OMB APPROVAL
OMB Number: 3235-0570
Expires: January 31, 2017
Estimated average burden
hours per response.....20.6
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 811-21664
Pioneer Series Trust III
(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 Disciplined
Value Fund
--------------------------------------------------------------------------------
Annual Report | August 31, 2016
--------------------------------------------------------------------------------
Ticker Symbols:
Class A CVFCX
Class C CVCFX
Class R CVRFX
Class Y CVFYX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Comparing Ongoing Fund Expenses 16
Schedule of Investments 18
Financial Statements 22
Notes to Financial Statements 30
Report of Independent Registered Public Accounting Firm 37
Trustees, Officers and Service Providers 39
Pioneer Disciplined Value 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 Disciplined Value 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 Disciplined Value Fund | Annual Report | 8/31/16 3
Portfolio Management Discussion | 8/31/16
In the following interview, portfolio managers Ashesh (Ace) Savla and Craig
Sterling discuss the market environment for stocks and the performance of
Pioneer Disciplined Value Fund during the 12-month period ended August 31, 2016.
Mr. Savla, a vice president and Team Leader of U.S. Equity Quantitative Research
at Pioneer, and Mr. Sterling, a senior vice president, a portfolio manager, and
Head of Equity Research, U.S., at Pioneer, are responsible for the day-to-day
management of the Fund, along with John Peckham, CFA, 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 Disciplined Value Fund's Class A shares returned 7.35% at net asset
value during the 12-month period ended August 31, 2016, while the Fund's
benchmark, the Russell 1000 Value Index (the Russell Index), returned
12.92%. During the same period, the average return of the 499 mutual funds
in Lipper's Large Cap Value Funds category was 8.98%, and the average
return of the 1,368 mutual funds in Morningstar's Large Value Funds
category was 9.62%.
Q How would you describe the market environment for equity investors over the
12-month period ended August 31, 2016?
A The Fund's fiscal year began in September 2015, in the midst of a difficult
third calendar quarter for the domestic equity market. Concerns about
slowing economic growth in China, the impact of falling commodity prices
(especially oil), and uncertainty surrounding the timing of a potential
interest-rate hike by the U.S. Federal Reserve (the Fed) were the main
catalysts of the market declines. Stocks rebounded sharply in the fourth
quarter of 2015, though the market still experienced a sell-off in December
as worries about China's economy resurfaced and the Fed finally began its
rate-tightening cycle by increasing the Federal funds rate by a modest
0.25%.
In January 2016, volatility returned as the domestic stock market
experienced one of the worst opening months to a calendar year in its
history. The S&P 500 returned -4.66% in January and continued spiraling
downward through the first couple of weeks in February. Factors driving the
market slump during that timeframe were a renewed decline in oil
4 Pioneer Disciplined Value Fund | Annual Report | 8/31/16
prices, concerns about the Fed's "hawkish" tone regarding interest rates,
weaker U.S. economic data, continued anxiety about the Chinese economy, and
a plethora of geopolitical issues. Around mid-February, equities rebounded
once again as investors welcomed some positive data releases about the U.S.
economy, a recovery in oil prices, and a softening of the Fed's stance on
future rate hikes.
The mid-February rally continued right on through the end of the period on
August 31, as the S&P 500 returned a robust 13.59% over the final six
months of the Fund's fiscal year and finished the 12-month period up by
12.53%. Briefly interrupting the six-month market surge was a sell-off in
late June in the wake of the "Brexit" vote results in the United Kingdom
(UK), as citizens there voted in favor of the UK's leaving the European
Union. The "leave" side's victory in the Brexit vote on June 23 took the
markets by surprise and caused a high level of volatility over the next
couple of days, but the pendulum quickly swung back into positive territory
and most market participants recouped their losses by the end of the second
quarter on June 30.
Q What were the main reasons for the Fund's underperformance of the Russell
Index during the 12-month period ended August 31, 2016?
A Stock selection results in the financials and materials sectors were the
biggest drags on the Fund's benchmark-relative performance during the
period, with selection in financials by far the largest detractor from
relative returns.
The two holdings within financials that detracted the most from the Fund's
benchmark-relative results during the period were Bank of America and
Hartford Financial. Bank of America struggled with many operational issues
during the period, and so we sold the position before period end. Hartford
Financial is in the auto insurance business, with most of its customers
coming from AARP referrals (that is, retirees or people near retirement
age). The company has struggled of late due to an upsurge in accident
claims, the result of more drivers taking to the roads due to lower gas
prices.
In materials, the Fund's worst performer relative to the benchmark was a
position in LyondellBasell Industries. Lyondell is the world's largest
producer of polypropylene and polypropylene compounds (plastics), and
Pioneer Disciplined Value Fund | Annual Report | 8/31/16 5
benefits from a stable end-market. The stock was down during the period as
some of the company's rivals in the plastics business increased capacity,
and the market anticipated that the development would cut into Lyondell's
profit margin. We sold the shares before period end.
Other holdings that underperformed and detracted from the Fund's
benchmark-relative returns during the period included shares of energy
firms Newfield Exploration and Halliburton, and drug distributor Cardinal
Health (health care). Newfield's stock was a good performer for the Fund in
2015, but the company, like many other energy firms, began to struggle due
to low oil prices, and so we sold the position early in 2016. Halliburton
underperformed early in the period because the company had been trying to
acquire Baker-Hughes, but it seemed unlikely that the U.S. Department of
Justice would approve the deal. Since we do not base our investment cases
on the decisions of U.S. governmental agencies, we exited the Fund's
position and took a loss. Later in the period, though, we repurchased
Halliburton's shares because we believe the company will be one of the
primary beneficiaries of an anticipated increase in spending/production by
shale oil firms, which had cut back on production when oil prices were
nosediving. The increase in production should create a supply/demand
imbalance over the next couple of years, and we believe Halliburton will
benefit.
Finally, a position in Cardinal Health detracted from the Fund's
benchmark-relative performance as the company felt the adverse effects of a
slowdown in drug pricing in its supply chain. We still like the stock,
however, as it remains cheap, and we view the company as a value-added
position for the Fund in health care.
