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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, 2015 through August 31, 2016
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 STOCKHOLDERS.
Pioneer Global
Equity Fund
--------------------------------------------------------------------------------
Annual Report | August 31, 2016
--------------------------------------------------------------------------------
Ticker Symbols:
Class A GLOSX
Class C GCSLX
Class K PGEKX
Class R PRGEX
Class Y PGSYX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 16
Schedule of Investments 18
Financial Statements 25
Notes to Financial Statements 34
Report of Independent Registered Public Accounting Firm 44
Trustees, Officers and Service Providers 46
Pioneer Global Equity Fund | Annual Report | 8/31/16 1
President's Letter
Dear Shareowner,
While investors were greeted with a challenging market environment for the first
several weeks of the new year, the U.S. market generated modest single-digit
returns for both stocks and bonds through September 30th (the Bloomberg Barclays
Aggregate Bond Index was up by 5.8% through 9/30/16, and the Standard & Poor's
500 Index was up by 7.8%). Yet, it is becoming increasingly clear that the
investment landscape is undergoing significant change. For the past eight years,
global central banks have been the dominant force in the markets by maintaining
short-term interest rates at close to zero in an effort to stimulate economic
growth. With little room to lower rates further, however, central banks may be
losing their effectiveness. Many economies around the world are experiencing
slow growth as they face a variety of challenges, including the shifting
geopolitics driving "Brexit" - the United Kingdom's pending exit from the
European Union - as well as related movements in Europe, limited productivity
gains, aging populations, and transitioning economic models in China and other
emerging markets. In the United States, gross domestic product grew at a rate of
approximately 1.2% in the first half of 2016, although there are signs of
stronger growth ahead, driven primarily by U.S. consumers.
Investors currently face a difficult environment. Government bond yields outside
the U.S. are near zero and offer minimal opportunity to produce income. The
central bank-driven bull market in riskier assets has pushed up valuations
towards historic highs in the equity and investment-grade and high-yield
corporate bond markets. Central banks have pledged to move gradually to
normalize interest-rate policies as the global economy recovers, but it will
take many years for this historic credit cycle to unwind. Politics may also
influence markets or investor sentiment given the current global political
landscape, with the U.S. elections in November, continued challenges with
Brexit, and the December 2016 referendum on the Italian political system. These
factors may make it even more challenging for investors to achieve returns
similar to those experienced during periods of perceived market stability or
economic growth. Against this backdrop, investors are likely to face challenges
when it comes to finding opportunities for both income and capital appreciation,
and while much has been made of passive investing, we believe all investment
decisions are active choices.
Throughout Pioneer's history, we have believed in the importance of active
management. During challenging market conditions, we view the value of active
management as even more compelling. Our experienced and tenured investment teams
focus on identifying value across global markets using
2 Pioneer Global Equity Fund | Annual Report | 8/31/16
proprietary research, careful risk management, and a long-term perspective. We
believe our shareowners can benefit from the experience and tenure of our
investment teams as well as the insights generated from our extensive research
process.
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA Inc.
August 31, 2016
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. Past performance is no
guarantee of future results.
Pioneer Global Equity Fund | Annual Report | 8/31/16 3
Portfolio Management Discussion | 8/31/16
In the following interview, portfolio managers Marco Pirondini and David Glazer
discuss the factors that influenced the performance of Pioneer Global Equity
Fund during the 12-month period ended August 31, 2016. Mr. Pirondini, Head of
Equities, U.S., Executive Vice President and a portfolio manager at Pioneer, and
Mr. Glazer, Senior Vice President and a portfolio manager at Pioneer, are
responsible for the day-to-day management of the Fund.
Q How did the Fund perform over the 12-month period ended August 31, 2016?
A Pioneer Global Equity Fund's Class A shares returned 3.92% at net asset
value during the 12-month period ended August 31, 2016, while the Fund's
benchmarks, the Morgan Stanley Capital International (MSCI) World ND Index
and the MSCI All Country World ND Index(1), returned 6.68% and 7.24%,
respectively. During the same period, the average return of the 158 mutual
funds in Lipper's Global Multi-Cap Core Funds category was 5.04%, and the
average return of the 1,126 mutual funds in Morningstar's World Stock Funds
category was 5.89%.
Q How would you characterize the investment environment in the global equity
markets during the 12-month period ended August 31, 2016?
A The 12-month period saw heightened volatility across investment markets as
investor sentiment shifted somewhat frequently in response to global
macroeconomic conditions. During the first half of the period (September
2015 through February 2016), China's devaluation of its currency and a
renewed decline in oil prices in the early weeks of 2016 contributed to a
sell-off in so-called "risk" assets such as stocks and high-yield bonds.
That, in turn, spurred increased demand for more conservative investments.
In the middle of February 2016, however, the outlook started to brighten.
Equities, especially in the battered energy sector, began to recover in
anticipation of a bottoming of oil prices as OPEC (Organization of
Petroleum Exporting Countries) and non-OPEC members began
(1) The MSCI information may only be used for your internal use, may not be
reproduced or re-disseminated 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, merchantablity and
fitness for a particular purpose) with respect to this information. Without
limiting any of the foregoing, in no event shall any MSCI Party have any
liability for any direct, indirect, special, incidental, punitive,
consequential (including, without limitation, lost profits) or any other
damages.
4 Pioneer Global Equity Fund | Annual Report | 8/31/16
discussing an agreement on a production freeze. Equities also benefited
from better-than-expected U.S. employment and manufacturing data as well as
supportive monetary policies from central bankers around the globe.
With the return of investor confidence, the markets rebounded for much of
the second half of the 12-month period, with many higher-risk asset classes
finishing the period in positive territory. The surprise victory by the
"Leave" side in the United Kingdom's June referendum vote to determine the
country's future with regard to membership in the European Union caused a
very brief market sell-off. The so-called "Brexit" decision did not
interrupt the rally for long, though, as the markets quickly recovered
their losses before the end of the second calendar quarter of 2016.
In spite of the market volatility, U.S. stocks delivered positive
performance during the period. U.S. equities, as measured by the Standard &
Poor's 500 Index, returned 12.53% over the full 12-month period. In
contrast, international equities posted mixed performance, as the MSCI All
Country World (ex-U.S.) Index returned 3.43%, and the MSCI Europe Index
returned -2.54%. The Fund's benchmarks, the MSCI World ND Index and the MSCI
All Country World (ND) Index, returned 6.68% and 7.24%, respectively. Most
areas of the global economy advanced during the period, led by the more
defensive utilities, information technology, and telecommunication services
sectors. With their profits pinched by low and even negative interest
rates, companies in the financials sector struggled the most over the 12
months. The health care and energy sectors also faced challenges, although
energy companies rebounded, somewhat, after oil prices stabilized six weeks
into 2016, and then began increasing.
Q Would you review the Fund's overall investment approach?
A When picking investments for the portfolio, we examine mid- and large-
capitalization stocks worldwide, including those located in the emerging
markets. From there, we build a diversified* portfolio. We look for stocks
that we think can provide "growth at a reasonable price," and so there is a
strong value component to our analysis. We seek to invest the Fund in
companies that are not only benefiting from operating efficiencies as
reflected in factors such as increased market share and revenues, but that
are also employing their capital efficiently. In particular, we emphasize
strong free cash flow, because that 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 below-market valuations.
* Diversification does not assure a profit nor protect against loss.
** Dividends are not guaranteed.
Pioneer Global Equity Fund | Annual Report | 8/31/16 5
Finally, we attempt to assess not only the potential price gains for each
stock, but also the stock's potential for a decline in price if
circumstances become unfavorable. We prefer stocks with the highest
potential upside, relative to their downside.
Q Which of your investment decisions or individual portfolio holdings either
aided or detracted from the Fund's performance relative to its benchmarks
during the 12-month period ended August 31, 2016?
A During the period, security selection in two small segments of the portfolio
detracted meaningfully from benchmark-relative performance, while sector
allocation decisions had a neutral effect.
The Fund's positions in British airline companies, principally easyJet,
detracted from relative returns, as the airlines' performance suffered from
a combination of terrorism incidents in Europe that negatively affected
passenger loads - and cut off, at least temporarily, some air routes - as
well as the lingering negative impact of the Brexit vote on British
small-cap companies such as easyJet. Also within British small caps,
portfolio positions in banking firm Aldermore Group and beverage company
Britvic felt the negative effects of Brexit. We retained the Fund's
positions in Aldermore and Britvic, however, as we remain confident in the
long-term prospects for the companies, and find their valuations and low
debt levels very attractive.
Another surprise element that held back the Fund's benchmark-relative
performance during the period was Japan's decision to initiate negative
short-term interest rates, two weeks after the country's central bank
stated that it had no plans to do so. The implementation of negative
short-term rates caused a significant correction in the share prices of the
portfolio's holdings in two Japanese banks, Mitsubishi UFJ Financial and
Sumitomo Mitsui Financial. We sold the positions given our belief that the
profitability prospects for both banks have diminished considerably.
On the positive side, the Fund's benchmark-relative returns benefited
strongly from holding shares of Microsoft. Investors have come to view
Microsoft as not only a successful personal computer software firm, but
also as a dynamic growth company that is benefiting from strong momentum
within the cloud-computing market segment. In addition, though the
pharmaceutical sector overall underperformed, the Fund's position in
Johnson & Johnson contributed to benchmark-relative performance, as the
market developed a favorable view of the company's ample drug pipeline.
Other positive performers for the Fund during the 12-month period included
positions in health care technology company NNIT A/S, stock exchange firm
Nasdaq, and biotechnology company Baxalta.
6 Pioneer Global Equity Fund | Annual Report | 8/31/16
Q Did you employ derivatives in managing the Fund during the 12-month period
ended August 31, 2016, and did those investments have an effect on
performance?
A Over the 12-month period, the Fund utilized derivative securities, to a
limited degree, in order to guard against negative currency effects from
the portfolio's holdings in Japan. The Fund's derivative positions had a
slightly positive effect on performance.
Q What is your outlook, and how is it reflected in the Fund's positioning?
A In general, we are cautious in our view of the markets given relatively high
stock valuations and geopolitical uncertainty. Other risks to our outlook
include increased market volatility as the U.S. Federal Reserve weighs the
timing of more short-term rate hikes, the long-term impact of the Brexit
vote, and the repercussions of lower - even negative - interest rates.
With those factors in mind, until recently we had been favoring U.S. stocks
over European equities in the Fund's portfolio. However, the recent sell-off
in the United Kingdom and European equity markets has created opportunities
for investors with a medium- to long-term outlook. We believe that momentum
is starting to shift away from a world dependent on central-bank stimulus to
one where government spending plays a more significant role. Should the
shift occur, we would anticipate a boost in global economic output. We also
see a rebound beginning in the emerging markets in the wake of recent
commodity price stabilization. In addition, we believe that after six years
of outperformance, U.S. equity valuations have risen to the point where
valuations of non-U.S. stocks appear more and more attractive by comparison.
Therefore, we will monitor market conditions and may consider increasing the
Fund's non-U.S. and emerging markets allocations over the coming months.
In the U.S., we continue to focus the Fund's investments on four key
sectors where we see the most opportunity, and where we think stock
valuations remain reasonable: information technology, health care,
financials and telecommunication services. We view stock valuations in the
consumer sectors as excessively high. In addition, we perceive valuations
in Japan (within non-financial stocks) as attractive. We will continue to
look for opportunities there, as Japanese stocks are benefiting from
improved corporate governance and balance sheet management, as well as a
greater emphasis on dividend payouts.
Pioneer Global Equity Fund | Annual Report | 8/31/16 7
Please refer to the Schedule of Investments on pages 18-24 for a full listing of
fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
The Fund is subject to currency risk, meaning that the Fund could experience
losses based on changes in the exchange rate between non-U.S. currencies and the
U.S. dollar.
Investments in 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.
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.
The Fund may use derivatives, such as options, futures, inverse floating rate
obligations, swaps, and others, which can be illiquid, may disproportionately
increase losses, and have a potentially large impact on Fund performance.
Derivatives may have a leveraging effect on the Fund.
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.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Pioneer Investments for a prospectus or
summary prospectus containing this information. Read it carefully.
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. Past performance is no
guarantee of future results.
8 Pioneer Global Equity Fund | Annual Report | 8/31/16
Portfolio Summary | 8/31/16
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Information Technology 25.5%
Financials 19.4%
Health Care 19.1%
Consumer Discretionary 13.4%
Consumer Staples 7.9%
Industrials 5.6%
Telecommunication Services 4.6%
Materials 3.4%
Government 1.1%
Geographical Distribution
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A BAR CHART IN THE PRINTED MATERIAL]
United States 55.4%
United Kingdom 13.9%
Japan 9.6%
Ireland 4.6%
Switzerland 3.1%
Korea, Republic Of 2.7%
Denmark 1.6%
Germany 1.6%
Taiwan, Province Of China 1.5%
France 1.4%
Indonesia 1.3%
Mexico 1.2%
Other (individually less than 1%) 2.1%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)*
1. Apple, Inc. 4.16%
--------------------------------------------------------------------------------
2. AT&T, Inc. 4.07
--------------------------------------------------------------------------------
3. Microsoft Corp. 3.62
--------------------------------------------------------------------------------
4. Shire Plc 3.44
--------------------------------------------------------------------------------
5. Johnson & Johnson 3.19
--------------------------------------------------------------------------------
6. Pfizer, Inc. 3.12
--------------------------------------------------------------------------------
7. Novartis AG 3.10
--------------------------------------------------------------------------------
8. Discover Financial Services, Inc. 3.00
--------------------------------------------------------------------------------
9. Cardinal Health, Inc. 2.60
--------------------------------------------------------------------------------
10. JPMorgan Chase & Co. 2.47
--------------------------------------------------------------------------------
* 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 | Annual Report | 8/31/16 9
Prices and Distributions | 8/31/16
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 8/31/16 8/31/15
--------------------------------------------------------------------------------
A $13.43 $13.00
--------------------------------------------------------------------------------
C $13.13 $12.72
--------------------------------------------------------------------------------
K $13.47 $13.03
--------------------------------------------------------------------------------
R $13.36 $12.99
--------------------------------------------------------------------------------
Y $13.50 $13.06
--------------------------------------------------------------------------------
Distributions per Share: 9/1/15-8/31/16
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.0788 $ -- $ --
--------------------------------------------------------------------------------
C $ -- $ -- $ --
--------------------------------------------------------------------------------
K $0.1450 $ -- $ --
--------------------------------------------------------------------------------
R $0.1293 $ -- $ --
--------------------------------------------------------------------------------
Y $0.1450 $ -- $ --
--------------------------------------------------------------------------------
The Morgan Stanley Capital International (MSCI) World ND Index is an unmanaged
measure of the performance of stock markets in the developed world. The MSCI
All Country World ND Index is an unmanaged, free-float-adjusted,
market-capitalization-weighted index that is designed to measure the equity
market performance of developed and emerging markets. The Index consists of 45
country indices comprising 24 developed and 21 emerging market country indices.
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 11-15.
10 Pioneer Global Equity Fund | Annual Report | 8/31/16
Performance Update | 8/31/16 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Global Equity Fund at public
offering price during the periods shown, compared to that of the Morgan Stanley
Capital International (MSCI) World ND Index and the MSCI All Country World ND
Index.
Average Annual Total Returns
(As of August 31, 2016)
--------------------------------------------------------------------------------
MSCI
Net Public MSCI All
Asset Offering World Country
Value Price ND World
Period (NAV) (POP) Index ND Index
--------------------------------------------------------------------------------
10 Years 3.96% 3.35% 4.54% 4.40%
5 Years 9.41 8.11 9.51 8.32
1 Year 3.92 -2.03 6.68 7.24
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2015)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.54% 1.34%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global MSCI World MSCI AC World
Equity Fund ND Index ND Index
8/06 $ 9,425 $10,000 $10,000
8/07 $10,801 $11,697 $11,906
8/08 $ 9,647 $10,285 $10,484
8/09 $ 8,120 $ 8,515 $ 8,762
8/10 $ 8,028 $ 8,646 $ 9,068
8/11 $ 8,869 $ 9,897 $10,312
8/12 $ 9,357 $10,700 $10,953
8/13 $11,151 $12,587 $12,648
8/14 $14,064 $15,242 $15,302
8/15 $13,377 $14,613 $14,340
8/16 $13,902 $15,589 $15,379
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, 2017, 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. Please see the
financial highlights for more recent expense ratios. Expense ratios in the
financial highlights, unlike those shown in the prospectus, do not reflect
acquired fund fees and expenses.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Global Equity Fund | Annual Report | 8/31/16 11
Performance Update | 8/31/16 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Global Equity Fund during the
periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) World ND Index and the MSCI All Country World ND Index.
Average Annual Total Returns
(As of August 31, 2016)
--------------------------------------------------------------------------------
MSCI
MSCI All
World Country
If If ND World
Period Held Redeemed Index ND Index
--------------------------------------------------------------------------------
10 Years 3.07% 3.07% 4.54% 4.40%
5 Years 8.51 8.51 9.51 8.32
1 Year 3.22 3.22 6.68 7.24
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2015)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.25% 2.24%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global MSCI World MSCI AC World
Equity Fund ND Index ND Index
8/06 $10,000 $10,000 $10,000
8/07 $11,365 $11,697 $11,906
8/08 $10,062 $10,285 $10,484
8/09 $ 8,394 $ 8,515 $ 8,762
8/10 $ 8,225 $ 8,646 $ 9,068
8/11 $ 8,998 $ 9,897 $10,312
8/12 $ 9,408 $10,700 $10,953
8/13 $11,112 $12,587 $12,648
8/14 $13,888 $15,242 $15,302
8/15 $13,110 $14,613 $14,340
8/16 $13,533 $15,589 $15,379
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, 2017, 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. Please see the
financial highlights for more recent expense ratios. Expense ratios in the
financial highlights, unlike those shown in the prospectus, do not reflect
acquired fund fees and expenses.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer Global Equity Fund | Annual Report | 8/31/16
Performance Update | 8/31/16 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class K shares of Pioneer Global Equity Fund during the
periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) World ND Index and the MSCI All Country World ND Index.
Average Annual Total Returns
(As of August 31, 2016)
--------------------------------------------------------------------------------
MSCI
Net MSCI All
Asset World Country
Value ND World
Period (NAV) Index ND Index
--------------------------------------------------------------------------------
10 Years 4.04% 4.54% 4.40%
5 Years 9.58 9.51 8.32
1 Year 4.51 6.68 7.24
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2015)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.99% 0.84%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Global MSCI World MSCI AC World
Equity Fund ND Index ND Index
8/06 $5,000,000 $5,000,000 $5,000,000
8/07 $5,729,195 $5,848,640 $5,953,006
8/08 $5,117,048 $5,142,711 $5,242,025
8/09 $4,306,826 $4,257,485 $4,380,918
8/10 $4,257,981 $4,323,227 $4,533,964
8/11 $4,704,339 $4,948,332 $5,155,811
8/12 $4,963,234 $5,350,107 $5,476,285
8/13 $5,914,626 $6,293,438 $6,323,791
8/14 $7,459,898 $7,621,081 $7,651,133
8/15 $7,111,917 $7,306,334 $7,170,156
8/16 $7,432,470 $7,794,659 $7,689,572
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 K shares for the period prior to the
commencement of operations of Class K shares on December 31, 2014, is 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 K shares, the performance of Class K shares prior to their
inception would have been higher than the performance shown. For the period
beginning December 31, 2014, the actual performance of Class K shares is
reflected. Class K 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, 2017, for Class K 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. Please see the
financial highlights for more recent expense ratios. Expense ratios in the
financial highlights, unlike those shown in the prospectus, do not reflect
acquired fund fees and expenses.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Global Equity Fund | Annual Report | 8/31/16 13
Performance Update | 8/31/16 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class R shares of Pioneer Global Equity Fund during the
periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) World ND Index and the MSCI All Country World ND Index.
