennsylvania Economic Development
Authority, 6.0%, 6/1/31 $12,772,712
2,005,000 CCC+/Caa3 Pennsylvania Economic Development
Authority, 7.5%, 5/1/20 2,045,100
10,575,000 CCC+/Caa3 Pennsylvania Economic Development
Authority, 8.0%, 5/1/29 11,129,130
4,000,000 AA-/Aa3 Pittsburg Unified School District,
0.0%, 9/1/38* 636,040
3,925,000 AA-/Aa3 Pittsburg Unified School District,
0.0%, 9/1/39* 577,799
2,500,000 AA-/Aa3 Pittsburg Unified School District,
0.0%, 9/1/41* 441,325
1,925,000 AA-/Aa3 Pittsburg Unified School District,
0.0%, 9/1/42* 319,762
-----------
$27,921,868
-------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12
--------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (c) Ratings Value
--------------------------------------------------------------------------------------------------
Rhode Island -- 2.3%
2,100,000 NR/NR Central Falls Rhode Island Detention
Facility Corp., 7.25%, 7/15/35 $ 1,686,384
14,100,000 NR/NR Rhode Island Health & Educational
Building Corp., 8.375%, 1/1/46 14,674,152
------------
$ 16,360,536
--------------------------------------------------------------------------------------------------
Texas -- 9.1%
12,125,000 CC/Ca Brazos River Authority, 5.4%, 10/1/29 $ 4,825,750
1,000,000 B-/B3 City of Houston Texas, 6.125%, 7/15/27 993,530
430,000 BBB/Baa2 Equinix, Inc., 0.0%, 11/15/34* 96,049
234,442 NR/NR Gulf Coast Waste Disposal Authority Texas
Revenue, 7.0%, 12/1/36 (d) 2,251
5,030,000 BBB/Baa2 Harris County-Houston Sports Authority,
0.0%, 11/15/25* 2,089,764
6,000,000 BBB/Baa2 Harris County-Houston Sports Authority,
0.0%, 11/15/28* 2,040,300
9,685,000 BBB/Baa2 Harris County-Houston Sports Authority,
0.0%, 11/15/31* 2,662,310
7,635,000 BBB/Baa2 Harris County-Houston Sports Authority,
0.0%, 11/15/32* 1,965,707
1,120,000 BBB/Baa2 Harris County-Houston Sports Authority,
0.0%, 11/15/33* 270,066
425,000 BBB/Baa2 Harris County-Houston Sports Authority,
0.0%, 11/15/35* 88,872
1,690,000 BBB/Baa2 Harris County-Houston Sports Authority,
0.0%, 11/15/35* 353,396
10,000,000 BBB/Baa2 Harris County-Houston Sports Authority,
0.0%, 11/15/38* 1,693,400
10,000,000 BBB/Baa2 Harris County-Houston Sports Authority,
0.0%, 11/15/39* 1,584,500
1,290,000 BBB/Baa2 Harris County-Houston Sports Authority,
0.0%, 11/15/41* 189,540
1,600,000 NR/NR HFDC of Central Texas, Inc.,
7.75%, 11/15/29 1,638,688
6,825,000 NR/NR HFDC of Central Texas, Inc.,
7.75%, 11/15/44 6,878,781
1,580,000 NR/NR Kinney County Public Facilities Corp.,
7.0%, 11/1/25 1,553,108
5,000,000 NR/NR Red River Health Facilities Development
Corp., 7.25%, 12/15/47 5,011,300
2,000,000 NR/NR Red River Health Facilities Development
Corp., 8.0% 11/15/46 2,056,640
2,000,000 NR/NR Tarrant County Cultural Education,
7.5%, 11/15/16 2,003,800
1,775,000 NR/NR Tarrant County Cultural Education,
8.0%, 11/15/28 1,879,104
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12 21
Schedule of Investments | 2/29/12 (unaudited) (continued)
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (c) Ratings Value
-------------------------------------------------------------------------------------------------
Texas -- (continued)
2,250,000 NR/NR Tarrant County Cultural Education,
8.0%, 11/15/29 $ 2,328,390
5,000,000 NR/NR Tarrant County Cultural Education,
8.125%, 11/15/39 5,161,000
8,350,000 NR/NR Tarrant County Cultural Education,
8.125%, 11/15/44 8,643,920
5,000,000 NR/NR Tarrant County Cultural Education,
8.25%, 11/15/44 5,266,450
4,000,000 NR/NR Tarrant County Cultural Education,
8.25%, 11/15/44 4,138,280
1,000,000 D/NR Texas Midwest Public Facility Corp.,
9.0%, 10/1/30 (d) 518,060
------------
$ 65,932,956
-------------------------------------------------------------------------------------------------
Utah -- 1.8%
925,000 NR/NR City of Spanish Fork City Utah,
5.55%, 11/15/21 $ 882,173
3,150,000 NR/NR Spanish Fork City Utah Charter,
5.7%, 11/15/36 (144A) 2,741,067
1,510,000 NR/NR Utah State Charter School Finance