Q Which investment decisions aided the Fund's benchmark-relative returns
during the 12-month period ended August 31, 2016?
A Stock selection in the industrials sector was the biggest positive
contributor to the Fund's benchmark-relative performance during the period,
while an overweight to information technology and stock selection in the
two consumer-related sectors also aided relative returns.
In industrials, positions in Ingersoll-Rand and defense contractor Raytheon
boosted the Fund's benchmark-relative performance during the period.
Ingersoll-Rand makes heating and cooling (HVAC) units for non-residential
construction projects, which has been one of the
6 Pioneer Disciplined Value Fund | Annual Report | 8/31/16
better-performing areas of the U.S. economy over the last few years.
Raytheon's big presence in the Middle East, where defense spending has
risen in recent years due to increased instability in some parts of the
region, has benefited its performance. The company also has a solid
presence in the government cyber-security business, which has received
increased attention over the last few years.
Overall, the top-performing position in the Fund relative to the Russell
Index during the period was eBay (information technology). The company has
been successfully transitioning from its original online auction model to
more of a merchandising model, using data to better position its products.
eBay has established strong relationships with many consumer products
companies and has become the pre-eminent "off-price retailer" for
non-clothing merchandise sold online. Also in information technology, the
Fund's position in Taiwan Semiconductor aided benchmark-relative returns.
Semiconductors in general have been one of the stronger areas of the
information technology sector in recent years, and Taiwan Semi is one of
the largest and most sophisticated semiconductor firms.
In the consumer sectors, positions in Molson-Coors and Tyson Foods produced
positive benchmark-relative performance for the Fund during the period.
Molson is in the process of buying out its joint venture with SAB/Miller,
due to the latter firm's acquisition by AB InBev. The move should allow
Molson to consolidate operations and cut costs. Tyson has done well largely
due to the secular shift among consumers towards more protein consumption.
Q Did the Fund invest in any derivatives during the 12-month period ended
August 31, 2016?
A No. The Fund held no derivatives during the period.
Q How is the Fund positioned heading into the final few months of 2016, and
what is your investment outlook?
A In building the Fund's portfolio, we strive to incorporate the "best ideas"
of Pioneer's investment research analysts within the value stock universe.
Our analysts base their recommendations on rigorous, bottom-up fundamental
analysis that prioritizes independent thinking and a range of fundamental
and valuation outcomes. We combine our deep fundamental analysis with
proprietary financial models grounded in economic profit. We form our
investment outlook and themes from that process and the portfolio holdings
from which it derives.
Pioneer Disciplined Value Fund | Annual Report | 8/31/16 7
We believe both the U.S. economy and corporate earnings will continue to
grow modestly for the balance of 2016 as the headwinds from lower commodity
prices subside. In addition, we believe equity valuations remain attractive
relative to fixed-income investment alternatives. Within the value
universe, many companies are facing challenges brought about by changing
landscapes within their industries. We believe we have positioned the
portfolio in shares of companies that are secular winners, or in firms that
are transitioning their businesses to deal with those secular changes
(overarching, long-term industry trends).
With regard to Fund positioning, the largest overall weighting is in
financials, though that is largely due to the Russell Index's heavy
allocation in the sector. Within financials, the Fund is overweight in
banks because of cheap stock valuations and our expectation that the Fed
will resume its tightening cycle before the end of 2016. If rates do rise,
the overweight in banks should benefit the Fund's performance.
The Fund's largest sector overweight relative to the Russell Index is in
information technology, where we believe the risk/reward dynamics are
attractive. Software companies like Microsoft and eBay, which we view as
secular winners, are among the Fund's top holdings in the sector.
At the industry level, the Fund's largest overweight is in capital goods
(industrials sector). Holdings in the group include the aforementioned
Raytheon and Ingersoll-Rand, as well as Illinois Tool Works. All of those
companies represent good end-market stories. The Fund's second-largest
industry overweight is in media; more specifically, in media company Time
Warner, which we think has the best strategy going forward to deal with the
secularly changing industry landscape.
As of period end, the Fund is underweight in energy, despite the sector's
recovery over the final half of the 12-month period, because commodities
prices are hard to predict.
8 Pioneer Disciplined Value Fund | Annual Report | 8/31/16
Please refer to the Schedule of Investments on pages 18-21 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.
The Fund invests in a limited number of securities and, as a result, the
Fund's performance may be more volatile than the performance of other funds
holding more securities.
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.
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.
Pioneer Disciplined Value Fund | Annual Report | 8/31/16 9
Portfolio Summary | 8/31/16
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Common Stocks 91.4%
International Common Stocks 5.7%
Depositary Receipts for International Stocks 2.9%
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Financials 24.3%
Information Technology 13.8%
Health Care 12.2%
Industrials 11.1%
Energy 10.5%
Consumer Staples 10.0%
Utilities 5.7%
Consumer Discretionary 4.8%
Telecommunication Services 4.7%
Materials 2.9%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of equity holdings)*
1. JPMorgan Chase & Co. 5.25%
--------------------------------------------------------------------------------
2. US Bancorp 5.11
--------------------------------------------------------------------------------
3. Chevron Corp. 4.61
--------------------------------------------------------------------------------
4. Johnson & Johnson 4.39
--------------------------------------------------------------------------------
5. Pfizer, Inc. 4.00
--------------------------------------------------------------------------------
6. Synchrony Financial 3.81
--------------------------------------------------------------------------------
7. The Procter & Gamble Co. 3.30
--------------------------------------------------------------------------------
8. Verizon Communications, Inc. 3.29
--------------------------------------------------------------------------------
9. Time Warner, Inc. 3.27
--------------------------------------------------------------------------------
10. Public Service Enterprise Group, Inc. 3.20
--------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommendations to buy or sell
any securities listed.