Average Annual Total Returns
(As of August 31, 2016)
--------------------------------------------------------------------------------
MSCI
Net MSCI All
Asset World Country
Value ND World
Period (NAV) Index ND Index
--------------------------------------------------------------------------------
10 Years 3.95% 4.54% 4.40%
5 Years 9.37 9.51 8.32
1 Year 3.85 6.68 7.24
--------------------------------------------------------------------------------
Expense Ratio
--------------------------------------------------------------------------------
(Per prospectus dated December 31, 2015)
Gross
--------------------------------------------------------------------------------
1.59%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global MSCI World MSCI AC World
Equity Fund ND Index ND Index
8/06 $10,000 $10,000 $10,000
8/07 $11,458 $11,697 $11,906
8/08 $10,234 $10,285 $10,484
8/09 $ 8,614 $ 8,515 $ 8,762
8/10 $ 8,516 $ 8,646 $ 9,068
8/11 $ 9,409 $ 9,897 $10,312
8/12 $ 9,926 $10,700 $10,953
8/13 $11,829 $12,587 $12,648
8/14 $14,920 $15,242 $15,302
8/15 $14,180 $14,613 $14,340
8/16 $14,727 $15,589 $15,379
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 R shares for the period prior to the
commencement of operations of Class R shares on July 1, 2015, is 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 R shares, the performance of Class R shares prior to their inception would
have been higher than the performance shown. For the period beginning July 1,
2015, the actual performance of Class R shares is reflected. Class R 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.
Please see the financial highlights for more recent expense ratios. Expense
ratios in the financial highlights, unlike those shown in the prospectus, do not
reflect acquired fund fees and expenses.
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 | Annual Report | 8/31/16
Performance Update | 8/31/16 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Global Equity Fund during the
periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) World ND Index and the MSCI All Country World ND Index.
Average Annual Total Returns
(As of August 31, 2016)
--------------------------------------------------------------------------------
MSCI
Net MSCI All
Asset World Country
Value ND World
Period (NAV) Index ND Index
--------------------------------------------------------------------------------
10 Years 4.35% 4.54% 4.40%
5 Years 9.94 9.51 8.32
1 Year 4.50 6.68 7.24
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2015)
-------------------------------------------------------------------------------
Gross Net
-------------------------------------------------------------------------------
1.00% 0.84%
-------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Global MSCI World MSCI AC World
Equity Fund ND Index ND Index
8/06 $5,000,000 $5,000,000 $5,000,000
8/07 $5,729,195 $5,848,640 $5,953,006
8/08 $5,117,048 $5,142,711 $5,242,025
8/09 $4,321,920 $4,257,485 $4,380,918
8/10 $4,296,252 $4,323,227 $4,533,964
8/11 $4,767,256 $4,948,332 $5,155,811
8/12 $5,057,390 $5,350,107 $5,476,285
8/13 $6,056,413 $6,293,438 $6,323,791
8/14 $7,670,786 $7,621,081 $7,651,133
8/15 $7,327,395 $7,306,334 $7,170,156
8/16 $7,656,898 $7,794,659 $7,689,572
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, is 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. For the period beginning December 31, 2008, the actual performance of
Class Y shares is reflected.
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, 2017, 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. Please see the
financial highlights for more recent expense ratios. Expense ratios in the
financial highlights, unlike those shown in the prospectus, do not reflect
acquired fund fees and expenses.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Global Equity Fund | Annual Report | 8/31/16 15
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments and
redemption fees.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period
as follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Global Equity Fund
Based on actual returns from March 1, 2016, through August 31, 2016.
--------------------------------------------------------------------------------------------------------
Share Class A C K R Y
--------------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 3/1/16
--------------------------------------------------------------------------------------------------------
Ending Account $1,102.60 $1,098.67 $1,104.99 $1,101.39 $1,105.70
Value on 8/31/16
--------------------------------------------------------------------------------------------------------
Expenses Paid $ 6.87 $ 10.71 $ 4.18 $ 8.19 $ 4.23
During Period*
--------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.30%, 2.03%,
0.79%, 1.55% and 0.80% for Class A, Class C, Class K, Class R, and Class Y
shares, respectively, multiplied by the average account value over the
period, multiplied by 184/366 (to reflect the one-half year period).
16 Pioneer Global Equity Fund | Annual Report | 8/31/16
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 trans-
action. 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 per year before expenses, reflecting the
period from March 1, 2016, through August 31, 2016.
--------------------------------------------------------------------------------------------------------
Share Class A C K R Y
--------------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 3/1/16
--------------------------------------------------------------------------------------------------------
Ending Account $1,018.60 $1,014.93 $1,021.17 $1,017.34 $1,021.11
Value on 8/31/16
--------------------------------------------------------------------------------------------------------
Expenses Paid $ 6.60 $ 10.28 $ 4.01 $ 7.86 $ 4.06
During Period*
--------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.30%, 2.03%,
0.79%, 1.55% and 0.80% for Class A, Class C, Class K, Class R, and Class Y
shares, respectively, multiplied by the average account value over the
period, multiplied by 184/366 (to reflect the one-half year period).
Pioneer Global Equity Fund | Annual Report | 8/31/16 17
Schedule of Investments | 8/31/16
------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------
COMMON STOCKS -- 95.4%
MATERIALS -- 3.3%
Construction Materials -- 2.2%
104,508 CRH Plc $ 3,521,539
------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 1.1%
61,655 Rio Tinto Plc $ 1,850,246
------------
Total Materials $ 5,371,785
------------------------------------------------------------------------------------------
CAPITAL GOODS -- 3.9%
Aerospace & Defense -- 1.2%
278,455 BAE Systems Plc $ 1,969,418
------------------------------------------------------------------------------------------
Heavy Electrical Equipment -- 1.7%
205,000 Mitsubishi Electric Corp. $ 2,681,086
------------------------------------------------------------------------------------------
Industrial Machinery -- 1.0%
23,851 Ingersoll-Rand Plc $ 1,621,629
------------
Total Capital Goods $ 6,272,133
------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.5%
Airlines -- 1.0%
39,499 easyJet Plc $ 574,287
14,668 Ryanair Holdings Plc (A.D.R.) 1,065,043
------------
$ 1,639,330
------------------------------------------------------------------------------------------
Trucking -- 0.5%
15,151 DSV A/S $ 752,820
------------
Total Transportation $ 2,392,150
------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 3.3%
Auto Parts & Equipment -- 2.0%
6,763 Continental AG $ 1,417,718
97,015 Gentex Corp. 1,725,897
------------
$ 3,143,615
------------------------------------------------------------------------------------------
Tires & Rubber -- 0.3%
14,700 Bridgestone Corp. $ 505,939
------------------------------------------------------------------------------------------
Automobile Manufacturers -- 1.0%
13,800 Fuji Heavy Industries, Ltd. $ 547,794
203,937 Tata Motors, Ltd. 1,044,533
------------
$ 1,592,327
------------
Total Automobiles & Components $ 5,241,881
------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 3.8%
Homebuilding -- 2.5%
53,958 PulteGroup, Inc. $ 1,153,082
200,100 Sekisui Chemical Co., Ltd. 2,800,584
------------
$ 3,953,666
------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global Equity Fund | Annual Report | 8/31/16
------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------
Apparel, Accessories & Luxury Goods -- 1.3%
39,254 Burberry Group Plc $ 673,642
85,905 Moncler S.p.A.* 1,428,080
------------
$ 2,101,722
------------
Total Consumer Durables & Apparel $ 6,055,388
------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.9%
Hotels, Resorts & Cruise Lines -- 1.0%
38,635 InterContinental Hotels Group Plc $ 1,658,006
------------------------------------------------------------------------------------------
Restaurants -- 0.9%
294,324 Domino's Pizza Group Plc $ 1,387,483
------------
Total Consumer Services $ 3,045,489
------------------------------------------------------------------------------------------
MEDIA -- 2.7%
Advertising -- 1.4%
30,690 Publicis Groupe SA $ 2,281,877
------------------------------------------------------------------------------------------
Broadcasting -- 1.3%
31,427 CBS Corp. (Class B) $ 1,603,720
171,078 ITV Plc 452,288
------------
$ 2,056,008
------------
Total Media $ 4,337,885
------------------------------------------------------------------------------------------
RETAILING -- 1.3%
Apparel Retail -- 1.3%
26,870 The TJX Companies, Inc. $ 2,080,813
------------
Total Retailing $ 2,080,813
------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 5.7%
Drug Retail -- 4.2%
34,729 CVS Health Corp. $ 3,243,689
49,300 Sundrug Co., Ltd. 3,576,188
------------
$ 6,819,877
------------------------------------------------------------------------------------------
Food Retail -- 1.5%
29,389 Walgreens Boots Alliance, Inc. $ 2,371,986
------------
Total Food & Staples Retailing $ 9,191,863
------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.9%
Soft Drinks -- 1.9%
368,162 Britvic Plc $ 3,110,326
------------
Total Food, Beverage & Tobacco $ 3,110,326
------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 5.1%
Health Care Equipment -- 1.5%
27,828 Medtronic Plc $ 2,421,871
------------------------------------------------------------------------------------------
Health Care Distributors -- 2.5%
50,529 Cardinal Health, Inc. $ 4,025,645
------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/16 19
Schedule of Investments | 8/31/16 (continued)
------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------
Health Care Technology -- 1.1%
52,865 NNIT A/S $ 1,782,892
------------
Total Health Care Equipment & Services $ 8,230,408
------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES -- 13.3%
Biotechnology -- 3.6%
15,541 Alder Biopharmaceuticals, Inc. $ 512,387
85,143 Shire Plc 5,315,356
------------
$ 5,827,743
------------------------------------------------------------------------------------------
Pharmaceuticals -- 9.7%
7,659 Jazz Pharmaceuticals Plc* $ 948,414
41,361 Johnson & Johnson 4,936,022
60,868 Novartis AG 4,791,725
138,471 Pfizer, Inc. 4,818,791
------------
$ 15,494,952
------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 21,322,695
------------------------------------------------------------------------------------------
BANKS -- 6.8%
Diversified Banks -- 4.1%
395,388 Aldermore Group Plc $ 848,016
358,540 Grupo Financiero Banorte SAB de CV 1,927,992
56,711 JPMorgan Chase & Co. 3,827,992
------------
$ 6,604,000
------------------------------------------------------------------------------------------
Regional Banks -- 2.7%
6,505,300 Bank Tabungan Negara Persero Tbk PT $ 985,791
37,737 The PNC Financial Services Group, Inc. 3,400,104
------------
$ 4,385,895
------------
Total Banks $ 10,989,895
------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 8.1%
Specialized Finance -- 2.6%
5,755 Intercontinental Exchange, Inc. $ 1,623,025
57,200 Japan Exchange Group, Inc. 895,253
22,586 Nasdaq, Inc. 1,608,349
------------
$ 4,126,627
------------------------------------------------------------------------------------------
Consumer Finance -- 3.9%
77,426 Discover Financial Services, Inc. $ 4,645,560
59,716 Synchrony Financial 1,661,896
------------
$ 6,307,456
------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 1.6%
5,567 BlackRock, Inc. $ 2,075,433
6,954 State Street Corp. 488,449
------------
$ 2,563,882
------------
Total Diversified Financials $ 12,997,965
------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global Equity Fund | Annual Report | 8/31/16
------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------
INSURANCE -- 1.5%
Insurance Brokers -- 1.5%
19,380 Willis Towers Watson Plc $ 2,403,314
------------
Total Insurance $ 2,403,314
------------------------------------------------------------------------------------------
REAL ESTATE -- 2.3%
Diversified Real Estate Activities -- 2.0%
483,700 Leopalace21 Corp. $ 3,211,541
------------------------------------------------------------------------------------------
Real Estate Services -- 0.3%
44,077 Savills Plc $ 429,257
------------
Total Real Estate $ 3,640,798
------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 10.9%
Internet Software & Services -- 5.6%
4,373 Alphabet, Inc. (Class A) $ 3,454,014
4,507 Alphabet, Inc. (Class C) 3,457,094
65,896 eBay, Inc.* 2,119,215
------------
$ 9,030,323
------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 1.8%
30,282 PayPal Holdings, Inc. $ 1,124,976
22,611 Visa, Inc. 1,829,230
------------
$ 2,954,206
------------------------------------------------------------------------------------------
Systems Software -- 3.5%
97,416 Microsoft Corp. $ 5,597,523
------------
Total Software & Services $ 17,582,052
------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 8.5%
Communications Equipment -- 2.1%
108,417 Cisco Systems, Inc. $ 3,408,630
------------------------------------------------------------------------------------------
Computer Storage & Peripherals -- 4.0%
60,568 Apple, Inc. $ 6,426,265
------------------------------------------------------------------------------------------
Computer Hardware Storage & Peripherals -- 1.2%
1,303 Samsung Electronics Co., Ltd. $ 1,888,755
------------------------------------------------------------------------------------------
Electronic Equipment Manufacturers -- 0.6%
65,514 Fitbit, Inc. $ 1,014,157
------------------------------------------------------------------------------------------
Electronic Components -- 0.5%
32,800 Alps Electric Co., Ltd. $ 741,341
------------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 0.1%
65,020 Global Display Co., Ltd. $ 205,048
------------
Total Technology Hardware & Equipment $ 13,684,196
------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 5.1%
Semiconductors -- 5.1%
64,072 Infineon Technologies AG $ 1,078,813
41,458 Micron Technology, Inc.* 683,642
63,585 SK Hynix, Inc. 2,078,625
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/16 21
Schedule of Investments | 8/31/16 (continued)
------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------
Semiconductors -- (continued)
27,046 Skyworks Solutions, Inc. $ 2,024,664
421,000 Taiwan Semiconductor Manufacturing Co., Ltd. 2,341,332
------------
$ 8,207,076
------------
Total Semiconductors & Semiconductor Equipment $ 8,207,076
------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 4.5%
Integrated Telecommunication Services -- 3.9%
154,008 AT&T, Inc. $ 6,295,847
------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.6%
288,687 Vodafone Group Plc $ 870,651
------------
Total Telecommunication Services $ 7,166,498
------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $139,251,526) $153,324,610
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
Principal
Amount ($)
------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BOND -- 0.7%
IDR 13,114,000,000 Indonesia Treasury Bond, 8.75%, 5/15/31 $ 1,103,825
------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BOND
(Cost $1,014,474) $ 1,103,825
------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 96.1%
(Cost $140,266,000) (a) (b) $154,428,435
------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 3.9% $ 6,309,536
------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $160,737,971
==========================================================================================
* Non-income producing security.
(A.D.R.) American Depositary Receipts.
(a) At August 31, 2016, the net unrealized appreciation on investments
based on cost for federal income tax purposes of $141,143,352 was as
follows:
Aggregate gross unrealized appreciation for all investments in
which there is an excess of value over tax cost $ 18,372,732
Aggregate gross unrealized depreciation for all investments in
which there is an excess of tax cost over value (5,087,649)
------------
Net unrealized appreciation $ 13,285,083
============
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global Equity Fund | Annual Report | 8/31/16
(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 55.4%
United Kingdom 13.9%
Japan 9.6%
Ireland 4.6%
Switzerland 3.1%
Korea, Republic Of 2.7%
Denmark 1.6%
Germany 1.6%
Taiwan, Province Of China 1.5%
France 1.4%
Indonesia 1.3%
Mexico 1.2%
Other (individually less than 1%) 2.1%
-----
100.0%
=====
Principal amounts are denominated in U.S. Dollars unless otherwise
noted:
IDR Indonesian Rupiah
Purchases and sales of securities (excluding temporary cash investments) for the
year ended August 31, 2016 aggregated $145,003,771 and $155,355,024,
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.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes to
Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/16 23
Schedule of Investments | 8/31/16 (continued)
The following is a summary of the inputs used as of August 31, 2016, in valuing
the Fund's investments:
----------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------------------
Common Stocks
Materials
Construction Materials $ -- $ 3,521,539 $ -- $ 3,521,539
Diversified Metals & Mining -- 1,850,246 -- 1,850,246
Capital Goods
Aerospace & Defense -- 1,969,418 -- 1,969,418
Heavy Electrical Equipment -- 2,681,086 -- 2,681,086
Transportation
Airlines 1,065,043 574,287 -- 1,639,330
Trucking -- 752,820 -- 752,820
Automobiles & Components
Auto Parts & Equipment 1,725,897 1,417,718 -- 3,143,615
Tires & Rubber -- 505,939 -- 505,939
Automobile Manufacturers -- 1,592,327 -- 1,592,327
Consumer Durables & Apparel
Homebuilding 1,153,082 2,800,584 -- 3,953,666
Apparel, Accessories &
Luxury Goods -- 2,101,722 -- 2,101,722
Consumer Services
Hotels, Resorts & Cruise Lines -- 1,658,006 -- 1,658,006
Restaurants -- 1,387,483 -- 1,387,483
Media
Advertising -- 2,281,877 -- 2,281,877
Broadcasting 1,603,720 452,288 -- 2,056,008
Food & Staples Retailing
Drug Retail 3,243,689 3,576,188 -- 6,819,877
Food, Beverage & Tobacco
Soft Drinks -- 3,110,326 -- 3,110,326
Health Care Equipment & Services
Health Care Technology -- 1,782,892 -- 1,782,892
Pharmaceuticals, Biotechnology &
Life Sciences
Biotechnology 512,387 5,315,356 -- 5,827,743
Pharmaceuticals 10,703,227 4,791,725 -- 15,494,952
Banks
Diversified Banks 5,755,984 848,016 -- 6,604,000
Regional Banks 3,400,104 985,791 -- 4,385,895
Diversified Financials
Specialized Finance 3,231,374 895,253 -- 4,126,627
Real Estate
Diversified Real Estate Activities -- 3,211,541 -- 3,211,541
Real Estate Services -- 429,257 -- 429,257
Technology Hardware & Equipment
Computer Hardware Storage &
Peripherals -- 1,888,755 -- 1,888,755
Electronic Components -- 741,341 -- 741,341
Electronic Manufacturing Services -- 205,048 -- 205,048
Semiconductors & Semiconductor
Equipment
Semiconductors 2,708,306 5,498,770 -- 8,207,076
Telecommunication Services
Wireless Telecommunication
Services -- 870,651 -- 870,651
All Other Common Stocks 58,523,547 -- -- 58,523,547
Foreign Government Bond -- 1,103,825 -- 1,103,825
----------------------------------------------------------------------------------------------------
Total $93,626,360 $60,802,075 $ -- $154,428,435
====================================================================================================
During the year ended August 31, 2016, there were no transfers between Levels 1,
2 and 3.