Authority, 7.25%, 5/15/21 1,583,628
1,985,000 NR/NR Utah State Charter School Finance
Authority, 8.125%, 5/15/31 2,096,478
5,145,000 NR/NR Utah State Charter School Finance
Authority, 8.5%, 5/15/41 5,488,892
------------
$ 12,792,238
-------------------------------------------------------------------------------------------------
Virginia -- 1.2%
53,095,000 CCC+/NR Tobacco Settlement Financing Corp.,
0.0%, 6/1/47* $ 1,119,243
11,000,000 B-/B2 Tobacco Settlement Financing Corp.,
5.0% 6/1/47 7,178,270
------------
$ 8,297,513
-------------------------------------------------------------------------------------------------
Washington -- 3.2%
3,250,000 NR/NR Washington State Housing Finance,
5.25%, 1/1/17 $ 2,838,778
12,500,000 NR/NR Washington State Housing Finance,
5.625%, 1/1/27 9,195,125
16,960,000 NR/NR Washington State Housing Finance,
5.625%, 1/1/38 11,325,210
------------
$ 23,359,113
-------------------------------------------------------------------------------------------------
Wisconsin -- 2.2%
15,325,000 NR/NR Public Finance Authority, 8.25%, 6/1/46 $ 16,251,396
-------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12
--------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (c) Ratings Value
--------------------------------------------------------------------------------------------------
West Virginia -- 2.3%
15,000,000 NR/NR West Virginia Hospital Finance Authority,
9.125%, 10/1/41 $ 16,816,500
--------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $669,900,284) $698,413,097
--------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN
SECURITIES -- 96.5%
(Cost $669,900,284) (a)(b) $698,413,097
--------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 3.5% $ 25,611,332
--------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $724,024,429
==================================================================================================
NR Not rated by either S&P or Moody's.
* Security issued with a zero coupon. Income is recognized through
accretion of discount.
(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
February 29, 2012, the value of these securities amounted to $2,741,067
or 0.4% of total net assets.
(a) At February 29, 2012, the net unrealized gain on investments based on
cost for federal income tax purposes of $667,604,517 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $45,273,671
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (14,465,091)
-----------
Net unrealized gain $30,808,580
===========
(b) The concentration of investments by type of obligation/market sector is
as follows:
Revenue Bonds:
Health Care 43.8%
Transportation 12.8
Various Revenues 10.0
Pollution Control Revenue 9.6
Special Revenues 9.5
Education 7.2
Insured 4.4
Reserves 1.5
Housing 1.1
General Obligation 0.1
-------------------------------------------------------------------------
100.0%
=========================================================================
(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.
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12 23
Schedule of Investments | 2/29/12 (unaudited) (continued)
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended February 29, 2012 aggregated $168,258,756 and
$247,090,788, 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.
Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.
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 (other than prices supplied by independent pricing services) as Level
3. See Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of February 29, 2012, in
valuing the Fund's assets:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Municipal Bonds $-- $698,413,097 $-- $698,413,097
--------------------------------------------------------------------------------
Total $-- $698,413,097 $-- $698,413,097
================================================================================
The accompanying notes are an integral part of these financial statements.