10 Pioneer Disciplined Value 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 $14.18 $16.42
--------------------------------------------------------------------------------
C $13.91 $16.14
--------------------------------------------------------------------------------
R $13.77 $16.03
--------------------------------------------------------------------------------
Y $14.27 $16.49
--------------------------------------------------------------------------------
Distributions per Share: 9/1/15-8/31/16
--------------------------------------------------------------------------------
Short-Term Long-Term
Class Dividends Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1592 $0.0448 $3.1514
--------------------------------------------------------------------------------
C $0.0336 $0.0448 $3.1514
--------------------------------------------------------------------------------
R $0.1217 $0.0448 $3.1514
--------------------------------------------------------------------------------
Y $0.2056 $0.0448 $3.1514
--------------------------------------------------------------------------------
The Russell 1000 Value Index is an unmanaged measure of the performance of
large-cap U.S. value stocks. 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 12-15.
Pioneer Disciplined Value Fund | Annual Report | 8/31/16 11
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 Disciplined Value Fund at public
offering price during the periods shown, compared to that of the Russell 1000
Value Index.
Average Annual Total Returns
(As of August 31, 2016)
--------------------------------------------------------------------------------
Net Public Russell
Asset Offering 1000
Value Price Value
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
10 Years 5.28% 4.66% 6.08%
5 Years 10.56 9.26 14.39
1 Year 7.35 1.18 12.92
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.17%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer
Disciplined Russell 1000
Value Fund Value Index
8/06 $ 9,425 $10,000
8/07 $10,958 $11,285
8/08 $ 9,497 $ 9,631
8/09 $ 8,230 $ 7,679
8/10 $ 8,393 $ 8,060
8/11 $ 9,542 $ 9,218
8/12 $10,955 $10,813
8/13 $12,737 $13,310
8/14 $15,484 $16,562
8/15 $14,686 $15,986
8/16 $15,765 $18,052
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 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.
The Fund acquired the assets and liabilities of Pioneer Disciplined Value Fund
("the predecessor fund") on June 7, 2013. As a result of the reorganization, the
predecessor fund's performance and financial history became the performance and
financial history of the Fund. The performance of Class A shares of the Fund is
the performance of Class A shares of the predecessor fund for periods prior to
the reorganization, and has not been restated to reflect any differences in
expenses.
12 Pioneer Disciplined Value 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 Disciplined Value Fund during the
periods shown, compared to that of the Russell 1000 Value Index.
Average Annual Total Returns
(As of August 31, 2016)
--------------------------------------------------------------------------------
Russell
1000
If If Value
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life of Class
(7/16/08) 5.93% 5.93% 8.69%
5 Years 9.67 9.67 14.39
1 Year 6.62 6.62 12.92
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.91%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer
Disciplined Russell 1000
Value Fund Value Index
7/08 $10,000 $10,000
8/08 $10,148 $10,170
8/09 $ 8,717 $ 8,109
8/10 $ 8,810 $ 8,511
8/11 $ 9,925 $ 9,734
8/12 $11,276 $11,418
8/13 $12,999 $14,056
8/14 $15,690 $17,490
8/15 $14,770 $16,881
8/16 $15,748 $19,062
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.
The Fund acquired the assets and liabilities of Pioneer Disciplined Value Fund
("the predecessor fund") on June 7, 2013. As a result of the reorganization, the
predecessor fund's performance and financial history became the performance and
financial history of the Fund. The performance of Class C shares of the Fund is
the performance of Class C shares of the predecessor fund for periods prior to
the reorganization, and has not been restated to reflect any differences in
expenses.
Pioneer Disciplined Value 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 Disciplined Value Fund during the
periods shown, compared to that of the Russell 1000 Value Index.
Average Annual Total Returns
(As of August 31, 2016)
--------------------------------------------------------------------------------
Russell
1000
Net Asset Value
Period Value (NAV) Index
--------------------------------------------------------------------------------
10 Years 5.20% 6.08%
5 Years 10.40 14.39
1 Year 7.13 12.92
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2015)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.53% 1.40%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer
Disciplined Russell 1000
Value Fund Value Index
8/06 $10,000 $10,000
8/07 $11,625 $11,285
8/08 $10,074 $ 9,631
8/09 $ 8,730 $ 7,679
8/10 $ 8,903 $ 8,060
8/11 $10,122 $ 9,218
8/12 $11,621 $10,813
8/13 $13,501 $13,310
8/14 $16,369 $16,562
8/15 $15,498 $15,986
8/16 $16,603 $18,052
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 Fund acquired the assets and liabilities of Pioneer Disciplined Value Fund
("the predecessor fund") on June 7, 2013. As a result of the reorganization, the
predecessor fund's performance and financial history became the performance and
financial history of the Fund. The predecessor fund did not offer Class R
shares. Accordingly, the performance of Class R shares of the Fund is the
performance of Class A shares of the predecessor fund for periods prior to the
reorganization, restated to reflect the higher distribution and service fees of
Class R shares, but not other differences in expenses.
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.
The net expense ratio reflects the contractual expense limitation currently in
effect through January 1, 2017, for Class R shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
14 Pioneer Disciplined Value 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 Disciplined Value Fund during the
periods shown, compared to that of the Russell 1000 Value Index.
Average Annual Total Returns
(As of August 31, 2016)
--------------------------------------------------------------------------------
Russell
1000
Net Asset Value
Period Value (NAV) Index
--------------------------------------------------------------------------------
10 Years 5.56% 6.08%
5 Years 10.94 14.39
1 Year 7.80 12.92
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.85%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer
Disciplined Russell 1000
Value Fund Value Index
8/06 $5,000,000 $5,000,000
8/07 $5,812,282 $5,642,718
8/08 $5,047,613 $4,815,374
8/09 $4,380,208 $3,839,454
8/10 $4,479,192 $4,029,956
8/11 $5,111,204 $4,608,979
8/12 $5,888,080 $5,406,298
8/13 $6,865,802 $6,655,240
8/14 $8,374,373 $8,281,233
8/15 $7,967,859 $7,992,933
8/16 $8,589,329 $9,025,823
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 Fund acquired the assets and liabilities of Pioneer Disciplined Value Fund
("the predecessor fund") on June 7, 2013. As a result of the reorganization, the
predecessor fund's performance and financial history became the performance and
financial history of the Fund. The performance of Class Y shares of the Fund is
the performance of Class Y shares of the predecessor fund for periods prior to
the reorganization, and has not been restated to reflect any differences in
expenses. Performance shown for periods prior to the inception of Class Y shares
of the predecessor fund on July 30, 2008, is the net asset value performance of
the predecessor fund's Class A shares, which has not been restated to reflect
any differences in expenses, including Rule 12b-1 fees applicable to Class A
shares. Since fees for Class A shares generally are higher than those of Class Y
shares, the performance of Class Y shares of the predecessor fund prior to their
inception on July 30, 2008, would have been higher than the performance shown.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Disciplined Value Fund | Annual Report | 8/31/16 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.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Disciplined Value Fund
Based on actual returns from March 1, 2016, through August 31, 2016.