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global Equity Fund | Annual Report | 8/31/16
Statement of Assets and Liabilities | 8/31/16
ASSETS:
Investment in securities (cost $140,266,000) $154,428,435
Foreign currencies, at value (cost $99,481) 98,421
Restricted cash* 100,956
Receivables --
Investment securities sold 7,990,019
Fund shares sold 43,074
Dividends 360,560
Interest 24,071
Other assets 25,151
------------------------------------------------------------------------------------------
Total assets $163,070,687
==========================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 1,241,254
Fund shares repurchased 167,658
Trustee fees 1,201
Due to custodian 741,479
Due to affiliates 39,053
Accrued expenses 142,071
------------------------------------------------------------------------------------------
Total liabilities $ 2,332,716
==========================================================================================
NET ASSETS:
Paid-in capital $152,262,065
Undistributed net investment income 1,717,208
Accumulated net realized loss on investments, futures contracts,
written options and foreign currency transactions (7,391,378)
Net unrealized appreciation on investments 14,162,435
Net unrealized depreciation on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies (12,359)
------------------------------------------------------------------------------------------
Total net assets $160,737,971
==========================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $74,333,311/5,532,818 shares) $ 13.43
Class C (based on $12,170,495/927,103 shares) $ 13.13
Class K (based on $52,221,804/3,875,940 shares) $ 13.47
Class R (based on $14,562,183/1,090,269 shares) $ 13.36
Class Y (based on $7,450,178/551,813 shares) $ 13.50
MAXIMUM OFFERING PRICE:
Class A ($13.43 (divided by) 94.25%) $ 14.25
==========================================================================================
* Represents restricted cash deposited at the custodian and/or counterparty for
derivative contracts.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/16 25
Statement of Operations
For the Year Ended 8/31/16
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $218,046) $ 3,912,164
Interest 117,457
---------------------------------------------------------------------------------------------------
Total investment income $ 4,029,621
---------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 1,264,825
Transfer agent fees
Class A 94,135
Class C 12,636
Class K 52
Class R 43
Class Y 302
Distribution fees
Class A 188,001
Class C 129,337
Class R 47,523
Shareholder communications expense 180,891
Administrative expense 94,667
Custodian fees 44,079
Registration fees 27,206
Professional fees 70,628
Printing expense 35,039
Fees and expenses of nonaffiliated Trustees 7,758
Miscellaneous 15,285
---------------------------------------------------------------------------------------------------
Total expenses $ 2,212,407
Less fees waived and expenses reimbursed by Pioneer
Investment Management, Inc. (260,446)
---------------------------------------------------------------------------------------------------
Net expenses $ 1,951,961
---------------------------------------------------------------------------------------------------
Net investment income $ 2,077,660
---------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS,
WRITTEN OPTIONS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $(7,565,264)
Futures contracts 291,711
Written options 33,025
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (100,461) $(7,340,989)
---------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $10,619,001
Other assets and liabilities denominated in foreign currencies 14,267 $10,633,268
---------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments, futures
contracts, written options and foreign currency transactions $ 3,292,279
---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 5,369,939
===================================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global Equity Fund | Annual Report | 8/31/16
Statements of Changes in Net Assets
---------------------------------------------------------------------------------------------------
Year Ended Year Ended
8/31/16 8/31/15
---------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 2,077,660 $ 1,304,453
Net realized gain (loss) on investments, futures contracts, total
return swap, written options, and foreign currency transactions (7,340,989) 10,505,297
Change in net unrealized appreciation (depreciation)
on investments and foreign currency transactions 10,633,268 (20,554,877)
---------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ 5,369,939 $ (8,745,127)
---------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.08 and $0.38 per share, respectively) $ (471,470) $ (2,165,744)
Class C ($0.00 and $0.30 per share, respectively) -- (252,529)
Class K ($0.15 and $0.00 per share, respectively)** (589,987) --
Class R ($0.13 and $0.00 per share, respectively)*** (76,329) --
Class Y ($0.15 and $0.45 per share, respectively) (271,227) (2,272,661)
---------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (1,409,013) $ (4,690,934)
---------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS: (a)
Net proceeds from sale or exchange of shares $ 33,783,592 $121,389,969
Reinvestment of distributions 658,359 2,627,476
Cost of shares repurchased (48,756,116) (97,010,855)
---------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from Fund
share transactions $(14,314,165) $ 27,006,590
---------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $(10,353,239) $ 13,570,529
NET ASSETS:
Beginning of year $171,091,210 $157,520,681
---------------------------------------------------------------------------------------------------
End of year $160,737,971 $171,091,210
---------------------------------------------------------------------------------------------------
Undistributed net investment income $ 1,717,208 $ 1,034,603
===================================================================================================
(a) At August 31, 2016, Pioneer Asset Allocation Trust owned 32.7% of the value
of outstanding shares of Pioneer Global Equity Fund.
** Class K shares commenced operations on December 31, 2014.
*** Class R shares commenced operations on July 1, 2015.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/16 27
Statements of Changes in Net Assets (continued)
---------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
8/31/16 8/31/16 8/31/15 8/31/15
Shares Amount Shares Amount
---------------------------------------------------------------------------------------------------
Class A
Shares sold 911,559 $ 11,889,430 1,540,016 $ 21,741,127
Reinvestment of distributions 33,914 450,034 152,847 2,090,959
Less shares repurchased (1,344,828) (17,206,097) (1,217,019) (17,064,588)
---------------------------------------------------------------------------------------------------
Net increase (decrease) (399,355) $ (4,866,633) 475,844 $ 6,767,498
===================================================================================================
Class B*
Shares sold or exchanged -- $ -- -- $ --
Reinvestment of distributions -- -- -- --
Less shares repurchased -- -- (149,799) (2,044,742)
---------------------------------------------------------------------------------------------------
Net decrease -- $ -- (149,799) $ (2,044,742)
===================================================================================================
Class C
Shares sold 222,781 $ 2,826,420 625,499 $ 8,578,097
Reinvestment of distributions -- -- 17,966 241,637
Less shares repurchased (360,772) (4,537,583) (189,906) (2,624,849)
---------------------------------------------------------------------------------------------------
Net increase (decrease) (137,991) $ (1,711,163) 453,559 $ 6,194,885
===================================================================================================
Class K**
Shares sold -- $ -- 4,271,583 $ 57,908,556
Reinvestment of distributions -- -- -- --
Less shares repurchased (290,122) (3,661,494) (105,521) (1,492,962)
---------------------------------------------------------------------------------------------------
Net increase (decrease) (290,122) $ (3,661,494) 4,166,062 $ 56,415,594
===================================================================================================
Class R***
Shares sold 1,056,022 $ 13,514,533 181,756 $ 2,526,092
Reinvestment of distributions -- -- -- --
Less shares repurchased (143,077) (1,834,686) (4,432) (62,198)
---------------------------------------------------------------------------------------------------
Net increase 912,945 $ 11,679,847 177,324 $ 2,463,894
===================================================================================================
Class Y
Shares sold 426,331 $ 5,553,209 2,156,949 $ 30,636,097
Reinvestment of distributions 15,675 208,325 21,508 294,880
Less shares repurchased (1,713,296) (21,516,256) (5,339,157) (73,721,516)
---------------------------------------------------------------------------------------------------
Net decrease (1,271,290) $(15,754,722) (3,160,700) $(42,790,539)
===================================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
** Class K shares commenced operations on December 31, 2014.
*** Class R shares commenced operations on July 1, 2015.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Global Equity Fund | Annual Report | 8/31/16
Financial Highlights
-----------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/16 8/31/15 8/31/14 8/31/13 8/31/12
-----------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 13.00 $ 14.05 $ 11.31 $ 9.64 $ 9.27
-----------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.14(a) $ 0.07 $ 0.27 $ 0.15 $ 0.17
Net realized and unrealized gain (loss) on investments 0.37 (0.74) 2.67 1.68 0.33
-----------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.51 $ (0.67) $ 2.94 $ 1.83 $ 0.50
-----------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.08) $ (0.38) $ (0.20) $ (0.16) $ (0.13)
-----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.43 $ (1.05) $ 2.74 $ 1.67 $ 0.37
-----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 13.43 $ 13.00 $ 14.05 $ 11.31 $ 9.64
=================================================================================================================
Total return* 3.92% (4.88)% 26.13% 19.17% 5.50%
Ratio of net expenses to average net assets 1.30% 1.30% 1.30% 1.30% 1.30%
Ratio of net investment income (loss) to average net assets 1.08% 0.60% 2.01% 1.35% 1.71%
Portfolio turnover rate 88% 109% 121% 160% 152%
Net assets, end of period (in thousands) $74,333 $77,115 $76,638 $62,996 $56,970
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 1.45% 1.50% 1.56% 1.67% 1.72%
Net investment income (loss) to average net assets 0.94% 0.40% 1.75% 0.98% 1.29%
=================================================================================================================
* 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.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/16 29
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/16 8/31/15 8/31/14 8/31/13 8/31/12
--------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 12.72 $ 13.78 $ 11.11 $ 9.47 $ 9.09
--------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.04(b) $ (0.08)(a) $ 0.14 $ 0.05 $ 0.10
Net realized and unrealized gain (loss) on investments 0.37 (0.68) 2.63 1.66 0.31
--------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.41 $ (0.76) $ 2.77 $ 1.71 $ 0.41
--------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ -- $ (0.30) $ (0.10) $ (0.07) $ (0.03)
--------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.41 $ (1.06) $ 2.67 $ 1.64 $ 0.38
--------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 13.13 $ 12.72 $ 13.78 $ 11.11 $ 9.47
====================================================================================================================
Total return* 3.22% (5.60)% 24.98% 18.11% 4.56%
Ratio of net expenses to average net assets 2.03% 2.05% 2.20% 2.20% 2.20%
Ratio of net investment income (loss) to average net assets 0.35% (0.14)% 1.13% 0.45% 0.82%
Portfolio turnover rate 88% 109% 121% 160% 152%
Net assets, end of period (in thousands) $ 12,170 $13,552 $ 8,427 $ 6,516 $ 5,682
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 2.16% 2.21% 2.35% 2.51% 2.53%
Net investment income (loss) to average net assets 0.22% (0.30)% 0.98% 0.14% 0.49%
====================================================================================================================
* 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.
(a) The amount shown for a share outstanding does not correspond with net
investment income on the Statement of Operations for the relevant period
due to timing of the sales and repurchase of shares.
(b) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Global Equity Fund | Annual Report | 8/31/16
--------------------------------------------------------------------------------------
Year 12/31/14
Ended to
8/31/16 8/31/15
--------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 13.03 $ 13.51
--------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.21(a) $ 0.11
Net realized and unrealized gain (loss) on investments 0.38 (0.59)
--------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.59 $ (0.48)
--------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.15) $ --
--------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.44 $ (0.48)
--------------------------------------------------------------------------------------
Net asset value, end of period $ 13.47 $ 13.03
======================================================================================
Total return* 4.51% (3.55)%***
Ratio of net expenses to average net assets 0.79% 0.79%**
Ratio of net investment income (loss) to average net assets 1.58% 1.44%**
Portfolio turnover rate 88% 109%
Net assets, end of period (in thousands) $52,222 $ 54,305
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 0.92% 0.95%**
Net investment income (loss) to average net assets 1.45% 1.28%**
======================================================================================
* 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.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/16 31
Financial Highlights (continued)
-------------------------------------------------------------------------------------
Year 7/1/15
Ended to
8/31/16 8/31/15
-------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 12.99 $ 14.08
-------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.13(a) $ 0.00(b)
Net realized and unrealized gain (loss) on investments 0.37 (1.09)
-------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.50 $ (1.09)
-------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.13) $ --
-------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.37 $ (1.09)
-------------------------------------------------------------------------------------
Net asset value, end of period $ 13.36 $ 12.99
=====================================================================================
Total return* 3.85% (7.74)%***
Ratio of net expenses to average net assets 1.55% 1.38%**
Ratio of net investment income (loss) to average net assets 1.04% 0.25%**
Portfolio turnover rate 88% 109%
Net assets, end of period (in thousands) $14,562 $ 2,304
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 1.68% 1.55%**
Net investment income (loss) to average net assets 0.91% 0.08%**
=====================================================================================
* 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.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Amount rounds to less than $0.01 or ($0.01) per share.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Global Equity Fund | Annual Report | 8/31/16
------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/16 8/31/15 8/31/14 8/31/13 8/31/12
------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 13.06 $ 14.12 $ 11.37 $ 9.69 $ 9.32
------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.20(a) $ 0.01 $ 0.37 $ 0.20 $ 0.21
Net realized and unrealized gain (loss) on investments 0.39 (0.62) 2.63 1.69 0.34
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.59 $ (0.61) $ 3.00 $ 1.89 $ 0.55
------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.15) $ (0.45) $ (0.25) $ (0.21) $ (0.18)
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.44 $ (1.06) $ 2.75 $ 1.68 $ 0.37
------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 13.50 $ 13.06 $ 14.12 $ 11.37 $ 9.69
==================================================================================================================
Total return* 4.50% (4.48)% 26.66% 19.75% 6.09%
Ratio of net expenses to average net assets 0.80% 0.80% 0.80% 0.80% 0.80%
Ratio of net investment income (loss) to average net assets 1.55% 0.85% 2.58% 1.85% 2.22%
Portfolio turnover rate 88% 109% 121% 160% 152%
Net assets, end of period (in thousands) $ 7,450 $23,815 $70,384 $71,726 $60,214
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 1.08% 0.96% 0.95% 1.00% 0.97%
Net investment income (loss) to average net assets 1.27% 0.69% 2.43% 1.65% 2.05%
==================================================================================================================
* 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.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/16 33
Notes to Financial Statements | 8/31/16
1. Organization and Significant Accounting Policies
Pioneer Global Equity Fund (the Fund) is one of two 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's investment objective is to seek long-term capital
growth.
The Fund offers five classes of shares designated as Class A, Class C, Class K,
Class R and Class Y shares. Class K shares commenced operations on December 31,
2014. Class R shares commenced operations on July 1, 2015. Class B shares were
converted to Class A shares as of the close of business on November 10, 2014.
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 of Trustees 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 (U.S. GAAP) 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 Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. The following is a summary of significant
accounting policies followed by the Fund in the preparation of its financial
statements:
34 Pioneer Global Equity Fund | Annual Report | 8/31/16
A. Security Valuation
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.
Equity securities that have traded on an exchange are valued by using the
last sale price on the principal exchange where they are traded. Equity
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 or, if both last bid and asked prices
are not available, at the last quoted bid price. Last sale and bid and
asked prices are provided by independent third party pricing services. In
the case of equity securities not traded on an exchange, prices are
typically determined by independent third party pricing services using a
variety of techniques and methods.
The principal exchanges and markets for non-U.S. equity 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 Fund uses a fair
value model developed by an independent pricing service to value non-U.S.
equity securities. On a daily basis, the pricing service recommends
changes, based on a proprietary model, to the closing market prices of each
non-U.S. security held by the Fund to reflect the security's fair value at
the time the Fund determines its net asset value. The Fund applies these
recommendations in accordance with procedures approved by the Board of
Trustees.
Fixed income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed income securities and/or other
factors. Valuations may be supplemented by dealers and other sources, as
required. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service.
Cash may include overnight deposits at approved financial institutions.
Futures contracts are generally valued at the closing settlement price
established by the exchange on which they are traded.
Options contracts are generally valued at the mean between the last bid and
ask prices on the principal exchange where they are traded.
Over-the-counter ("OTC") options and options on swaps ("swaptions") are
valued using prices
Pioneer Global Equity Fund | Annual Report | 8/31/16 35
supplied by independent pricing services, which consider such factors as
market prices, market events, quotations from one or more brokers, Treasury
spreads, yields, maturities and ratings, or may use a pricing matrix or
other fair value methods or techniques to provide an estimated value of the
security or instrument.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The 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 significantly from exchange prices, and
such differences could be material.
At August 31, 2016, no securities were valued using fair value methods
(other than securities valued using prices supplied by independent pricing
services).
B. Investment Income and Transactions
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.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. 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 provision for federal income taxes is required.
As of August 31, 2016, the Fund did not accrue any interest or penalties
with respect to uncertain tax positions, which, if applicable, would be
recorded as an income tax expense in the Statement of Operations. Tax
returns filed within the prior three years are subject to examination by
Federal and State tax authorities.
36 Pioneer Global Equity Fund | Annual Report | 8/31/16
In addition to the requirements of the Internal Revenue Code, the Fund may
also be required to pay local taxes on the recognition of capital gains
and/or the repatriation of foreign currencies in certain countries.
In determining the daily net asset value, the Fund estimates the reserve for
such taxes, if any, associated with investments in certain countries. The
estimated reserve for the capital gains is based on the net unrealized
appreciation on certain portfolio securities, the holding period of such
securities and the related tax rates, tax loss carryforward (if applicable)
and other such factors.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. GAAP. Distributions in excess of net investment
income or net realized gains are temporary overdistributions for financial
statement purposes resulting from differences in the recognition or
classification of income or distributions for financial statement and tax
purposes. Capital accounts within the financial statements are adjusted for
permanent book/tax differences to reflect tax character, but are not
adjusted for temporary differences. At August 31, 2016, the Fund
reclassified $13,958 to increase undistributed net investment income,
$16,251,515 to decrease accumulated net realized loss on investments,
futures contracts, written options and foreign currency transactions and
$16,265,473 to decrease paid-in capital to reflect permanent book/tax
differences. These adjustments have no impact on the net assets or results
of operations.
At August 31, 2016, the Fund was permitted to carry forward indefinitely
$6,514,026 of short-term losses under the Regulated Investment Company
Modernization Act of 2010 without limitation.
The tax character of distributions during the years ended August 31, 2016
and August 31, 2015, were as follows:
---------------------------------------------------------------------------
2016 2015
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $1,409,013 $4,690,934
---------------------------------------------------------------------------
Total $1,409,013 $4,690,934
===========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at August 31, 2016:
---------------------------------------------------------------------------
2016
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 1,717,208
Capital loss carryforward (6,514,026)
Net unrealized appreciation 13,272,724
---------------------------------------------------------------------------
Total $ 8,475,906
===========================================================================
Pioneer Global Equity Fund | Annual Report | 8/31/16 37
The difference between book basis and tax basis unrealized appreciation is
attributable to the tax deferral of losses on wash sales, adjustments
relating to catastrophe bonds, the tax treatment of premium and
amortization, the mark to market of forward and futures contracts, tax
basis adjustments on Real Estate Investment Trust (REIT) holdings, interest
accruals on preferred stock, partnerships and other holdings.
D. 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 $9,677 in underwriting commissions on the sale of Class
A shares during the year ended August 31, 2016.
E. 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 the market price of those
securities, but are included with the net realized and unrealized gain or
loss on investments (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 C and Class R shares of the Fund,
respectively (see Note 4). Class K and Class Y shares do not pay
distribution fees. All expenses and fees paid to the Fund's transfer agent
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, Class K, Class R and Class
Y shares can reflect different transfer agent and distribution expense
rates.
38 Pioneer Global Equity Fund | Annual Report | 8/31/16
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. Futures Contracts
The Fund may enter into futures transactions in order to attempt 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 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. The amount of cash deposited with the broker as collateral at
August 31, 2016, was $100,000 and is recorded within "Restricted cash" in
the Statement of Assets and Liabilities. 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 appreciation or depreciation. 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 as well as any fluctuation in
foreign currency exchange rates where applicable. The use of futures
contracts involves, to varying degrees, elements of market, interest rate,
currency exchange rate 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 value of contracts open during
the year ended August 31, 2016, was $(31,010). There were no futures
contracts outstanding at August 31, 2016.
I. Option Writing
The Fund may write put and covered call options to seek to increase total
return. When an option is written, the Fund receives a premium and becomes
obligated to purchase or sell the underlying security at a fixed price,
upon the exercise of the option. When the Fund writes an option, an amount
equal to the premium received by the Fund is recorded as a liability and is
subsequently adjusted to the current value of the option written. Premiums
received from writing options that expire unexercised are treated by the
Fund
Pioneer Global Equity Fund | Annual Report | 8/31/16 39
on the expiration date as realized gains from investments. The difference
between the premium and the amount paid on effecting a closing purchase
transaction, including brokerage commissions, is also treated as a realized
gain, or, if the premium is less than the amount paid for the closing
purchase transaction, as a realized loss. If a call option is exercised,
the premium is added to the proceeds from the sale of the underlying
security in determining whether the Fund has realized a gain or loss. The
Fund as writer of an option bears the market risk of an unfavorable change
in the price of the security underlying the written option.