24 Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12
Statement of Assets and Liabilities | 2/29/12 (unaudited)
ASSETS:
Investment in securities, at value (cost $669,900,284) $698,413,097
Cash 8,991,803
Receivables --
Investment securities sold 3,389,759
Fund shares sold 5,676,282
Interest 13,569,751
Other 363,804
-------------------------------------------------------------------------
Total assets $730,404,496
-------------------------------------------------------------------------
LIABILITIES:
Payables --
Fund shares repurchased $ 5,245,713
Dividends 968,792
Due to affiliates 116,433
Accrued expenses 49,129
-------------------------------------------------------------------------
Total liabilities $ 6,380,067
-------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $778,968,001
Undistributed net investment income 74,841
Accumulated net realized loss on investments (83,531,226)
Net unrealized gain on investments 28,512,813
-------------------------------------------------------------------------
Total net assets $724,024,429
=========================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $343,440,481/47,148,034 shares) $ 7.28
Class C (based on $236,213,431/32,411,082 shares) $ 7.29
Class Y (based on $144,370,517/20,050,798 shares) $ 7.20
MAXIMUM OFFERING PRICE:
Class A ($7.28 [divided by] 95.5%) $ 7.62
=========================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12 25
Statement of Operations (unaudited)
For the Six Months Ended 2/29/12
INVESTMENT INCOME:
Interest $27,852,885
----------------------------------------------------------------------------------------
Total investment income $ 27,852,885
----------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 1,911,232
Transfer agent fees
Class A 43,054
Class C 18,941
Class Y 3,932
Distribution fees
Class A 458,289
Class C 1,203,813
Shareholder communications expense 264,963
Administrative reimbursement 112,887
Custodian fees 8,480
Registration fees 39,866
Professional fees 43,233
Printing expense 13,075
Fees and expenses of nonaffiliated Trustees 13,876
Interest expense 13,372
Miscellaneous 29,826
----------------------------------------------------------------------------------------
Total expenses $ 4,178,839
----------------------------------------------------------------------------------------
Net investment income $ 23,674,046
----------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investments $(61,400,842)
----------------------------------------------------------------------------------------
Change in net unrealized gain on investments $ 26,351,133
----------------------------------------------------------------------------------------
Net loss on investments $(35,049,709)
----------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $(11,375,663)
========================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12
Statement of Changes in Net Assets
------------------------------------------------------------------------------------------
Six Months
Ended
2/29/12 Year Ended
(unaudited) 8/31/11
------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 23,674,046 $ 46,670,665
Net realized loss on investments (61,400,842) (11,110,342)
Change in net unrealized gain (loss) on investments 26,351,133 (19,956,783)
------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
operations $(11,375,663) $ 15,603,540
------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.24 and $0.52 per share, respectively) $(12,216,553) $(23,970,994)
Class C ($0.22 and $0.46 per share, respectively) (7,110,995) (13,170,041)
Class Y ($0.25 and $0.53 per share, respectively) (5,904,132) (8,328,485)
------------------------------------------------------------------------------------------
Total distributions to shareowners $(25,231,680) $(45,469,520)
------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $214,310,743 $641,124,820
Reinvestment of distributions 17,946,611 33,713,271
Cost of shares repurchased (293,444,461) (396,302,944)
------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
Fund share transactions $(61,187,107) $278,535,147
------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $(97,794,450) $248,669,167
NET ASSETS:
Beginning of period 821,818,879 573,149,712
------------------------------------------------------------------------------------------
End of period $724,024,429 $821,818,879
------------------------------------------------------------------------------------------
Undistributed net investment income $ 74,841 $ 1,632,475
------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12 27
Statement of Changes in Net Assets (continued)
--------------------------------------------------------------------------------------------------
'12 Shares '12 Amount '11 Shares '11 Amount
(unaudited) (unaudited)
--------------------------------------------------------------------------------------------------
Class A
Shares sold 15,805,557 $117,305,007 44,404,439 $335,670,830
Reinvestment of distributions 1,293,296 9,465,848 2,533,975 19,113,357
Less shares repurchased (19,961,919) (144,756,801) (35,985,432) (271,793,681)
--------------------------------------------------------------------------------------------------
Net increase (decrease) (2,863,066) $(17,985,946) 10,952,982 $ 82,990,506
==================================================================================================
Class C
Shares sold 5,606,077 $ 41,512,769 16,070,267 $122,778,656
Reinvestment of distributions 649,219 4,755,711 1,243,136 9,376,715
Less shares repurchased (6,147,875) (44,559,690) (8,133,819) (60,947,257)
--------------------------------------------------------------------------------------------------
Net increase 107,421 $ 1,708,790 9,179,584 $ 71,208,114
==================================================================================================
Class Y
Shares sold 7,593,627 $ 55,492,967 24,449,133 $182,675,334
Reinvestment of distributions 514,079 3,725,052 700,304 5,223,199
Less shares repurchased (14,495,638) (104,127,970) (8,578,076) (63,562,006)
--------------------------------------------------------------------------------------------------
Net increase (decrease) (6,387,932) $(44,909,951) 16,571,361 $124,336,527
==================================================================================================
The accompanying notes are an integral part of these financial statements.
