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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21664
Pioneer Series Trust V
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: August 31
Date of reporting period: September 1, 2012 through August 31, 2013
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Global
Equity Fund
--------------------------------------------------------------------------------
Annual Report | August 31, 2013
--------------------------------------------------------------------------------
Ticker Symbols:
Class A GLOSX
Class B GBSLX
Class C GCSLX
Class Y PGSYX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 8
Prices and Distributions 9
Performance Update 10
Comparing Ongoing Fund Expenses 14
Schedule of Investments 16
Financial Statements 23
Notes to Financial Statements 31
Report of Independent Registered Public Accounting Firm 42
Trustees, Officers and Service Providers 43
Pioneer Global Equity Fund | Annual Report | 8/31/13 1
President's Letter
Dear Shareowner,
When we look at the U.S. economy as we head into the second half of 2013, we
continue to see slow, but ongoing, growth. Employment has been steadily rising.
Consumer incomes, savings, wealth, and debt-servicing capacity have been solid
buttresses for the recovering housing and auto industries. Industrial activity
is growing only modestly, but current corporate profits are generally solid and
balance sheets appear able to support needed capital spending and dividend*
payouts. The scaled-back "fiscal cliff" tax increases and spending cuts have
meaningfully cut the budget deficit without, it seems, driving the economy back
into recession. In addition, we feel that continuing slack in labor markets and
capacity utilization offers the potential for continuing growth without
bottlenecks and rising inflation.
After observing the strengthening economic trends, the Federal Reserve (the Fed)
has hinted that it may begin to scale back its bond purchases (currently $85
billion per month in quantitative easing, or "QE") later in 2013, and could
terminate the purchases altogether sometime in 2014, depending on subsequent
economic data releases. Pioneer believes that, barring an external shock, modest
economic growth can be sustained at least over the next couple of years without
continuous, aggressive intervention from the Fed.
The Fed has also said that short-term interest rates are likely to remain near
zero for some time to come. Given that inflation remains subdued and
unemployment remains high, there is no urgency about raising rates.
While inflation is not a near-term concern, the Fed's aggressive monetary
policies helped investors drive long-term Treasury yields to unsustainably low
levels. A return to more normal levels in response to expectations of a stronger
economy and the potential for less QE resulted in disappointing returns for bond
investors during the first half of 2013, but the stock market rewarded
shareholders who were undaunted by the double-barreled threat of the "fiscal
cliff" and debt-ceiling debates at the beginning of 2013.
The Standard & Poor's 500 Index, a broad measure of the U.S. stock market,
returned 13.82% during the first six months of 2013, while the Barclays
Aggregate Bond Index, which tracks the performance of a higher-quality U.S. bond
universe, returned -2.44%. Investors showed a rising preference for
higher-yielding corporate paper over government bonds during the first half of
2013, helping the Bank of America Merrill Lynch High Yield Master II Index,
which measures the performance of high-yield corporate bonds, to post a 1.50%
return for the six months ended June 30, 2013. Three-month Treasury bills,
generally regarded as essentially "risk free" by the markets, returned 0.03% in
the first half of 2013.
* Dividends are not guaranteed.
2 Pioneer Global Equity Fund | Annual Report | 8/31/13
There are certainly risks and uncertainties that continue to plague the global
economy. Europe remains in recession and a number of countries in the emerging
markets have experienced difficulties. Still, a potential ending of the European
recession, continuing economic improvement in Japan in response to the new
government's quantitative easing policies, and a "soft landing" of 7% growth in
China could very well result in an improving global outlook over the remainder
of 2013.
There are also geopolitical worries abroad and political fights at home, and
while most of the widely recognized risks we've outlined may already be "priced
in" to the market, we believe investors should continue to expect market
volatility.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification alone does not assure a
profit or protect against loss in a declining market, we believe there are still
opportunities for prudent investors to earn attractive returns. Our advice, as
always, is to work closely with a trusted financial advisor to discuss your
goals and work together to develop an investment strategy that meets your
individual needs, keeping in mind that there is no single best strategy that
works for every investor.
Pioneer's investment teams have, since 1928, sought out attractive opportunities
in global equity and bond markets, using in-depth research to identify
undervalued individual securities, and using thoughtful risk management to
construct portfolios which balance potential risks and rewards in an
ever-changing world.
We encourage you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Global Equity Fund | Annual Report | 8/31/13 3
Portfolio Management Discussion | 8/31/13
In the following interview, Marco Pirondini, Head of Equities, U.S., at Pioneer
and a portfolio manager of Pioneer Global Equity Fund, discusses the factors
that influenced the Fund's performance during the 12-month period ended August
31, 2013. Mr. Pirondini and David Glazer, a vice president and a portfolio
manager at Pioneer, are responsible for the day-to-day management of the Fund.
Q How would you characterize the investment environment in the global equity
markets during the 12 months ended August 31, 2013?
A Over the past 12 months, global investors were encouraged by continued
intervention from the European Central Bank in an attempt to stabilize the
European sovereign-debt situation. Market watchers also reacted positively
to moves toward economic reform made by Japan's new government as well as
new leadership for that country's central bank. Revised economic programs in
Japan produced a major devaluation of the yen and sparked a sharp equity
rally there during the 12-month period.
In May of 2013, investors were rattled by Federal Reserve Board's (the
Fed's) statements indicating that the U.S. central bank might soon consider
tapering the pace of its monthly purchases of $85 billion in government and
agency mortgage-backed securities. Most of the resulting market volatility
was concentrated in the emerging markets, but the fixed-income and equity
markets as a whole also corrected, and longer-term interest rates rose. Fed
officials subsequently stated - based on mixed U.S. economic data - that any
reduction of the pace of its asset purchases was not imminent, and stocks
soon after regained their upward momentum.
Q How did the Fund perform in that environment during the 12 months ended
August 31, 2013?
A Pioneer Global Equity Fund's Class A shares returned 19.17% at net asset
value during the 12 months ended August 31, 2013, while the Fund's
benchmark, the Morgan Stanley Capital International (MSCI) World ND Index
(the MSCI Index)(1), returned 17.63%. During the same period, the average
return of the 1,013 mutual funds in Morningstar's World Stock Funds category
was 17.44%.
1 The MSCI information may only be used for your internal use, may not be
reproduced or re-disseminated in any form and may not be used as a basis for
or a component of any financial instruments or products or indices. None of
the MSCI information is intended to constitute investment advice or a
recommendation to make (or refrain from making) any kind of investment
decision and may not be relied on as such. Historical data and analysis
should not be taken as an indication or guarantee of any future performance
analysis, forecast or prediction. The MSCI information is provided on an "as
is" basis and the user of this information assumes the entire risk of any
use made of this information. MSCI, each of its affiliates and each other
person involved in or related to compiling, computing or creating any MSCI
information (collectively, the "MSCI Parties") expressly disclaims all
warranties (including, without limitation, any warranties of originality,
accuracy, completeness, timeliness, non-infringement, merchantability and
fitness for a particular purpose) with respect to this information. Without
limiting any of the foregoing, in no event shall any MSCI Party have any
liability for any direct, indirect, special, incidental, punitive,
consequential (including, without limitation, lost profits) or any other
damages.
4 Pioneer Global Equity Fund | Annual Report | 8/31/13
Q Would you review the Fund's overall investment approach?
A We examine mid- and large-capitalization stocks worldwide, including those
located in the emerging markets. From there, we build a diversified*
portfolio. In selecting securities for the Fund's portfolio, we look for
"growth at a reasonable price," and so there is a strong value component to
our analysis. We seek to invest the Fund's assets in companies that are not
only benefiting from operating efficiencies, as reflected in factors
including increased market share and revenues, but that are also employing
their capital efficiently. In particular, we emphasize companies with strong
free cash flow, because that tends to provide companies with the flexibility
to make share buybacks, reinvest in their businesses, make acquisitions and
raise dividends**. We also look for stocks with attractive dividend yields
as well as those trading at lower-than-market valuations.
Finally, we attempt to assess not only the potential price gains for each
stock, but also the potential for a decline in price if circumstances become
unfavorable. We prefer to have the Fund hold stocks of companies with the
highest upside potential, relative to their downside.
Q What factors contributed to and detracted from the Fund's performance during
the 12 months ended August 31, 2013?
A During the period, the Fund was well positioned to capitalize on the
positive trend in the equity markets, and both stock selection and sector
allocation helped performance. In terms of sector allocation, the Fund
strongly benefited from portfolio overweights to the health care sector as
well from underweights to materials and utilities. On the other hand,
portfolio underweights to information technology and consumer discretionary
detracted slightly from returns.
Stock selection in the energy sector made a substantial contribution to
performance, and selection in industrials and consumer staples also added to
the Fund's returns, while stock selection within information technology,
telecom services and financials detracted from performance.
Regarding individual stocks held in the portfolio, the Fund's position in
the oil refining company Marathon Petroleum performed extremely well during
the period, as many refiners, including Marathon, profited from
comparatively low U.S. oil prices and the ability to export refined
petroleum products at healthy margins. In addition, the Fund's position in
the biotechnology firm Celgene added to returns as the company benefited
from FDA drug approvals and strong sales of its existing products. The
Fund's holdings in Alliance Global and Green Mountain Coffee Roasters also
contributed strongly.
* Diversification does not assure a profit nor protect against loss in a
declining market.
** Dividends are not guaranteed.
Pioneer Global Equity Fund | Annual Report | 8/31/13 5
Positions detracting from the Fund's performance included Apple and Freeport
McMoRan Copper and Gold. Investors have punished Apple's shares over the
past 12 months, despite the technology firm's continued strong revenue
stream. We trimmed the Fund's position in Apple to limit losses. In the case
of Freeport McMoRan, a U.S.-based mining company, market watchers
disapproved of the company's recent - and expensive - acquisitions.
Q What is your outlook?
A Though the global economy currently presents a number of risks, including
high sovereign-debt levels, the possibility of escalating conflict in the
Middle East, and an economic slowdown in China, we nevertheless believe that
global stocks appear inexpensive when compared with other financial assets.
Corporations around the world are, in general, in excellent financial
condition, with strong profitability and healthy balance sheets that can
provide them with ample strategic flexibility. Even if we see just a modest
level of global economic growth going forward, and despite the market's
"wall of worry," we still look for respectable corporate earnings growth. We
also think that central banks worldwide will remain supportive of the global
economy as well as equity markets over the coming months. When central bank
stimulus eventually does diminish, we think that major economies will be
able to demonstrate ample growth on their own, which would also be a
positive for global stocks.
6 Pioneer Global Equity Fund | Annual Report | 8/31/13
Please refer to the Schedule of Investments on pages 16-22 for a full listing of
fund securities.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
The Fund is subject to currency risk, meaning that the fund could experience
losses based on changes in the exchange rate between non-U.S. currencies and the
U.S. dollar.
Investing in small and mid-sized companies may offer the potential for higher
returns, but are also subject to greater short-term price fluctuations than
larger, more established companies.
When interest rates rise, the prices of fixed-income securities in the Fund will
generally fall. Conversely, when interest rates fall, the prices of fixed-income
securities in the Fund will generally rise.
The portfolio may invest in derivative securities, which may include futures and
options. These types of instruments can increase price fluctuation.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.
These risks may increase share price volatility.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes.
Pioneer Global Equity Fund | Annual Report | 8/31/13 7
Portfolio Summary | 8/31/13
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Financials 19.8%
Health Care 15.6%
Information Technology 15.3%
Consumer Staples 11.8%
Industrials 9.5%
Energy 9.4%
Consumer Discretionary 9.4%
Telecommunication Services 6.7%
Materials 2.5%
Geographical Distribution
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A BAR CHART IN THE PRINTED MATERIAL]
United States 51.7%
United Kingdom 10.0%
Japan 9.9%
Switzerland 5.7%
Germany 4.1%
Ireland 4.0%
France 2.4%
Netherlands 1.7%
Spain 1.5%
Canada 1.4%
Other (individually less than 1%) 7.6%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)*
1. Microsoft Corp. 3.18%
--------------------------------------------------------------------------------
2. Novartis AG 2.81
--------------------------------------------------------------------------------
3. Green Mountain Coffee Roasters, Inc. 2.34
--------------------------------------------------------------------------------
4. Yahoo!, Inc. 2.26
--------------------------------------------------------------------------------
5. Vodafone Group Plc 2.23
--------------------------------------------------------------------------------
6. 3M Co. 2.19
--------------------------------------------------------------------------------
7. HSBC Holdings Plc 2.18
--------------------------------------------------------------------------------
8. Vodafone Group Plc (A.D.R.) 2.05
--------------------------------------------------------------------------------
9. Nippon Telegraph & Telephone Corp. 2.05
--------------------------------------------------------------------------------
10. Occidental Petroleum Corp. 2.03
--------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommendations to buy or sell
any security listed.
8 Pioneer Global Equity Fund | Annual Report | 8/31/13
Prices and Distributions | 8/31/13
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 8/31/13 8/31/12
--------------------------------------------------------------------------------
A $11.31 $9.64
--------------------------------------------------------------------------------
B $11.14 $9.48
--------------------------------------------------------------------------------
C $11.11 $9.47
--------------------------------------------------------------------------------
Y $11.37 $9.69
--------------------------------------------------------------------------------
Distributions per Share: 9/1/12-8/31/13
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1590 $ -- $ --
--------------------------------------------------------------------------------
B $0.0527 $ -- $ --
--------------------------------------------------------------------------------
C $0.0677 $ -- $ --
--------------------------------------------------------------------------------
Y $0.2086 $ -- $ --
--------------------------------------------------------------------------------
The Morgan Stanley Capital International (MSCI) World ND Index is an unmanaged
measure of the performance of stock markets in the developed world. Index
returns are calculated monthly, assume reinvestment of dividends and, unlike
Fund returns, do not reflect any fees, expenses or sales charges. It is not
possible to invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 10-13.
Pioneer Global Equity Fund | Annual Report | 8/31/13 9
Performance Update | 8/31/13 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Global Equity Fund at public
offering price during the periods shown, compared to that of the Morgan Stanley
Capital International (MSCI) World ND Index.
Average Annual Total Returns
(As of August 31, 2013)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
12/15/2005 3.69% 2.90%
5 Years 2.94 1.72
1 Year 19.17 12.30
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.72% 1.30%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global MSCI World
Equity Fund ND Index
12/31/2005 9425.00 10000.00
8/31/2006 10547.00 10949.00
8/31/2007 12085.00 12807.00
8/31/2008 10794.00 11261.00
8/31/2009 9085.00 9323.00
8/31/2010 8982.00 9467.00
8/31/2011 9923.00 10836.00
8/31/2012 10470.00 11716.00
8/31/2013 12477.00 13781.00
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 5.75% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through January 1, 2014, for Class A shares. There can be no assurance
that Pioneer will extend the expense limitations beyond such time. Please see
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
10 Pioneer Global Equity Fund | Annual Report | 8/31/13
Performance Update | 8/31/13 Class B Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class B shares of Pioneer Global Equity Fund during the
periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) World ND Index.
Average Annual Total Returns
(As of August 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
12/15/2005 2.76% 2.76%
5 Years 2.02 2.02
1 Year 18.13 14.13
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
3.14% 2.20%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global MSCI World
Equity Fund ND Index
12/31/2005 10000.00 10000.00
8/31/2006 11111.00 10949.00
8/31/2007 12617.00 12807.00
8/31/2008 11172.00 11261.00
8/31/2009 9320.00 9323.00
8/31/2010 9133.00 9467.00
8/31/2011 9992.00 10836.00
8/31/2012 10452.00 11716.00
8/31/2013 12346.00 13781.00
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If Redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). The maximum CDSC for Class B shares is 4% and declines over five years.
For more complete information, please see the prospectus.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through January 1, 2014, for Class B shares. There can be no assurance
that Pioneer will extend the expense limitations beyond such time. Please see
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
Pioneer Global Equity Fund | Annual Report | 8/31/13 11
Performance Update | 8/31/13 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Global Equity Fund during the
periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) World ND Index.