The average value of written option contracts open during the year ended
August 31, 2016, was $(1,108). There were no written options outstanding at
August 31, 2016.
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 equal to
0.75% of the Fund's average daily net assets up to $500 million, 0.70% of the
next $500 million of the Fund's average daily net assets and 0.65% of the Fund's
average daily net assets over $1 billion. For the year ended August 31, 2016,
the effective management fee (excluding waivers and/or assumption of expenses)
was equivalent to 0.64% of the Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses (ordinary
operating expenses means all fund expenses other than extraordinary expenses,
such as litigation, taxes, brokerage commissions and acquired fund fees and
expenses) of the Fund to the extent required to reduce Fund expenses to 1.30%,
2.20%, 0.80%, 1.55% and 0.80% of the average daily net assets attributable to
Class A, Class C, Class K, Class R and Class Y shares, respectively. Fees waived
and expenses reimbursed during the year ended August 31, 2016, are reflected on
the Statement of Operations. These expense limitations are in effect through
January 1, 2018. 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
$36,966 in management fees, administrative costs and certain other
reimbursements payable to PIM at August 31, 2016.
40 Pioneer Global Equity Fund | Annual Report | 8/31/16
3. Transfer Agent
Effective November 2, 2015, Boston Financial Data Services, Inc. serves as the
transfer agent to the Fund at negotiated rates. Transfer agent fees and payables
shown on the Statement of Operations and the Statement of Assets and
Liabilities, respectively, include sub-transfer agent expenses incurred through
the Fund's omnibus relationship contracts.
Prior to November 2, 2015, Pioneer Investment Management Shareholder Services,
Inc., a wholly owned indirect subsidiary of UniCredit, provided substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareholder communications activities
such as proxy and statement mailings and outgoing phone calls. For the year
ended August 31, 2016, such out-of-pocket expenses by class of shares were as
follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $110,872
Class C 17,961
Class K 26
Class R 24,147
Class Y 27,885
--------------------------------------------------------------------------------
Total: $180,891
================================================================================
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, Class C and
Class R 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. Pursuant to the Plan, the
Fund further pays PFD 0.50% of the average daily net assets attributable to
Class R shares held by such plans. Included in "Due to affiliates" reflected on
the Statement of Assets and Liabilities is $2,087 in distribution fees payable
to PFD at August 31, 2016.
The Fund also has adopted a separate service plan for Class R shares (Service
Plan). The Service Plan authorizes the Fund to pay securities dealers, plan
administrators or other service organizations that agree to provide certain
Pioneer Global Equity Fund | Annual Report | 8/31/16 41
services to retirement plans or plan participants holding shares of the Fund a
service fee of up to 0.25% of the Fund's average daily net assets attributable
to Class R shares held by such plans.
In addition, redemptions of each class of shares (except Class R or 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 12 months 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 R or Class Y shares. Proceeds from the
CDSCs are paid to PFD. For the year ended August 31, 2016, CDSCs in the amount
of $1,262 were paid to PFD.
5. 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 February 10, 2016, was in the amount of $240
million. Effective February 10, 2016, the facility is in the amount of $220
million. Under such facility, depending on the type of loan, interest on
borrowings is payable at the London Interbank Offered Rate (LIBOR) plus 0.85% 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 Eurodollar 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 year ended August 31, 2016, the Fund had no
borrowings under the credit facility.
6. Forward Foreign Currency Contracts
During the year ended August 31, 2016, the Fund had entered into various forward
foreign currency contracts that obligate the Fund to deliver or take delivery of
currencies at specified future maturity dates. Alternatively, prior to the
settlement date of a forward foreign currency contract, the Fund may close out
such contract by entering into an offsetting contract. The average value of
forward foreign currency contracts open during the year ended August 31, 2016
was $(189,397). There were no open forward foreign currency contracts
outstanding at August 31, 2016.
42 Pioneer Global Equity Fund | Annual Report | 8/31/16
7. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund's use of derivatives may subject it to the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing
securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to
make further principal or interest payments on an obligation or commitment that
it has to the Fund.
Foreign exchange rate risk relates to fluctuations in the value of an asset or
liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments as
a result of changes in market prices (other than those arising from interest
rate risk or foreign exchange risk), whether caused by factors specific to an
individual investment, its issuer, or all factors affecting all instruments
traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity
index will fluctuate based on increases or decreases in the commodities market
and factors specific to a particular industry or commodity.
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure at August 31, 2016, was as follows:
--------------------------------------------------------------------------------------------------
Foreign
Statement of Interest Credit Exchange Equity Commodity
Operations Rate Risk Risk Rate Risk Risk Risk
--------------------------------------------------------------------------------------------------
Net realized gain
(loss) on:
Futures contracts $-- $-- $249,383 $42,328 $--
Written options -- -- -- 33,025 --
Forward foreign
currency contracts* -- -- (35,075) -- --
--------------------------------------------------------------------------------------------------
Total Value $-- $-- $214,308 $75,353 $--
==================================================================================================
* Included in the amount shown on the Statement of Operations as forward
foreign currency contracts and other assets and liabilities denominated in
foreign currencies.
Pioneer Global Equity Fund | Annual Report | 8/31/16 43
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust V
and the Shareowners of Pioneer Global Equity Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Pioneer Global Equity Fund (the "Fund"), one of
the portfolios constituting Pioneer Series Trust V, as of August 31, 2016, the
related statement of operations for the year then ended, the statements of
changes in net assets for each of the two years in the period then ended, and
the financial highlights for each of the three years in the period then ended.
These financial statements and financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits. The financial
highlights for the years ended August 31, 2013, and 2012, were audited by other
auditors. Those auditors expressed an unqualified opinion on those financial
statements and financial highlights in their report dated October 28, 2013.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. The Fund
is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audits included consideration of
internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Fund's internal control over
financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of August 31, 2016, by correspondence with the custodian
and brokers; when replies were not received from brokers, we performed other
auditing procedures. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, such financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Global Equity Fund as of August 31, 2016, the results of its operations
for the year then ended, the changes in its net assets for each of the two years
in the period then ended, and the financial highlights for each of the three
years in the period then ended, in conformity with accounting principles
generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
October 24, 2016
44 Pioneer Global Equity Fund | Annual Report | 8/31/16
Additional Information (unaudited)
For the year ended August 31, 2016, certain dividends paid by the Fund may be
subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax
Relief Reconciliation Act (the Act) of 2003. The Fund intends to designate up to
the maximum amount of such dividends allowable under the Act, as taxed at a
maximum rate of 15%. Complete information will be computed and reported in
conjunction with your 2016 form 1099-DIV.
The qualifying percentage of the Fund's ordinary income dividends for the
purpose of the corporate dividends received deduction was 83.26%.
Pioneer Global Equity Fund | Annual Report | 8/31/16 45
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Boston Financial Data 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.
Trustees and Officers
The Fund's Trustees and officers are listed below, together with their principal
occupations during at least the past five years. Trustees who are interested
persons of the Fund within the meaning of the 1940 Act are referred to as
Interested Trustees. Trustees who are not interested persons of the Fund are
referred to as Independent Trustees. Each of the Trustees serves as a trustee of
each of the 45 U.S. registered investment portfolios for which Pioneer serves as
investment adviser (the "Pioneer Funds"). The address for all Trustees and all
officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
46 Pioneer Global Equity Fund | Annual Report | 8/31/16
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (66) Trustee since Private investor (2004 - 2008 and 2013 - Director, Broadridge Financial
Chairman of the Board 2006. present); Chairman (2008 - 2013) and Chief Solutions, Inc. (investor
and Trustee Serves until a Executive Officer (2008 - 2012), Quadriserv, communications and securities
successor trustee Inc. (technology products for securities processing provider for financial
is elected or lending industry); and Senior Executive Vice services industry) (2009 -
earlier retirement President, The Bank of New York (financial present); Director, Quadriserv,
or removal. and securities services) (1986 - 2004) Inc. (2005 - 2013); and
Commissioner, New Jersey State
Civil Service Commission (2011 -
present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (72) Trustee since Managing Partner, Federal City Capital Director of New York Mortgage Trust
Trustee 2005. Advisors (corporate advisory services (publicly-traded mortgage REIT)
Serves until a company) (1997 - 2004 and 2008 - present); (2004 - 2009, 2012 - present);
successor trustee Interim Chief Executive Officer, Oxford Director of The Swiss Helvetia
is elected or Analytica, Inc. (privately-held research and Fund, Inc. (closed-end fund) (2010
earlier retirement consulting company) (2010); Executive Vice - present); Director of Oxford
or removal. President and Chief Financial Officer, Analytica, Inc. (2008 - present);
I-trax, Inc. (publicly traded health care and Director of Enterprise
services company) (2004 - 2007); and Community Investment, Inc.
Executive Vice President and Chief Financial (privately-held affordable housing
Officer, Pedestal Inc. (internet-based finance company) (1985 - 2010)
mortgage trading company) (2000 - 2002);
Private consultant (1995 - 1997), Managing
Director, Lehman Brothers (investment banking
firm) (1992 - 1995); and Executive, The World
Bank (1979 - 1992)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (71) Trustee since William Joseph Maier Professor of Political Trustee, Mellon Institutional Funds
Trustee 2008. Economy, Harvard University (1972 - present) Investment Trust and Mellon
Serves until a Institutional Funds Master
successor trustee Portfolio (oversaw 17 portfolios in
is elected or fund complex) (1989 - 2008)
earlier retirement
or removal.
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Global Equity Fund | Annual Report | 8/31/16 47
Independent Trustees (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (69) Trustee since Founding Director, Vice President and None
Trustee 2005. Corporate Secretary, The Winthrop Group, Inc.
Serves until a (consulting firm) (1982 - present); Desautels
successor trustee Faculty of Management, McGill University
is elected or (1999 - present); and Manager of Research
earlier Operations and Organizational Learning, Xerox
retirement or PARC, Xerox's advance research center (1990 -
removal. 1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (68) Trustee since President and Chief Executive Officer, Director of New America High Income
Trustee 2005. Newbury Piret Company (investment banking Fund, Inc. (closed-end investment
Serves until a firm) (1981 - present) company) (2004 - present); and
successor trustee Member, Board of Governors,
is elected or Investment Company Institute (2000
earlier - 2006)
retirement or
removal.
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (69) Trustee since Consultant (investment company services) None
Trustee 2014. (2012 - present); Executive Vice President,
Serves until a BNY Mellon (financial and investment company
successor trustee services) (1969 - 2012); Director, BNY
is elected or International Financing Corp. (financial
earlier services) (2002 - 2012); and Director, Mellon
retirement or Overseas Investment Corp. (financial
removal. services) (2009 - 2012)
------------------------------------------------------------------------------------------------------------------------------------
48 Pioneer Global Equity Fund | Annual Report | 8/31/16
Interested Trustee
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (58)* Trustee since Director and Executive Vice President (since None
Trustee 2014. 2008) and Chief Investment Officer, U.S.
Serves until a (since 2010) of PIM-USA; Executive Vice
successor trustee President of Pioneer (since 2008); Executive
is elected or Vice President of Pioneer Institutional
earlier Asset Management, Inc. (since 2009); and
retirement or Portfolio Manager of Pioneer (since 1999)
removal.
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Taubes is an Interested Trustee because he is an officer of the Fund's
investment adviser and certain of its affiliates.
Pioneer Global Equity Fund | Annual Report | 8/31/16 49
Advisory Trustee
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Lorraine Monchak (60)** Advisory Trustee Chief Investment Officer, 1199 SEIU Funds Trustee of Pioneer closed-end
Advisory Trustee since 2014. (healthcare workers union pension funds) investment companies (5
(2001 - present); Vice President - portfolios) (Sept. 2015 - present)
International Investments Group, American
International Group, Inc. (insurance
company) (1993 - 2001); Vice President
Corporate Finance and Treasury Group,
Citibank, N.A. (1980 - 1986 and 1990 -
1993); Vice President - Asset/Liability
Management Group, Federal Farm Funding
Corporation (government-sponsored issuer of
debt securities) (1988 - 1990); Mortgage
Strategies Group, Shearson Lehman Hutton,
Inc. (investment bank) (1987 - 1988); and
Mortgage Strategies Group, Drexel Burnham
Lambert, Ltd. (investment bank) (1986 -
1987)
------------------------------------------------------------------------------------------------------------------------------------
** Ms. Monchak is a non-voting advisory trustee.
50 Pioneer Global Equity Fund | Annual Report | 8/31/16
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Lisa M. Jones (54) Since 2014. Serves Chair, Director, CEO and President of Pioneer Trustee of Pioneer closed-end
President and at the discretion Investment Management-USA (since September investment companies (5
Chief Executive Officer of the Board. 2014); Chair, Director, CEO and President of portfolios) (Sept. 2015 - present)
Pioneer Investment Management, Inc. (since
September 2014); Chair, Director, CEO and
President of Pioneer Funds Distributor, Inc.
(since September 2014); Chair, Director, CEO
and President of Pioneer Institutional Asset
Management, Inc. (since September 2014); and
Chair, Director, and CEO of Pioneer
Investment Management Shareholder Services,
Inc. (since September 2014); Managing
Director, Morgan Stanley Investment
Management (2010 - 2013); and Director of
Institutional Business, CEO of International,
Eaton Vance Management (2005 - 2010)
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (51) Since 2005. Serves Vice President and Associate General Counsel None
Secretary and at the discretion of Pioneer since January 2008; Secretary and
Chief Legal Officer of the Board. Chief Legal Officer of all of the Pioneer
Funds since June 2010; Assistant Secretary of
all of the Pioneer Funds from September 2003
to May 2010; and Vice President and Senior
Counsel of Pioneer from July 2002 to December
2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (55) Since 2010. Serves Fund Governance Director of Pioneer since None
Assistant Secretary at the discretion December 2006 and Assistant Secretary of all
of the Board. the Pioneer Funds since June 2010; Manager -
Fund Governance of Pioneer from December 2003
to November 2006; and Senior Paralegal of
Pioneer from January 2000 to November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (53) Since 2010. Serves Senior Counsel of Pioneer since May 2013 and None
Assistant Secretary at the discretion Assistant Secretary of all the Pioneer Funds
of the Board. since June 2010; and Counsel of Pioneer from
June 2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (56) Since 2008. Serves Vice President - Fund Treasury of Pioneer; None
Treasurer and at the discretion Treasurer of all of the Pioneer Funds since
Chief Financial and of the Board. March 2008; Deputy Treasurer of Pioneer from
Accounting Officer March 2004 to February 2008; and Assistant
Treasurer of all of the Pioneer Funds from
March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Global Equity Fund | Annual Report | 8/31/16 51
Fund Officers (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (51) Since 2005. Serves Director - Fund Treasury of Pioneer; and None
Assistant Treasurer at the discretion Assistant Treasurer of all of the Pioneer
of the Board. Funds
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (58) Since 2005. Serves Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer at the discretion Pioneer; and Assistant Treasurer of all of
of the Board. the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (36) Since 2009. Serves Fund Administration Manager - Fund Treasury None
Assistant Treasurer at the discretion of Pioneer since November 2008; Assistant
of the Board. Treasurer of all of the Pioneer Funds since
January 2009; and Client Service Manager -
Institutional Investor Services at State
Street Bank from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (63) Since 2010. Serves Chief Compliance Officer of Pioneer and of None
Chief Compliance Officer at the discretion all the Pioneer Funds since March 2010;
of the Board. Chief Compliance Officer of Pioneer
Institutional Asset Management, Inc. since
January 2012; Chief Compliance Officer of
Vanderbilt Capital Advisors, LLC since July
2012: Director of Adviser and Portfolio
Compliance at Pioneer since October 2005;
and Senior Compliance Officer for Columbia
Management Advisers, Inc. from October 2003
to October 2005
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (45) Since 2006. Serves Director - Transfer Agency Compliance of None
Anti-Money Laundering at the discretion Pioneer and Anti-Money Laundering Officer of
Officer of the Board. all the Pioneer Funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
52 Pioneer Global Equity Fund | Annual Report | 8/31/16
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:
--------------------------------------------------------------------------------
Pioneer Funds
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.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2016 Pioneer Investments 19431-10-1016
Pioneer High Income
Municipal Fund
--------------------------------------------------------------------------------
Annual Report | August 31, 2016
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PIMAX
Class C HICMX
Class Y HIMYX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 8
Prices and Distributions 9
Performance Update 10
Comparing Ongoing Fund Expenses 13
Schedule of Investments 15
Financial Statements 28
Notes to Financial Statements 35
Report of Independent Registered Public Accounting Firm 43
Trustees, Officers and Service Providers 45
Pioneer High Income Municipal Fund | Annual Report | 8/31/16 1
President's Letter
Dear Shareowner,
While investors were greeted with a challenging market environment for the first
several weeks of the new year, the U.S. market generated modest single-digit
returns for both stocks and bonds through September 30th (the Bloomberg Barclays
Aggregate Bond Index was up by 5.8% through 9/30/16, and the Standard & Poor's
500 Index was up by 7.8%). Yet, it is becoming increasingly clear that the
investment landscape is undergoing significant change. For the past eight years,
global central banks have been the dominant force in the markets by maintaining
short-term interest rates at close to zero in an effort to stimulate economic
growth. With little room to lower rates further, however, central banks may be
losing their effectiveness. Many economies around the world are experiencing
slow growth as they face a variety of challenges, including the shifting
geopolitics driving "Brexit" - the United Kingdom's pending exit from the
European Union - as well as related movements in Europe, limited productivity
gains, aging populations, and transitioning economic models in China and other
emerging markets. In the United States, gross domestic product grew at a rate of
approximately 1.2% in the first half of 2016, although there are signs of
stronger growth ahead, driven primarily by U.S. consumers.
Investors currently face a difficult environment. Government bond yields outside
the U.S. are near zero and offer minimal opportunity to produce income. The
central bank-driven bull market in riskier assets has pushed up valuations
towards historic highs in the equity and investment-grade and high-yield
corporate bond markets. Central banks have pledged to move gradually to
normalize interest-rate policies as the global economy recovers, but it will
take many years for this historic credit cycle to unwind. Politics may also
influence markets or investor sentiment given the current global political
landscape, with the U.S. elections in November, continued challenges with
Brexit, and the December 2016 referendum on the Italian political system. These
factors may make it even more challenging for investors to achieve returns
similar to those experienced during periods of perceived market stability or
economic growth. Against this backdrop, investors are likely to face challenges
when it comes to finding opportunities for both income and capital appreciation,
and while much has been made of passive investing, we believe all investment
decisions are active choices.
Throughout Pioneer's history, we have believed in the importance of active
management. During challenging market conditions, we view the value of active
management as even more compelling. Our experienced and tenured investment teams
focus on identifying value across global markets using
2 Pioneer High Income Municipal Fund | Annual Report | 8/31/16
proprietary research, careful risk management, and a long-term perspective.
We believe our shareowners can benefit from the experience and tenure of our
investment teams as well as the insights generated from our extensive research
process.
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA Inc.
August 31, 2016
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. Past performance is no
guarantee of future results.
Pioneer High Income Municipal Fund | Annual Report | 8/31/16 3
Portfolio Management Discussion | 8/31/16
High-yield municipal bonds delivered strong performance over the 12-month period
ended August 31, 2016, as persistent investor demand drove up municipal bond
prices. In the following interview, Jonathan Chirunga and David Eurkus discuss
the factors that influenced the performance of Pioneer High Income Municipal
Fund during the 12-month period. Mr. Chirunga, a vice president and a portfolio
manager at Pioneer, manages the Fund along with Mr. Eurkus, Director of
Municipals, a senior vice president and a portfolio manager at Pioneer.