28 Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12
Financial Highlights
--------------------------------------------------------------------------------------------------------
Six Months
Ended Year
2/29/12 Ended
(unaudited) 8/31/11
--------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 7.58 $ 7.97
--------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.23 $ 0.53
Net realized and unrealized gain (loss) on investments (0.29) (0.40)
--------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ (0.06) $ 0.13
Distributions to shareowners:
Net investment income (0.24) (0.52)
--------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.30) $ (0.39)
--------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.28 $ 7.58
========================================================================================================
Total return* (0.71)% 1.83%
Ratio of net expenses to average net assets+ 0.89%** 0.88%
Ratio of net investment income to average net assets+ 6.28%** 6.98%
Portfolio turnover rate 44%** 65%
Net assets, end of period (in thousands) $343,440 $378,883
Ratios with no waiver of fees and assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 0.89%** 0.88%
Net investment income 6.28%** 6.98%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 0.89%** 0.88%
Net investment income 6.28%** 6.98%
========================================================================================================
---------------------------------------------------------------------------------------------------------------------------------
10/17/06 (a)
Year Year Year (Commencement
Ended Ended Ended of Operations)
8/31/10 8/31/09 8/31/08 to 8/31/07
---------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 6.84 $ 8.70 $ 9.72 $ 10.00
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.55 $ 0.56 $ 0.54 $ 0.44
Net realized and unrealized gain (loss) on investments 1.12 (1.86) (1.01) (0.29)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 1.67 $ (1.30) $ (0.47) $ 0.15
Distributions to shareowners:
Net investment income (0.55) (0.56) (0.55) (0.43)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.12 $ (1.86) $ (1.02) $ (0.28)
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.97 $ 6.84 $ 8.70 $ 9.72
=================================================================================================================================
Total return* 25.15% (14.41)% (4.95)% 1.45%***
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+ 7.08% 8.32% 5.92% 5.31%**
Portfolio turnover rate 15% 50% 59% 130%***
Net assets, end of period (in thousands) $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 0.95% 1.28% 1.21% 1.77%**
Net investment income 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 0.90% 0.90% 0.90% 0.90%**
Net investment income 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, 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 indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12 29
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------
Six Months
Ended Year
2/29/12 Ended
(unaudited) 8/31/11
--------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 7.58 $ 7.96
--------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.20 $ 0.47
Net realized and unrealized gain (loss) on investments (0.27) (0.39)
--------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ (0.07) $ 0.08
Distributions to shareowners:
Net investment income (0.22) (0.46)
--------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.29) $ (0.38)
--------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.29 $ 7.58
========================================================================================================
Total return* (0.95)% 1.19%
Ratio of net expenses to average net assets+ 1.65%** 1.63%
Ratio of net investment income to average net assets+ 5.52%** 6.24%
Portfolio turnover rate 44%** 65%
Net assets, end of period (in thousands) $236,213 $244,848
Ratios with no waiver of fees and assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Net expenses 1.65%** 1.63%
Net investment income 5.52%** 6.24%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 1.65%** 1.63%
Net investment income 5.52%** 6.24%
========================================================================================================
------------------------------------------------------------------------------------------------------------------------------------
10/17/06 (a)
Year Year Year (Commencement
Ended Ended Ended of Operations)
8/31/10 8/31/09 8/31/08 to 8/31/07
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 6.83 $ 8.68 $ 9.71 $10.00
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.49 $ 0.50 $ 0.46 $ 0.36
Net realized and unrealized gain (loss) on investments 1.12 (1.85) (1.03) (0.30)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ 1.61 $ (1.35) $ (0.57) $ 0.06
Distributions to shareowners:
Net investment income (0.48) (0.50) (0.46) (0.35)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.13 $ (1.85) $ (1.03) $(0.29)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.96 $ 6.83 $ 8.68 $ 9.71
====================================================================================================================================
Total return* 24.11% (15.17)% (5.94)% 0.56%***
Ratio of net expenses to average net assets+ 1.69% 1.80% 1.80% 1.80%**
Ratio of net investment income to average net assets+ 6.31% 7.44% 5.11% 4.35%**
Portfolio turnover rate 15% 50% 59% 130%***
Net assets, end of period (in thousands) $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 1.69% 1.98% 1.95% 2.72%**
Net investment income 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 1.69% 1.80% 1.80% 1.80%**
Net investment income 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, 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 indirectly.