Average Annual Total Returns
(As of August 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
12/15/2005 2.76% 2.76%
5 Years 2.01 2.01
1 Year 18.11 18.11
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.53% 2.20%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global MSCI World
Equity Fund ND Index
12/31/2005 10000.00 10000.00
8/31/2006 11111.00 10949.00
8/31/2007 12628.00 12807.00
8/31/2008 11179.00 11261.00
8/31/2009 9326.00 9323.00
8/31/2010 9139.00 9467.00
8/31/2011 9997.00 10836.00
8/31/2012 10453.00 11716.00
8/31/2013 12347.00 13781.00
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through January 1, 2014, for Class C shares. There can be no assurance
that Pioneer will extend the expense limitations beyond such time. Please see
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer Global Equity Fund | Annual Report | 8/31/13
Performance Update | 8/31/13 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Global Equity Fund during the
periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) World ND Index.
Average Annual Total Returns
(As of August 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
12/15/2005 4.01% 4.01%
5 Years 3.43 3.43
1 Year 19.75 19.75
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.97% 0.80%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Global MSCI World
Equity Fund ND Index
12/31/2005 5000000.00 5000000.00
8/31/2006 5595596.00 5474445.00
8/31/2007 6411652.00 6403612.00
8/31/2008 5726587.00 5630699.00
8/31/2009 4836744.00 4661475.00
8/31/2010 4808018.00 4733454.00
8/31/2011 5335128.00 5417874.00
8/31/2012 5659822.00 5857774.00
8/31/2013 6777847.00 6890617.00
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for periods prior to the inception of the Fund's Class Y
shares on December 31, 2008, is the NAV performance of the Fund's Class A
shares. The performance does not reflect differences in expenses, including the
Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares are
generally higher than those of Class Y shares, the performance for Class Y
shares prior to their inception would have been higher than the performance
shown. Class Y shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors. All
results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through January 1, 2014, for Class Y shares. There can be no assurance
that Pioneer will extend the expense limitations beyond such time. Please see
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Global Equity Fund | Annual Report | 8/31/13 13
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments and
redemption fees.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Global Equity Fund
Based on actual returns from March 1, 2013, through August 31, 2013.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 3/1/13
--------------------------------------------------------------------------------
Ending Account $1,051.16 $1,046.05 $1,046.15 $1,053.77
Value on 8/31/13
--------------------------------------------------------------------------------
Expenses Paid $ 6.82 $ 11.45 $ 11.45 $ 4.24
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio plus the
expense ratios of the underlying funds. These combined totals were 1.30%,
2.20%, 2.20% and 0.80% for Class A, Class B, Class C and Class Y shares,
respectively. These combined ratios were multiplied by the average account
value over the period, and then multiplied by 184/365 (to reflect the
one-half year period) to calculate the "Expenses Paid During Period" in the
table above.
14 Pioneer Global Equity Fund | Annual Report | 8/31/13
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) or redemption fees that are charged at the time of the
transaction. Therefore, the table below is useful in comparing ongoing costs
only and will not help you determine the relative total costs of owning
different funds. In addition, if these transaction costs were included, your
costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Global Equity Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from March 1, 2013, through August 31, 2013.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 3/1/13
--------------------------------------------------------------------------------
Ending Account $1,018.55 $1,014.01 $1,014.01 $1,021.07
Value on 8/31/13
--------------------------------------------------------------------------------
Expenses Paid $ 6.72 $ 11.27 $ 11.27 $ 4.18
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio plus the
expense ratios of the underlying funds. These combined totals were 1.30%,
2.20%, 2.20% and 0.80% for Class A, Class B, Class C and Class Y
shares, respectively. These combined ratios were multiplied by the average
account value over the period, and then multiplied by 184/365 (to reflect
the one-half year period) to calculate the "Expenses Paid During Period" in
the table above.
Pioneer Global Equity Fund | Annual Report | 8/31/13 15
Schedule of Investments | 8/31/13
------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------
COMMON STOCKS -- 98.7%
ENERGY -- 9.4%
Oil & Gas Equipment & Services -- 1.2%
7,100 Frank's International NV* $ 196,741
32,467 Halliburton Co. 1,558,416
-------------
$ 1,755,157
------------------------------------------------------------------------------------
Integrated Oil & Gas -- 2.9%
32,700 Occidental Petroleum Corp. $ 2,884,467
21,200 Total SA 1,172,385
-------------
$ 4,056,852
------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 5.3%
30,200 Apache Corp. $ 2,587,536
724,400 CNOOC, Ltd. 1,449,470
8,100 EOG Resources, Inc. 1,272,105
32,100 Gulfport Energy Corp.* 1,893,900
2,400 Pioneer Natural Resources Co. 419,928
-------------
$ 7,622,939
-------------
Total Energy $ 13,434,948
------------------------------------------------------------------------------------
MATERIALS -- 1.9%
Commodity Chemicals -- 1.2%
23,900 LyondellBasell Industries NV $ 1,676,585
------------------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 0.2%
3,500 Monsanto Co. $ 342,615
------------------------------------------------------------------------------------
Specialty Chemicals -- 0.5%
9,600 WR Grace & Co.* $ 771,360
-------------
Total Materials $ 2,790,560
------------------------------------------------------------------------------------
CAPITAL GOODS -- 9.0%
Aerospace & Defense -- 2.2%
27,900 Raytheon Co. $ 2,103,939
11,127 United Technologies Corp. 1,113,813
-------------
$ 3,217,752
------------------------------------------------------------------------------------
Electrical Components & Equipment -- 1.4%
14,600 Eaton Corp. Plc $ 924,472
10,400 Rockwell Automation, Inc. 1,011,192
-------------
$ 1,935,664
------------------------------------------------------------------------------------
Heavy Electrical Equipment -- 0.8%
54,300 ABB, Ltd. $ 1,161,092
------------------------------------------------------------------------------------
Industrial Conglomerates -- 2.2%
27,300 3M Co. $ 3,100,734
------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.8%
5,386,000 Nam Cheong, Ltd. $ 1,115,581
------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Global Equity Fund | Annual Report | 8/31/13
------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------
Industrial Machinery -- 1.6%
39,700 Ingersoll-Rand Plc $ 2,347,858
-------------
Total Capital Goods $ 12,878,681
------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.5%
Human Resource &
Employment Services -- 0.5%
8,600 Towers Watson & Co. $ 707,350
-------------
Total Commercial Services & Supplies $ 707,350
------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 3.9%
Tires & Rubber -- 1.3%
43,800 Bridgestone Corp. $ 1,428,238
34,100 Pirelli & C. S.p.A. 402,231
-------------
$ 1,830,469
------------------------------------------------------------------------------------
Automobile Manufacturers -- 2.6%
11,300 Daimler AG $ 774,804
11,300 Honda Motor Co., Ltd. 404,627
380,000 Mazda Motor Corp. 1,510,498
5,100 Volkswagen AG 1,133,072
-------------
$ 3,823,001
-------------
Total Automobiles & Components $ 5,653,470
------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.7%
Homebuilding -- 0.5%
51,200 West Holdings Corp. $ 703,619
------------------------------------------------------------------------------------
Apparel, Accessories & Luxury Goods -- 1.2%
4,500 Christian Dior SA $ 769,870
9,600 Cie Financiere Richemont SA 909,544
-------------
$ 1,679,414
-------------
Total Consumer Durables & Apparel $ 2,383,033
------------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.2%
Casinos & Gaming -- 0.5%
25,900 Grand Korea Leisure Co., Ltd. $ 746,631
------------------------------------------------------------------------------------
Restaurants -- 0.7%
117,300 Domino's Pizza Group Plc $ 1,028,841
-------------
Total Consumer Services $ 1,775,472
------------------------------------------------------------------------------------
MEDIA -- 0.8%
Movies & Entertainment -- 0.8%
14,200 Viacom, Inc. (Class B) $ 1,129,752
-------------
Total Media $ 1,129,752
------------------------------------------------------------------------------------
RETAILING -- 1.7%
Department Stores -- 1.2%
38,900 Macy's, Inc. $ 1,728,327
------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/13 17
Schedule of Investments | 8/31/13 (continued)
------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------
Apparel Retail -- 0.5%
10,600 Ross Stores, Inc. $ 712,956
-------------
Total Retailing $ 2,441,283
------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 3.1%
Drug Retail -- 2.1%
27,900 CVS Caremark Corp. $ 1,619,595
31,100 Walgreen Co. 1,494,977
-------------
$ 3,114,572
------------------------------------------------------------------------------------
Food Distributors -- 0.6%
287,800 Metcash, Ltd. $ 830,632
------------------------------------------------------------------------------------
Food Retail -- 0.4%
2,500 Magnit OJSC $ 556,788
-------------
Total Food & Staples Retailing $ 4,501,992
------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 8.6%
Brewers -- 0.8%
23,300 Molson Coors Brewing Co. $ 1,136,807
------------------------------------------------------------------------------------
Soft Drinks -- 2.6%
24,300 Coca-Cola Enterprises, Inc. $ 908,820
34,600 PepsiCo, Inc. 2,758,658
-------------
$ 3,667,478
------------------------------------------------------------------------------------
Packaged Foods & Meats -- 2.9%
38,400 Green Mountain Coffee Roasters, Inc.* $ 3,314,304
13,100 Nestle SA 858,267
-------------
$ 4,172,571
------------------------------------------------------------------------------------
Tobacco -- 2.3%
60,100 Imperial Tobacco Group Plc $ 1,985,616
39,600 Japan Tobacco, Inc. 1,334,922
-------------
$ 3,320,538
-------------
Total Food, Beverage & Tobacco $ 12,297,394
------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.9%
Health Care Equipment -- 1.9%
28,300 Covidien Plc $ 1,681,020
21,600 Medtronic, Inc. 1,117,800
-------------
$ 2,798,820
-------------
Total Health Care Equipment & Services $ 2,798,820
------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 13.5%
Biotechnology -- 1.8%
15,100 Celgene Corp.* $ 2,113,698
23,900 Prosensa Holding NV* 544,203
-------------
$ 2,657,901
------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global Equity Fund | Annual Report | 8/31/13
------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------
Pharmaceuticals -- 10.9%
28,100 AstraZeneca Plc $ 1,382,112
9,600 Bayer AG 1,065,439
54,600 Novartis AG 3,980,669
96,300 Pfizer, Inc. 2,716,623
5,200 Roche Holding AG 1,296,857
14,700 Salix Pharmaceuticals, Ltd.* 984,018
15,357 Sanofi 1,474,521
20,000 Shire Plc 735,157
39,600 Teva Pharmaceutical Industries, Ltd. (A.D.R.) 1,513,512
4,700 Valeant Pharmaceuticals International, Inc.* 462,198
-------------
$ 15,611,106
------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.8%
12,700 Thermo Fisher Scientific, Inc. $ 1,128,141
-------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 19,397,148
------------------------------------------------------------------------------------
BANKS -- 8.8%
Diversified Banks -- 8.8%
233,700 Banco Bilbao Vizcaya Argentaria SA $ 2,226,511
7,741,300 Bank Pembangunan Daerah Jawa Barat
Dan Banten Tbk PT 552,641
28,700 Doha Bank QSC 423,259
294,500 HSBC Holdings Plc 3,084,389
189,776 National Development Bank Plc 210,864
45,600 Nordea Bank AB 530,211
18,200 Royal Bank of Canada 1,121,515
32,400 Standard Chartered Plc 723,045
63,800 Sumitomo Mitsui Financial Group, Inc. 2,823,886
11,450 The Toronto-Dominion Bank 974,315
-------------
$ 12,670,636
-------------
Total Banks $ 12,670,636
------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 9.5%
Other Diversified Financial Services -- 1.5%
33,800 Citigroup, Inc. $ 1,633,554
17,300 Intercorp Financial Services, Inc. 538,136
-------------
$ 2,171,690
------------------------------------------------------------------------------------
Specialized Finance -- 1.1%
23,100 Deutsche Boerse AG $ 1,618,759
------------------------------------------------------------------------------------
Consumer Finance -- 1.8%
12,800 American Express Co. $ 920,448
35,600 Discover Financial Services, Inc. 1,682,100
-------------
$ 2,602,548
------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/13 19
Schedule of Investments | 8/31/13 (continued)
------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 5.1%
242,000 Daiwa Securities Group, Inc. $ 1,939,513
111,000 Morgan Stanley Co. 2,859,360
16,100 The Goldman Sachs Group, Inc. 2,449,293
-------------
$ 7,248,166
-------------
Total Diversified Financials $ 13,641,163
------------------------------------------------------------------------------------
INSURANCE -- 0.9%
Multi-line Insurance -- 0.9%
9,454 Allianz SE* $ 1,353,523
-------------
Total Insurance $ 1,353,523
------------------------------------------------------------------------------------
REAL ESTATE -- 0.4%
Industrial REIT -- 0.4%
600,000 Sabana Shari'ah Compliant Industrial Real Estate
Investment Trust $ 520,920
-------------
Total Real Estate $ 520,920
------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 7.5%
Internet Software & Services -- 2.3%
117,900 Yahoo!, Inc.* $ 3,197,448
------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.8%
78,600 SAIC, Inc. $ 1,184,502
------------------------------------------------------------------------------------
Systems Software -- 4.4%
135,119 Microsoft Corp. $ 4,512,977
57,200 Oracle Corp. 1,822,392
-------------
$ 6,335,369
-------------
Total Software & Services $ 10,717,319
------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 6.0%
Communications Equipment -- 1.4%
68,400 Cisco Systems, Inc. $ 1,594,404
6,900 Qualcomm, Inc. 457,332
-------------
$ 2,051,736
------------------------------------------------------------------------------------
Computer Hardware -- 1.6%
4,785 Apple, Inc. $ 2,330,534
------------------------------------------------------------------------------------
Computer Storage & Peripherals -- 1.3%
72,600 EMC Corp. $ 1,871,628
------------------------------------------------------------------------------------
Electronic Components -- 0.8%
53,000 Hoya Corp. $ 1,125,674
------------------------------------------------------------------------------------
Office Electronics -- 0.9%
121,600 Xerox Corp. $ 1,213,568
-------------
Total Technology Hardware & Equipment $ 8,593,140
------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global Equity Fund | Annual Report | 8/31/13
------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 1.7%
Semiconductor Equipment -- 0.4%
35,600 Teradyne, Inc.* $ 546,460
------------------------------------------------------------------------------------
Semiconductors -- 1.3%
41,300 Maxim Integrated Products, Inc. $ 1,149,998
18,700 Xilinx, Inc. 811,954
-------------
$ 1,961,952
-------------
Total Semiconductors &
Semiconductor Equipment $ 2,508,412
------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 6.7%
Integrated Telecommunication Services -- 2.5%
57,100 Nippon Telegraph & Telephone Corp. $ 2,906,614
350,000 Telecom Corp. of New Zealand, Ltd. 613,370
-------------
$ 3,519,984
------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 4.2%
979,700 Vodafone Group Plc $ 3,157,452
90,000 Vodafone Group Plc (A.D.R.) 2,911,500
-------------
$ 6,068,952
-------------
Total Telecommunication Services $ 9,588,936
------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $128,985,868) $ 141,783,952
------------------------------------------------------------------------------------
PURCHASED OPTIONS -- 0.0 %
900 Vodafone Group Plc $ 15,750
------------------------------------------------------------------------------------
TOTAL PURCHASED OPTIONS
(Cost $53,505) $ 15,750
------------------------------------------------------------------------------------
TOTAL INVESTMENT IN
SECURITIES -- 98.7%
(Cost $129,039,373) (a) $ 141,799,702
------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 1.3% $ 1,806,192
------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 143,605,894
====================================================================================
* Non-income producing security.
+ Amount rounds to less than 0.1%.
(A.D.R.) American Depositary Receipts.
REIT Real Estate Investment Trust.