-----------------------------------------------------------------------------------
Share Class A C R Y
-----------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 3/1/16
-----------------------------------------------------------------------------------
Ending Account $1,129.05 $1,125.40 $1,128.75 $1,131.64
Value (after expenses)
on 8/31/16
-----------------------------------------------------------------------------------
Expenses Paid $ 6.32 $ 10.15 $ 7.49 $ 4.50
During Period*
-----------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.18%, 1.90%,
1.40%, and 0.84% for Class A, Class C, 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 Disciplined Value 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) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Disciplined Value Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from March 1, 2016, through August 31, 2016.
-----------------------------------------------------------------------------------
Share Class A C R Y
-----------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 3/1/16
-----------------------------------------------------------------------------------
Ending Account $1,019.20 $1,015.58 $1,018.10 $1,020.91
Value (after expenses)
on 8/31/16
-----------------------------------------------------------------------------------
Expenses Paid $ 5.99 $ 9.63 $ 7.10 $ 4.27
During Period*
-----------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.18%, 1.90%,
1.40%, and 0.84% for Class A, Class C, 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 Disciplined Value Fund | Annual Report | 8/31/16 17
Schedule of Investments | 8/31/16
---------------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------------
COMMON STOCKS -- 99.6%
ENERGY -- 10.5%
Oil & Gas Equipment & Services -- 4.9%
372,292 Halliburton Co. $ 16,012,279
145,933 Schlumberger, Ltd. 11,528,707
----------------
$ 27,540,986
---------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 4.6%
255,270 Chevron Corp. $ 25,675,057
---------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 1.0%
222,839 Cabot Oil & Gas Corp. $ 5,488,525
----------------
Total Energy $ 58,704,568
---------------------------------------------------------------------------------------------
MATERIALS -- 2.5%
Fertilizers & Agricultural Chemicals -- 1.0%
57,692 Agrium, Inc. $ 5,559,201
---------------------------------------------------------------------------------------------
Specialty Chemicals -- 1.5%
70,792 Ecolab, Inc. $ 8,710,956
----------------
Total Materials $ 14,270,157
---------------------------------------------------------------------------------------------
CAPITAL GOODS -- 9.6%
Aerospace & Defense -- 3.2%
125,409 Raytheon Co. $ 17,573,563
---------------------------------------------------------------------------------------------
Building Products -- 1.0%
156,635 Masco Corp. $ 5,557,410
---------------------------------------------------------------------------------------------
Industrial Machinery -- 5.4%
141,828 Illinois Tool Works, Inc. $ 16,856,258
197,925 Ingersoll-Rand Plc 13,456,921
----------------
$ 30,313,179
----------------
Total Capital Goods $ 53,444,152
---------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.5%
Air Freight & Logistics -- 1.5%
50,715 FedEx Corp. $ 8,364,425
----------------
Total Transportation $ 8,364,425
---------------------------------------------------------------------------------------------
MEDIA -- 3.3%
Movies & Entertainment -- 3.3%
232,637 Time Warner, Inc. $ 18,241,067
----------------
Total Media $ 18,241,067
---------------------------------------------------------------------------------------------
RETAILING -- 1.5%
Specialty Stores -- 1.5%
121,156 Tiffany & Co. $ 8,646,904
----------------
Total Retailing $ 8,646,904
---------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Disciplined Value Fund | Annual Report | 8/31/16
---------------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 1.1%
Food Retail -- 1.1%
194,478 Whole Foods Market, Inc. $ 5,908,242
----------------
Total Food & Staples Retailing $ 5,908,242
---------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 5.7%
Brewers -- 2.9%
155,641 Molson Coors Brewing Co. (Class B) $ 15,925,187
---------------------------------------------------------------------------------------------
Tobacco -- 2.8%
317,366 Reynolds American, Inc. $ 15,731,833
----------------
Total Food, Beverage & Tobacco $ 31,657,020
---------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 3.3%
Household Products -- 3.3%
210,549 The Procter & Gamble Co. $ 18,383,033
----------------
Total Household & Personal Products $ 18,383,033
---------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 3.8%
Health Care Distributors -- 1.7%
123,751 Cardinal Health, Inc. $ 9,859,242
---------------------------------------------------------------------------------------------
Managed Health Care -- 2.1%
98,678 Aetna, Inc. $ 11,557,167
----------------
Total Health Care Equipment & Services $ 21,416,409
---------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 8.4%
Pharmaceuticals -- 8.4%
205,224 Johnson & Johnson $ 24,491,432
640,719 Pfizer, Inc. 22,297,021
----------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 46,788,453
---------------------------------------------------------------------------------------------
BANKS -- 11.9%
Diversified Banks -- 10.3%
432,997 JPMorgan Chase & Co. $ 29,227,296
645,410 US Bancorp 28,494,852
----------------
$ 57,722,148
---------------------------------------------------------------------------------------------
Regional Banks -- 1.6%
94,994 The PNC Financial Services Group, Inc. $ 8,558,959
----------------
Total Banks $ 66,281,107
---------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 7.7%
Specialized Finance -- 1.1%
91,583 Nasdaq, Inc. $ 6,521,625
---------------------------------------------------------------------------------------------
Consumer Finance -- 3.8%
763,048 Synchrony Financial $ 21,235,626
---------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Disciplined Value Fund | Annual Report | 8/31/16 19