Q How did the Fund perform during the 12-month period ended August 31, 2016?
A Pioneer High Income Municipal Fund's Class A shares returned 10.90% during
the 12-month period ended August 31, 2016, while the Fund's benchmark, the
Bloomberg Barclays High Yield Municipal Bond Index (the Bloomberg Barclays
Index), returned 13.38%. During the same period, the average return of the
155 mutual funds in Lipper's High-Yield Municipal Debt Funds category was
9.83%, and the average return of the 200 mutual funds in Morningstar's
High-Yield Municipal Funds category was 9.77%.
Q How would you describe the market environment for municipal bond investors
during the 12-month period ended August 31, 2016?
A Prices of higher-yielding municipal bonds generally rose over the 12 months
as income-oriented investors found few attractive alternatives during a
period that saw interest rates in the taxable bond market continue to hover
at extraordinarily low levels. At the same time, greater fiscal austerity
by many states and municipalities served to reduce the levels of new
municipal bond issuance during the period. Very often, what little new
issuance that did appear in the market simply became vehicles through which
to refinance older bonds at lower interest rates.
Q What types of Fund investments or strategies had notable effects on
benchmark-relative performance during the 12-month period ended August 31,
2016?
A The Fund generated a healthy return in absolute terms during the period,
although performance did lag that of the Bloomberg Barclays Index. Most of
the Fund's benchmark-relative underperformance derived from the portfolio's
significant underweight exposure to bonds of Puerto Rican-based issuers.
We have largely avoided purchasing such bonds because of the continued
weakening of investment fundamentals in the Commonwealth of Puerto Rico,
which defaulted on its general obligation debt in July 2016. Puerto Rico's
finances had steadily deteriorated over time,
4 Pioneer High Income Municipal Fund | Annual Report | 8/31/16
owing to the loss of many of its better-educated workers, falling public
revenues, rising unemployment, and mounting unfunded liabilities of its pension
funds. Over the 12-month period, debt of Puerto Rican-based issuers represented
about 23% of the Blomberg Barclays Index, while the Fund's average exposure was
about one-tenth of that (2.3% to 2.4%). Despite Puerto Rico's fiscal problems
and debt default, the high-yield bonds of Puerto Rican issuers nevertheless
produced robust returns during the 12-month period as the distressed prices of
the debt instruments drew the attention of bargain-hunting investors. However,
we kept to our long-term commitment to invest the Fund in bonds of issuers that
we believe have fundamentally sound financial backing and the potential to offer
long-term investment value. While the portfolio's underweight to Puerto Rico was
the main factor in the Fund's benchmark-relative underperformance during the
period, underweights to the troubled credits of the City of Chicago, the Chicago
Board of Education, and the State of Illinois also hampered relative returns.
Because of their well-documented financial problems, the Fund had no exposure to
the debt of any of those issuers, which together accounted for about 6% of the
Bloomberg Barclays Index. As with Puerto Rico, though, the debt of the three
Illinois issuers also performed well during the period and the portfolio's
underexposure detracted from benchmark-relative results.
The Fund's overweighted position in special revenue bonds backed by proceeds
from tobacco liability settlements (tobacco bonds) had a substantial positive
influence on benchmark-relative performance during the period. Over the 12
months, we emphasized owning tobacco bonds, and the Fund was overweight by
roughly 3% compared with the benchmark as of August 31, 2016. We find tobacco
bonds attractive because of their generous yields, strong fundamentals, and high
levels of liquidity.
Individual investments that helped the Fund's benchmark-relative results during
the period included debt backed by a correctional facility in Otero County, New
Mexico, and by the Esperanza Academy, a charter school in Philadelphia. On the
negative side, individual holdings that detracted from relative performance
included bonds backed by revenues from a wood pellet factory in Sanger, Texas,
and by general revenue bonds issued by Tensas Parish, Louisiana.
In general, we tend to avoid investing the Fund in general obligation bonds, as
we prefer project revenue bonds supported by designated revenue streams
generated by specific programs or projects, such as tobacco bonds and the debt
of health care, educational, or transportation facilities. At the end of the
fiscal period on August 31, 2016, general obligation bonds accounted for just
over 4% of the portfolio's investments.
Pioneer High Income Municipal Fund | Annual Report | 8/31/16 5
Q What factors affected the Fund's yield, or distributions to shareholders
during the 12-month period ended August 31, 2016?
A The Fund's yield declined during the 12 months, as rising bond prices led
to lower effective yields in the high-yield municipal market. In addition,
as issuers called back municipal debt and refinanced with new debt, the
coupons on the newly issued bonds almost inevitably were lower than the
yields on the original bonds. For example, during the 12-month period we
saw one bond holding with an 8% coupon, backed by revenues of a senior
living center, called back and replaced by a new issue with a 5% coupon.
Q Did the Fund invest in any derivative securities during the 12-month period
ended August 31, 2016?
A No, the Fund had no investments in any derivative securities during the
period.
Q What is your investment outlook?
A We think the domestic backdrop should continue to support the high-yield
municipal market in the coming months. All indications are that the economy
- spurred by expansion of the employment market and new gains in household
income - should grow at a moderate pace of perhaps 2.00% through the end of
the year, as measured by gross domestic product. Such an environment should
support investor demand for municipals, while underpinning the
creditworthiness of high-yield municipal bonds. While the U.S. Federal
Reserve may raise short-term interest rates by 25 basis points (one-quarter
of one percentage point) before the end of 2016, we think such a modest and
widely anticipated hike will not be enough to cause any significant market
or economic disruptions. The looming presidential election does add some
uncertainty to the outlook; however, we do not think the election results
are likely to have a significant impact on the high-yield municipal market,
as investors are likely to continue to seek out products with healthy
yields and tax advantages.
We expect to maintain our emphasis on building a well-diversified*
portfolio of investments, concentrated in prudently structured project
revenue bonds issued by financially sound states, municipalities, and
public agencies.
* Diversification does not assure a profit nor protect against loss.
6 Pioneer High Income Municipal Fund | Annual Report | 8/31/16
Please refer to the Schedule of Investments on pages 15-27 for a full listing of
Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
Investments in high-yield or lower-rated securities are subject to greater-than-
average price volatility, illiquidity and possibility of default.
When interest rates rise, the prices of fixed-income securities in the Fund will
generally fall. Conversely, when interest rates fall, the prices of fixed-income
securities in the Fund will generally rise.
Investments in the Fund are subject to possible loss due to the financial
failure of issuers of underlying securities and their inability to meet their
debt obligations.
Prepayment risk is the chance that an issuer may exercise its right to prepay
its security, if falling interest rates prompt the issuer to do so. 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.
The value of municipal securities can be adversely affected by changes in
financial condition of municipal issuers, lower revenues, and regulatory and
political developments.
The Fund is non-diversified, which means that it can invest a large percentage
of its assets in the securities of any one or more issuers. This increases the
Fund's potential risk exposure.
The Fund may use derivatives, such as options, futures, inverse floating rate
obligations, swaps, and others, which can be illiquid, may disproportionately
increase losses, and have a potentially large impact on Fund performance.
Derivatives may have a leveraging effect on the Fund.
A portion of income may be subject to local, state, federal, and/or alternative
minimum tax. Capital gains, if any, are subject to a capital gains tax.
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.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Pioneer Investments for a prospectus or
summary prospectus containing this information. Read it carefully.
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. Past performance is not a
guarantee of future results.
Pioneer High Income Municipal Fund | Annual Report | 8/31/16 7
Portfolio Summary | 8/31/16
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Special Revenues 30.9%
Health 26.6%
Education 19.8%
Various Revenues 9.0%
Pollution Control Revenue 4.9%
General Obligation 4.9%
Transportation 1.9%
Housing 1.3%
Escrowed 0.4%
Insured 0.3%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)*
1. District of Columbia Tobacco Settlement Financing Corp., 6/15/46 2.58%
---------------------------------------------------------------------------------------------------
2. Sanger Industrial Development Corp., Texas Pellets Project Series B, 8.0%, 7/1/38 2.34
---------------------------------------------------------------------------------------------------
3. City of Philippi West Virginia, Alderson Broaddus, 7.75%, 10/1/44 2.32
---------------------------------------------------------------------------------------------------
4. Commonwealth of Puerto Rico, 8.0%, 7/1/35 2.13
---------------------------------------------------------------------------------------------------
5. Tobacco Settlement Financing Corp. Virginia, 5.0%, 6/1/47 1.94
---------------------------------------------------------------------------------------------------
6. Washington State Housing Finance Commission, Skyline at First Hill
Project Series A, 5.625%, 1/1/38 (Pre Refunded) 1.86
---------------------------------------------------------------------------------------------------
7. Michigan Tobacco Settlement Finance Authority, 6.0%, 6/1/48 1.76
---------------------------------------------------------------------------------------------------
8. Golden State Tobacco Securitization Corp., 5.75%, 6/1/47 1.74
---------------------------------------------------------------------------------------------------
9. Pennsylvania Economic Development Financing Authority, American Airways
Group Series B, 8.0%, 5/1/29 1.53
---------------------------------------------------------------------------------------------------
10. Buckeye Tobacco Settlement Financing Authority, 5.875%, 6/1/47 1.44
---------------------------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommendations to buy or sell
any security listed.
8 Pioneer High Income Municipal Fund | Annual Report | 8/31/16
Prices and Distributions | 8/31/16
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 8/31/16 8/31/15
--------------------------------------------------------------------------------
A $7.59 $7.22
--------------------------------------------------------------------------------
C $7.59 $7.22
--------------------------------------------------------------------------------
Y $7.49 $7.12
--------------------------------------------------------------------------------
Distributions per Share: 9/1/15-8/31/16
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.3980 $-- $--
--------------------------------------------------------------------------------
C $0.3416 $-- $--
--------------------------------------------------------------------------------
Y $0.4059 $-- $--
--------------------------------------------------------------------------------
Index Definitions
--------------------------------------------------------------------------------
The Bloomberg Barclays High Yield Municipal Bond Index is an unmanaged measure
of the performance of the high-yield municipal bond market. Index returns are
calculated monthly, assume reinvestment of dividends and, unlike Fund returns,
do not reflect any fees, expenses or sales charges. It is not possible to invest
directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts shown on pages 10-12.
Pioneer High Income Municipal Fund | Annual Report | 8/31/16 9
Performance Update | 8/31/16 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer High Income Municipal Fund at
public offering price during the periods shown, compared to that of the
Bloomberg Barclays High Yield Municipal Bond Index.
Average Annual Total Returns
(As of August 31, 2016)
--------------------------------------------------------------------------------
Bloomberg
Net Public Barclays
Asset Offering High Yield
Value Price Municipal
Period (NAV) (POP) Bond Index
--------------------------------------------------------------------------------
Life of Class
(10/17/06) 3.47% 2.99% 4.85%
5 Years 5.90 4.92 7.59
1 Year 10.90 5.91 13.38
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.89%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer High Income Bloomberg Barclays High Yield
Municipal Fund Municipal Bond Index
10/06 $ 9,550 $10,000
8/07 $ 9,662 $10,076
8/08 $ 9,184 $ 9,635
8/09 $ 7,861 $ 8,750
8/10 $ 9,838 $10,682
8/11 $10,018 $11,051
8/12 $11,144 $12,752
8/13 $10,669 $12,253
8/14 $11,470 $14,060
8/15 $12,030 $14,050
8/16 $13,342 $15,929
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.
10 Pioneer High Income Municipal Fund | Annual Report | 8/31/16
Performance Update | 8/31/16 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer High Income Municipal Fund during
the periods shown, compared to that of the Bloomberg Barclays High Yield
Municipal Bond Index.
Average Annual Total Returns
(As of August 31, 2016)
--------------------------------------------------------------------------------
Bloomberg
Barclays
High Yield
If If Municipal
Period Held Redeemed Bond Index
--------------------------------------------------------------------------------
Life of Class
(10/17/06) 2.63% 2.63% 4.85%
5 Years 5.11 5.11 7.59
1 Year 10.07 10.07 13.38
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.65%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer High Income Bloomberg Barclays High Yield
Municipal Fund Municipal Bond Index
10/06 $10,000 $10,000
8/07 $10,026 $10,076
8/08 $ 9,430 $ 9,635
8/09 $ 7,999 $ 8,750
8/10 $ 9,928 $10,682
8/11 $10,046 $11,051
8/12 $11,094 $12,752
8/13 $10,541 $12,253
8/14 $11,263 $14,060
8/15 $11,708 $14,050
8/16 $12,886 $15,929
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.
Pioneer High Income Municipal Fund | Annual Report | 8/31/16 11
Performance Update | 8/31/16 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer High Income Municipal Fund during
the periods shown, compared to that of the Bloomberg Barclays High Yield
Municipal Bond Index.
Average Annual Total Returns
(As of August 31, 2016)
--------------------------------------------------------------------------------
Bloomberg
Net Barclays
Asset High Yield
Value Municipal
Period (NAV) Bond Index
--------------------------------------------------------------------------------
Life of Class
(10/17/06) 3.47% 4.85%
5 Years 6.07 7.59
1 Year 11.17 13.38
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.71%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer High Income Bloomberg Barclays High Yield
Municipal Fund Municipal Bond Index
10/06 $5,000,000 $5,000,000
8/07 $5,040,643 $5,037,963
8/08 $4,765,972 $4,817,672
8/09 $4,084,381 $4,374,981
8/10 $5,094,276 $5,340,982
8/11 $5,197,079 $5,525,277
8/12 $5,790,897 $6,376,035
8/13 $5,556,051 $6,126,737
8/14 $5,983,213 $7,029,878
8/15 $6,277,406 $7,024,878
8/16 $6,978,775 $7,964,687
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.
12 Pioneer High Income Municipal Fund | Annual Report | 8/31/16
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
1. Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
2. Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer High Income Municipal Fund
Based on actual returns from March 1, 2016, through August 31, 2016.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 3/1/16
--------------------------------------------------------------------------------
Ending Account Value $1,057.20 $1,051.89 $1,057.05
(after expenses) on 8/31/16
--------------------------------------------------------------------------------
Expenses Paid $ 4.50 $ 8.41 $ 3.67
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.87%,
1.63% and 0.71% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
184/366 (to reflect the one-half year period).
Pioneer High Income Municipal Fund | Annual Report | 8/31/16 13
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% return per year before expenses, reflecting the
period from March 1, 2016, through August 31, 2016.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 3/1/16
--------------------------------------------------------------------------------
Ending Account Value $1,020.76 $1,016.94 $1,021.57
(after expenses) on 8/31/16
--------------------------------------------------------------------------------
Expenses Paid $ 4.42 $ 8.26 $ 3.61
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.87%,
1.63% and 0.71% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
184/366 (to reflect the one-half year period).
14 Pioneer High Income Municipal Fund | Annual Report | 8/31/16
Schedule of Investments | 8/31/16
------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------------
CORPORATE BOND -- 0.5%
DIVERSIFIED FINANCIALS -- 0.5%
Specialized Finance -- 0.5%
3,125,000 Texas Pellets, Inc., 8.0%, 12/31/16 (144A) $ 3,125,000
------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BOND
(Cost $3,125,000) $ 3,125,000
------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 98.9% (e)
Alaska -- 0.6%
3,700,000 Northern Tobacco Securitization Corp., 5.0%, 6/1/46 $ 3,621,190
------------------------------------------------------------------------------------------------------------
Arizona -- 1.5%
4,000,000 The Industrial Development Authority of the City of
Phoenix, Deer Valley Veterans Assisted Living,
5.125%, 7/1/36 $ 3,994,760
1,000,000 The Industrial Development Authority of the County of
Pima, Desert hights Charter, 7.0%, 5/1/34 1,097,290
3,000,000 The Industrial Development Authority of the County of
Pima, Desert hights Charter, 7.25%, 5/1/44 3,328,470
700,000 The Industrial Development Authority of the County of
Pima, Legacy Traditional School Project, 8.5%, 7/1/39
(Pre-Refunded) 833,399
490,000 The Industrial Development Authority of the County of
Pima, Paradise Eduation Center, 6.0%, 6/1/40 513,035
-------------
$ 9,766,954
------------------------------------------------------------------------------------------------------------
California -- 11.8%
175,000 California County Tobacco Securitization Agency,
Gold Country Funding Corp., 5.25%, 6/1/46 $ 175,000
1,215,000 California County Tobacco Securitization Agency,
Los Angeles County, 6/1/36 1,234,233
30,000 California County Tobacco Securitization Agency,
Merced County, 5.125%, 6/1/38 30,001
5,880,000 California County Tobacco Securitization Agency,
Merced County, 5.25%, 6/1/45 5,885,880
5,160,000 California County Tobacco Securitization Agency,
Sonoma County Corp., 5.125%, 6/1/38 5,160,361
2,385,000 California County Tobacco Securitization Agency,
Sonoma County Corp., 5.25%, 6/1/45 2,385,095
1,300,000 California Municipal Finance Authority, John Adams
Academics Project, 5.25%, 10/1/45 1,393,483
6,300,000 California Municipal Finance Authority, Santa Rosa
Academy Project Series A, 6.0%, 7/1/42 7,039,620
500,000 California Municipal Finance Authority, Santa Rosa
Academy Project, 5.125%, 7/1/35 553,840
1,575,000 California Municipal Finance Authority, Santa Rosa
Academy Project, 5.375%, 7/1/45 1,761,464
1,000,000 California School Finance Authority, 6.0%, View Park
Elementary and Middle School, 10/1/49 1,118,090
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/16 15
Schedule of Investments | 8/31/16 (continued)
------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------------
California -- (continued)
3,000,000 California School Finance Authority, 7.375%,
Classical Academies Project, 10/1/43 $ 3,660,390
3,230,000 California School Finance Authority, ICEF View Park
High School, 7.125%, 10/1/48 3,805,328
830,000 California School Finance Authority, View Park
Elementary and Middle School, 5.625%, 10/1/34 914,511
1,475,000 California School Finance Authority, View Park
Elementary and Middle School, 5.875%, 10/1/44 1,641,203
1,560,000 California Statewide Communities Development
Authority, California Baptist University, 6.125%, 11/1/33 1,800,396
4,030,000 California Statewide Communities Development
Authority, California Baptist University, 6.375%, 11/1/43 4,690,557
2,000,000 California Statewide Communities Development
Authority, Lancer Educational Student Housing
Project, 7.5%, 6/1/42 2,216,180
315,559 California Statewide Communities Development
Authority, Microgy Holdings Project, 9.0%, 12/1/38 (c) 3
750,000 City of Roseville California, HP Campus Oaks
Community Facility District, 5.0%, 9/1/36 796,485
1,550,000 City of Roseville California, HP Campus Oaks
Community Facility District, 5.5%, 9/1/46 1,691,980
11,000,000 Golden State Tobacco Securitization Corp.,
5.75%, 6/1/47 11,242,220
5,810,000 Golden State Tobacco Securitization Corp., 6/1/37 5,953,158
9,000,000 Inland Empire Tobacco Securitization Authority,
6/1/47 (d) 1,150,740
2,500,000 Pittsburg Unified School District, 9/1/41
(AGM CNTY GTD insured) (d) 1,021,600
1,925,000 Pittsburg Unified School District, 9/1/42
(AGM CNTY GTD insured) (d) 757,102
2,000,000 River Islands Public Financing Authority, 5.5%, 9/1/45 2,222,160
1,500,000 Tobacco Securitization Authority of Northern California,
5.375%, 6/1/38 1,499,490
80,000 Tobacco Securitization Authority of Northern California,
5.5%, 6/1/45 80,003
4,395,000 Tobacco Securitization Authority of Southern California,
5.0%, 6/1/37 4,395,176
350,000 Tobacco Securitization Authority of Southern California,
5.125%, 6/1/46 350,010
-------------
$ 76,625,759
------------------------------------------------------------------------------------------------------------
Colorado -- 5.3%
2,345,000 Castle Oaks Metropolitan District No. 3, 5.5%,
12/1/45 (f) $ 2,442,857
2,860,000 Castle Oaks Metropolitan District No. 3, 6.25%,
12/1/44 (f) 3,086,455
1,000,000 Colorado Educational & Cultural Facilities Authority,
Charter School Loveland Classical, 3.75%, 7/1/26 996,640
The accompanying notes are a an integral part of these financial statements.