(a) At August 31, 2013, the net unrealized appreciation on investments
based on cost for federal income tax purposes of $129,096,390 was
as follows:
Aggregate gross unrealized appreciation for all investments in
which there is an excess of value over tax cost $ 15,325,784
Aggregate gross unrealized depreciation for all investments in
which there is an excess of tax cost over value (2,622,472)
------------
Net unrealized appreciation $ 12,703,312
============
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/13 21
Schedule of Investments | 8/31/13 (continued)
(b) Distribution of investments by country of issue, as a percentage
of total investment in securities (excluding temporary cash
investments), is as follows:
United States 51.7%
United Kingdom 10.0%
Japan 9.9%
Switzerland 5.7%
Germany 4.1%
Ireland 4.0%
France 2.4%
Netherlands 1.7%
Spain 1.5%
Canada 1.4%
Other (individually less than 1%) 7.6%
------
100.0%
======
Purchases and sales of securities (excluding temporary cash investments) for the
year ended August 31, 2013 aggregated $216,333,673 and $219,634,682,
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.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services) as Level 3. See
Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of August 31, 2013, in valuing
the Fund's investments:
---------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
---------------------------------------------------------------------------------------
Common Stocks (U.S.) $87,223,701 $ -- $ -- $ 87,223,701
Common Stocks (Foreign) -- 54,560,251 -- 54,560,251
Purchased Options 15,750 -- -- 15,750
---------------------------------------------------------------------------------------
Total $87,239,451 $ 54,560,251 $ -- $141,799,702
=======================================================================================
Other Financial Instruments:
Net Unrealized Appreciation
On Forward Foreign Currency
Settlement Contracts $ -- $ 8,690 $ -- $ 8,690
Net Unrealized Appreciation On
Forward Foreign Currency Portfolio
Hedge Contracts -- 124,075 -- 124,075
Futures Contracts 2,333 -- -- 2,333
---------------------------------------------------------------------------------------
Total $ 2,333 $ 132,765 $ -- $ 135,098
=======================================================================================
During the year ended August 31, 2013, there were no transfers between Levels 1,
2 and 3.
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global Equity Fund | Annual Report | 8/31/13
Statement of Assets and Liabilities | 8/31/13
ASSETS:
Investment in securities (cost $129,039,373) $141,799,702
Cash 6,955,934
Foreign currencies, at value (cost $827,396) 823,294
Futures collateral 122,500
Receivables --
Investment securities sold 1,931,141
Fund shares sold 40,248
Dividends and foreign taxes withheld 446,169
Due from Pioneer Investment Management, Inc. 119,244
Net unrealized appreciation on forward foreign currency settlement contracts 8,690
Net unrealized appreciation on forward foreign currency portfolio hedge contracts 124,075
Other 19,783
-------------------------------------------------------------------------------------------------
Total assets $152,390,780
-------------------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 8,236,976
Fund shares repurchased 102,187
Variation margin 144,986
Due to affiliates 126,750
Accrued expenses 173,987
-------------------------------------------------------------------------------------------------
Total liabilities $ 8,784,886
-------------------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $175,197,812
Undistributed net investment income 2,279,756
Accumulated net realized loss on investments and foreign currency
transactions (46,759,782)
Net unrealized appreciation on investments 12,760,329
Net unrealized appreciation on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies 125,446
Net unrealized appreciation on futures contracts 2,333
-------------------------------------------------------------------------------------------------
Total net assets $143,605,894
=================================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $62,996,066/5,569,812 shares) $ 11.31
Class B (based on $2,367,629/212,590 shares) $ 11.14
Class C (based on $6,516,199/586,383 shares) $ 11.11
Class Y (based on $71,726,000/6,309,707 shares) $ 11.37
MAXIMUM OFFERING PRICE:
Class A ($11.31 (divided by) 94.25% ) $ 12.00
=================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/13 23
Statement of Operations
For the Year Ended 8/31/13
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $187,433) $ 3,644,211
Interest 34,758
----------------------------------------------------------------------------------------
Total investment income $ 3,678,969
----------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 1,041,356
Transfer agent fees
Class A 188,269
Class B 26,795
Class C 19,571
Class Y 526
Distribution fees
Class A 153,958
Class B 26,818
Class C 62,620
Shareholder communications expense 93,555
Administrative reimbursements 59,223
Custodian fees 80,288
Registration fees 113,214
Professional fees 44,660
Printing expense 36,695
Fees and expenses of nonaffiliated Trustees 6,548
Miscellaneous 2,142
----------------------------------------------------------------------------------------
Total expenses $ 1,956,238
Less fees waived and expenses reimbursed by Pioneer
Investment Management, Inc. (412,330)
----------------------------------------------------------------------------------------
Net expenses $ 1,543,908
----------------------------------------------------------------------------------------
Net investment income $ 2,135,061
----------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES
CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $17,531,695
Futures contracts (206,471)
Forward foreign currency contracts and other assets and
liabilities denominated in foreign currencies 673,864 $17,999,088
----------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ 3,849,804
Futures contracts 56,833
Forward foreign currency contracts and other assets and
liabilities denominated in foreign currencies 25,932 $ 3,932,569
----------------------------------------------------------------------------------------
Net gain on investments, futures contracts and foreign
currency transactions $21,931,657
----------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $24,066,718
========================================================================================
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global Equity Fund | Annual Report | 8/31/13
Statements of Changes in Net Assets
--------------------------------------------------------------------------------------------
Year Ended Year Ended
8/31/13 8/31/12
--------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 2,135,061 $ 2,353,814
Net realized gain (loss) on investments, futures contracts and
foreign currency transactions 17,999,088 (10,192,850)
Change in net unrealized appreciation on investments, futures
contracts and foreign currency transactions 3,932,569 13,732,398
--------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 24,066,718 $ 5,893,362
--------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.16 and $0.13 per share, respectively) $ (917,101) $ (808,115)
Class B ($0.05 and $0.02 per share, respectively) (14,373) (6,659)
Class C ($0.07 and $0.03 per share, respectively) (39,684) (20,815)
Class Y ($0.21 and $0.18 per share, respectively) (1,319,980) (1,109,955)
--------------------------------------------------------------------------------------------
Total distributions to shareowners $ (2,291,138) $ (1,945,544)
--------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 10,898,587 $ 8,241,391
Reinvestment of distributions 948,339 823,564
Cost of shares repurchased (15,721,764) (18,550,214)
--------------------------------------------------------------------------------------------
Net decrease in net assets resulting from Fund
share transactions $ (3,874,838) $ (9,485,259)
--------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ 17,900,742 $ (5,537,441)
NET ASSETS:
Beginning of year 125,705,152 131,242,593
--------------------------------------------------------------------------------------------
End of year $143,605,894 $125,705,152
============================================================================================
Undistributed net investment income $ 2,279,756 $ 1,532,192
============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/13 25
Statements of Changes in Net Assets (continued)
---------------------------------------------------------------------------------------
'13 Shares '13 Amount '12 Shares '12 Amount
---------------------------------------------------------------------------------------
Class A
Shares sold 622,079 $ 6,711,950 353,272 $ 3,701,073
Reinvestment of distributions 87,882 888,496 88,144 774,789
Less shares repurchased (1,049,318) (11,277,005) (1,083,925) (10,114,432)
---------------------------------------------------------------------------------------
Net decrease (339,357) $ (3,676,559) (642,509) $ (5,638,570)
=======================================================================================
Class B
Shares sold or exchanged 16,613 $ 170,182 18,790 $ 195,120
Reinvestment of distributions 1,414 14,158 749 6,512
Less shares repurchased (104,877) (1,102,463) (179,983) (1,638,775)
---------------------------------------------------------------------------------------
Net decrease (86,850) $ (918,123) (160,444) $ (1,437,143)
=======================================================================================
Class C
Shares sold 96,013 $ 1,020,165 109,039 $ 1,039,083
Reinvestment of distributions 3,739 37,351 2,206 19,171
Less shares repurchased (113,209) (1,192,619) (219,894) (1,992,027)
---------------------------------------------------------------------------------------
Net decrease (13,457) $ (135,103) (108,649) $ (933,773)
=======================================================================================
Class Y
Shares sold 289,411 $ 2,996,290 305,575 $ 3,306,115
Reinvestment of distributions 823 8,334 2,624 23,092
Less shares repurchased (196,154) (2,149,677) (524,778) (4,804,980)
---------------------------------------------------------------------------------------
Net increase (decrease) 94,080 $ 854,947 (216,579) $ (1,475,773)
=======================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global Equity Fund | Annual Report | 8/31/13
Financial Highlights
----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/13 8/31/12 8/31/11 8/31/10 8/31/09
----------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.64 $ 9.27 $ 8.44 $ 8.56 $ 10.42
----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.15 $ 0.17 $ 0.13 $ 0.08 $ 0.07
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 1.68 0.33 0.76 (0.17) (1.76)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.83 $ 0.50 $ 0.89 $ (0.09) $ (1.69)
----------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income (0.16) (0.13) (0.06) (0.03) (0.17)
Net realized gain -- -- -- -- --
----------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.16) $ (0.13) $ (0.06) $ (0.03) $ (0.17)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.67 $ 0.37 $ 0.83 $ (0.12) $ (1.86)
----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.31 $ 9.64 $ 9.27 $ 8.44 $ 8.56
============================================================================================================================
Total return* 19.17% 5.50% 10.48% (1.13)% (15.83)%
Ratio of net expenses to average net assets+ 1.30% 1.30% 1.30% 1.30% 1.30%
Ratio of net investment income to average net assets+ 1.35% 1.71% 1.23% 0.82% 0.69%
Portfolio turnover rate 160% 152% 194% 114% 120%
Net assets, end of period (in thousands) $62,996 $56,970 $60,701 $61,466 $70,718
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 1.67% 1.72% 1.67% 1.71% 2.25%
Net investment income (loss) 0.98% 1.29% 0.86% 0.41% (0.26)%
============================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/13 27
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/13 8/31/12 8/31/11 8/31/10 8/31/09
------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 9.48 $ 9.08 $ 8.30 $ 8.47 $ 10.28
------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.09 $ 0.16 $ 0.07 $ 0.00(a) $ (0.02)
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 1.62 0.26 0.71 (0.17) (1.70)
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.71 $ 0.42 $ 0.78 $ (0.17) $ (1.72)
------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income (0.05) (0.02) -- -- (0.09)
Net realized gain -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.05) $ (0.02) $ -- $ -- $ (0.09)
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.66 $ 0.40 $ 0.78 $ (0.17) $ (1.81)
------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.14 $ 9.48 $ 9.08 $ 8.30 $ 8.47
========================================================================================================================
Total return* 18.13% 4.60% 9.40% (2.01)% (16.57)%
Ratio of net expenses to average net assets+ 2.20% 2.20% 2.20% 2.20% 2.20%
Ratio of net investment income (loss) to average net assets+ 0.43% 0.79% 0.29% (0.11)% (0.01)%
Portfolio turnover rate 160% 152% 194% 114% 120%
Net assets, end of period (in thousands) $ 2,368 $ 2,838 $ 4,175 $ 5,587 $ 7,994
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 3.22% 3.14% 2.97% 2.93% 4.14%
Net investment loss (0.59)% (0.15)% (0.49)% (0.84)% (1.95)%
========================================================================================================================
(a) Amount rounds to less than $0.01 per share.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Global Equity Fund | Annual Report | 8/31/13
-------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/13 8/31/12 8/31/11 8/31/10 8/31/09
-------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.47 $ 9.09 $ 8.31 $ 8.48 $ 10.26
-------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.05 $ 0.10 $ 0.04 $ 0.00(b) $ (0.04)
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 1.66 0.31 0.74 (0.17) (1.68)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.71 $ 0.41 $ 0.78 $ (0.17) $ (1.72)
-------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income (0.07) (0.03) -- -- (0.06)
Net realized gain -- -- -- -- --
-------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.07) $ (0.03) $ -- $ -- $ (0.06)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.64 $ 0.38 $ 0.78 $ (0.17) $ (1.78)
-------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.11 $ 9.47 $ 9.09 $ 8.31 $ 8.48
=========================================================================================================================
Total return* 18.11% 4.56% 9.39% (2.00)% (16.58)%
Ratio of net expenses to average net assets+ 2.20% 2.20% 2.20% 2.20% 2.20%
Ratio of net investment income (loss) to average net assets+ 0.45% 0.82% 0.35% (0.07)% 0.00%(a)
Portfolio turnover rate 160% 152% 194% 114% 120%
Net assets, end of period (in thousands) $ 6,516 $ 5,682 $ 6,439 $ 6,118 $ 6,910
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 2.51% 2.53% 2.48% 2.54% 3.76%
Net investment income (loss) 0.14% 0.49% 0.07% (0.41)% (1.56)%
=========================================================================================================================
(a) Amount rounds to less than 0.01%.
(b) Amount rounds to less than $0.01 per share.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/13 29
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------------
Year Year Year Year 12/31/08 (a)
Ended Ended Ended Ended to
8/31/13 8/31/12 8/31/11 8/31/10 8/31/09
--------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.69 $ 9.32 $ 8.49 $ 8.59 $ 7.25
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.20 $ 0.21 $ 0.18 $ 0.12 $ 0.06
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 1.69 0.34 0.76 (0.17) 1.28
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.89 $ 0.55 $ 0.94 $ (0.05) $ 1.34
--------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income (0.21) (0.18) (0.11) (0.05) --
--------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.21) $ (0.18) $ (0.11) $ (0.05) $ --
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.68 $ 0.37 $ 0.83 $ (0.10) $ 1.34
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.37 $ 9.69 $ 9.32 $ 8.49 $ 8.59
==========================================================================================================================
Total return* 19.75% 6.09% 10.96% (0.59)% 18.48%(b)
Ratio of net expenses to average net assets+ 0.80% 0.80% 0.80% 0.80% 0.80%**
Ratio of net investment income to average net assets+ 1.85% 2.22% 1.74% 1.33% 2.57%**
Portfolio turnover rate 160% 152% 194% 114% 120%
Net assets, end of period (in thousands) $71,726 $60,214 $59,927 $58,692 $ 60,071
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 1.00% 0.97% 0.95% 0.96% 1.10%**
Net investment income 1.65% 2.05% 1.59% 1.17% 2.27%**
==========================================================================================================================
(a) Class Y shares were first publicly offered on December 31, 2008.
(b) Not annualized.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Global Equity Fund | Annual Report | 8/31/13
Notes to Financial Statements | 8/31/13
1. Organization and Significant Accounting Policies
Pioneer Global Equity Fund, formerly Pioneer Global Select Equity Fund (the
Fund), is one of two portfolios comprising Pioneer Series Trust V, a Delaware
statutory trust. The Fund is registered under the Investment Company Act of 1940
as a diversified, open-end management investment company. The Fund commenced
operations on December 15, 2005. The Fund's investment objective is to seek
long-term capital growth.
The Fund offers four classes of shares designated as Class A, Class B, Class C
and Class Y shares. Class Y shares were first publicly offered on December 31,
2008. Effective as of the close of business on December 31, 2009, Class B shares
are no longer offered to new or existing shareholders, except that dividends
and/or capital gain distributions may continue to be reinvested in Class B
shares, and shareholders may exchange their Class B shares for Class B shares of
other Pioneer funds, as permitted by existing exchange privileges. Each class of
shares represents an interest in the same portfolio of investments of the Fund
and has identical rights (based on relative net asset values) to assets and
liquidation proceeds. Share classes can bear different rates of class-specific
fees and expenses such as transfer agent and distribution fees. Differences in
class-specific fees and expenses will result in differences in net investment
income and, therefore, the payment of different dividends from net investment
income earned by each class. The Amended and Restated Declaration of Trust of
the Fund gives the Board the flexibility to specify either per-share voting or
dollar-weighted voting when submitting matters for shareholder approval. Under
per-share voting, each share of a class of the Fund is entitled to one vote.
Under dollar-weighted voting, a shareholder's voting power is determined not by
the number of shares owned, but by the dollar value of the shares on the record
date. Each share class has exclusive voting rights with respect to matters
affecting only that class, including with respect to the distribution plan for
that class. There is no distribution plan for Class Y shares. Class B shares
convert to Class A shares approximately eight years after the date of purchase.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gain or loss on investments during the reporting period.