Schedule of Investments | 8/31/16 (continued)
---------------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 1.1%
194,939 Invesco, Ltd. $ 6,080,147
---------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 1.7%
291,533 Morgan Stanley Co. $ 9,346,548
----------------
Total Diversified Financials $ 43,183,946
---------------------------------------------------------------------------------------------
INSURANCE -- 4.7%
Multi-line Insurance -- 2.4%
321,017 The Hartford Financial Services Group, Inc. $ 13,184,168
---------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 2.3%
380,364 XL Group, Ltd. $ 13,019,860
----------------
Total Insurance $ 26,204,028
---------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 4.5%
Internet Software & Services -- 2.5%
427,798 eBay, Inc.* $ 13,757,984
---------------------------------------------------------------------------------------------
Systems Software -- 2.0%
194,850 Microsoft Corp. $ 11,196,081
----------------
Total Software & Services $ 24,954,065
---------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 5.0%
Communications Equipment -- 3.1%
546,716 Cisco Systems, Inc. $ 17,188,751
---------------------------------------------------------------------------------------------
Computer Storage & Peripherals -- 1.9%
103,441 Apple, Inc. $ 10,975,090
----------------
Total Technology Hardware & Equipment $ 28,163,841
---------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 4.2%
Semiconductors -- 4.2%
502,734 Micron Technology, Inc.* $ 8,290,084
538,498 Taiwan Semiconductor Manufacturing Co., Ltd. (A.D.R.) 15,476,433
----------------
Total Semiconductors & Semiconductor Equipment $ 23,766,517
---------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 4.7%
Integrated Telecommunication Services -- 4.7%
197,432 AT&T, Inc. $ 8,071,020
350,967 Verizon Communications, Inc. 18,366,103
----------------
Total Telecommunication Services $ 26,437,123
---------------------------------------------------------------------------------------------
UTILITIES -- 5.7%
Electric Utilities -- 2.5%
217,088 American Electric Power Co., Inc. $ 14,017,372
---------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Disciplined Value Fund | Annual Report | 8/31/16
---------------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------------
Multi-Utilities -- 3.2%
416,837 Public Service Enterprise Group, Inc. $ 17,823,950
----------------
Total Utilities $ 31,841,322
---------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $506,401,173) $ 556,656,379
---------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 99.6%
(Cost $506,401,173) (a) $ 556,656,379
---------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 0.4% $ 2,054,994
---------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 558,711,373
=============================================================================================
* 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 $507,505,802 was
as follows:
Aggregate gross unrealized appreciation for all investments in
which there is an excess of value over tax cost $ 53,936,710
Aggregate gross unrealized depreciation for all investments in
which there is an excess of tax cost over value (4,786,133)
------------
Net unrealized appreciation $ 49,150,577
============
Purchases and sales of securities (excluding temporary cash investments) for the
year ended August 31, 2016, aggregated to $801,589,093 and $1,008,526,499,
respectively.
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain funds and accounts for which PIM serves as the investment
adviser, as set forth in Rule 17a-7 under the Investment Company Act of 1940,
pursuant to procedures adopted by the Board of Trustees. Under these procedures,
cross trades are effected at current market prices.
During the year ended August 31, 2016, the Fund engaged in purchases and sales
pursuant to these procedures amounting to $51,080,255 and $19,128,506,
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
-----------------------------------------------------------------------------------------
Common Stocks $556,656,379 $ -- $ -- $556,656,379
-----------------------------------------------------------------------------------------
Total $556,656,379 $ -- $ -- $556,656,379
=========================================================================================
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 Disciplined Value Fund | Annual Report | 8/31/16 21
Statement of Assets and Liabilities | 8/31/16
ASSETS:
Investment in securities, at value (cost $506,401,173) $ 556,656,379
Cash 1,804,977
Receivables --
Fund shares sold 427,714
Dividends 1,151,957
Other assets 35,995
-------------------------------------------------------------------------------------------
Total assets $ 560,077,022
===========================================================================================
LIABILITIES:
Payables --
Fund shares repurchased $ 933,050
Trustee fees 3,780
Due to affiliates 38,444
Due from Pioneer Investment Management, Inc. 54,069
Accrued expenses 336,306
-------------------------------------------------------------------------------------------
Total liabilities $ 1,365,649
===========================================================================================
NET ASSETS:
Paid-in capital $ 539,598,429
Undistributed net investment income 3,165,560
Accumulated net realized loss on investments (34,307,822)
Net unrealized appreciation on investments 50,255,206
-------------------------------------------------------------------------------------------
Total net assets $ 558,711,373
===========================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $316,381,601/22,304,684 shares) $ 14.18
Class C (based on $120,404,064/8,654,212 shares) $ 13.91
Class R (based on $12,888,320/935,958 shares) $ 13.77
Class Y (based on $109,037,388/7,642,367 shares) $ 14.27
MAXIMUM OFFERING PRICE:
Class A ($14.18 (divided by) 94.25%) $ 15.05
===========================================================================================
The accompanying notes are an integral part of these financial statements.