16 Pioneer High Income Municipal Fund | Annual Report | 8/31/16
------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------------
Colorado -- (continued)
1,000,000 Colorado Educational & Cultural Facilities Authority,
Charter School University, 5.0%, 12/15/45 $ 1,064,900
1,250,000 Colorado Educational & Cultural Facilities Authority,
Charter School Loveland Classical, 5.0%, 7/1/36 1,309,275
2,000,000 Colorado Educational & Cultural Facilities Authority,
Charter School Loveland Classical, 5.0%, 7/1/46 2,077,420
2,000,000 Colorado Educational & Cultural Facilities Authority,
Charter School Rocky Mountain Classical, 8.0%, 9/1/43 2,136,520
5,000,000 Colorado Educational & Cultural Facilities Authority,
Charter School Rocky Mountain Classical,
8.125%, 9/1/48 5,361,300
2,000,000 Copperleaf Metropolitan District No. 2, 5.75%,
12/1/45 (f) 2,143,380
2,840,000 Crystal Crossing Metropolitan District, 5.25%,
12/1/40 (f) 2,927,926
2,575,000 Great Western Park Metropolitan District No. 2, 5.0%,
12/1/46 (f) 2,659,151
500,000 Leyden Rock Metropolitan District No. 10, 4.0%,
12/1/25 (f) 505,940
750,000 Leyden Rock Metropolitan District No. 10, 4.375%,
12/1/33 (f) 753,570
1,250,000 Leyden Rock Metropolitan District No. 10, 5.0%,
12/1/45 (f) 1,285,650
500,000 Leyden Rock Metropolitan District No. 10, 7.25%,
12/15/45 (f) 497,940
1,700,000 Littleton Village Metropolitan District No. 2, 5.375%,
12/1/45 (f) 1,760,809
1,500,000 Promenade Castle Rock Metropolitan District No. 1,
5.75%, 12/1/39 (f) 1,590,975
1,000,000 Sterling Ranch Community Authority Board, 5.75%,
12/1/45 (MUN GOVT GTD insured) 1,030,590
575,000 Water Valley Metropolitan District No. 02, 5.25%,
12/1/40 (f) 645,719
-------------
$ 34,277,017
------------------------------------------------------------------------------------------------------------
Connecticut -- 0.5%
2,885,000 Town of Hamden Connecticut, Whitney Center Project,
7.75%, 1/1/43 $ 3,047,137
------------------------------------------------------------------------------------------------------------
District of Columbia -- 3.3%
121,000,000 District of Columbia Tobacco Settlement Financing
Corp., 6/15/46 (d) $ 16,650,810
735,000 District of Columbia Tobacco Settlement Financing
Corp., 6.75%, 5/15/40 760,718
4,000,000 District of Columbia, Provident Group Howard
Properties, 5.0%, 10/1/45 4,071,160
-------------
$ 21,482,688
------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/16 17
Schedule of Investments | 8/31/16 (continued)
------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------------
Florida -- 2.4%
5,000,000 Alachua County Health Facilities Authority, Terraces
Bonita Springs Project, 8.125%, 11/15/46 $ 5,977,000
1,820,000 County of Liberty Florida, Twin Oaks Project, 8.25%,
7/1/28 (c) 270,234
5,000,000 Florida Development Finance Corp., Tuscan Isle
Champions Gate, 6.375%, 6/1/46 5,264,550
1,000,000 Florida Development Finance Corp., Tuscan Isle
Obligated Group, 7.0%, 6/1/35 1,074,570
3,000,000 Florida Development Finance Corp., Tuscan Isle
Obligated Group, 7.0%, 6/1/45 3,223,710
-------------
$ 15,810,064
------------------------------------------------------------------------------------------------------------
Hawaii -- 0.2%
1,000,000 State of Hawaii Department of Budget & Finance,
15 Craigside Project, 9.0%, 11/15/44 $ 1,214,610
------------------------------------------------------------------------------------------------------------
Illinois -- 3.6%
2,500,000 Illinois Finance Authority, Presence Health Newtown,
5.0%, 2/15/41 $ 2,854,175
4,213,653 4.00 Illinois Finance Authority, Clare Oaks Project Series B,
Floating Rate Note, 11/15/52 2,965,358
2,634,795 Illinois Finance Authority, Clare Oaks Project Series C1,
11/15/52 (d) 93,904
526,959 Illinois Finance Authority, Clare Oaks Project Series C2,
11/15/52 (d) 143,665
526,959 Illinois Finance Authority, Clare Oaks Project Series C3,
11/15/52 (d) 90,379
1,250,000 Illinois Finance Authority, Norwegian American Hospital,
7.625%, 9/15/28 1,369,450
4,845,000 Illinois Finance Authority, Norwegian American Hospital,
7.75%, 9/15/38 5,627,710
485,000 Southwestern Illinois Development Authority,
Comprehensive Mental Health Center, 6.2%, 6/1/17 492,086
7,020,000 Southwestern Illinois Development Authority,
Comprehensive Mental Health Center, 6.625%, 6/1/37 7,284,654
2,315,000 Southwestern Illinois Development Authority, Village of
Sauget Project, 5.625%, 11/1/26 2,187,305
-------------
$ 23,108,686
------------------------------------------------------------------------------------------------------------
Indiana -- 2.4%
1,750,000 City of Carmel Indiana, Barrington Carmel Project
Series A, 7.0%, 11/15/32 $ 1,997,642
2,000,000 City of Carmel Indiana, Barrington Carmel Project
Series A, 7.125%, 11/15/42 2,284,820
2,000,000 City of Carmel Indiana, Barrington Carmel Project
Series A, 7.125%, 11/15/47 2,279,000
3,500,000 City of Crown Point Indiana, Wittenberg Village Project,
8.0%, 11/15/39 3,924,795
The accompanying notes are an integral part of these financial statements.
18 Pioneer High Income Municipal Fund | Annual Report | 8/31/16
------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------------
Indiana -- (continued)
4,000,000 Hospital Authority of Vigo County, Union Hospital, Inc.,
8.0%, 9/1/41 (Pre Refunded) $ 4,821,160
-------------
$ 15,307,417
------------------------------------------------------------------------------------------------------------
Iowa -- 1.7%
2,285,000 Iowa Tobacco Settlement Authority, 5.5%, 6/1/42 $ 2,285,069
5,290,000 Iowa Tobacco Settlement Authority, 5.6%, 6/1/34 5,327,876
3,705,000 Iowa Tobacco Settlement Authority, 5.625%, 6/1/46 3,714,559
-------------
$ 11,327,504
------------------------------------------------------------------------------------------------------------
Maryland -- 0.2%
995,000 Maryland Health & Higher Educational Facilities
Authority, City Neighbors Series A, 6.75%, 7/1/44 $ 1,138,260
------------------------------------------------------------------------------------------------------------
Massachusetts -- 2.0%
3,954,928 Massachusetts Development Finance Agency, 5.5%,
Linden Ponds, Inc., 11/15/46 $ 3,847,314
2,000,000 Massachusetts Development Finance Agency,
Adventcare Project Series A, 6.75%, 10/15/37 2,062,220
845,000 Massachusetts Development Finance Agency,
Adventcare Project, 7.625%, 10/15/37 951,487
1,235,770 Massachusetts Development Finance Agency, Linden
Ponds, Inc., Series A-1, 6.25%, 11/15/26 1,315,984
3,340,294 Massachusetts Development Finance Agency, Linden
Ponds, Inc., Series A-1, 6.25%, 11/15/39 3,520,269
1,116,746 Massachusetts Development Finance Agency, Linden
Ponds, Inc., Series B, 11/15/56 (d) 6,198
1,440,000 0.50 Massachusetts Health & Educational Facilities
Authority, Harvard University Series B, Floating Rate
Note, 11/1/49 1,440,000
-------------
$ 13,143,472
------------------------------------------------------------------------------------------------------------
Michigan -- 6.3%
1,250,000 Flint Hospital Building Authority, Hurley Medical Center
Series A, 5.25%, 7/1/39 $ 1,286,762
1,250,000 Flint Hospital Building Authority, Hurley Medical Center,
7.375%, 7/1/35 1,427,088
5,485,000 Flint International Academy, 5.75%, 10/1/37 5,545,445
185,000 Michigan Public Educational Facilities Authority,
Dr. Joseph Pollack, 7.25%, 4/1/20 197,804
2,020,000 Michigan Public Educational Facilities Authority,
Dr. Joseph Pollack, 8.0%, 4/1/40 2,233,150
4,295,000 Michigan Public Educational Facilities Authority, Ltd.,
Obligation-David Ellis-West Project, 5.875%, 6/1/37 4,331,894
7,135,000 6.75 Michigan Strategic Fund, CFP Michigan Dept Offices
Lease B, Floating Rate Note, 3/1/40 7,845,147
4,000,000 6.62 Michigan Strategic Fund, Floating Rate Note, 11/1/41 4,361,880
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/16 19
Schedule of Investments | 8/31/16 (continued)
------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------------
Michigan -- (continued)
750,000 Michigan Tobacco Settlement Finance Authority,
6.0%, 6/1/34 $ 754,538
11,320,000 Michigan Tobacco Settlement Finance Authority,
6.0%, 6/1/48 11,389,052
1,250,000 Michigan Tobacco Settlement Finance Authority,
6.875%, 6/1/42 1,287,662
-------------
$ 40,660,422
------------------------------------------------------------------------------------------------------------
Minnesota -- 1.2%
2,000,000 Bloomington Port Authority, Radisson Blu MOA LLC,
9.0%, 12/1/35 $ 2,207,120
1,500,000 City of Brooklyn Park Minnesota, Prairie Seeds Academy
Project Series A, 9.25%, 3/1/39 (Pre-Refunded) 1,593,915
400,000 City of Deephaven Minnesota, Eagle Ridge Academy
Project, 5.25%, 7/1/37 433,472
1,500,000 City of Deephaven Minnesota, Eagle Ridge Academy
Project, 5.5%, 7/1/50 1,640,265
2,000,000 City of Ham Lake Minnesota, Da Vinci Academy
Project, 5.0%, 7/1/47 2,093,340
-------------
$ 7,968,112
------------------------------------------------------------------------------------------------------------
Mississippi -- 0.3%
595,000 0.62 Mississippi Business Finance Corp., Chevron USA, Inc.,
Floating Rate Note, 12/1/30 $ 595,000
1,095,000 0.60 Mississippi Business Finance Corp., Chevron USA, Inc.,
Floating Rate Note, 12/1/30 1,095,000
-------------
$ 1,690,000
------------------------------------------------------------------------------------------------------------
Missouri -- 1.7%
5,645,000 Community Memorial Hospital District, 6.68%, 12/1/34 $ 5,851,551
500,000 Kansas City Industrial Development Authority,
4.25%, 4/1/26 499,595
1,000,000 Kansas City Industrial Development Authority,
5.0%, 4/1/36 1,018,260
1,150,000 Kansas City Industrial Development Authority,
5.0%, 4/1/46 1,148,183
2,500,000 Kirkwood Industrial Development Authority, Aberdeen
Hrights Series A, 8.25%, 5/15/45 2,823,800
-------------
$ 11,341,389
------------------------------------------------------------------------------------------------------------
New Jersey -- 3.1%
4,500,000 New Jersey Health Care Facilities Financing Authority,
St. Peters University Hospital, 6.25%, 7/1/35 $ 4,959,360
6,580,000 Tobacco Settlement Financing Corp. New Jersey,
4.75%, 6/1/34 6,413,921
9,000,000 Tobacco Settlement Financing Corp. New Jersey,
5.0%, 6/1/41 8,809,110
-------------
$ 20,182,391
------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer High Income Municipal Fund | Annual Report | 8/31/16
------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------------
New Mexico -- 1.1%
110,000 County of Otero New Mexico, 5.75%, 4/1/18 $ 110,549
80,000 County of Otero New Mexico, 6.0%, 4/1/23 81,521
7,100,000 County of Otero New Mexico, 6.0%, 4/1/28 7,217,434
-------------
$ 7,409,504
------------------------------------------------------------------------------------------------------------
New York -- 5.0%
210,000 Erie Tobacco Asset Securitization Corp., 5.0%, 6/1/38 $ 213,148
2,620,000 New York Counties Tobacco Trust IV, 5.0%, 6/1/45 2,610,280
10,000,000 New York Counties Tobacco Trust V, 6/1/38 (d) 2,720,800
8,030,000 Suffolk Tobacco Asset Securitization Corp., 6.0%, 6/1/48 8,150,289
8,000,000 Suffolk Tobacco Asset Securitization Corp., 6/1/44 8,509,680
10,000,000 The Erie County Industrial Development Agency,
Galvstar LLC Project Series A, 10/1/30 (c)(d) 2,499,100
8,000,000 The Erie County Industrial Development Agency,
Galvstar LLC Project Series B, 10/1/30 (c)(d) 1,999,280
1,795,000 The Erie County Industrial Development Agency,
Galvstar LLC Project Series C, 10/1/30 (c)(d) 448,588
115,000 TSASC, Inc. New York, 5.0%, 6/1/34 115,115
5,040,000 TSASC, Inc. New York, 5.125%, 6/1/42 4,996,152
-------------
$ 32,262,432
------------------------------------------------------------------------------------------------------------
Ohio -- 6.2%
5,735,000 Buckeye Tobacco Settlement Financing Authority,
5.75%, 6/1/34 $ 5,670,367
9,350,000 Buckeye Tobacco Settlement Financing Authority,
5.875%, 6/1/47 9,297,640
8,555,000 Buckeye Tobacco Settlement Financing Authority,
6.0%, 6/1/42 8,550,722
6,335,000 Buckeye Tobacco Settlement Financing Authority,
6.5%, 6/1/47 6,500,660
1,150,000 County of Muskingum Ohio, Genesis Healthcare
System Project, 5.0%, 2/15/33 1,258,618
5,000,000 County of Muskingum Ohio, Genesis Healthcare
System Project, 5.0%, 2/15/48 5,420,900
2,900,000 Southeastern Ohio Port Authority, 6.0%, 12/1/42 3,328,185
-------------
$ 40,027,092
------------------------------------------------------------------------------------------------------------
Pennsylvania -- 9.1%
850,000 Allegheny County Hospital Development Authority,
Ohio Valley General Hospital Project A, 5.125%, 4/1/35 $ 850,094
8,000,000 Delaware County Industrial Development Authority
Pennsylvania, Chester Charter School, 5.125%, 6/1/46 8,067,840
2,375,000 Fulton County Industrial Development Authority, Fulton
County Medical Center, 5.0%, 7/1/46 2,567,138
2,500,000 Fulton County Industrial Development Authority, Fulton
County Medical Center, 5.0%, 7/1/51 2,681,350
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/16 21
Schedule of Investments | 8/31/16 (continued)
------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------------
Pennsylvania -- (continued)
3,000,000 Pennsylvania Economic Development Financing
Authority, Northwestern Human Services Series A,
5.25%, 6/1/28 $ 3,003,720
2,005,000 Pennsylvania Economic Development Financing
Authority, American Airways Group Series A, 7.5%, 5/1/20 2,293,459
8,445,000 Pennsylvania Economic Development Financing Authority,
American Airways Group Series B, 8.0%, 5/1/29 9,874,654
2,200,000 Philadelphia Authority for Industrial Development,
Greater Philadelphia Health Action, 6.5%, 6/1/45 2,366,760
3,145,000 Philadelphia Authority for Industrial Development,
Greater Philadelphia Health Action, 6.625%, 6/1/50 3,387,794
2,500,000 Philadelphia Authority for Industrial Development, Green
Woods Charter School Projects A, 5.5%, 6/15/32 2,681,225
5,200,000 Philadelphia Authority for Industrial Development, Green
Woods Charter School Projects A, 5.75%, 6/15/42 5,610,020
6,000,000 Philadelphia Authority for Industrial Development,
Nueva Esperanza, Inc., 8.2%, 12/1/43 7,012,980
1,000,000 Philadelphia Authority for Industrial Development,
Performing Arts Charter School Project, 6.5%,
6/15/33 (144A) 1,066,720
3,000,000 Philadelphia Authority for Industrial Development,
Performing Arts Charter School Project, 6.75%,
6/15/43 (144A) 3,211,980
4,000,000 The Hospitals & Higher Education Facilities Authority of
Philadelphia, Temple University Health System Series A,
5.625%, 7/1/42 4,487,360
-------------
$ 59,163,094
------------------------------------------------------------------------------------------------------------
Puerto Rico -- 2.1%
21,000,000 Commonwealth of Puerto Rico, 8.0%, 7/1/35 (c)(f) $ 13,728,750
------------------------------------------------------------------------------------------------------------
Rhode Island -- 0.7%
2,065,000 Central Falls Detention Facility Corp., 7.25%,
7/15/35 (c) $ 512,657
40,000,000 Tobacco Settlement Financing Corp. Rhode Island,
6/1/52 (d) 4,027,200
-------------
$ 4,539,857
------------------------------------------------------------------------------------------------------------
South Carolina -- 0.3%
2,300,000 South Carolina Jobs-Economic Development Authority,
Hampton Regional Medical, 5.25%, 11/1/36 $ 2,300,782
------------------------------------------------------------------------------------------------------------
Tennessee -- 0.0%+
5,000 Johnson City Health & Educational Facilities Board,
Appalachian Christian Village, 5.0%, 2/15/43 $ 5,361
------------------------------------------------------------------------------------------------------------
Texas -- 10.2%
200,000 Arlington Higher Education Finance Corp., Universal
Academy Series A, 5.875%, 3/1/24 $ 209,054
The accompanying notes are an integral part of these financial statements.