Actual results could differ from those estimates.
Pioneer Global Equity Fund | Annual Report | 8/31/13 31
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. In computing
the net asset value, securities that have traded on an exchange are valued
using the last sale price on the principal exchange where they are traded.
Securities that have not traded on the date of valuation, or securities for
which sale prices are not available, generally are valued using the mean
between the last bid and asked prices. Short-term fixed income securities
with remaining maturities of sixty days or less generally are valued at
amortized cost. Shares of money market mutual funds are valued at such
funds' net asset value.
The Fund invests primarily in securities of non-U.S. issuers. The principal
exchanges and markets for such securities have closing times prior to the
close of the NYSE. However, the value of these securities may be influenced
by changes in global markets occurring after the closing times of the local
exchanges and markets up to the time the Fund determines its net asset
value. Consequently, the Board of Trustees of the Fund has determined that
daily adjustments to the valuation of securities of non-U.S. issuers by
utilizing an independent pricing service that supplies an appropriate fair
value factor is appropriate for the Fund.
Securities for which 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 at the direction or
with the approval of the Valuation Committee using fair value methods
pursuant to procedures adopted by the Board of Trustees. The Valuation
Committee is comprised of certain members 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. Pioneer Investment Management, Inc. (PIM),
the Fund's investment advisor,
32 Pioneer Global Equity Fund | Annual Report | 8/31/13
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.
At August 31, 2013, no securities were valued using fair value methods
(other than securities valued using prices supplied by independent pricing
services).
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have passed
are recorded as soon as the Fund becomes aware of the ex-dividend data in
the exercise of reasonable diligence. Interest income, including interest on
income bearing cash accounts, is recorded on the accrual basis. Dividend and
interest income are reported net of unrecoverable foreign taxes withheld at
the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no provision for federal income taxes is required.
As of August 31, 2013, the Fund had not accrued any interest and penalties
with respect to uncertain tax positions, which, if applicable, would be
recorded as an income tax expense in the Statement of Operations. Tax
returns filed within the prior three years are subject to examination by
Federal and State tax authorities.
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. generally accepted accounting principles.
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, 2013, the Fund reclassified $903,641 to increase undistributed
net investment income and $903,641 to increase accumulated net realized loss
on investments to reflect permanent book/tax differences. These adjustments
have no impact on net assets or the results of operations.
At August 31, 2013, the Fund had a net capital loss carryforward of
$46,692,095 which will expire in 2016 if not utilized.
Pioneer Global Equity Fund | Annual Report | 8/31/13 33
The tax character of distributions paid during the years ended August 31,
2013 and August 31, 2012 was as follows:
----------------------------------------------------------------------------
2013 2012
----------------------------------------------------------------------------
Distributions paid from:
Ordinary income $2,291,138 $1,945,544
----------------------------------------------------------------------------
Total $2,291,138 $1,945,544
============================================================================
The following shows the components of distributable earnings on a federal
income tax basis at August 31, 2013:
----------------------------------------------------------------------------
2013
----------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 2,395,494
Capital loss carryforward (46,692,095)
Net unrealized appreciation 12,704,683
----------------------------------------------------------------------------
Total $(31,591,918)
============================================================================
The difference between book-basis and tax-basis net unrealized appreciation
is attributable to the tax deferral of losses on wash sales, the
mark-to-market of foreign currency contracts and futures contracts and the
tax basis adjustments on partnerships.
C. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A. (UniCredit),
earned $6,444 in underwriting commissions on the sale of Class A shares
during the year ended August 31, 2013.
D. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates. Net realized gains and losses on foreign currency
transactions, if any, represent, among other things, the net realized gains
and losses on foreign currency contracts, disposition of foreign currencies
and the difference between the amount of income accrued and the U.S. dollars
actually received. Further, the effects of changes in foreign currency
exchange rates on investments are not segregated in the Statement of
Operations from the effects of changes in the market prices of those
securities but are included with the net realized and unrealized gain or
loss on investments.
34 Pioneer Global Equity Fund | Annual Report | 8/31/13
E. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized appreciation or depreciation
are recorded in the Fund's financial statements. The Fund records realized
gains and losses at the time a portfolio hedge is offset by entry into a
closing transaction or extinguished by delivery of the currency. Risks may
arise upon entering into these contracts from the potential inability of
counterparties to meet the terms of the contract and from unanticipated
movements in the value of foreign currencies relative to the U.S. dollar
(see Note 6).
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class B and Class C shares of the Fund,
respectively (see Note 4). Class Y shares do not pay distribution fees. All
expenses and fees paid to the transfer agent, Pioneer Investment Management
Shareholder Services, Inc. (PIMSS), for its services are allocated among the
classes of shares based on the number of accounts in each class and the
ratable allocation of related out-of-pocket expenses (see Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class B, Class C and Class Y shares
can reflect different transfer agent and distribution expense rates.
G. Risks
Investing in foreign and/or emerging markets securities involves risks
relating to interest rates, currency exchange rates and economic and
political conditions. At times, the Fund's investments may represent
industries or industry sectors that are interrelated or have common risks,
making the Fund more susceptible to any economic, political, or regulatory
developments or other risks affecting those industries and sectors. The
Fund's prospectus contains unaudited information regarding the Fund's
principal risks. Please refer to that document when considering the Fund's
principal risks.
Pioneer Global Equity Fund | Annual Report | 8/31/13 35
H. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge
against changes in interest rates, securities prices and currency rates or
to seek to increase total return. Futures contracts are types of
derivatives. All futures contracts entered into by the Fund are traded on a
futures exchange. Upon entering into a futures contract, the Fund is
required to deposit with a broker an amount of cash or securities equal to
the minimum "initial margin" requirements of the associated futures
exchange. The amount of cash deposited with the broker as collateral at
August 31, 2013 was $122,500. Subsequent payments for futures contracts
("variation margin") are paid or received by the Fund, depending on the
daily fluctuation in the value of the contracts, and are recorded by the
Fund as unrealized appreciation or depreciation. When the contract is
closed, the Fund realizes a gain or loss equal to the difference between the
opening and closing value of the contract as well as any fluctuation in
foreign currency exchange rates where applicable. The use of futures
contracts involves, to varying degrees, elements of market, interest rate,
currency exchange rate and counterparty risks, which may exceed the amounts
recognized by the Fund. Changes in value of the contracts may not directly
correlate to the changes in value of the underlying securities. These risks
may decrease the effectiveness of the Fund's hedging strategies and
potentially result in a loss. The average number of contracts open during
the year ended August 31, 2013 was 8.
At August 31, 2013, open futures contracts were as follows:
----------------------------------------------------------------------------
Number of
Contracts Settlement Unrealized
Type Long/(Short) Month Value Appreciation
----------------------------------------------------------------------------
S&P 500 Future (7) 9/13 $(2,854,775) $2,333
----------------------------------------------------------------------------
Total $2,333
============================================================================
36 Pioneer Global Equity Fund | Annual Report | 8/31/13
I. Purchased Options
The Fund may purchase call and put options in order to attempt to hedge
against changes in the value of portfolio securities or to seek to increase
total return. Purchased call and put options entitle the Fund to buy and
sell a specified number of shares or units of a particular security,
currency or index at a specified price at a specific date or within a
specific period of time. Upon the purchase of a call or put option, the
premium paid by the Fund is included in the Statement of Assets and
Liabilities as an investment. All premiums are marked-to-market daily, and
any unrealized appreciation or depreciation are recorded in the Fund's
financial statements. As the purchaser of an index option, the Fund has the
right to receive a cash payment equal to any depreciation in the value of
the index below the strike price of the option (in the case of a put) or
equal to any appreciation in the value of the index over the strike price
of the option (in the case of a call) as of the valuation date of the
option. Premiums paid for purchased calls and put options which have
expired are treated as realized losses on investments in the Statement of
Operations. Upon the exercise or closing of a purchased put option, the
premium is offset against the proceeds on the sale of the underlying
security or financial instrument in order to determine the realized gain or
loss on investments. Upon the exercise or closing of a purchased call
option, the premium is added to the cost of the security or financial
instrument. The risk associated with purchasing options is limited to the
premium originally paid. The average number of contracts open during the
year ended August 31, 2013 was 86. Purchased option contracts outstanding
at year end are listed at the end of the Fund's schedule of investments.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate equal to
0.75% of the Fund's average daily net assets up to $500 million, 0.70% of the
next $500 million of the Fund's average daily net assets and 0.65% of the Fund's
average daily net assets over $1 billion. For the year ended August 31, 2013,
the effective management fee (excluding waivers and/or assumption of expenses)
was equivalent to 0.75% of the Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses of the Fund to
the extent required to reduce Fund expenses to 1.30%, 2.20%, 2.20%, and 0.80% of
the average daily net assets attributable to Class A, Class B, Class C and Class
Y shares, respectively. Fees waived and expenses reimbursed during the year
ended August 31, 2013 are reflected on the Statement of Operations. These
expense limitations are in effect through January 1, 2014. There can be no
assurance that PIM will extend the expense limitation agreement for a class of
shares beyond the date referred to above.
Pioneer Global Equity Fund | Annual Report | 8/31/13 37
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
$98,219 in management fees, administrative costs and certain other
reimbursements payable to PIM at August 31, 2013.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts.
For the year ended August 31, 2013, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $73,140
Class B 6,189
Class C 12,317
Class Y 1,909
--------------------------------------------------------------------------------
Total: $93,555
--------------------------------------------------------------------------------
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $26,494 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at August 31, 2013.
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class B and Class C
shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net
assets attributable to Class A shares as compensation for personal services
and/or account maintenance services or distribution services with regard to
Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the
average daily net assets attributable to Class B and Class C shares. The fee for
Class B and Class C shares consists of a 0.25% service fee and a 0.75%
distribution fee paid as compensation for personal services and/or account
maintenance services or distribution services with regard to Class B and Class C
shares. Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $2,037 in distribution fees payable to PFD at August 31, 2013.
38 Pioneer Global Equity Fund | Annual Report | 8/31/13
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Class B shares that are redeemed within five years
of purchase are subject to a CDSC at declining rates beginning at 4.00%, based
on the lower of cost or market value of shares being redeemed. Redemptions of
Class C shares within 12 months of purchase are subject to a CDSC of 1.00%,
based on the lower of cost or market value of shares being redeemed. Shares
purchased as part of an exchange remain subject to any CDSC that applied to the
original purchase of those shares. There is no CDSC for Class Y shares. Proceeds
from the CDSCs are paid to PFD. For the year ended August 31, 2013, CDSCs in the
amount of $2,040 were paid to PFD.
5. Expense Offsets Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS, which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the year ended August 31, 2013, the Fund's expenses were
not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At August 31, 2013, the Fund had entered into various forward foreign currency
contracts that obligate the Fund to deliver or take delivery of currencies at
specified future maturity dates. Alternatively, prior to the settlement date of
a forward foreign currency contract, the Fund may close out such contract by
entering into an offsetting contract. The Fund's gross forward currency
settlement contracts receivable and payable were $1,339,163 and $1,330,473
respectively, resulting in a net receivable of $8,690. The average value of
settlement contracts open during the year ended August 31, 2013 was $2,348,839.
The average value of portfolio hedges open during the year ended August 31, 2013
was $14,626,608.
Open portfolio hedges at August 31, 2013 were as follows:
----------------------------------------------------------------------------------------
Net In Net
Contracts Exchange Settlement Unrealized
Currency to Deliver For Date Value Appreciation
----------------------------------------------------------------------------------------
JPY (Japanese Yen) (300,000,000) (3,097,817) 9/30/13 $(3,056,118) $ 41,699
JPY (Japanese Yen) 300,000,000 2,973,742 9/30/13 3,056,118 82,376
----------------------------------------------------------------------------------------
$124,075
========================================================================================
Pioneer Global Equity Fund | Annual Report | 8/31/13 39
7. Additional Disclosures about Derivative Instruments and Hedging Activities
Values of derivative instruments as of August 31, 2013 were as follows:
----------------------------------------------------------------------------------------------------
Derivatives Not
Accounted for as
Hedging Instruments Asset Derivatives 2013 Liabilities Derivatives 2013
Under Accounting ----------------------------- -----------------------------
Standards Codification Balance Sheet Balance Sheet
(ASC) 815 Location Value Location Value
----------------------------------------------------------------------------------------------------
Forward Foreign Currency Net unrealized Net unrealized
Settlement Contracts* appreciation on depreciation on
forward foreign forward foreign
currency currency
settlement settlement
contracts $ 8,690 contracts $--
Forward Foreign Currency Net unrealized Net unrealized
Portfolio Hedge Contracts** appreciation on depreciation on
forward foreign forward foreign
currency portfolio currency portfolio
hedge contracts $124,075 hedge contracts $--
Futures Contracts*** Net unrealized Net unrealized
appreciation on depreciation on
futures futures
contracts $ 2,333 contracts $--
----------------------------------------------------------------------------------------------------
Total $135,098 $--
----------------------------------------------------------------------------------------------------
* Forward Foreign Currency Settlement Contracts are shown as a net unrealized
appreciation on forward foreign currency settlement contracts on the
Statement of Assets and Liabilities.
** Forward Foreign Currency Portfolio Hedge Contracts are shown as a net
unrealized appreciation on forward foreign currency portfolio hedge
contracts on the Statement of Assets and Liabilities.
*** Reflects the net unrealized appreciation on futures contracts (see Note 1H).
40 Pioneer Global Equity Fund | Annual Report | 8/31/13
The effect of derivative instruments on the Statement of Operations for the year
ended August 31, 2013 was as follows:
-------------------------------------------------------------------------------------------------
Change in
Derivatives Not Unrealized
Accounted for as Realized Gain Appreciation or
Hedging Instruments or (Loss) on (Depreciation)
Under Accounting Location of Gain or (Loss) Derivatives on Derivatives
Standards Codification on Derivatives Recognized Recognized Recognized
(ASC) 815 in Income in Income in Income
-------------------------------------------------------------------------------------------------
Forward Foreign Net realized loss on forward
Currency Settlement foreign currency contracts
Contracts and other assets and
liabilities denominated in
foreign currencies $(117,936)
Forward Foreign Change in unrealized
Currency Settlement appreciation (depreciation)
Contracts on forward foreign currency
contracts and other assets and
liabilities denominated in
foreign currencies $ (3,465)
Forward Foreign Net realized gain on forward
Currency Portfolio foreign currency contracts and
Hedge Contracts other assets and liabilities
denominated in foreign currencies $ 832,024
Forward Foreign Change in unrealized appreciation
Currency Portfolio on forward foreign currency
Hedge Contracts contracts and other assets and
liabilities denominated in
foreign currencies $17,051
Futures Contracts Net realized loss on futures
contracts $(206,471)
Futures Contracts Change in net unrealized
appreciation on futures contracts $56,833
Pioneer Global Equity Fund | Annual Report | 8/31/13 41
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust V and the Shareowners of
Pioneer Global Equity Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Pioneer Global Equity Fund, one of the
portfolios constituting Pioneer Series Trust V (the "Trust"), as of August 31,
2013, and the related statement of operations for the year then ended, the
statements of changes in net assets for each of the two years in the period then
ended, and the financial highlights for each of the periods indicated therein.