22 Pioneer Disciplined Value Fund | Annual Report | 8/31/16
Statement of Operations
For the Year Ended 8/31/16
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld $125,138) $ 14,278,843
Interest 3,693
-------------------------------------------------------------------------------------------------------------
Total investment income $ 14,282,536
-------------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 4,058,686
Transfer agent fees
Class A 122,530
Class C 23,593
Class R 5,599
Class Y 3,963
Distribution fees
Class A 871,403
Class C 1,361,119
Class R 68,506
Shareholder communication expense 934,920
Administrative expense 240,945
Custodian fees 15,691
Registration fees 80,236
Professional fees 55,317
Printing expense 36,822
Fees and expenses of nonaffiliated Trustees 25,267
Miscellaneous 64,576
-------------------------------------------------------------------------------------------------------------
Total expenses $ 7,969,173
-------------------------------------------------------------------------------------------------------------
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. $ (24,182)
-------------------------------------------------------------------------------------------------------------
Net expenses $ 7,944,991
-------------------------------------------------------------------------------------------------------------
Net investment income $ 6,337,545
-------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments $ (33,485,720)
-------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on investments $ 68,340,306
-------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $ 34,854,586
-------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 41,192,131
=============================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Disciplined Value Fund | Annual Report | 8/31/16 23
Statements of Changes in Net Assets
--------------------------------------------------------------------------------------------
Year Ended Year Ended
8/31/16 8/31/15
--------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 6,337,545 $ 6,630,914
Net realized gain (loss) on investments (33,485,720) 172,659,437
Change in net unrealized appreciation (depreciation)
on investments 68,340,306 (217,223,740)
--------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ 41,192,131 $ (37,933,389)
--------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.16 and $0.11 per share, respectively) $ (4,257,910) $ (3,294,101)
Class C ($0.03 and $0.00(a) per share, respectively) (366,209) (18,512)
Class R ($0.12 and $0.09 per share, respectively) (131,500) (107,537)
Class Y ($0.21 and $0.19 per share, respectively) (2,057,484) (2,456,396)
Class Z ($0.00 and $0.18 per share, respectively)* -- (26,659)
Net realized gain:
Class A ($3.20 and $3.62 per share, respectively) (72,282,061) (89,629,497)
Class C ($3.20 and $3.62 per share, respectively) (30,002,408) (35,839,611)
Class R ($3.20 and $3.62 per share, respectively) (2,968,392) (3,472,429)
Class Y ($3.20 and $3.62 per share, respectively) (28,505,270) (47,285,940)
Class Z ($0.00 and $3.62 per share, respectively)* -- (441,606)
--------------------------------------------------------------------------------------------
Total distributions to shareowners $ (140,571,234) $ (182,572,288)
--------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 57,710,289 $ 116,475,301
Reinvestment of distributions 128,069,046 159,175,328
Cost of shares repurchased (259,658,155) (422,145,687)
--------------------------------------------------------------------------------------------
Net decrease in net assets resulting
from Fund share transactions $ (73,878,820) $ (146,495,058)
--------------------------------------------------------------------------------------------
Net decrease in net assets $ (173,257,923) $ (367,000,735)
NET ASSETS:
Beginning of year $ 731,969,296 $1,098,970,031
--------------------------------------------------------------------------------------------
End of year $ 558,711,373 $ 731,969,296
--------------------------------------------------------------------------------------------
Undistributed net investment income $ 3,165,560 $ 4,198,260
============================================================================================
(a) Amount round to less than $0.01 per share.
* Class Z shares converted to Class Y shares on August 7, 2015.
The accompanying notes are an integral part of these financial statements.
24 Pioneer Disciplined Value 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 1,546,560 $ 21,509,487 2,986,834 $ 57,231,274
Reinvestment of distributions 5,304,155 74,024,427 5,085,740 89,655,229
Less shares repurchased (8,481,067) (119,416,198) (11,043,760) (205,613,170)
--------------------------------------------------------------------------------------------
Net decrease (1,630,352) $ (23,882,284) (2,971,186) $ (58,726,667)
============================================================================================
Class B*
Shares sold -- $ -- 908 $ 18,578
Reinvestment of distributions -- -- -- --
Less shares repurchased -- -- (1,092,876) (22,649,654)
--------------------------------------------------------------------------------------------
Net decrease -- $ -- (1,091,968) $ (22,631,076)
============================================================================================
Class C
Shares sold 884,705 $ 12,109,319 1,151,448 $ 20,494,212
Reinvestment of distributions 1,704,514 23,277,577 1,571,255 27,198,703
Less shares repurchased (3,984,875) (54,736,200) (2,859,076) (50,907,638)
--------------------------------------------------------------------------------------------
Net decrease (1,395,656) $ (19,349,304) (136,373) $ (3,214,723)
============================================================================================
Class R
Shares sold 150,206 $ 2,051,634 136,202 $ 2,432,563
Reinvestment of distributions 217,106 2,940,315 197,534 3,401,077
Less shares repurchased (398,794) (5,398,979) (386,128) (6,854,089)
--------------------------------------------------------------------------------------------
Net decrease (31,482) $ (407,030) (52,392) $ (1,020,449)
============================================================================================
Class Y
Shares sold 1,581,925 $ 22,039,849 1,887,275 $ 36,104,217
Reinvestment of distributions 1,982,250 27,826,727 2,167,526 38,452,368
Less shares repurchased (5,696,951) (80,106,778) (7,392,571) (133,302,699)
--------------------------------------------------------------------------------------------
Net decrease (2,132,776) $ (30,240,202) (3,337,770) $ (58,746,114)
============================================================================================
Class Z**
Shares sold -- $ -- 10,961 $ 194,457
Reinvestment of distributions -- -- 26,678 467,951
Less shares repurchased -- -- (162,639) (2,818,437)
--------------------------------------------------------------------------------------------
Net decrease -- $ -- (125,000) $ (2,156,029)
============================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
** Class Z shares converted to Class Y shares on August 7, 2015.
The accompanying notes are an integral part of these financial statements.
Pioneer Disciplined Value Fund | Annual Report | 8/31/16 25
Financial Highlights
----------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/16 8/31/15 8/31/14 8/31/13 (a)8/31/12(a)
----------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 16.42 $ 21.00 $ 19.80 $ 18.10 $ 17.00
----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.16(b) $ 0.15 $ 0.16 $ 0.33 $ 0.23
Net realized and unrealized gain (loss) on investments 0.96 (1.00) 3.85 2.56 2.08
----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.12 $ (0.85) $ 4.01 $ 2.89 $ 2.31
----------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.16) $ (0.11) $ (0.10) $ (0.32) $ (0.19)
Net realized gain (3.20) (3.62) (2.71) (0.87) (1.02)
----------------------------------------------------------------------------------------------------------------------
Total distributions $ (3.36) $ (3.73) $ (2.81) $ (1.19) $ (1.21)
----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (2.24) $ (4.58) $ 1.20 $ 1.70 $ 1.10
----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 14.18 $ 16.42 $ 21.00 $ 19.80 $ 18.10
======================================================================================================================
Total return* 7.35% (5.16)% 21.57% 16.22% 14.81%
Ratio of net expenses to average net assets 1.18% 1.17% 1.19% 1.24% 1.25%
Ratio of net investment income (loss) to average net assets 1.11% 0.82% 0.74% 0.81% 1.23%
Portfolio turnover rate 129% 122% 66% 70% 94%
Net assets, end of period (in thousands) $316,382 $392,989 $564,898 $677,504 $ 2,084
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 1.18% 1.17% 1.19% 1.34% 1.71%
Net investment income (loss) to average net assets 1.11% 0.82% 0.74% 0.71% 0.77%
======================================================================================================================
(a) The Fund acquired the assets and liabilities of Pioneer Disciplined Value
Fund (the "predecessor fund") on June 7, 2013 (the "reorganization"). As a
result of the reorganization, the predecessor fund's performance and
financial history became the performance and financial history of the Fund.