The accompanying notes are an integral part of these financial statements.
30 Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12
---------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year
2/29/12 Ended Ended
(unaudited) 8/31/11 8/31/10
---------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 7.49 $ 7.88 $ 6.80
---------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.24 $ 0.53 $ 0.57
Net realized and unrealized gain (loss) on investments (0.28) (0.39) 1.08
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ (0.04) $ 0.14 $ 1.65
Distributions to shareowners:
Net investment income (0.25) (0.53) (0.56)
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.29) $ (0.39) $ 1.09
---------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.20 $ 7.49 $ 7.88
=====================================================================================================================
Total return* (0.50)% 2.02% 24.73%
Ratio of net expenses to average net assets+ 0.67%** 0.67% 0.67%
Ratio of net investment income to average net assets+ 6.49%** 7.21% 7.32%
Portfolio turnover rate 44%** 65% 15%
Net assets, end of period (in thousands) $144,371 $198,089 $77,757
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% 0.67%
Net investment income 6.49%** 7.21% 7.32%
Ratios with waiver of fees and assumption of expenses by the Adviser and
reduction for fees paid indirectly:
Net expenses 0.67%** 0.67% 0.67%
Net investment income 6.49%** 7.21% 7.32%
=====================================================================================================================
-----------------------------------------------------------------------------------------------------------------------
10/17/06 (a)
Year Year (Commencement
Ended Ended of Operations)
8/31/09 8/31/08 to 8/31/07
-----------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 8.63 $ 9.69 $10.00
-----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.55 $ 0.53 $ 0.42
Net realized and unrealized gain (loss) on investments (1.83) (1.05) (0.30)
-----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ (1.28) $(0.52) $ 0.12
Distributions to shareowners:
Net investment income (0.55) (0.54) (0.43)
-----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.83) $(1.06) $(0.31)
-----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.80 $ 8.63 $ 9.69
=======================================================================================================================
Total return* (14.30)% (5.45)% 1.12%***
Ratio of net expenses to average net assets+ 0.99% 1.00% 1.23%**
Ratio of net investment income to average net assets+ 8.23% 5.80% 4.70%**
Portfolio turnover rate 50% 59% 130%***
Net assets, end of period (in thousands) $ 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 1.04% 1.00% 2.11%**
Net investment income 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 0.99% 0.99% 1.23%**
Net investment income 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 indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12 31
Notes to Financial Statements | 2/29/12 (unaudited)
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.
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. Fixed
32 Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12
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. 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.
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. Examples of a significant event
might include political or economic news, corporate restructurings, natural
disasters, terrorist activity or trading halts. Thus, the valuation of the
Fund's securities may differ from exchange prices.
At February 29, 2012, 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.
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
is required. Tax years for the prior three fiscal years remain subject to
examination by federal and state 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,
Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12 33
or as from paid-in capital, depending on the type of book/tax differences
that may exist.