These financial statements and financial highlights are the responsibility of
the Trust's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of August 31, 2013 by correspondence with the custodian, or
others or by other appropriate auditing procedures where replies from others
were not received. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Global Equity Fund, one of the portfolios constituting Pioneer Series
Trust V, at August 31, 2013, the results of its operations for the year then
ended, the changes in its net assets for each of the two years in the period
then ended, and the financial highlights for each of the periods indicated
therein, in conformity with U.S. generally accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
October 28, 2013
42 Pioneer Global Equity Fund | Annual Report | 8/31/13
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy voting policies and procedures of the 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 on the following pages, 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, except
Mr. Cogan and Mr. West, serves as a trustee of each of the 52 U.S. registered
investment portfolios for which Pioneer serves as investment adviser (the
"Pioneer Funds"). Each of Mr. Cogan and Mr. West serves as a Trustee of 47
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 Global Equity Fund | Annual Report | 8/31/13 43
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 (62) Trustee since Chairman and Chief Executive Officer, Director, Broadridge
Chairman of the Board 2006. Serves until Quadriserv, Inc. (technology products for Financial Solutions, Inc.
and Trustee a successor securities lending industry) (2008 - present); (investor communications and
trustee is elected private investor (2004 - 2008); and Senior securities processing
or earlier Executive Vice President, The Bank of New York provider for financial
retirement or (financial and securities services) (1986 - 2004) services industry) (2009 -
removal. present); Director,
Quadriserv, Inc. (2005 -
present); and Commissioner,
New Jersey State Civil
Service Commission (2011 -
present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (69) Trustee since Managing Partner, Federal City Capital Advisors Director of Enterprise
Trustee 2005. Serves until (corporate advisory services company) (1997 - Community Investment, Inc.
a successor 2004 and 2008 - present); Interim Chief (privately-held affordable
trustee is elected Executive Officer, Oxford Analytica, Inc. housing finance company)
or earlier (privately held research and consulting company) (1985 - 2010); Director of
retirement or (2010); Executive Vice President and Chief Oxford Analytica, Inc. (2008
removal. Financial Officer, I-trax, Inc. (publicly traded - present); Director of The
health care services company) (2004 - 2007); and Swiss Helvetia Fund, Inc.
Executive Vice President and Chief Financial (closed-end fund) (2010 -
Officer, Pedestal Inc. (internet-based mortgage present); and Director of
trading company) (2000 - 2002) New York Mortgage Trust
(publicly traded mortgage
REIT) (2004 - 2009, 2012 -
present)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (68) Trustee since William Joseph Maier Professor of Political Trustee, Mellon
Trustee 2008. Serves until Economy, Harvard University (1972 - present) Institutional Funds
a successor Investment Trust and Mellon
trustee is elected Institutional Funds Master
or earlier Portfolio (oversaw 17
retirement or portfolios in fund complex)
removal. (1989-2008)
------------------------------------------------------------------------------------------------------------------------------------
44 Pioneer Global Equity Fund | Annual Report | 8/31/13
------------------------------------------------------------------------------------------------------------------------------------
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 (66) Trustee since Founding Director, Vice President and Corporate None
Trustee 2005. Serves until Secretary, The Winthrop Group, Inc. (consulting
a successor firm) (1982-present); Desautels Faculty of
trustee is elected Management, McGill University (1999 - present);
or earlier and Manager of Research Operations and
retirement or Organizational Learning, Xerox PARC, Xerox's
removal. advance research center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (65) Trustee since President and Chief Executive Officer, Newbury, Director of New America
Trustee 2005. Serves until Piret & Company, Inc. (investment banking firm) High Income Fund, Inc.
a successor (1981 - present) (closed-end investment
trustee is elected company) (2004 - present);
or earlier and member, Board of
retirement or Governors, Investment
removal. Company Institute (2000 -
2006)
------------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (84) Trustee since Senior Counsel, Sullivan & Cromwell LLP (law Director, The Swiss
Trustee 2005. Serves until firm) (1998 - present); and Partner, Sullivan & Helvetia Fund, Inc.
a successor Cromwell LLP (prior to 1998) (closed-end investment
trustee is elected company); and Director,
or earlier Invesco, Ltd. (formerly
retirement or AMVESCAP, PLC) (investment
removal. manager) (1997-2005)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Global Equity Fund | Annual Report | 8/31/13 45
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (87)* Trustee since Non-Executive Chairman and a director of Pioneer None
Trustee, President and 2005. Serves until Investment Management USA Inc. ("PIM-USA");
Chief a successor Chairman and a director of Pioneer; Chairman and
Executive Officer of the trustee is elected Director of Pioneer Institutional Asset
Fund or earlier Management, Inc. (since 2006); Director of Pioneer
retirement or Alternative Investment Management Limited (Dublin)
removal. (until October 2011); President and a director of
Pioneer Alternative Investment Management
(Bermuda) Limited and affiliated funds; Deputy
Chairman and a director of Pioneer Global Asset
Management S.p.A. ("PGAM") (until April 2010);
Director of Nano-C, Inc. (since 2003); Director of
Cole Management Inc. (2004 - 2011); Director of
Fiduciary Counseling, Inc. (until December 2011);
President of all of the Pioneer Funds; and Retired
Partner, Wilmer Cutler Pickering Hale and Dorr LLP
------------------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (54)* Trustee since Director, CEO and President of PIM-USA (since None
Trustee and Executive 2007. Serves until February 2007); Director and President of Pioneer
Vice President a successor and Pioneer Institutional Asset Management, Inc.
trustee is elected (since February 2007); Executive Vice President of
or earlier all of the Pioneer Funds (since March 2007);
retirement or Director of PGAM (2007 - 2010); Head of New Europe
removal. Division, PGAM (2000 - 2005); Head of New Markets
Division, PGAM (2005 - 2007)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are
officers or directors of the Fund's investment adviser and certain of its
affiliates.
46 Pioneer Global Equity Fund | Annual Report | 8/31/13
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (48) Since 2005. Serves Vice President and Associate General Counsel of Pioneer None
Secretary at the discretion of since January 2008 and Secretary of all of the Pioneer
the Board. 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 (52) Since 2010. Serves Fund Governance Director of Pioneer since December 2006 None
Assistant Secretary at the discretion of and Assistant Secretary of all the Pioneer Funds since
the Board. 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 (50) Since 2010. Serves Counsel of Pioneer since June 2007 and Assistant Secretary None
Assistant Secretary at the discretion of of all the Pioneer Funds since June 2010; and Vice
the Board. President and Counsel at State Street Bank from October
2004 to June 2007
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (53) Since 2008. Serves Vice President - Fund Treasury of Pioneer; Treasurer of None
Treasurer and Chief at the discretion of all of the Pioneer Funds since March 2008; Deputy
Financial the Board. Treasurer of Pioneer from March 2004 to February 2008; and
and Accounting Officer of Assistant Treasurer of all of the Pioneer Funds from March
the Fund 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (48) Since 2005. Serves Assistant Vice President - Fund Treasury of Pioneer; and None
Assistant Treasurer at the discretion of Assistant Treasurer of all of the Pioneer Funds
the Board.
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (55) Since 2005. Serves Fund Accounting Manager - Fund Treasury of Pioneer; and None
Assistant Treasurer at the discretion of Assistant Treasurer of all of the Pioneer Funds
the Board.
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (33) Since 2009. Serves Fund Administration Manager - Fund Treasury of Pioneer None
Assistant Treasurer at the discretion of since November 2008; Assistant Treasurer of all of the
the Board. Pioneer Funds since January 2009; and Client Service
Manager - Institutional Investor Services at State Street
Bank from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Global Equity Fund | Annual Report | 8/31/13 47
Fund Officers (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (60) Since 2010. Serves Chief Compliance Officer of Pioneer and of all the None
Chief Compliance Officer at the discretion of Pioneer Funds since March 2010; Director of Adviser and
the Board. Portfolio Compliance at Pioneer since October 2005; and
Senior Compliance Officer for Columbia Management
Advisers, Inc. from October 2003 to October 2005
------------------------------------------------------------------------------------------------------------------------------------
Kelley O'Donnell (42) Since 2006. Serves Director--Transfer Agency Compliance of Pioneer and None
Anti-Money Laundering at the discretion of Anti-Money Laundering Officer of all the Pioneer Funds
Officer the Board. since 2006
------------------------------------------------------------------------------------------------------------------------------------
48 Pioneer Global Equity Fund | Annual Report | 8/31/13
This page for your notes.
Pioneer Global Equity Fund | Annual Report | 8/31/13 49
This page for your notes.
50 Pioneer Global Equity Fund | Annual Report | 8/31/13
This page for your notes.
Pioneer Global Equity Fund | Annual Report | 8/31/13 51
This page for your notes.
52 Pioneer Global Equity Fund | Annual Report | 8/31/13
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[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) 2013 Pioneer Investments 19431-07-1013
Pioneer High Income
Municipal Fund
--------------------------------------------------------------------------------
Annual Report | August 31, 2013
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PIMAX
Class C HICMX
Class Y HIMYX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 8
Prices and Distributions 9
Performance Update 10
Comparing Ongoing Fund Expenses 13
Schedule of Investments 15
Financial Statements 25
Notes to Financial Statements 32
Report of Independent Registered Public Accounting Firm 39
Trustees, Officers and Service Providers 40
Pioneer High Income Municipal Fund | Annual Report | 8/31/13 1
President's Letter
Dear Shareowner,
When we look at the U.S. economy as we head into the second half of 2013, we
continue to see slow, but ongoing, growth. Employment has been steadily rising.
Consumer incomes, savings, wealth, and debt-servicing capacity have been solid
buttresses for the recovering housing and auto industries. Industrial activity
is growing only modestly, but current corporate profits are generally solid and
balance sheets appear able to support needed capital spending and dividend*
payouts. The scaled-back "fiscal cliff" tax increases and spending cuts have
meaningfully cut the budget deficit without, it seems, driving the economy back
into recession. In addition, we feel that continuing slack in labor markets and
capacity utilization offers the potential for continuing growth without
bottlenecks and rising inflation.
After observing the strengthening economic trends, the Federal Reserve (the Fed)
has hinted that it may begin to scale back its bond purchases (currently $85
billion per month in quantitative easing, or "QE") later in 2013, and could
terminate the purchases altogether sometime in 2014, depending on subsequent
economic data releases. Pioneer believes that, barring an external shock, modest
economic growth can be sustained at least over the next couple of years without
continuous, aggressive intervention from the Fed.
The Fed has also said that short-term interest rates are likely to remain near
zero for some time to come. Given that inflation remains subdued and
unemployment remains high, there is no urgency about raising rates.
While inflation is not a near-term concern, the Fed's aggressive monetary
policies helped investors drive long-term Treasury yields to unsustainably low
levels. A return to more normal levels in response to expectations of a stronger
economy and the potential for less QE resulted in disappointing returns for bond
investors during the first half of 2013, but the stock market rewarded
shareholders who were undaunted by the double-barreled threat of the "fiscal
cliff" and debt-ceiling debates at the beginning of 2013.
The Standard & Poor's 500 Index, a broad measure of the U.S. stock market,
returned 13.82% during the first six months of 2013, while the Barclays
Aggregate Bond Index, which tracks the performance of a higher-quality U.S. bond
universe, returned -2.44%. Investors showed a rising preference for
higher-yielding corporate paper over government bonds during the first half of
2013, helping the Bank of America Merrill Lynch High Yield Master II Index,
which measures the performance of high-yield corporate bonds, to post a 1.50%
return for the six months ended June 30, 2013. Three-month Treasury bills,
generally regarded as essentially "risk free" by the markets, returned 0.03% in
the first half of 2013.
* Dividends are not guaranteed.
2 Pioneer High Income Municipal Fund | Annual Report | 8/31/13
There are certainly risks and uncertainties that continue to plague the global
economy. Europe remains in recession and a number of countries in the emerging
markets have experienced difficulties. Still, a potential ending of the European
recession, continuing economic improvement in Japan in response to the new
government's quantitative easing policies, and a "soft landing" of 7% growth in
China could very well result in an improving global outlook over the remainder
of 2013.
There are also geopolitical worries abroad and political fights at home, and
while most of the widely recognized risks we've outlined may already be "priced
in" to the market, we believe investors should continue to expect market
volatility.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification alone does not assure a
profit or protect against loss in a declining market, we believe there are still
opportunities for prudent investors to earn attractive returns. Our advice, as
always, is to work closely with a trusted financial advisor to discuss your
goals and work together to develop an investment strategy that meets your
individual needs, keeping in mind that there is no single best strategy that
works for every investor.
Pioneer's investment teams have, since 1928, sought out attractive opportunities
in global equity and bond markets, using in-depth research to identify
undervalued individual securities, and using thoughtful risk management to
construct portfolios which balance potential risks and rewards in an
ever-changing world.
We encourage you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer High Income Municipal Fund | Annual Report | 8/31/13 3
Portfolio Management Discussion | 8/31/13
In the following interview, portfolio manager David Eurkus reviews the market
environment for high-yield municipal investments and the performance of Pioneer
High Income Municipal Fund during the 12 months ended August 31, 2013. Mr.
Eurkus, a senior vice president and a portfolio manager at Pioneer, manages the
Fund along with Jonathan Chirunga, a vice president and a portfolio manager at
Pioneer. Mr. Chirunga was named as a portfolio manager on the Fund on May 17,
2013, replacing Timothy Pynchon.
Q How would you describe the investment environment for high-yield municipal
bonds during the 12 months ended August 31, 2013?
A During the first eight months of the period, from September 2012 through
April 2013, favorable market conditions supported high-yield municipal
bonds, continuing a trend that had prevailed throughout the 2012 calendar
year. Investors were attracted to high-yield municipal securities because of
their very attractive spreads - or yield advantages - over higher-quality
municipals and even over many taxable bonds with similar quality ratings.
Against a backdrop of steady, albeit slow, growth in the domestic economy,
the competitive yields of municipal securities, and especially those of
high-yield municipals, generated growing demand. Investors became even more
attracted to tax-advantaged investments after some marginal income tax rates
rose at the start of 2013.
All of that changed, however, in May 2013 as municipal securities (including
high-yield debt) fell out of favor as a result of a series of developments
that undermined investor sentiment. Perhaps the biggest development was the
suggestion by Federal Reserve (Fed) Chairman Ben Bernanke that the U.S.
central bank might consider tapering the pace of its monthly purchases of
government bonds and agency mortgages (quantitative easing), a program that
had helped to keep interest rates low and provided some support to economic
growth. The Fed's suggestion led to fears that interest rates could start
rising, a development that could hurt the overall bond market. The second
negative development was the well-publicized bankruptcy of the City of
Detroit, which raised worries about the financial stability of other large
cities. The final negative factor was the publication of an article
reporting on the financial difficulties faced by the Commonwealth of Puerto
Rico, which added to investors' growing worries about the stability of the
municipal-debt market.
4 Pioneer High Income Municipal Fund | Annual Report | 8/31/13
The negative developments from May through August of 2013 resulted in a
sharp decline of municipal bond prices and significant underperformance of
the asset class relative to U.S. Treasuries and many other segments of the
fixed-income market as the 12-month period drew to a close. That represented
a departure from municipals' long-term track record of outperforming
Treasuries and other taxable bonds during bond market corrections.
Furthermore, because of their greater sensitivity to credit risk,
lower-rated municipal bonds with higher yields substantially underperformed
investment-grade municipals.
Q How did the Fund perform in that environment during the 12 months ended
August 31, 2013?
A Pioneer High Income Municipal Fund's Class A shares returned -4.26% at net
asset value during the 12 months ended August 31, 2013, while the Fund's
benchmark, the Barclays High Yield Municipal Bond Index (the Barclays
Index), returned -3.91%. During the same period, the average return of the
160 mutual funds in Morningstar's High Yield Municipal Debt category was
-5.89%.
Q What elements of the Fund's positioning had the biggest effect on
benchmark-relative returns during the 12 months ended August 31, 2013?
A The Fund had been performing relatively well before the market downturn, but
returns took a hit as investor sentiment turned negative during the final
four months of the fiscal year. The Fund's performance declined as the
demand for high-yield municipal debt shrank and institutional investors,
including mutual funds, began selling some of their municipal-related
investments.
The Fund slightly underperformed the benchmark Barclays Index during the
12-month period, as the portfolio's exposures to underperforming sectors
within the municipal asset class were particularly damaging to returns. The
underperforming sectors included municipal bonds backed by continuing care
retirement communities (CCRCs), tobacco litigation settlement securities,
and project finance bonds. The disappointing results during the period
occurred despite the Fund's traditional emphasis on project revenue bonds,
which are securities backed by the revenue streams produced from specific
public projects rather than by general municipal revenues. To attempt to
control risks within the portfolio, we have focused on holding project
revenue securities because we believe they tend to be less sensitive to
changes in the financial health conditions of issuing municipalities or
public agencies.