Historical per-share amounts prior to June 7, 2013 have been adjusted to
reflect the conversion ratio used to align the net asset values of the
predecessor fund with those of the Fund.
(b) 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.
26 Pioneer Disciplined Value 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 (a) 8/31/12 (a)
---------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 16.14 $ 20.73 $ 19.64 $ 17.91 $ 16.84
---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.05(b) $ 0.02 $ 0.01 $ 0.08 $ 0.06
Net realized and unrealized gain (loss) on investments 0.95 (0.99) 3.82 2.62 2.04
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.00 $ (0.97) $ 3.83 $ 2.70 $ 2.10
---------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.03) $ (0.00)(c) $ (0.03) $ (0.11) $ (0.02)
Net realized gain (3.20) (3.62) (2.71) (0.86) (1.01)
---------------------------------------------------------------------------------------------------------------------------
Total distributions $ (3.23) $ (3.62) $ (2.74) $ (0.97) $ (1.03)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (2.23) $ (4.59) $ 1.09 $ 1.73 $ 1.07
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 13.91 $ 16.14 $ 20.73 $ 19.64 $ 17.91
===========================================================================================================================
Total return* 6.62% (5.86)% 20.70% 15.32% 13.62%
Ratio of net expenses to average net assets 1.90% 1.91% 1.88% 2.02% 2.15%
Ratio of net investment income (loss) to average net assets 0.38% 0.08% 0.04% 0.04% 0.35%
Portfolio turnover rate 129% 122% 66% 70% 94%
Net assets, end of period (in thousands) $120,404 $162,238 $211,148 $214,331 $ 618
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 1.90% 1.91% 1.88% 2.02% 2.34%
Net investment income (loss) to average net assets 0.38% 0.08% 0.04% 0.04% 0.16%
===========================================================================================================================
(a) The Fund acquired the assets and liabilities of Pioneer Disciplined Value
Fund (the "predecessor fund") on June 7, 2013 (the "reorganization"). As a
result of the reorganization, the predecessor fund's performance and
financial history became the performance and financial history of the Fund.
Historical per-share amounts prior to June 7, 2013 have been adjusted to
reflect the conversion ratio used to align the net asset values of the
predecessor fund with those of the Fund.
(b) The per-share data presented above is based on the average shares
outstanding for the period presented.
(c) Amount rounds to less than $0.01 or $(0.01) per share.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
The accompanying notes are an integral part of these financial statements.
Pioneer Disciplined Value Fund | Annual Report | 8/31/16 27
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended 6/7/13 (a)
8/31/16 8/31/15 8/31/14 to 8/31/13
---------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 16.03 $ 20.60 $ 19.49 $ 19.83
---------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.12(b) $ 0.10 $ 0.11 $ 0.03
Net realized and unrealized gain (loss) on investments 0.94 (0.96) 3.78 (0.37)
---------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.06 $ (0.86) $ 3.89 $ (0.34)
---------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.12) $ (0.09) $ (0.07) $ --
Net realized gain (3.20) (3.62) (2.71) --
---------------------------------------------------------------------------------------------------------
Total distributions $ (3.32) $ (3.71) $ (2.78) $ --
---------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (2.26) $ (4.57) $ 1.11 $ (0.34)
---------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 13.77 $ 16.03 $ 20.60 $ 19.49
=========================================================================================================
Total return* 7.13% (5.32)% 21.25% (1.72)%
Ratio of net expenses to average net assets 1.40% 1.40% 1.40% 1.40%**
Ratio of net investment income (loss) to average net assets 0.89% 0.59% 0.52% 0.57%**
Portfolio turnover rate 129% 122% 66% 70%**
Net assets, end of period (in thousands) $12,888 $15,505 $21,012 $ 23,718
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 1.58% 1.53% 1.58% 1.51%**
Net investment income (loss) to average net assets 0.71% 0.46% 0.34% 0.46%**
=========================================================================================================
(a) Financial reporting for Class R shares commenced on June 7, 2013.
(b) 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.
** Annualized.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Disciplined Value 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 (a) 8/31/12 (a)
-------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 16.49 $ 21.09 $ 19.85 $ 18.18 $ 17.05
-------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.21(b) $ 0.24 $ 0.23 $ 0.41 $ 0.27
Net realized and unrealized gain (loss) on investments 0.98 (1.03) 3.86 2.51 2.10
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.19 $ (0.79) $ 4.09 $ 2.92 $ 2.37
-------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.21) $ (0.19) $ (0.14) $ (0.40) $ (0.23)
Net realized gain (3.20) (3.62) (2.71) (0.85) (1.01)
-------------------------------------------------------------------------------------------------------------------------
Total distributions $ (3.41) $ (3.81) $ (2.85) $ (1.25) $ (1.24)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (2.22) $ (4.60) $ 1.24 $ 1.67 $ 1.13
-------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 14.27 $ 16.49 $ 21.09 $ 19.85 $ 18.18
=========================================================================================================================
Total return* 7.80% (4.85)% 21.97% 16.63% 15.20%
Ratio of net expenses to average net assets 0.84% 0.85% 0.82% 0.85% 0.90%
Ratio of net investment income (loss) to average net assets 1.45% 1.12% 1.11% 1.29% 1.59%
Portfolio turnover rate 129% 122% 66% 70% 94%
Net assets, end of period (in thousands) $109,037 $161,238 $276,563 $347,635 $41,613
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 0.84% 0.85% 0.82% 0.97% 1.03%
Net investment income (loss) to average net assets 1.45% 1.12% 1.11% 1.16% 1.46%
=========================================================================================================================
(a) The Fund acquired the assets and liabilities of Pioneer Disciplined Value
Fund (the "predecessor fund") on June 7, 2013 (the "reorganization"). As a
result of the reorganization, the predecessor fund's performance and
financial history became the performance and financial history of the Fund.