The tax character of current year distributions payable will be determined at
the end of the Fund's taxable year. The tax character of distributions paid
during the year ended August 31, 2011 was as follows:
------------------------------------------------------------------------
2011
------------------------------------------------------------------------
Distributions paid from:
Tax-exempt income $44,987,348
Ordinary income 482,172
------------------------------------------------------------------------
Total $45,469,520
========================================================================
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 net unrealized gain 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 $125,988 in underwriting commissions on the sale of Class A shares
during the six months ended February 29, 2012.
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
34 Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12
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.
E. Risks
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.
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 six months ended February 29, 2012, 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 Fund 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, 2013. 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
$10,254 in management fees, administrative costs and certain other
reimbursements payable to PIM at February 29, 2012.
Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12 35
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 six months ended February 29, 2012, such out-of-pocket expenses by
class of shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications
--------------------------------------------------------------------------------
Class A $ 93,595
Class C 80,866
Class Y 90,502
--------------------------------------------------------------------------------
Total $264,963
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $97,433 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at February 29, 2012.
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 $8,746 in distribution fees payable to
PFD at February 29, 2012.
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 six months ended February 29, 2012, CDSCs in the amount of $102,434
were paid to PFD.
36 Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12
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 six months ended February 29, 2012, 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 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. The
credit facility in effect until January 20, 2012 was in the amount of $165
million. Under such facility, interest on borrowings was 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 credit facility in effect as of February 15,
2015 is in the amount of $215 million. Under such facility, depending on the
type of loan, interest on borrowings is payable at LIBOR plus 0.90% on an
annualized basis, or the Alternate Base Rate, which is the greater of (a) the
facility's administrative agent's daily announced prime rate on the borrowing
date, (b) 2% plus the Federal Funds Rate on the borrowing date and (c) 2% plus
the overnight Euro dollar rate on the borrowing date. The Funds pay an annual
commitment fee to participate in a credit facility. The commitment fee is
allocated among participating Funds based on an allocation schedule set forth
in the credit agreement.
For the six months ended February 29, 2012, the average daily amount of
borrowings outstanding during the period was $1,450,549. The related weighted
average annualized interest rate for the period was 1.52%, and the total
interest expense on such borrowings was $13,372. As of February 29, 2012, there
were no borrowings outstanding.
Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12 37
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer High Income Municipal Fund (the Fund) pursuant to an investment
advisory agreement between PIM and the Fund. In order for PIM to remain the
investment adviser of the Fund, the Trustees of the Fund must determine
annually whether to renew the investment advisory agreement for the Fund.
The contract review process began in March 2011 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the
process. In July 2011, the Trustees approved the format of the contract review
materials and submitted their formal request to PIM to furnish information
necessary to evaluate the terms of the investment advisory agreement. The
contract review materials were provided to the Trustees in July 2011 and
September 2011. After reviewing and discussing the materials, the Trustees
submitted a request for additional information to PIM, and materials were
provided in response to this request. Meetings of the Independent Trustees of
the Fund were held in July, September, October, and November, 2011 to review
and discuss the contract review materials. In addition, the Trustees took into
account the information related to the Fund provided to the Trustees at each
regularly scheduled meeting.
At a meeting held on November 29, 2011, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for
the Fund, its research process and its process for trade execution. The
Trustees considered the resources of PIM and the personnel of PIM who provide
investment management services to the Fund. The Trustees considered the
non-investment resources and personnel of PIM involved in PIM's services to the
Fund, including PIM's compliance and legal resources and personnel. The
Trustees also considered the substantial attention and high priority given
38 Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12
by PIM's senior management to the Pioneer fund complex. In addition, the
Trustees considered PIM's plans to increase resources in its investment
management function and other enhancements to PIM's advisory capabilities.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory
agreement.