It should be noted that the Fund had no exposure to either the City of
Detroit's or the Commonwealth of Puerto Rico's debt during the period.
Pioneer High Income Municipal Fund | Annual Report | 8/31/13 5
Q Which individual securities had the biggest effect on the Fund's benchmark-
relative underperformance during the 12 months ended August 31, 2013?
A The Fund's positions in securities backed by several individual projects had
sizable effects on benchmark-relative results. The underperformers included
bonds used to help finance a steel plant in Erie County, New York, and new
dormitory construction at Florida Keys Community College. Positions in
securities backed by expected revenues from a corrections facility and an
airport refueling station also were significant detractors from benchmark-
relative performance.
Q How do you plan to position the Fund moving forward?
A To attempt to control risk in an unsettled market, we have been moving to
add greater diversification* to the Fund's portfolio of investments. In so
doing, we are placing the greatest emphasis on intensive, fundamental credit
research to ensure that we understand all the dynamics affecting the
financial health of each individual holding in the portfolio. At the same
time, we also are conscious of our mandate to provide shareholders with
attractive, tax-advantaged income. As we increase the Fund's level of
diversification, we expect to reduce our emphasis on health care facility
bonds, which accounted for more than half the Fund's net assets at the end
of the period on August 31, 2013. Many of the securities were CCRCs, which
performed poorly in the latter part of the 12-month period.
In general, we believe that the prices of many high-yield municipal
securities have fallen excessively, particularly relative to their long-term
credit record. Since the 1930s, municipal securities are second only to U.S.
Treasuries with respect to avoiding credit defaults, and they also have a
relatively good record in recovering assets in the event of defaults. As the
high-yield municipal market continues to expand, we also think investors
potentially could benefit from the greater diversification of risks.
Furthermore, we believe new technologies and the development of new
investment opportunities in the energy and transportation industries,
especially shipping, also could offer important, significant investment
opportunities.
Going forward, we remain committed to conducting the highest-quality credit
research when selecting the Fund's investments, and to be mindful of our
responsibility to our shareholders to be careful managers of their assets,
even as we endeavor to seek out attractive sources of tax-advantaged income
for the Fund.
* Diversification does not assure a profit nor protect against loss in a
declining market.
6 Pioneer High Income Municipal Fund | Annual Report | 8/31/13
Please refer to the Schedule of Investments on pages 15-24 for a full listing of
Fund securities.
Investments in high-yield or lower rated securities are subject to greater-than-
average price volatility, illiquidity and possibility of default.
When interest rates rise, the prices of fixed-income securities in the Fund will
generally fall. Conversely, when interest rates fall, the prices of fixed income
securities in the fund will generally rise.
Investments in the Fund are subject to possible loss due to the financial
failure of issuers of underlying securities and their inability to meet their
debt obligations.
Prepayment risk is the chance that an issuer may exercise its right to prepay
its security, if falling interest rates prompt the issuer to do so. Forced to
reinvest the unanticipated proceeds at lower interest rates, the Fund would
experience a decline in income and lose the opportunity for additional price
appreciation.
The portfolio may invest in mortgage-backed securities, which during times of
fluctuating interest rates may increase or decrease more than other fixed-income
securities. Mortgage-backed securities are also subject to pre-payments.
The Fund may invest in inverse floating-rate obligations (a type of derivative
instrument), which may have price volatility and involve leverage risk.
A portion of income may be subject to local, state, federal, and/or alternative
minimum tax. Capital gains, if any, are subject to a capital gains tax.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.
These risks may increase share price volatility.
Past performance is not a guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These opinions should not
be relied upon for any other purposes.
Pioneer High Income Municipal Fund | Annual Report | 8/31/13 7
Portfolio Summary | 8/31/13
Portfolio Quality
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
AA 0.3%
A 1.5%
BBB 2.0%
BB 4.5%
B 7.0%
CCC 2.2%
Not Rated 82.5%
Bond ratings are ordered highest to lowest in portfolio. Based on Standard &
Poor's measures, AAA (highest possible rating) through BBB are considered
investment grade; BB or lower ratings are considered non-investment grade. Cash
equivalents and some bonds may not be rated.
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Health 50.8%
Pollution Control Revenue 16.3%
Education 12.5%
Various Revenues 7.6%
Special Revenues 4.7%
Transportation 4.2%
Housing 2.0%
Insured 1.8%
General Obligation 0.1%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of debt holdings)*
1. Jefferson County Industrial Development Corp. Texas, 8.25%, 7/1/32 3.90%
------------------------------------------------------------------------------------
2. Sanger Industrial Development Corp., 8.0%, 7/1/38 3.78
------------------------------------------------------------------------------------
3. City of Philippi West Virginia, 7.75%, 10/1/44 3.74
------------------------------------------------------------------------------------
4. Illinois Finance Authority, 8.125%, 2/15/40 2.63
------------------------------------------------------------------------------------
5. West Virginia Hospital Finance Authority, 9.125%, 10/1/41 2.27
------------------------------------------------------------------------------------
6. Public Finance Authority, 7.0%, 10/1/42 2.07
------------------------------------------------------------------------------------
7. Capital Trust Agency, Inc., 7.75%, 1/1/41 1.85
------------------------------------------------------------------------------------
8. Public Finance Authority, 8.25%, 6/1/46 1.80
------------------------------------------------------------------------------------
9. Bloomington Port Authority, 9.0%, 12/1/35 1.77
------------------------------------------------------------------------------------
10. Illinois Finance Authority, 8.25%, 5/15/45 1.72
------------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommendations to buy or sell
any security listed.
8 Pioneer High Income Municipal Fund | Annual Report | 8/31/13
Prices and Distributions | 8/31/13
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 8/31/13 8/31/12
--------------------------------------------------------------------------------
A $7.19 $7.94
--------------------------------------------------------------------------------
C $7.19 $7.94
--------------------------------------------------------------------------------
Y $7.10 $7.84
--------------------------------------------------------------------------------
Distributions per Share: 9/1/12-8/31/13
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $ 0.4420 $ -- $ --
--------------------------------------------------------------------------------
C $ 0.3823 $ -- $ --
--------------------------------------------------------------------------------
Y $ 0.4531 $ -- $ --
--------------------------------------------------------------------------------
Index Definitions
--------------------------------------------------------------------------------
The Barclays High Yield Municipal Bond Index is an unmanaged measure of the
performance of the high-yield municipal bond market. Index returns are
calculated monthly, assume reinvestment of dividends and, unlike Fund returns,
do not reflect any fees, expenses or sales charges. It is not possible to invest
directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts shown on pages 10-12.
Pioneer High Income Municipal Fund | Annual Report | 8/31/13 9
Performance Update | 8/31/13 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer High Income Municipal Fund at
public offering price during the periods shown, compared to that of the Barclays
High Yield Municipal Bond Index.
Average Annual Total Returns
(As of August 31, 2013)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
Life-of-Class
(10/17/06) 1.67% 0.99%
5 Years 3.04 2.10
1 Year -4.26 -8.53
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.89%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer High Income Barclays High Yield
Municipal Fund Municipal Bond Index
10/31/2006 $ 9,550 $ 10,000
8/31/2007 $ 9,662 $ 10,076
8/31/2008 $ 9,184 $ 9,635
8/31/2009 $ 7,861 $ 8,750
8/31/2010 $ 9,838 $ 10,682
8/31/2011 $ 10,018 $ 11,051
8/31/2012 $ 11,144 $ 12,752
8/31/2013 $ 10,669 $ 12,253
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 4.50% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
10 Pioneer High Income Municipal Fund | Annual Report | 8/31/13
Performance Update | 8/31/13 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer High Income Municipal Fund during
the periods shown, compared to that of the Barclays High Yield Municipal Bond
Index.
Average Annual Total Returns
(As of August 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(10/17/06) 0.81% 0.81%
5 Years 2.25 2.25
1 Year -4.98 -4.98
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.63%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer High Income Barclays High Yield
Municipal Fund Municipal Bond Index
10/31/2006 $ 10,000 $ 10,000
8/31/2007 $ 10,026 $ 10,076
8/31/2008 $ 9,430 $ 9,635
8/31/2009 $ 7,999 $ 8,750
8/31/2010 $ 9,928 $ 10,682
8/31/2011 $ 10,046 $ 11,051
8/31/2012 $ 11,094 $ 12,752
8/31/2013 $ 10,541 $ 12,253
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer High Income Municipal Fund | Annual Report | 8/31/13 11
Performance Update | 8/31/13 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer High Income Municipal Fund during
the periods shown, compared to that of the Barclays High Yield Municipal Bond
Index.
Average Annual Total Returns
(As of August 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
Life-of-Class
(10/17/06) 1.59% 1.59%
5 Years 3.12 3.12
1 Year -4.05 -4.05
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.67%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer High Income Barclays High Yield
Municipal Fund Municipal Bond Index
10/31/2006 $ 5,000,000 $ 5,000,000
8/31/2007 $ 5,040,643 $ 5,037,963
8/31/2008 $ 4,765,972 $ 4,817,672
8/31/2009 $ 4,084,381 $ 4,374,981
8/31/2010 $ 5,094,276 $ 5,340,982
8/31/2011 $ 5,197,079 $ 5,525,277
8/31/2012 $ 5,790,897 $ 6,376,035
8/31/2013 $ 5,556,051 $ 6,126,737
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer High Income Municipal Fund | Annual Report | 8/31/13
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
1. Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
2. Multiply the result in (1) above by the corresponding share class's
number in the third row under the heading entitled "Expenses Paid During
Period" to estimate the expenses you paid on your account during this
period.
Expenses Paid on a $1,000 Investment in Pioneer High Income Municipal Fund
Based on actual returns from March 1, 2013, through August 31, 2013.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 3/1/13
--------------------------------------------------------------------------------
Ending Account Value $ 910.60 $ 905.99 $ 911.29
(after expenses) on 8/31/13
--------------------------------------------------------------------------------
Expenses Paid $ 4.24 $ 7.83 $ 3.47
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.88%,
1.63% and 0.72% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
184/365 (to reflect the one-half year period).
Pioneer High Income Municipal Fund | Annual Report | 8/31/13 13
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer High Income Municipal Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from March 1, 2013, through August 31, 2013.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 3/1/13
--------------------------------------------------------------------------------
Ending Account Value $1,020.77 $1,016.99 $1,021.58
(after expenses) on 8/31/13
--------------------------------------------------------------------------------
Expenses Paid $ 4.48 $8.29 $3.67
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.88%,
1.63% and 0.72% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
184/365 (to reflect the one-half year period).
14 Pioneer High Income Municipal Fund | Annual Report | 8/31/13
Schedule of Investments | 8/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 110.9%
Alabama -- 0.8%
2,000,000 NR/NR Huntsville-Redstone Village Special Care
Facilities Financing Authority,
6.875%, 1/1/43 $ 1,961,460
2,580,000 NR/NR Huntsville-Redstone Village Special
Care Facilities Financing Authority,
7.5%, 1/1/47 2,661,296
-------------
$ 4,622,756
-----------------------------------------------------------------------------------------------------------
Alaska -- 1.5%
12,600,000 NR/B2 Northern Tobacco Securitization Corp.,
5.0%, 6/1/46 $ 8,412,516
-----------------------------------------------------------------------------------------------------------
Arizona -- 0.8%
750,000 NR/NR Pima County Industrial Development
Authority, 8.5%, 7/1/39 $ 808,230
3,925,000 NR/NR San Luis Facility Development Corp.,
8.375%, 5/1/27 3,451,410
-------------
$ 4,259,640
-----------------------------------------------------------------------------------------------------------
California -- 5.1%
4,000,000 NR/NR California County Tobacco Securitization
Agency, 5.0%, 6/1/47 $ 2,843,800
3,500,000 B-/NR California County Tobacco Securitization
Agency, 5.25%, 6/1/45 2,577,260
4,000,000 NR/B2 California County Tobacco Securitization
Agency, 5.25%, 6/1/45 2,964,480
3,250,000 NR/B2 California County Tobacco Securitization
Agency, 5.65%, 6/1/41 2,457,942
6,300,000 BB/NR California Municipal Finance Authority,
6.0%, 7/1/42 5,784,408
3,000,000 BB+/NR California School Finance Authority,
7.375%, 10/1/43 3,000,000
2,000,000 NR/NR California Statewide Communities
Development Authority, 7.5%, 6/1/42 2,124,920
315,559 NR/NR California Statewide Communities
Development Authority, 9.0%, 12/1/38 (c) 2,739
4,000,000 AA-/Aa3 Pittsburg Unified School District,
9/1/38 (d) 715,120
3,925,000 AA-/Aa3 Pittsburg Unified School District,
9/1/39 (d) 648,646
2,500,000 AA-/Aa3 Pittsburg Unified School District,
9/1/41 (d) 405,225
1,925,000 AA-/Aa3 Pittsburg Unified School District,
9/1/42 (d) 291,830
6,395,000 B-/Caa1 Tobacco Securitization Authority of Northern
California, 5.375%, 6/1/38 4,863,525
-------------
$ 28,679,895
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/13 15
Schedule of Investments | 8/31/13 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Colorado -- 2.8%
38,000,000 BBB/Baa2 E-470 Public Highway Authority,
9/1/40 (d) $ 7,391,380
1,500,000 BBB/Baa2 E-470 Public Highway Authority,
9/1/41 (d) 273,855
8,000,000 NR/NR Kremmling Memorial Hospital District,
7.125%, 12/1/45 8,078,240
-------------
$ 15,743,475
-----------------------------------------------------------------------------------------------------------
Florida -- 12.7%
5,000,000 NR/NR Alachua County Health Facilities Authority,
8.125%, 11/15/41 $ 5,307,450
5,000,000 NR/NR Alachua County Health Facilities Authority,
8.125%, 11/15/46 5,294,050
5,000,000 NR/NR Capital Trust Agency, Inc., 7.375%, 1/1/48 4,043,850
11,000,000 NR/B1 Capital Trust Agency, Inc., 7.75%, 1/1/41 11,587,730
5,900,000 NR/NR Collier County Industrial Development
Authority, 14.0%, 5/15/15 5,950,504
3,740,000 NR/NR County of Lake Florida, 7.125%, 11/1/42 3,210,715
1,820,000 NR/NR County of Liberty Florida, 8.25%, 7/1/28 1,358,630