22 Pioneer High Income Municipal Fund | Annual Report | 8/31/16
------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------------
Texas -- (continued)
525,000 Arlington Higher Education Finance Corp., Universal
Academy Series A, 6.625%, 3/1/29 $ 553,324
375,000 Arlington Higher Education Finance Corp., Universal
Academy Series A, 7.0%, 3/1/34 399,176
7,030,000 Arlington Higher Education Finance Corp., Universal
Academy Series A, 7.125%, 3/1/44 7,448,566
400,000 City of Celina Texas, 5.375%, 9/1/28 409,360
1,000,000 City of Celina Texas, 5.5%, 9/1/24 1,026,010
250,000 City of Celina Texas, 5.5%, 9/1/32 255,825
650,000 City of Celina Texas, 5.875%, 9/1/40 664,950
1,075,000 City of Celina Texas, 6.0%, 9/1/30 1,105,078
2,700,000 City of Celina Texas, 6.25%, 9/1/40 2,774,736
500,000 City of Mclendon-Chisholm Texas, Sonoma Public Import
District Phase, 5.125%, 9/15/28 514,560
450,000 City of Mclendon-Chisholm Texas, Sonoma Public Import
District Phase, 5.375%, 9/15/35 462,992
400,000 City of Mclendon-Chisholm Texas, Sonoma Public Import
District Phase, 5.5%, 9/15/40 411,496
234,442 Gulf Coast Industrial Development Authority, Microgy
Holdings Project, 12/1/36 (c)(d) 2
1,300,000 Kinney County Public Facilities Corp., 7.0%, 11/1/25 1,211,925
2,000,000 La Vernia Higher Education Finance Corp., Meridian
World School Series A, 5.5%, 8/15/45 2,165,820
1,000,000 New Hope Cultural Education Facilities Finance Corp.,
Cardinal Bay Village, Inc., 4.75%, 7/1/51 1,080,490
250,000 New Hope Cultural Education Facilities Finance Corp.,
Cardinal Bay Village, Inc., 5.0%, 7/1/31 271,842
1,500,000 New Hope Cultural Education Facilities Finance Corp.,
Carillon Lifecare Community, 5.0%, 7/1/46 1,561,635
350,000 New Hope Cultural Education Facilities Finance Corp.,
Cardinal Bay Village, Inc., 5.25%, 7/1/36 385,861
1,250,000 New Hope Cultural Education Facilities Finance Corp.,
Cardinal Bay Village, Inc., 5.5%, 7/1/46 1,388,238
1,000,000 New Hope Cultural Education Facilities Finance Corp.,
Cardinal Bay Village, Inc., 5.75%, 7/1/51 1,130,640
125,000 New Hope Cultural Education Facilities Finance Corp.,
Cardinal Bay Village, Inc., 6.0%, 7/1/26 128,264
1,350,000 New Hope Cultural Education Facilities Finance Corp.,
Cardinal Bay Village, Inc., 7.0%, 7/1/51 1,396,926
1,155,000 Pottsboro Higher Education Finance Corp., 5.0%, 8/15/36 1,201,766
1,000,000 Pottsboro Higher Education Finance Corp., 5.0%, 8/15/46 1,028,620
17,350,000 Sanger Industrial Development Corp., Texas Pellets
Project Series B, 8.0%, 7/1/38 15,098,664
500,000 Tarrant County Cultural Education Facilities Finance
Corp., Stayton at Museum Way, 8.25%, 11/15/39 541,675
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/16 23
Schedule of Investments | 8/31/16 (continued)
------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------------
Texas -- (continued)
2,250,000 Tarrant County Cultural Education Facilities Finance
Corp., Mirador Project Series A, 8.0%, 11/15/29 $ 1,918,125
5,000,000 Tarrant County Cultural Education Facilities Finance
Corp., Mirador Project Series A, 8.125%, 11/15/39 4,268,250
120,000 Tarrant County Cultural Education Facilities Finance
Corp., MRC Crestview Project, 8.0%, 11/15/34
(Pre Refunded) 137,749
6,350,000 Tarrant County Cultural Education Facilities Finance
Corp., MRC Crestview Project, 8.125%, 11/15/44
(Pre Refunded) 7,277,354
1,775,000 Tarrant County Cultural Education Facilities Finance
Corp., Stayton at Museum Way Series A, 8.0%, 11/15/28 1,920,887
5,400,000 Tarrant County Cultural Education Facilities Finance
Corp., Stayton at Museum Way Series A,
8.25%, 11/15/44 5,833,566
1,000,000 Texas Midwest Public Facility Corp., Secure Treatment
Facility Project, 10/1/30 (c)(d) 116,230
-------------
$ 66,299,656
------------------------------------------------------------------------------------------------------------
Utah -- 1.4%
1,105,000 Utah Charter School Finance Authority, Summit
Academy High School Series A, 7.25%, 5/15/21 $ 1,217,224
1,985,000 Utah Charter School Finance Authority, Summit
Academy High School Series A, 8.125%, 5/15/31 2,262,979
5,145,000 Utah Charter School Finance Authority, Summit
Academy High School Series A, 8.5%, 5/15/41 5,942,424
-------------
$ 9,422,627
------------------------------------------------------------------------------------------------------------
Virginia -- 3.1%
2,100,000 Cherry Hill Community Development Authority, Potomac
Shores Project, 5.4%, 3/1/45 $ 2,230,305
815,000 Embrey Mill Community Development Authority,
5.3%, 3/1/35 851,268
4,685,000 Embrey Mill Community Development Authority,
5.6%, 3/1/45 4,890,906
12,870,000 Tobacco Settlement Financing Corp. Virginia,
5.0%, 6/1/47 12,516,461
-------------
$ 20,488,940
------------------------------------------------------------------------------------------------------------
Washington -- 2.4%
3,500,000 Washington State Housing Finance Commission,
Skyline at First Hill Project Series A, 5.625%, 1/1/27
(Pre Refunded) $ 3,557,610
11,825,000 Washington State Housing Finance Commission,
Skyline at First Hill Project Series A, 5.625%, 1/1/38
(Pre Refunded) 12,019,640
-------------
$ 15,577,250
------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer High Income Municipal Fund | Annual Report | 8/31/16
------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------------
West Virginia -- 3.1%
25,000,000 City of Philippi West Virginia, Alderson Broaddus,
7.75%, 10/1/44 (c) $ 14,999,500
5,340,000 West Virginia Hospital Finance Authority, Highland
Hospital Obligation Group, 9.125%, 10/1/41 4,990,230
-------------
$ 19,989,730
------------------------------------------------------------------------------------------------------------
Wisconsin -- 6.1%
500,000 Public Finance Authority, Lead Academy Project,
4.25%, 8/1/26 $ 498,785
2,725,000 Public Finance Authority, Bancroft Neurohealth Project,
5.0%, 6/1/36 2,801,055
1,000,000 Public Finance Authority, Lead Academy Project,
5.0%, 8/1/36 998,710
4,000,000 Public Finance Authority, Bancroft Neurohealth Project,
5.125%, 6/1/48 4,118,920
2,000,000 Public Finance Authority, Lead Academy Project,
5.125%, 8/1/46 1,988,660
8,615,000 Public Finance Authority, Cabs-Springshire Pre-Dev
Project, 12/1/20 (144A) (d) 5,269,279
1,590,000 Public Finance Authority, Coral Academy Science
Las Vegas, 5.625%, 7/1/44 1,786,063
5,325,000 Public Finance Authority, Glenridge Palmer Ranch
Series A, 8.25%, 6/1/46 6,659,658
5,057,500 Public Finance Authority, Las Ventanas Retirement
Community, 7.0%, 10/1/42 5,126,838
1,500,000 Public Finance Authority, Roseman University Health
Sciences, 5.75%, 4/1/35 1,621,125
4,150,000 Public Finance Authority, Roseman University Health
Sciences, 5.875%, 4/1/45 4,469,716
1,245,000 Public Finance Authority, Voyager Foundation, Inc.,
Project Series A, 5.125%, 10/1/45 1,299,755
2,815,000 Public Finance Authority, Voyager Foundation, Inc.,
Project Series A, 6.2%, 10/1/42 3,108,012
-------------
$ 39,746,576
------------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $616,990,155) $ 642,674,723
------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/16 25
Schedule of Investments | 8/31/16 (continued)
------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
------------------------------------------------------------------------------------------------------------
MUNICIPAL COLLATERALIZED DEBT
OBLIGATION -- 0.0%+
1,175,000 0.00 Non-Profit Preferred Funding Trust I, Floating Rate
Note, 9/15/37 (144A) $ 90,945
------------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION
(Cost $1,172,601) $ 90,945
------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 99.4%
(Cost $621,287,756) (a)(g) $ 645,890,668
------------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 0.6% $ 4,209,629
------------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 650,100,297
============================================================================================================
+ Amount rounds to less than 0.1%.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally
to qualified institutional buyers in a transaction exempt from
registration. At August 31, 2016, the value of these securities
amounted to $12,763,924 or 2.0% of total net assets.
(Pre-Refunded) Pre-Refunded bonds have been collateralized by U.S. Treasury
securities which are held in escrow and used to pay principal
and interest on the tax-exempt issue and to retire the bonds in
full at the earliest refunding date.
(a) At August 31, 2016, the net unrealized appreciation on
investments based on cost for federal income tax purposes of
$620,536,869 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 65,189,443
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (39,835,644)
------------
Net unrealized appreciation $ 25,353,799
============
(b) Debt obligation with a variable interest rate. Rate shown is
rate at end of period.
(c) Security is in default.
(d) Security issued with a zero coupon. Income is earned through
accretion of discount.
(e) Consists of Revenue Bonds unless otherwise indicated.
(f) Represents a General Obligation bond.
The accompanying notes are an integral part of these financial statements.
26 Pioneer High Income Municipal Fund | Annual Report | 8/31/16
(g) The concentration of investments by type of obligation/market
sector is as follows:
Revenue Bonds:
Special Revenues 30.9%
Health 26.6%
Education 19.8%
Various Revenues 9.0%
Pollution Control Revenue 4.9%
General Obligation 4.9%
Transportation 1.9%
Housing 1.3%
Escrowed 0.4%
Insured 0.3%
----------------------------------------------------------------
100.0%
================================================================
Purchases and sales of securities (excluding temporary cash investments) for the
year ended August 31, 2016 aggregated $206,984,326 and $109,053,534,
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.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of August 31, 2016, in valuing
the Fund's investments:
----------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------
Corporate Bond $ -- $ 3,125,000 $ -- $ 3,125,000
Municipal Bonds -- 642,674,723 -- 642,674,723
Municipal Collateralized
Debt Obligation -- 90,945 -- 90,945
----------------------------------------------------------------------------------------
Total $ -- $645,890,668 $ -- $645,890,668
========================================================================================
During the year ended August 31, 2016, there were no transfers between Levels 1,
2 and 3.
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/16 27
Statement of Assets and Liabilities | 8/31/16
ASSETS:
Investment in securities, at value (cost $621,287,756) $645,890,668
Cash 1,069,704
Receivables --
Investment securities sold 1,812,225
Fund shares sold 3,489,452
Interest 9,432,794
Other assets 47,354
--------------------------------------------------------------------------------
Total assets $661,742,197
================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 9,257,162
Fund shares repurchased 1,618,316
Dividends 525,667
Trustee fees 3,864
Due to affiliates 31,301
Accrued expenses 205,590
--------------------------------------------------------------------------------
Total liabilities $ 11,641,900
================================================================================
NET ASSETS:
Paid-in capital $677,485,627
Undistributed net investment income 6,773,545
Accumulated net realized loss on investments (58,761,787)
Net unrealized appreciation on investments 24,602,912
--------------------------------------------------------------------------------
Total net assets $650,100,297
================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $292,018,826/38,462,524 shares) $ 7.59
Class C (based on $165,883,262/21,846,598 shares) $ 7.59
Class Y (based on $192,198,209/25,650,485 shares) $ 7.49
MAXIMUM OFFERING PRICE:
Class A ($7.59 (divided by) 95.5%) $ 7.95
================================================================================
The accompanying notes are an integral part of these financial statements.
28 Pioneer High Income Municipal Fund | Annual Report | 8/31/16
Statement of Operations
For the Year Ended 8/31/16
INVESTMENT INCOME:
Interest $32,628,642
------------------------------------------------------------------------------------------------
Total investment income $32,628,642
------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 2,831,058
Transfer agent fees
Class A 7,608
Class C 2,282
Class Y 1,198
Distribution fees
Class A 658,134
Class C 1,542,507
Shareholder communications expense 349,642
Administrative expense 191,604
Custodian fees 9,295
Registration fees 63,436
Professional fees 81,575
Printing expense 36,414
Fees and expenses of nonaffiliated Trustees 22,283
Miscellaneous 80,299
------------------------------------------------------------------------------------------------
Total expenses $ 5,877,335
------------------------------------------------------------------------------------------------
Net investment income $26,751,307
------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments $ 1,989,101
------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on investments $29,466,344
------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $31,455,445
------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $58,206,752
================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/16 29
Statements of Changes in Net Assets
---------------------------------------------------------------------------------------
Year Ended Year Ended
8/31/16 8/31/15
---------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 26,751,307 $ 27,796,505
Net realized gain (loss) on investments 1,989,101 (6,679,877)
Change in net unrealized appreciation (depreciation)
on investments 29,466,344 875,019
---------------------------------------------------------------------------------------
Net increase in net assets resulting
from operations $ 58,206,752 $ 21,991,647
---------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.40 and $0.40 per share, respectively) $ (14,110,287) $ (13,393,020)
Class C ($0.34 and $0.35 per share, respectively) (7,100,365) (7,010,653)
Class Y ($0.41 and $0.41 per share, respectively) (8,411,972) (6,591,060)
---------------------------------------------------------------------------------------
Total distributions to shareowners $ (29,622,624) $ (26,994,733)
---------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 207,486,927 $ 169,528,293
Reinvestment of distributions 23,616,447 22,079,945
Cost of shares repurchased (129,694,923) (156,480,079)
---------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 101,408,451 $ 35,128,159
---------------------------------------------------------------------------------------
Net increase in net assets $ 129,992,579 $ 30,125,073
NET ASSETS:
Beginning of year $ 520,107,718 $ 489,982,645
---------------------------------------------------------------------------------------
End of year $ 650,100,297 $ 520,107,718
---------------------------------------------------------------------------------------
Undistributed net investment income $ 6,773,545 $ 9,220,468
=======================================================================================
The accompanying notes are an integral part of these financial statements.
30 Pioneer High Income Municipal Fund | Annual Report | 8/31/16
----------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
8/31/16 8/31/16 8/31/15 8/31/15
Shares Amount Shares Amount
----------------------------------------------------------------------------------------
Class A
Shares sold 10,879,895 $ 80,711,420 11,663,809 $ 85,671,600
Reinvestment of distributions 1,622,275 12,049,427 1,603,795 11,756,863
Less shares repurchased (8,107,638) (59,867,557) (12,244,062) (89,616,434)
----------------------------------------------------------------------------------------
Net increase 4,394,532 $ 32,893,290 1,023,542 $ 7,812,029
========================================================================================
Class C
Shares sold 4,458,277 $ 33,099,836 3,106,826 $ 22,852,098
Reinvestment of distributions 773,004 5,742,165 775,852 5,689,573
Less shares repurchased (3,616,789) (26,764,754) (4,193,913) (30,726,011)
----------------------------------------------------------------------------------------
Net increase (decrease) 1,614,492 $ 12,077,247 (311,235) $ (2,184,340)
========================================================================================
Class Y
Shares sold 12,761,015 $ 93,675,671 8,395,575 $ 61,004,595
Reinvestment of distributions 793,540 5,824,855 640,635 4,633,509
Less shares repurchased (5,899,448) (43,062,612) (4,995,290) (36,137,634)
----------------------------------------------------------------------------------------
Net increase 7,655,107 $ 56,437,914 4,040,920 $ 29,500,470
========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/16 31
Financial Highlights
----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/16 8/31/15 8/31/14 8/31/13 8/31/12
----------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 7.22 $ 7.27 $ 7.19 $ 7.94 $ 7.58
----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.36(a) $ 0.41 $ 0.43 $ 0.53 $ 0.47
Net realized and unrealized gain (loss) on investments 0.41 (0.06) 0.09 (0.84) 0.34
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.77 $ 0.35 $ 0.52 $ (0.31) $ 0.81
----------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.40) $ (0.40) $ (0.44) $ (0.44) $ (0.45)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.37 $ (0.05) $ 0.08 $ (0.75) $ 0.36
----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.59 $ 7.22 $ 7.27 $ 7.19 $ 7.94
============================================================================================================================
Total return* 10.90% 4.88% 7.52% (4.26)% 11.24%
Ratio of net expenses to average net assets 0.87% 0.89% 0.90% 0.88% 0.89%
Ratio of net investment income (loss) to average net assets 4.86% 5.59% 5.97% 6.26% 6.25%
Portfolio turnover rate 20% 29% 55% 17% 54%
Net assets, end of period (in thousands) $292,019 $245,877 $240,331 $250,163 $373,039
============================================================================================================================
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
The accompanying notes are an integral part of these financial statements.
32 Pioneer High Income Municipal Fund | Annual Report | 8/31/16
----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/16 8/31/15 8/31/14 8/31/13 8/31/12
----------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 7.22 $ 7.28 $ 7.19 $ 7.94 $ 7.58
----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.30(a) $ 0.36 $ 0.41 $ 0.46 $ 0.41
Net realized and unrealized gain (loss) on investments 0.41 (0.07) 0.07 (0.83) 0.35
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.71 $ 0.29 $ 0.48 $ (0.37) $ 0.76
----------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.34) $ (0.35) $ (0.39) $ (0.38) $ (0.40)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.37 $ (0.06) $ 0.09 $ (0.75) $ 0.36
----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.59 $ 7.22 $ 7.28 $ 7.19 $ 7.94
============================================================================================================================
Total return* 10.07% 3.95% 6.85% (4.98)% 10.42%
Ratio of net expenses to average net assets 1.63% 1.65% 1.66% 1.63% 1.63%
Ratio of net investment income (loss) to average net assets 4.10% 4.83% 5.23% 5.53% 5.50%
Portfolio turnover rate 20% 29% 55% 17% 54%
Net assets, end of period (in thousands) $165,883 $146,029 $149,453 $195,290 $265,448
============================================================================================================================
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/16 33
Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/16 8/31/15 8/31/14 8/31/13 8/31/12
----------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 7.12 $ 7.18 $ 7.10 $ 7.84 $ 7.49
----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.37(a) $ 0.39 $ 0.46 $ 0.53 $ 0.48
Net realized and unrealized gain (loss) on investments 0.41 (0.04) 0.07 (0.82) 0.33
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.78 $ 0.35 $ 0.53 $ (0.29) $ 0.81
----------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.41) $ (0.41) $ (0.45) $ (0.45) $ (0.46)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.37 $ (0.06) $ 0.08 $ (0.74) $ 0.35
----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.49 $ 7.12 $ 7.18 $ 7.10 $ 7.84
============================================================================================================================
Total return* 11.17% 4.92% 7.69% (4.05)% 11.43%
Ratio of net expenses to average net assets 0.71% 0.71% 0.71% 0.72% 0.67%
Ratio of net investment income (loss) to average net assets 5.01% 5.77% 6.17% 6.40% 6.46%
Portfolio turnover rate 20% 29% 55% 17% 54%
Net assets, end of period (in thousands) $192,198 $128,202 $100,199 $119,658 $176,664
============================================================================================================================
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
* 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.
The accompanying notes are an integral part of these financial statements.
34 Pioneer High Income Municipal Fund | Annual Report | 8/31/16
Notes to Financial Statements | 8/31/16
1. Organization and Significant Accounting Policies
Pioneer High Income Municipal Fund (the Fund) is one of two 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 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 of Trustees 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 (U.S. GAAP) 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 Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. The following is a summary of significant
accounting policies followed by the Fund in the preparation of its financial
statements:
Pioneer High Income Municipal Fund | Annual Report | 8/31/16 35
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the New
York Stock Exchange (NYSE) is open, as of the close of regular trading on
the NYSE.
Fixed-income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed-income securities and/or other
factors. Valuations may be supplemented by dealers and other sources, as
required. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service.
Cash may include overnight time deposits at approved financial
institutions.
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 by a fair valuation
team comprised of certain personnel of Pioneer Investment Management, Inc.
(PIM), the Fund's investment adviser, pursuant to procedures adopted by the
Fund's Board of Trustees. PIM's fair valuation team uses fair value methods
approved by the Valuation Committee of the Board of Trustees. PIM's fair
valuation team is responsible for monitoring developments that may impact
fair valued securities and for discussing and assessing fair values on an
ongoing basis, and at least quarterly, with the Valuation Committee of the
Board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The 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 significantly from exchange prices, and
such differences could be material.