Performance of the Fund
The Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the first quintile of its Morningstar
category for the one year period ended June 30, 2011, and in the fourth
quintile of its Morningstar category for the three year period ended June 30,
2011. (In all quintile rankings referred to throughout this disclosure, first
quintile is most favorable to the Fund's shareowners. Thus, highest relative
performance would be first quintile and lowest relative expenses would also be
first quintile.) The Trustees also considered that the Fund's twelve month
average gross portfolio yield (using month end 30 day effective yields)
exceeded the twelve month yield of the Fund's benchmark index. The Trustees
discussed the recent improvement in the Fund's performance. They indicated that
they were satisfied with the information presented with respect to the Fund's
performance.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund
in comparison to the management fees and expense ratios of its peer group of
funds as classified by Morningstar and also to the expense ratios of a peer
group of funds selected on the basis of criteria determined by the Independent
Trustees for this purpose using data provided by Strategic Insight Mutual Trust
Research and Consulting, LLC (Strategic Insight), an independent third party.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2011 was in the third quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period.
Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12 39
The Trustees also considered the breakpoints in the management fee schedule and
the reduced fee rates above certain asset levels. The Trustees considered that
the Fund's expense ratio for the twelve months ended June 30, 2011 was in the
third quintile relative to its Strategic Insight peer group for the comparable
period.
The Trustees reviewed gross and net management fees charged by PIM to its
institutional and other clients, including publicly offered European funds,
U.S. registered investment companies (in a sub-advisory capacity), and
unaffiliated foreign and domestic separate accounts. The Trustees also
considered PIM's costs in providing services to the Fund and to its other
clients and considered the differences in management fees and profit margins
for PIM's Fund and non-Fund services. In evaluating the fees associated with
PIM's client accounts, the Trustees took into account the respective demands,
resources and complexity associated with the Fund and client accounts. The
Trustees noted that in some instances the fee rates for those clients were
lower than the management fee for the Fund and considered that, under the
investment advisory agreement with the Fund, PIM performs additional services
for the Fund that it does not provide to those other clients or services that
are broader in scope, including oversight of the Fund's other service providers
and activities related to compliance and the extensive regulatory and tax
regimes to which the Fund is subject. The Trustees also considered the
different entrepreneurial risks associated with PIM's management of the Fund
and the other client accounts. The Trustees concluded that the management fee
payable by the Fund to PIM was reasonable in relation to the nature and quality
of the services provided by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in
connection with the Pioneer Funds as fund assets grow and the extent to which
any such economies of scale are shared with funds and fund shareholders. The
Trustees recognize that economies of scale are difficult to identify and
quantify, rarely identifiable on a Fund-by-Fund basis, and that, among other
factors that
40 Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12
may be relevant, are the following: fee levels, expense subsidization,
investment by PIM in research and analytical capabilities and PIM's commitment
and resource allocation to the Funds. The Trustees noted that profitability
also may be an indicator of the availability of any economies of scale,
although profitability may vary for other reasons particularly, for example
during the recent difficult periods for financial markets, as the level of
services was maintained notwithstanding a significant decline in PIM's fee
revenues from the Funds. Accordingly, the Trustees concluded that economies of
scale, if any, were being appropriately shared with the Fund.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with
the Fund. The Trustees considered the character and amount of fees paid by the
Fund, other than under the investment advisory agreement, for services provided
by PIM and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
considered the intangible benefits to PIM by virtue of its relationship with
the Fund and the other Pioneer funds. The Trustees concluded that the receipt
of these benefits was reasonable in the context of the overall relationship
between PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors,
the Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12 41
Trustees, Officers and Service Providers
Trustees Officers
John F. Cogan, Jr., Chairman John F. Cogan, Jr., President
David R. Bock Daniel K. Kingsbury, Executive
Mary K. Bush Vice President
Benjamin M. Friedman Mark E. Bradley, Treasurer
Margaret B.W. Graham Christopher J. Kelley, Secretary
Daniel K. Kingsbury
Thomas J. Perna
Marguerite A. Piret
Stephen K. West
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
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 Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at us.pioneerinvestments.com. This information is also available on
the Securities and Exchange Commission's web site at www.sec.gov.
42 Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12
This page for your notes.
Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12 43
This page for your notes.
44 Pioneer High Income Municipal Fund | Semiannual Report | 2/29/12
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:
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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:
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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.
N/A
(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.
N/A
(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.
N/A
(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.
N/A
(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.
N/A
(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.
N/A
(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 April 27, 2012
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 April 27, 2012
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date April 27, 2012
* Print the name and title of each signing officer under his or her signature.