Historical per-share amounts prior to June 7, 2013 have been adjusted to
reflect the conversion ratio used to align the net asset values of the
predecessor fund with those of the Fund.
(b) 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Disciplined Value Fund | Annual Report | 8/31/16 29
Notes to Financial Statements | 8/31/16
1. Organization and Significant Accounting Policies
Pioneer Disciplined Value Fund (the Fund) is a series of Pioneer Series Trust
III, 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 four classes of shares designated as Class A, Class C, Class R
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:
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.
30 Pioneer Disciplined Value Fund | Annual Report | 8/31/16
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.
Foreign securities are valued in U.S. dollars based on foreign currency
exchange rate quotations supplied by a third party pricing service. Trading
in non-U.S. equity securities is substantially completed each day at
various times prior to the close of the NYSE. The values of such securities
used in computing the net asset value of the Fund's shares are determined
as of such times. The Fund may use a fair value model developed by an
independent pricing service to value non-U.S. equity securities.
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).
Pioneer Disciplined Value Fund | Annual Report | 8/31/16 31
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 fiscal 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 $557,142 to decrease undistributed net investment income and
$557,142 to decrease accumulated net realized loss on investments 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
$33,203,193 of short-term losses under the Regulated Investment Company
Modernization Act of 2010 without limitation.
32 Pioneer Disciplined Value Fund | Annual Report | 8/31/16
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 $ 8,687,943 $ 50,135,185
Long-term capital gain 131,883,291 132,437,103
------------------------------------------------------------------------------------
Total $ 140,571,234 $ 182,572,288
====================================================================================
The following shows the components of distributable earnings on a federal
income tax-basis at August 31, 2016:
------------------------------------------------------------------------------------
2016
------------------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 3,165,560
Capital loss carryforward (33,203,193)
Net unrealized appreciation 49,150,577
------------------------------------------------------------------------------------
Total $ 19,112,944
====================================================================================
The difference between book-basis and tax-basis net unrealized appreciation
is attributable to the tax deferral of losses on wash sales.
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 $19,495 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, Class C and Class R shares of the Fund (see Note
4). Class Y shares do not pay distribution fees. All expenses and fees paid
to the 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 R and Class Y shares
can reflect different transfer agent and distribution expense rates.
Pioneer Disciplined Value Fund | Annual Report | 8/31/16 33
F. Risks
At times, the Fund's investments may represent industries or industry
sectors that are interrelated or have common risks, making the Fund more
susceptible to any economic, political, or regulatory developments or other
risks affecting those industries and sectors. The Fund's prospectus
contains unaudited information regarding the Fund's principal risks. Please
refer to that document when considering the Fund's principal risks.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate equal to
0.65% of the Fund's average daily net assets up to $1 billion, 0.60% of the next
$2 billion of the Fund's average daily net assets, 0.55% of the next $4.5
billion of the Fund's average daily net assets and 0.525% of the Fund's average
daily net assets over $7.5 billion. For the year ended August 31, 2016, the
effective management fee (excluding waivers and/or assumption of expenses) was
equivalent to 0.65% of the Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses of the Fund to
the extent required to reduce Fund expenses to 1.20%, 2.10%, 1.40% and 0.85% and
of the average daily net assets attributable to Class A, Class C, 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
$20,674 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.
34 Pioneer Disciplined Value 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 $552,382
Class C 207,449
Class R 41,454
Class Y 133,635
--------------------------------------------------------------------------------
Total $934,920
================================================================================
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class 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 for distribution services. Included in "Due to affiliates"
reflected on the Statement of Assets and Liabilities is $17,770 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
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 and 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
Pioneer Disciplined Value Fund | Annual Report | 8/31/16 35
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 $4,269 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 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.
36 Pioneer Disciplined Value Fund | Annual Report | 8/31/16
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust III and the
Shareowners of Pioneer Disciplined Value Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Pioneer Disciplined Value Fund (the "Fund"), the
sole portfolio constituting Pioneer Series Trust III, 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.
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 Disciplined Value 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 Disciplined Value Fund | Annual Report | 8/31/16 37
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 100.00%.
38 Pioneer Disciplined Value 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 Disciplined Value Fund | Annual Report | 8/31/16 39
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.
-----------------------------------------------------------------------------------------------------------------------------------
40 Pioneer Disciplined Value 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 2004. 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 2004. 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 Disciplined Value Fund | Annual Report | 8/31/16 41
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.
42 Pioneer Disciplined Value 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 Disciplined Value Fund | Annual Report | 8/31/16 43
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 2004. 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
-----------------------------------------------------------------------------------------------------------------------------------
44 Pioneer Disciplined Value 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 2004. 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 2004. 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 Disciplined Value Fund | Annual Report | 8/31/16 45
This page for your notes.
46 Pioneer Disciplined Value Fund | Annual Report | 8/31/16
This page for your notes.
Pioneer Disciplined Value Fund | Annual Report | 8/31/16 47
This page for your notes.
48 Pioneer Disciplined Value Fund | Annual Report | 8/31/16
This page for your notes.
Pioneer Disciplined Value Fund | Annual Report | 8/31/16 49
This page for your notes.
50 Pioneer Disciplined Value Fund | Annual Report | 8/31/16
This page for your notes.
Pioneer Disciplined Value Fund | Annual Report | 8/31/16 51
This page for your notes.
52 Pioneer Disciplined Value 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 19429-10-1016
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 $24,115
payable to Deloitte & Touche LLP for the year ended
August 31, 2016 and $24,077 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 $7,128
payable to Deloitte & Touche LLP for the year ended
August 31, 2016 and $7,100 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 $7,128
payable to Deloitte & Touche LLP for the year ended
August 31, 2016 and $7,100 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 III
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.