1,450,000 NR/NR County of Palm Beach Florida,
6/1/16 (144A) (d) 1,450,000
2,290,000 NR/NR County of Palm Beach Florida, 2.0%, 6/1/16 2,291,832
10,380,000 NR/NR Florida Development Finance Corp.,
7.625%, 6/15/41 10,711,122
5,000,000 NR/NR Florida Development Finance Corp.,
7.75%, 6/15/42 5,226,700
4,000,000 BB/NR Lee County Industrial Development
Authority Florida, 5.375%, 6/15/37 3,569,120
3,000,000 BB/NR Lee County Industrial Development
Authority Florida, 5.75%, 6/15/42 2,766,780
4,175,000 NR/NR Sarasota County Health Facilities
Authority, 5.625%, 7/1/27 3,805,429
2,285,000 NR/NR Sarasota County Health Facilities
Authority, 5.75%, 7/1/37 1,977,142
3,640,000 NR/NR Sarasota County Health Facilities
Authority, 5.75%, 7/1/45 3,058,292
-------------
$ 71,609,346
-----------------------------------------------------------------------------------------------------------
Georgia -- 2.2%
6,000,000 B/NR Clayton County Development Authority,
8.75%, 6/1/29 $ 6,776,340
3,650,000 NR/NR Fulton County Residential Care Facilities
for the Elderly Authority, 5.0%, 7/1/27 3,265,509
3,000,000 NR/NR Fulton County Residential Care Facilities
for the Elderly Authority, 5.125%, 7/1/42 2,418,480
-------------
$ 12,460,329
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer High Income Municipal Fund | Annual Report | 8/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Hawaii -- 0.3%
700,000 NR/NR Hawaii State Department of Budget &
Finance, 7.5%, 11/15/15 $ 701,554
1,000,000 NR/NR Hawaii State Department of Budget &
Finance, 9.0%, 11/15/44 1,108,670
-------------
$ 1,810,224
-----------------------------------------------------------------------------------------------------------
Illinois -- 11.5%
2,634,795 NR/NR Illinois Finance Authority, 11/15/52 (d) $ 107,157
526,959 NR/NR Illinois Finance Authority, 11/15/52 (d) 114,571
526,959 NR/NR Illinois Finance Authority, 11/15/52 (d) 179,198
7,000,000 NR/NR Illinois Finance Authority, 5.625%, 2/15/37 6,157,130
2,165,000 NR/NR Illinois Finance Authority, 6.0%, 5/15/43 1,716,542
485,000 NR/NR Illinois Finance Authority, 7.0%, 11/15/17 474,946
970,000 NR/NR Illinois Finance Authority, 7.0%, 11/15/27 864,639
770,000 NR/NR Illinois Finance Authority, 7.0%, 11/15/27 731,431
5,085,000 NR/NR Illinois Finance Authority, 7.625%, 5/15/25 5,365,234
1,750,000 NR/NR Illinois Finance Authority, 8.0%, 5/15/30 1,698,812
3,295,000 NR/NR Illinois Finance Authority, 8.0%, 5/15/40 3,446,998
965,000 NR/NR Illinois Finance Authority, 8.0%, 5/15/46 1,006,852
17,000,000 NR/NR Illinois Finance Authority, 8.125%, 2/15/40 16,514,310
2,250,000 BB/NR Illinois Finance Authority, 8.125%, 5/15/40 2,155,320
7,275,000 NR/NR Illinois Finance Authority, 8.25%, 2/15/46 7,118,006
11,135,000 BB/NR Illinois Finance Authority, 8.25%, 5/15/45 10,798,946
4,213,653 4.00 NR/NR Illinois Finance Authority, Floating Rate
Note, 11/15/52 2,247,647
2,950,000 NR/NR Southwestern Illinois Development
Authority, 5.625%, 11/1/26 2,298,316
2,500,000 NR/NR Southwestern Illinois Development
Authority, 6.625%, 6/1/37 2,118,000
-------------
$ 65,114,055
-----------------------------------------------------------------------------------------------------------
Indiana -- 5.8%
1,000,000 NR/NR City of Carmel Indiana, 6.0%, 11/15/22 $ 962,300
1,550,000 NR/NR City of Carmel Indiana, 7.0%, 11/15/27 1,551,860
1,750,000 NR/NR City of Carmel Indiana, 7.0%, 11/15/32 1,717,188
6,000,000 NR/NR City of Carmel Indiana, 7.125%, 11/15/42 5,823,660
5,950,000 NR/NR City of Carmel Indiana, 7.125%, 11/15/47 5,724,971
3,500,000 NR/NR City of Crown Point Indiana, 8.0%, 11/15/39 3,762,325
4,575,000 NR/NR City of Terre Haute Indiana, 6.0%, 8/1/39 3,955,545
2,435,000 NR/NR County of St. Joseph Indiana, 6.0%, 5/15/38 2,343,809
2,340,000 NR/NR Vigo County Hospital Authority, 5.8%,
9/1/47 (144A) 2,281,664
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/13 17
Schedule of Investments | 8/31/13 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Indiana -- (continued)
4,000,000 BB/NR Vigo County Hospital Authority, 8.0%,
9/1/41 $ 4,551,600
-------------
$ 32,674,922
-----------------------------------------------------------------------------------------------------------
Iowa -- 0.8%
1,315,000 NR/NR Iowa Finance Authority, 5.0%, 11/15/21 $ 854,224
1,445,000 NR/NR Iowa Finance Authority, 5.5%, 11/15/27 926,317
4,365,000 BB/NR Iowa Finance Authority, 5.5%, 11/15/37 2,754,009
-------------
$ 4,534,550
-----------------------------------------------------------------------------------------------------------
Louisiana -- 2.5%
9,635,000 NR/NR Louisiana Public Facilities Authority,
9.75%, 8/1/14 $ 9,557,631
5,800,000 NR/NR Tensas Parish Law Enforcement District,
8.5%, 10/1/26 (c) 4,621,382
-------------
$ 14,179,013
-----------------------------------------------------------------------------------------------------------
Maryland -- 0.6%
4,115,000 NR/NR County of Howard Maryland, 5.25%, 4/1/27 $ 3,631,529
-----------------------------------------------------------------------------------------------------------
Massachusetts -- 1.2%
1,116,746 NR/NR Massachusetts Development Finance
Agency, 11/15/56 (d) $ 6,243
224,523 NR/NR Massachusetts Development Finance
Agency, 5.5%, 11/15/46 154,297
1,235,770 NR/NR Massachusetts Development Finance
Agency, 6.25%, 11/15/26 1,070,696
2,224,798 NR/NR Massachusetts Development Finance
Agency, 6.25%, 11/15/39 1,764,732
751,584 NR/NR Massachusetts Development Finance
Agency, 6.25%, 11/15/46 579,997
2,000,000 NR/NR Massachusetts Development Finance
Agency, 6.75%, 10/15/37 2,012,620
2,500,000 NR/NR Massachusetts Development Finance
Agency, 7.25%, 6/1/16 (c) 167,500
500,000 NR/NR Massachusetts Development Finance
Agency, 7.5%, 6/1/29 (c) 34,500
880,000 NR/NR Massachusetts Development Finance
Agency, 7.625%, 10/15/37 930,776
2,000,000 NR/NR Massachusetts Development Finance
Agency, 7.875%, 6/1/44 (c) 138,000
3,500,000 NR/NR Massachusetts Health & Educational
Facilities Authority, 6.5%, 1/15/38 (c) 12,985
-------------
$ 6,872,346
-----------------------------------------------------------------------------------------------------------
Michigan -- 4.8%
5,485,000 BBB-/NR Flint International Academy, 5.75%,
10/1/37 $ 5,094,084
4,560,000 NR/NR Michigan Public Educational Facilities
Authority, 5.875%, 6/1/37 3,974,268
The accompanying notes are an integral part of these financial statements.
18 Pioneer High Income Municipal Fund | Annual Report | 8/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Michigan -- (continued)
290,000 BB/NR Michigan Public Educational Facilities
Authority, 7.25%, 4/1/20 $ 303,453
2,020,000 BB/NR Michigan Public Educational Facilities
Authority, 8.0%, 4/1/40 2,109,829
1,750,000 NR/NR Michigan State Hospital Finance Authority,
5.5%, 11/15/35 1,463,035
3,175,000 NR/NR Michigan Strategic Fund, 7.25%, 1/1/39 3,225,165
4,000,000 6.62 NR/NR Michigan Strategic Fund, Floating Rate
Note, 11/1/41 3,846,880
7,135,000 6.75 A/A2 Michigan Strategic Fund, Floating Rate
Note, 3/1/40 7,160,757
-------------
$ 27,177,471
-----------------------------------------------------------------------------------------------------------
Minnesota -- 2.3%
10,000,000 NR/NR Bloomington Port Authority, 9.0%, 12/1/35 $ 11,072,700
1,500,000 NR/NR City of Brooklyn Park Minnesota,
9.25%, 3/1/39 1,646,910
-------------
$ 12,719,610
-----------------------------------------------------------------------------------------------------------
Missouri -- 2.3%
6,090,000 BB/NR Community Memorial Hospital District,
6.68%, 12/1/34 $ 5,734,527
4,500,000 NR/NR Kirkwood Industrial Development
Authority, 8.25%, 5/15/45 4,956,615
2,125,000 NR/NR St. Louis County Industrial Development
Authority, 6.125%, 8/15/42 1,897,306
500,000 NR/Ca St. Louis Industrial Development
Authority, 7.2%, 12/15/28 (c) 164,975
1,365,000 NR/Ca St. Louis Industrial Development
Authority, 7.25%, 12/15/35 (c) 450,382
-------------
$ 13,203,805
-----------------------------------------------------------------------------------------------------------
New Jersey -- 1.0%
6,000,000 NR/NR New Jersey Economic Development
Authority, 6.625%, 1/1/37 $ 5,729,100
-----------------------------------------------------------------------------------------------------------
New York -- 3.5%
6,930,000 NR/NR The Erie County Industrial Development
Agency, 6.0%, 11/15/36 $ 6,060,978
8,000,000 NR/NR The Erie County Industrial Development
Agency, 9.25%, 10/1/30 4,236,320
10,000,000 NR/NR The Erie County Industrial Development
Agency, 9.25%, 10/1/30 5,295,400
1,795,000 NR/NR The Erie County Industrial Development
Agency, 9.25%, 10/1/30 950,524
4,000,000 BB+/NR Westchester Tobacco Asset Securitization
New York, 5.125%, 6/1/45 3,026,360
-------------
$ 19,569,582
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/13 19
Schedule of Investments | 8/31/13 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
North Carolina -- 1.2%
1,665,000 NR/NR North Carolina Medical Care Commission,
7.75%, 3/1/31 $ 1,762,269
4,725,000 NR/NR North Carolina Medical Care Commission,
7.75%, 3/1/41 4,934,696
-------------
$ 6,696,965
-----------------------------------------------------------------------------------------------------------
Pennsylvania -- 4.3%
1,400,000 BB+/NR Allegheny County Industrial Development
Authority, 6.0%, 7/15/38 $ 1,170,176
4,800,000 B-/Caa2 Pennsylvania Economic Development
Financing Authority, 6.0%, 6/1/31 4,636,944
2,005,000 CCC+/Caa3 Pennsylvania Economic Development
Financing Authority, 7.5%, 5/1/20 2,160,087
8,575,000 CCC+/Caa3 Pennsylvania Economic Development
Financing Authority, 8.0%, 5/1/29 9,495,269
1,000,000 BB-/NR Philadelphia Authority for Industrial
Development, 6.5%, 6/15/33 (144A) 970,670
1,000,000 BB+/NR Philadelphia Authority for Industrial
Development, 6.625%, 12/15/41 1,001,760
5,000,000 BB-/NR Philadelphia Authority for Industrial
Development, 6.75%, 6/15/43 (144A) 4,834,650
-------------
$ 24,269,556
-----------------------------------------------------------------------------------------------------------
Rhode Island -- 1.9%
2,085,000 NR/NR Central Falls Detention Facility Corp.,
7.25%, 7/15/35 $ 1,593,816
8,100,000 NR/NR Rhode Island Health & Educational
Building Corp., 8.375%, 1/1/46 8,959,005
-------------
$ 10,552,821
-----------------------------------------------------------------------------------------------------------
Texas -- 20.2%
10,125,000 5.40 CC/C Brazos River Authority, Floating Rate
Note, 10/1/29 $ 1,315,642
234,442 NR/NR Gulf Coast Industrial Development
Authority, 7.0%, 12/1/36 (c) 2,108
9,685,000 A/Baa1 Harris County-Houston Sports Authority,
11/15/31 (d) 2,927,485
7,635,000 A/Baa1 Harris County-Houston Sports Authority,
11/15/32 (d) 2,141,083
1,120,000 A/Baa1 Harris County-Houston Sports Authority,
11/15/33 (d) 291,670
765,000 A/Baa1 Harris County-Houston Sports Authority,
11/15/34 (d) 185,245
1,690,000 A/Baa1 Harris County-Houston Sports Authority,
11/15/35 (d) 379,490
425,000 A/Baa1 Harris County-Houston Sports Authority,
11/15/35 (d) 95,434
The accompanying notes are an integral part of these financial statements.
20 Pioneer High Income Municipal Fund | Annual Report | 8/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Texas -- (continued)
10,000,000 A/Baa1 Harris County-Houston Sports Authority,
11/15/38 (d) $ $ 1,791,000
10,000,000 A/Baa1 Harris County-Houston Sports Authority,
11/15/39 (d) 1,672,900
1,290,000 A/Baa1 Harris County-Houston Sports Authority,
11/15/41 (d) 207,148
345,000 NR/NR HFDC of Central Texas, Inc.,
6.375%, 11/15/19 305,422
1,600,000 NR/NR HFDC of Central Texas, Inc.,
7.75%, 11/15/29 1,119,264
6,825,000 NR/NR HFDC of Central Texas, Inc.,
7.75%, 11/15/44 4,711,434
24,000,000 NR/NR Jefferson County Industrial Development
Corp. Texas, 8.25%, 7/1/32 24,477,113
1,520,000 BB/NR Kinney County Public Facilities Corp.,
7.0%, 11/1/25 1,418,434
3,820,000 NR/NR Red River Health Facilities Development
Corp., 12.0%, 12/14/17 3,665,099
5,000,000 NR/NR Red River Health Facilities Development
Corp., 7.25%, 12/15/47 4,661,050
2,000,000 NR/NR Red River Health Facilities Development
Corp., 8.0%, 11/15/46 2,101,040
24,000,000 NR/NR Sanger Industrial Development Corp.,
8.0%, 7/1/38 23,702,880
1,130,000 BB/Ba Tarrant County Cultural Education Facilities
Finance Corp., 7.5%, 11/15/16 1,131,526
1,775,000 BB/NR Tarrant County Cultural Education Facilities
Finance Corp., 8.0%, 11/15/28 1,854,698
2,250,000 NR/NR Tarrant County Cultural Education Facilities
Finance Corp., 8.0%, 11/15/29 2,358,338
120,000 NR/NR Tarrant County Cultural Education Facilities
Finance Corp., 8.0%, 11/15/34 126,545
5,000,000 NR/NR Tarrant County Cultural Education Facilities
Finance Corp., 8.125%, 11/15/39 5,214,750
8,350,000 NR/NR Tarrant County Cultural Education Facilities
Finance Corp., 8.125%, 11/15/44 8,800,984
5,000,000 NR/NR Tarrant County Cultural Education Facilities
Finance Corp., 8.25%, 11/15/44 5,225,300
5,000,000 NR/NR Tarrant County Cultural Education Facilities
Finance Corp., 8.25%, 11/15/44 5,222,750
1,000,000 NR/NR Texas Midwest Public Facility Corp.,
9.0%, 10/1/30 (c) 456,140
7,000,000 NR/NR Travis County Health Facilities Development
Corp., 7.125%, 1/1/46 6,618,710
-------------
$ 114,180,682
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/13 21
Schedule of Investments | 8/31/13 (continued)
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
Utah -- 2.2%
825,000 BB/NR City of Spanish Fork City Utah, 5.55%,
11/15/21 (144A) $ 801,133
3,150,000 NR/NR City of Spanish Fork City Utah, 5.7%,
11/15/36 (144A) 2,657,781
1,510,000 NR/NR Utah State Charter School Finance
Authority, 7.25%, 5/15/21 1,559,604
1,985,000 NR/NR Utah State Charter School Finance
Authority, 8.125%, 5/15/31 2,056,857
5,145,000 NR/NR Utah State Charter School Finance
Authority, 8.5%, 5/15/41 5,428,798
-------------
$ 12,504,173
-----------------------------------------------------------------------------------------------------------
Washington -- 4.3%
1,435,000 NR/NR Washington State Housing Finance
Commission, 5.25%, 1/1/17 $ 1,401,708
8,500,000 NR/NR Washington State Housing Finance
Commission, 5.625%, 1/1/27 7,660,030
9,160,000 NR/NR Washington State Housing Finance
Commission, 5.625%, 1/1/38 7,687,622
8,000,000 NR/NR Washington State Housing Finance
Commission, 6.75%, 10/1/47 7,812,000
-------------
$ 24,561,360
-----------------------------------------------------------------------------------------------------------
West Virginia -- 6.7%
25,000,000 NR/NR City of Philippi West Virginia, 7.75%,
10/1/44 $ 23,446,500
12,000,000 NR/NR West Virginia Hospital Finance Authority,
9.125%, 10/1/41 14,262,960
-------------
$ 37,709,460
-----------------------------------------------------------------------------------------------------------
Wisconsin -- 7.6%
14,382,500 NR/NR Public Finance Authority, 7.0%, 10/1/42 $ 12,989,986
10,325,000 NR/NR Public Finance Authority, 8.25%, 6/1/46 11,270,770
8,750,000 NR/NR Public Finance Authority, 8.375%,
6/1/20 8,761,638
2,480,000 NR/NR Public Finance Authority, 8.375%,
6/1/37 2,517,002
7,250,000 NR/NR Public Finance Authority, 8.625%,
6/1/47 7,438,210
-------------
$ 42,977,606
-----------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $635,185,441) $ 626,456,787
-----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer High Income Municipal Fund | Annual Report | 8/31/13
-----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------------
MUNICIPAL COLLATERALIZED
DEBT OBLIGATION -- 0.1%
1,175,000 0.00 NR/NR Non-Profit Preferred Funding Trust I,
Floating Rate Note, 9/15/37 (144A) $ 635,393
TOTAL MUNICIPAL COLLATERALIZED
DEBT OBLIGATION
(Cost $1,172,407) $ 635,393
-----------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN
SECURITIES -- 111.0%
(Cost $636,357,848) (a) (e) $ 627,092,180
-----------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- (11.0)% $ (61,981,642)
-----------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 565,110,538
===========================================================================================================
NR Not rated by either S&P or Moody's.