At August 31, 2016, there were no securities that were valued using fair
value methods (other than securities valued using prices supplied by
independent pricing services).
36 Pioneer High Income Municipal Fund | Annual Report | 8/31/16
B. Investment Income and Transactions
Discount and premium on purchase prices of debt securities are accreted or
amortized, respectively, daily into interest income on a yield-to-maturity
basis over the life of the respective security with a corresponding
increase or decrease in the cost basis of the security. Interest income,
including interest on income-bearing cash accounts, is recorded on the
accrual basis.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. 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 provision for federal income taxes is required.
As of August 31, 2016, the Fund did not accrue any interest or penalties
with respect to uncertain tax positions, which, if applicable, would be
recorded as an income tax expense in the Statement of Operations. Tax
returns filed within the prior three years remain subject to examination by
Federal and State tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. GAAP. Distributions in excess of net investment
income or net realized gains are temporary overdistributions for financial
statement purposes resulting from differences in the recognition or
classification of income or distributions for financial statement and tax
purposes. Capital accounts within the financial statements are adjusted for
permanent book/tax differences to reflect tax character, but are not
adjusted for temporary differences. At August 31, 2016, the Fund
reclassified $424,394 to increase undistributed net investment income and
$424,394 to increase accumulated net realized loss on investments to
reflect permanent book/tax differences. These adjustments have no impact on
net assets or the results of operations.
At August 31, 2016, the Fund was permitted to carry forward indefinitely
$19,307,455 of short-term losses and $30,745,221 of long-term losses under
the Regulated Investment Company Modernization Act of 2010 without
limitation. Additionally, at August 31, 2016, the Fund had a net capital
loss carryforward of $8,649,148 of which the following amounts will expire
between 2017 and 2018 if not utilized: $2,640,380 in 2017 and $6,008,768 in
2018. Since new losses are required to be used first, loss carryforwards
that are subject to expiration may be more likely to expire unused.
Pioneer High Income Municipal Fund | Annual Report | 8/31/16 37
During the year ended August 31, 2016, a capital loss carryforward of
$2,001,381 was utilized to offset net realized gains by the Fund.
The tax character of distributions during the years ended August 31, 2016
and August 31, 2015, were as follows:
---------------------------------------------------------------------------
2016 2015
---------------------------------------------------------------------------
Distributions paid from:
Tax-exempt income $28,998,856 $26,502,250
Ordinary income 623,768 492,483
---------------------------------------------------------------------------
Total $29,622,624 $26,994,733
===========================================================================
The following shows the components of distributable earnings on a federal
income tax-basis at August 31, 2016:
---------------------------------------------------------------------------
2016
---------------------------------------------------------------------------
Distributable earnings:
Undistributed tax-exempt income $ 10,413,727
Capital loss carryforward (58,701,824)
Current year dividend payable (525,709)
Net unrealized appreciation 21,428,476
---------------------------------------------------------------------------
Total $(27,385,330)
===========================================================================
The difference between book-basis and tax-basis net unrealized appreciation
is attributable to adjustments related to interest on defaulted bonds, the
tax treatment of amortization and tax-basis adjustments on partnerships.
D. 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 $97,710 in underwriting commissions on the sale of
Class A shares during the year ended August 31, 2016.
E. 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 Fund's transfer agent 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).
38 Pioneer High Income Municipal Fund | Annual Report | 8/31/16
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.
F. Risks
Interest rates in the U.S. recently have been historically low, so the Fund
faces a heightened risk that interest rates may rise. A general rise in
interest rates may cause investors to move out of fixed income securities
on a large scale, which could adversely affect the price and liquidity of
fixed income securities and could also result in increased redemptions from
the Fund.
The municipal bond market can be susceptible to unusual volatility,
particularly for lower-rated and unrated securities. Liquidity can be
reduced unpredictably in response to overall economic conditions or credit
tightening. Municipal issuers may be adversely affected by rising health
care costs, increasing unfunded pension liabilities, and by the phasing out
of federal programs providing financial support. Unfavorable conditions and
developments relating to projects financed with municipal securities can
result in lower revenues to issuers of municipal securities, potentially
resulting in defaults. Issuers often depend on revenues from these projects
to make principal and interest payments. The value of municipal securities
can also be adversely affected by changes in the financial condition of one
or more individual municipal issuers or insurers of municipal issuers,
regulatory and political developments, tax law changes or other legislative
actions, and by uncertainties and public perceptions concerning these and
other factors. Municipal securities may be more susceptible to downgrades
or defaults during recessions or similar periods of economic stress. In
recent periods, an increasing number of municipal issuers in the United
States have defaulted on obligations and commenced insolvency proceedings.
Financial difficulties of municipal issuers may continue or get worse. To
the extent the Fund invests significantly in a single state, including
California and Texas, or in securities the payments on which are dependent
upon a single project or source of revenues, or that relate to a sector or
industry, including health care facilities, education, transportation,
special revenues and pollution control, the Fund will be more susceptible
to associated risks and developments.
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
Pioneer High Income Municipal Fund | Annual Report | 8/31/16 39
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
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate equal to
0.50% of the Fund's average daily net assets up to $500 million; 0.475% of the
next $500 million of the Fund's average daily net assets and 0.45% of the Fund's
average daily net assets over $1 billion. For the year ended August 31, 2016,
the effective management fee (excluding waivers and/or assumption of expenses)
was equivalent to 0.50% 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% of the average daily net assets
attributable to Class A shares. Class C and Class Y shares do not have an
expense limitation. Fees waived and expenses reimbursed, if any, during the year
ended August 31, 2016 are reflected on the Statement of Operations. This expense
limitation is in effect through January 1, 2018, for Class A shares. There can
be no assurance that PIM will extend the expense limitation agreement 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
$18,310 in management fees, administrative costs and certain other
reimbursements payable to PIM at August 31, 2016.
3. Transfer Agent
Effective November 2, 2015, Boston Financial Data Services, Inc. serves as the
transfer agent to the Fund at negotiated rates. Transfer agent fees and payables
shown on the Statement of Operations and the Statement of Assets and
Liabilities, respectively, include sub-transfer agent expenses incurred through
the Fund's omnibus relationship contracts.
Prior to November 2, 2015, Pioneer Investment Management Shareholder Services,
Inc., a wholly owned indirect subsidiary of UniCredit, provided substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
40 Pioneer High Income Municipal Fund | Annual Report | 8/31/16
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareholder communications activities
such as proxy and statement mailings and outgoing phone calls. For the year
ended August 31, 2016, such out-of-pocket expenses by class of shares were as
follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 90,377
Class C 74,057
Class Y 185,208
--------------------------------------------------------------------------------
Total $349,642
================================================================================
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
(the Plan). 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 $12,991 in
distribution fees payable to PFD at August 31, 2016.
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 12 months of
purchase are subject to a CDSC of 1.00%, based on the lower of cost or market
value of shares being redeemed. Shares purchased as part of an exchange remain
subject to any CDSC that applied to the original purchase of those shares. There
is no CDSC for Class Y shares. Proceeds from the CDSCs are paid to PFD. For the
year ended August 31, 2016, CDSCs in the amount of $7,969 were paid to PFD.
5. 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 February 10, 2016, was in the amount of $240
million. As of February 10, 2016, the facility is in the amount of $220 million.
Under such
Pioneer High Income Municipal Fund | Annual Report | 8/31/16 41
facility, depending on the type of loan, interest on borrowings is payable at
the London Interbank Offered Rate (LIBOR) plus 0.85% 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
Eurodollar 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 year ended August 31, 2016, the Fund had no borrowings under
the credit facility.
42 Pioneer High Income Municipal Fund | Annual Report | 8/31/16
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust V and the
Shareowners of Pioneer High Income Municipal Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Pioneer High Income Municipal Fund (the "Fund"),
one of the portfolios constituting Pioneer Series Trust V, as of August 31,
2016, the related statement of operations for the year then ended, the
statements of changes in net assets for each of the two years in the period then
ended, and the financial highlights for each of the three years in the period
then ended. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits. The financial highlights for the years ended August 31, 2013, and 2012,
were audited by other auditors. Those auditors expressed an unqualified opinion
on those financial statements and financial highlights in their report dated
October 28, 2013.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. The Fund
is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audits included consideration of
internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Fund's internal control over
financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of August 31, 2016, by correspondence with the custodian
and brokers; when replies were not received from brokers, we performed other
auditing procedures. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, such financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer High Income Municipal Fund as of August 31, 2016, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended, and the financial highlights for each of
the three years in the period then ended, in conformity with accounting
principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
October 24, 2016
Pioneer High Income Municipal Fund | Annual Report | 8/31/16 43
ADDITIONAL INFORMATION (unaudited)
The percentages of the Fund's ordinary income distributions that are exempt from
nonresident alien (NRA) tax withholding resulting from qualified interest income
was 89.90%.
44 Pioneer High Income Municipal Fund | Annual Report | 8/31/16
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Boston Financial Data 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.
Trustees and Officers
The Fund's Trustees and officers are listed below, together with their principal
occupations during at least the past five years. Trustees who are interested
persons of the Fund within the meaning of the 1940 Act are referred to as
Interested Trustees. Trustees who are not interested persons of the Fund are
referred to as Independent Trustees. Each of the Trustees serves as a trustee of
each of the 45 U.S. registered investment portfolios for which Pioneer serves as
investment adviser (the "Pioneer Funds"). The address for all Trustees and all
officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
Pioneer High Income Municipal Fund | Annual Report | 8/31/16 45
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (66) Trustee since Private investor (2004 - 2008 and 2013 - Director, Broadridge Financial
Chairman of the Board 2006. present); Chairman (2008 - 2013) and Chief Solutions, Inc. (investor
and Trustee Serves until a Executive Officer (2008 - 2012), Quadriserv, communications and securities
successor trustee Inc. (technology products for securities processing provider for financial
is elected or lending industry); and Senior Executive Vice services industry) (2009 -
earlier retirement President, The Bank of New York (financial present); Director, Quadriserv,
or removal. and securities services) (1986 - 2004) Inc. (2005 - 2013); and
Commissioner, New Jersey State
Civil Service Commission (2011 -
present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (72) Trustee since Managing Partner, Federal City Capital Director of New York Mortgage Trust
Trustee 2006. Advisors (corporate advisory services (publicly-traded mortgage REIT)
Serves until a company) (1997 - 2004 and 2008 - present); (2004 - 2009, 2012 - present);
successor trustee Interim Chief Executive Officer, Oxford Director of The Swiss Helvetia
is elected or Analytica, Inc. (privately-held research and Fund, Inc. (closed-end fund) (2010
earlier retirement consulting company) (2010); Executive Vice - present); Director of Oxford
or removal. President and Chief Financial Officer, Analytica, Inc. (2008 - present);
I-trax, Inc. (publicly traded health care and Director of Enterprise
services company) (2004 - 2007); and Community Investment, Inc.
Executive Vice President and Chief Financial (privately-held affordable housing
Officer, Pedestal Inc. (internet-based finance company) (1985 - 2010)
mortgage trading company) (2000 - 2002);
Private consultant (1995 - 1997), Managing
Director, Lehman Brothers (investment banking
firm) (1992 - 1995); and Executive, The World
Bank (1979 - 1992)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (71) Trustee since William Joseph Maier Professor of Political Trustee, Mellon Institutional Funds
Trustee 2008. Economy, Harvard University (1972 - present) Investment Trust and Mellon
Serves until a Institutional Funds Master
successor trustee Portfolio (oversaw 17 portfolios in
is elected or fund complex) (1989 - 2008)
earlier retirement
or removal.
------------------------------------------------------------------------------------------------------------------------------------
46 Pioneer High Income Municipal Fund | Annual Report | 8/31/16
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (69) Trustee since Founding Director, Vice President and None
Trustee 2006. Corporate Secretary, The Winthrop Group, Inc.
Serves until a (consulting firm) (1982 - present); Desautels
successor trustee Faculty of Management, McGill University
is elected or (1999 - present); and Manager of Research
earlier Operations and Organizational Learning, Xerox
retirement or PARC, Xerox's advance research center (1990 -
removal. 1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (68) Trustee since President and Chief Executive Officer, Director of New America High Income
Trustee 2006. Newbury Piret Company (investment banking Fund, Inc. (closed-end investment
Serves until a firm) (1981 - present) company) (2004 - present); and
successor trustee Member, Board of Governors,
is elected or Investment Company Institute (2000
earlier - 2006)
retirement or
removal.
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (69) Trustee since Consultant (investment company services) None
Trustee 2014. (2012 - present); Executive Vice President,
Serves until a BNY Mellon (financial and investment company
successor trustee services) (1969 - 2012); Director, BNY
is elected or International Financing Corp. (financial
earlier services) (2002 - 2012); and Director, Mellon
retirement or Overseas Investment Corp. (financial
removal. services) (2009 - 2012)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer High Income Municipal Fund | Annual Report | 8/31/16 47
Interested Trustee
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (58)* Trustee since Director and Executive Vice President (since None
Trustee 2014. 2008) and Chief Investment Officer, U.S.
Serves until a (since 2010) of PIM-USA; Executive Vice
successor trustee President of Pioneer (since 2008); Executive
is elected or Vice President of Pioneer Institutional
earlier Asset Management, Inc. (since 2009); and
retirement or Portfolio Manager of Pioneer (since 1999)
removal.
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Taubes is an Interested Trustee because he is an officer of the Fund's
investment adviser and certain of its affiliates.
48 Pioneer High Income Municipal Fund | Annual Report | 8/31/16
Advisory Trustee
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Lorraine Monchak (60)** Advisory Trustee Chief Investment Officer, 1199 SEIU Funds Trustee of Pioneer closed-end
Advisory Trustee since 2014. (healthcare workers union pension funds) investment companies (5
(2001 - present); Vice President - portfolios) (Sept. 2015 - present)
International Investments Group, American
International Group, Inc. (insurance
company) (1993 - 2001); Vice President
Corporate Finance and Treasury Group,
Citibank, N.A. (1980 - 1986 and 1990 -
1993); Vice President - Asset/Liability
Management Group, Federal Farm Funding
Corporation (government-sponsored issuer of
debt securities) (1988 - 1990); Mortgage
Strategies Group, Shearson Lehman Hutton,
Inc. (investment bank) (1987 - 1988); and
Mortgage Strategies Group, Drexel Burnham
Lambert, Ltd. (investment bank) (1986 -
1987)
------------------------------------------------------------------------------------------------------------------------------------
** Ms. Monchak is a non-voting advisory trustee.
Pioneer High Income Municipal Fund | Annual Report | 8/31/16 49
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Lisa M. Jones (54) Since 2014. Serves Chair, Director, CEO and President of Pioneer Trustee of Pioneer closed-end
President and at the discretion Investment Management-USA (since September investment companies (5
Chief Executive Officer of the Board. 2014); Chair, Director, CEO and President of portfolios) (Sept. 2015 - present)
Pioneer Investment Management, Inc. (since
September 2014); Chair, Director, CEO and
President of Pioneer Funds Distributor, Inc.
(since September 2014); Chair, Director, CEO
and President of Pioneer Institutional Asset
Management, Inc. (since September 2014); and
Chair, Director, and CEO of Pioneer
Investment Management Shareholder Services,
Inc. (since September 2014); Managing
Director, Morgan Stanley Investment
Management (2010 - 2013); and Director of
Institutional Business, CEO of International,
Eaton Vance Management (2005 - 2010)
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (51) Since 2006. Serves Vice President and Associate General Counsel None
Secretary and at the discretion of Pioneer since January 2008; Secretary and
Chief Legal Officer of the Board. Chief Legal Officer of all of the Pioneer
Funds since June 2010; Assistant Secretary of
all of the Pioneer Funds from September 2003
to May 2010; and Vice President and Senior
Counsel of Pioneer from July 2002 to December
2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (55) Since 2010. Serves Fund Governance Director of Pioneer since None
Assistant Secretary at the discretion December 2006 and Assistant Secretary of all
of the Board. the Pioneer Funds since June 2010; Manager -
Fund Governance of Pioneer from December 2003
to November 2006; and Senior Paralegal of
Pioneer from January 2000 to November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (53) Since 2010. Serves Senior Counsel of Pioneer since May 2013 and None
Assistant Secretary at the discretion Assistant Secretary of all the Pioneer Funds
of the Board. since June 2010; and Counsel of Pioneer from
June 2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (56) Since 2008. Serves Vice President - Fund Treasury of Pioneer; None
Treasurer and at the discretion Treasurer of all of the Pioneer Funds since
Chief Financial and of the Board. March 2008; Deputy Treasurer of Pioneer from
Accounting Officer March 2004 to February 2008; and Assistant
Treasurer of all of the Pioneer Funds from
March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
50 Pioneer High Income Municipal Fund | Annual Report | 8/31/16
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (51) Since 2006. Serves Director - Fund Treasury of Pioneer; and None
Assistant Treasurer at the discretion Assistant Treasurer of all of the Pioneer
of the Board. Funds
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (58) Since 2006. Serves Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer at the discretion Pioneer; and Assistant Treasurer of all of
of the Board. the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (36) Since 2009. Serves Fund Administration Manager - Fund Treasury None
Assistant Treasurer at the discretion of Pioneer since November 2008; Assistant
of the Board. Treasurer of all of the Pioneer Funds since
January 2009; and Client Service Manager -
Institutional Investor Services at State
Street Bank from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (63) Since 2010. Serves Chief Compliance Officer of Pioneer and of None
Chief Compliance Officer at the discretion all the Pioneer Funds since March 2010;
of the Board. Chief Compliance Officer of Pioneer
Institutional Asset Management, Inc. since
January 2012; Chief Compliance Officer of
Vanderbilt Capital Advisors, LLC since July
2012: Director of Adviser and Portfolio
Compliance at Pioneer since October 2005;
and Senior Compliance Officer for Columbia
Management Advisers, Inc. from October 2003
to October 2005
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (45) Since 2006. Serves Director - Transfer Agency Compliance of None
Anti-Money Laundering at the discretion Pioneer and Anti-Money Laundering Officer of
Officer of the Board. all the Pioneer Funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
Pioneer High Income Municipal Fund | Annual Report | 8/31/16 51
This page for your notes.
52 Pioneer High Income Municipal Fund | Annual Report | 8/31/16
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:
--------------------------------------------------------------------------------
Pioneer Funds
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.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2016 Pioneer Investments 21203-09-1016
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 12(a)(1), a copy of
its code of ethics that applies to the registrant's principal
executive officer,principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-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.
The audit fees for the Trust were $73,121
payable to Deloitte & Touche LLP for the year ended
August 31, 2016 and $70,192 for the year ended August 31, 2015.
(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.
There were no audit-related services in 2016 or 2015.
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
The tax fees for the Trust were $15,906
payable to Deloitte & Touche LLP for the year ended
August 31, 2016 and $15,850 for the year ended August 31, 2015.
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
There were no other fees in 2016 or 2015.
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
Beginning with non-audit service contracts entered
into on or after May 6, 2003, the effective date of the
new SEC pre-approval rules, the Trust's audit
committee is required to pre-approve services to
affiliates defined by SEC rules to the extent that the
services are determined to have a direct impact on the
operations or financial reporting of the Trust. For the
years ended August 31 2016 and 2015, there were no
services provided to an affiliate that required the
Trust's audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
The aggregate non-audit fees for the Trust were $15,906
payable to Deloitte & Touche LLP for the year ended
August 31, 2016 and $15,850 for the year ended August 31, 2015.
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-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 registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 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 registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's 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 registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
Not applicable to open-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 registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R 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 and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the 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.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
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/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date October 27, 2016
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date October 27, 2016
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date October 27, 2016
* Print the name and title of each signing officer under his or her signature.