(144A) Security is exempt from registration under Rule 144A of the Securities
Act of 1933. Such securities may be resold normally to qualified
institutional buyers in a transaction exempt from registration. At
August 31, 2013, the value of these securities amounted to $13,631,291
or 2.4% of total net assets.
(a) At August 31, 2013, the net unrealized depreciation on investments
based on cost for federal income tax purposes of $635,852,575 was as
follows:
Aggregate gross unrealized appreciation for all investments in
which there is an excess of value over tax cost $30,941,301
Aggregate gross unrealized depreciation for all investments in
which there is an excess of tax cost over value (39,701,696)
-----------
Net unrealized depreciation $(8,760,395)
===========
(b) Debt obligation with a variable interest rate. Rate shown is rate at
end of period.
(c) Security is in default and is non-income producing.
(d) Security issued with a zero coupon. Income is earned through accretion
of discount.
(e) The concentration of investments by type of obligation/market sector is
as follows:
Revenue Bonds:
Health 50.8%
Pollution Control Revenue 16.3
Education 12.5
Various Revenues 7.6
Special Revenues 4.7
Transportation 4.2
Housing 2.0
Insured 1.8
General Obligation 0.1
--------------------------------------------------------------------------------
100.0%
================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/13 23
Schedule of Investments | 8/31/13 (continued)
Purchases and sales of securities (excluding temporary cash investments) for the
year ended August 31, 2013 aggregated $130,505,682 and $234,373,300,
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.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services) as Level 3. See
Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of August 31, 2013, in valuing
the Fund's investments:
----------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------------
Municipal Bonds $ -- $626,456,787 $ -- $626,456,787
Municipal Collateralized Debt Obligation -- 635,393 -- 635,393
----------------------------------------------------------------------------------------------
Total $ -- $627,092,180 $ -- $627,092,180
==============================================================================================
During the year ended August 31, 2013, there were no transfers between Levels 1,
2 and 3.
The accompanying notes are an integral part of these financial statements.
24 Pioneer High Income Municipal Fund | Annual Report | 8/31/13
Statement of Assets and Liabilities | 8/31/13
ASSETS:
Investment in securities, at value (cost $636,357,848) $627,092,180
Receivables --
Investment securities sold 2,860,097
Fund shares sold 1,608,124
Interest 14,870,971
Other 50,692
--------------------------------------------------------------------------------
Total assets $646,482,064
================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 3,000,000
Due to custodian 667,653
Fund shares repurchased 7,364,858
Dividends 731,789
Loan payable 69,300,000
Due to affiliates 150,342
Accrued expenses 156,884
--------------------------------------------------------------------------------
Total liabilities $ 81,371,526
================================================================================
NET ASSETS:
Paid-in capital $620,951,358
Undistributed net investment income 9,245,949
Accumulated net realized loss on investments (55,821,101)
Net unrealized depreciation on investments (9,265,668)
--------------------------------------------------------------------------------
Total net assets $565,110,538
================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $250,162,724/34,809,029 shares) $ 7.19
Class C (based on $195,289,791/27,165,418 shares) $ 7.19
Class Y (based on $119,658,023/16,864,820 shares) $ 7.10
MAXIMUM OFFERING PRICE:
Class A ($7.19 (divided by) 95.5%) $ 7.53
================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/13 25
Statement of Operations
For the Year Ended 8/31/13
INVESTMENT INCOME:
Interest $57,001,489
-------------------------------------------------------------------------------------------------
Total investment income $ 57,001,489
-------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 3,916,880
Transfer agent fees
Class A 59,925
Class C 27,100
Class Y 5,370
Distribution fees
Class A 874,744
Class C 2,637,183
Shareholder communications expense 557,449
Administrative reimbursement 230,181
Custodian fees 10,114
Registration fees 140,763
Professional fees 74,117
Printing expense 37,991
Fees and expenses of nonaffiliated Trustees 31,059
Miscellaneous 85,970
-------------------------------------------------------------------------------------------------
Total expenses $ 8,688,846
-------------------------------------------------------------------------------------------------
Net investment income $ 48,312,643
-------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments $ 15,135,141
-------------------------------------------------------------------------------------------------
Change in net unrealized depreciation on investments $(86,344,407)
-------------------------------------------------------------------------------------------------
Net loss on investments $(71,209,266)
-------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $(22,896,623)
=================================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer High Income Municipal Fund | Annual Report | 8/31/13
Statements of Changes in Net Assets
---------------------------------------------------------------------------------------
Year Ended Year Ended
8/31/13 8/31/12
---------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 48,312,643 $ 46,755,657
Net realized gain (loss) on investments 15,135,141 (48,600,216)
Change in net unrealized appreciation (depreciation)
on investments (86,344,407) 74,917,059
---------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ (22,896,623) $ 73,072,500
---------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.44 and $0.45 per share, respectively) $ (19,349,016) $ (21,800,656)
Class C ($0.38 and $0.40 per share, respectively) (12,640,678) (12,938,091)
Class Y ($0.45 and $0.46 per share, respectively) (10,604,265) (10,347,762)
---------------------------------------------------------------------------------------
Total distributions to shareowners $ (42,593,959) $ (45,086,509)
---------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 259,833,657 $ 357,337,828
Reinvestment of distributions 32,589,669 32,534,258
Cost of shares repurchased (476,972,507) (424,526,655)
---------------------------------------------------------------------------------------
Net decrease in net assets resulting from
Fund share transactions $ (184,549,181) $ (34,654,569)
---------------------------------------------------------------------------------------
Net decrease in net assets $ (250,039,763) $ (6,668,578)
NET ASSETS:
Beginning of year 815,150,301 821,818,879
---------------------------------------------------------------------------------------
End of year $ 565,110,538 $ 815,150,301
---------------------------------------------------------------------------------------
Undistributed net investment income $ 9,245,949 $ 2,968,496
---------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/13 27
Statements of Changes in Net Assets (continued)
-----------------------------------------------------------------------------------------------
'13 Shares '13 Amount '12 Shares '12 Amount
-----------------------------------------------------------------------------------------------
Class A
Shares sold 14,993,517 $ 120,667,855 24,812,011 $ 186,195,866
Reinvestment of distributions 1,982,918 15,747,383 2,268,621 16,933,920
Less shares repurchased (29,176,427) (231,678,201) (30,082,711) (221,684,126)
-----------------------------------------------------------------------------------------------
Net decrease (12,199,992) $ (95,262,963) (3,002,079) $ (18,554,340)
===============================================================================================
Class C
Shares sold 5,733,047 $ 46,286,122 10,210,281 $ 76,722,170
Reinvestment of distributions 1,208,628 9,597,190 1,182,530 8,840,084
Less shares repurchased (13,216,214) (103,481,378) (10,256,515) (75,810,384)
-----------------------------------------------------------------------------------------------
Net increase (decrease) (6,274,539) $ (47,598,066) 1,136,296 $ 9,751,870
===============================================================================================
Class Y
Shares sold 11,686,311 $ 92,879,680 12,738,784 $ 94,419,792
Reinvestment of distributions 921,213 7,245,096 914,996 6,760,254
Less shares repurchased (18,272,467) (141,812,928) (17,562,747) (127,032,145)
-----------------------------------------------------------------------------------------------
Net decrease (5,664,943) $ (41,688,152) (3,908,967) $ (25,852,099)
===============================================================================================
The accompanying notes are an integral part of these financial statements.
28 Pioneer High Income Municipal Fund | Annual Report | 8/31/13
Financial Highlights
---------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/13 8/31/12 8/31/11 8/31/10 8/31/09
---------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 7.94 $ 7.58 $ 7.97 $ 6.84 $ 8.70
---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.53 $ 0.47 $ 0.53 $ 0.55 $ 0.56
Net realized and unrealized gain (loss) on investments (0.84) 0.34 (0.40) 1.12 (1.86)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ (0.31) $ 0.81 $ 0.13 $ 1.67 $ (1.30)
---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.44) (0.45) (0.52) (0.55) (0.56)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.75) $ 0.36 $ (0.39) $ 1.12 $ (1.86)
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.19 $ 7.94 $ 7.58 $ 7.97 $ 6.84
===========================================================================================================================
Total return* (4.26)% 11.24% 1.83% 25.15% (14.41)%
Ratio of net expenses to average net assets+ 0.88% 0.89% 0.88% 0.90% 0.90%
Ratio of net investment income to average net assets+ 6.26% 6.25% 6.98% 7.08% 8.32%
Portfolio turnover rate 17% 54% 65% 15% 50%
Net assets, end of period (in thousands) $250,163 $373,039 $378,883 $311,324 $38,312
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 0.88% 0.89% 0.88% 0.95% 1.28%
Net investment income 6.26% 6.25% 6.98% 7.03% 7.95%
===========================================================================================================================
* 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.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/13 29
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/13 8/31/12 8/31/11 8/31/10 8/31/09
---------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 7.94 $ 7.58 $ 7.96 $ 6.83 $ 8.68
---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.46 $ 0.41 $ 0.47 $ 0.49 $ 0.50
Net realized and unrealized gain (loss) on investments (0.83) 0.35 (0.39) 1.12 (1.85)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ (0.37) $ 0.76 $ 0.08 $ 1.61 $ (1.35)
---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.38) (0.40) (0.46) (0.48) (0.50)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.75) $ 0.36 $ (0.38) $ 1.13 $ (1.85)
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.19 $ 7.94 $ 7.58 $ 7.96 $ 6.83
===========================================================================================================================
Total return* (4.98)% 10.42% 1.19% 24.11% (15.17)%
Ratio of net expenses to average net assets+ 1.63% 1.63% 1.63% 1.69% 1.80%
Ratio of net investment income to average net assets+ 5.53% 5.50% 6.24% 6.31% 7.44%
Portfolio turnover rate 17% 54% 65% 15% 50%
Net assets, end of period (in thousands) $195,290 $265,448 $244,848 $184,068 $22,319
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 1.63% 1.63% 1.63% 1.69% 1.98%
Net investment income 5.53% 5.50% 6.24% 6.31% 7.26%
===========================================================================================================================
* 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.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
30 Pioneer High Income Municipal Fund | Annual Report | 8/31/13
---------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/13 8/31/12 8/31/11 8/31/10 8/31/09
---------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 7.84 $ 7.49 $ 7.88 $ 6.80 $ 8.63
---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.53 $ 0.48 $ 0.53 $ 0.57 $ 0.55
Net realized and unrealized gain (loss) on investments (0.82) 0.33 (0.39) 1.08 (1.83)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment operations $ (0.29) $ 0.81 $ 0.14 $ 1.65 $ (1.28)
---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.45) (0.46) (0.53) (0.56) (0.55)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.74) $ 0.35 $ (0.39) $ 1.09 $ (1.83)
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.10 $ 7.84 $ 7.49 $ 7.88 $ 6.80
===========================================================================================================================
Total return* (4.05)% 11.43% 2.02% 24.73% (14.30)%
Ratio of net expenses to average net assets+ 0.72% 0.67% 0.67% 0.67% 0.99%
Ratio of net investment income to average net assets+ 6.40% 6.46% 7.21% 7.32% 8.23%
Portfolio turnover rate 17% 54% 65% 15% 50%
Net assets, end of period (in thousands) $119,658 $176,664 $198,089 $77,757 $ 2,317
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 0.72% 0.67% 0.67% 0.67% 1.04%
Net investment income 6.40% 6.46% 7.21% 7.32% 8.18%
===========================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/13 31
Notes to Financial Statements | 8/31/13
1. Organization and Significant Accounting Policies
Pioneer High Income Municipal Fund (the Fund) is one of two portfolios
comprising Pioneer Series Trust V, a Delaware statutory trust. The Fund is
registered under the Investment Company Act of 1940 as an open-end management
investment company. The Fund is non-diversified. The investment objective of the
Fund is to maximize total return through a combination of income that is exempt
from regular federal income tax and capital appreciation.
The Fund offers three classes of shares designated as Class A, Class C and Class
Y shares. Each class of shares represents an interest in the same portfolio of
investments of the Fund and has identical rights (based on relative net asset
values) to assets and liquidation proceeds. Share classes can bear different
rates of class-specific fees and expenses such as transfer agent and
distribution fees. Differences in class-specific fees and expenses will result
in differences in net investment income and, therefore, the payment of different
dividends from net investment income earned by each class. The Amended and
Restated Declaration of Trust of the Fund gives the Board the flexibility to
specify either per share voting or dollar-weighted voting when submitting
matters for shareholder approval. Under per share voting, each share of a class
of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses, and gain or loss on investments during the reporting period.
Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements which are consistent with
those policies generally accepted in the investment company industry:
32 Pioneer High Income Municipal Fund | Annual Report | 8/31/13
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. Fixed income
securities with remaining maturity of more than sixty days are valued at
prices supplied by independent pricing services, which consider such factors
as market prices, market events, quotations from one or more brokers,
Treasury spreads, yields, maturities and ratings. Valuations may be
supplemented by dealers and other sources, as required. Short-term fixed
income securities with remaining maturities of sixty days or less generally
are valued at amortized cost.
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 at the direction or
with the approval of the Valuation Committee using fair value methods
pursuant to procedures adopted by 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 Valuation Committee is comprised of certain
members of the Board of Trustees. The Fund may use fair value methods if it
is determined that a significant event has occurred after the close of the
exchange or market on which the security trades and prior to the
determination of the Fund's net asset value. Examples of a significant event
might include political or economic news, corporate restructurings, natural
disasters, terrorist activity or trading halts. Thus, the valuation of the
Fund's securities may differ significantly from exchange prices and such
differences could be material. Pioneer Investment Management, Inc. (PIM),
the Fund's investment advisor, 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.
At August 31, 2013, there were no securities that were valued using fair
value methods (other than securities valued using prices supplied by
independent pricing services).
Discount and premium on debt securities are accreted or amortized,
respectively, daily into interest income on a yield-to-maturity basis with a
corresponding increase or decrease in the cost basis of the security.
Interest income is recorded on the accrual basis.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
Pioneer High Income Municipal Fund | Annual Report | 8/31/13 33
B. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no provision for federal income taxes is required.
As of August 31, 2013, the Fund had not accrued any interest and penalties
with respect to uncertain tax positions, which, if applicable, would be
recorded as an income tax expense in the Statement of Operations. Tax
returns filed within the prior three years remain subject to examination by
Federal and State tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
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, 2013, the Fund reclassified $558,769 to increase undistributed
net investment income, and $558,769 to increase accumulated net realized
loss on investments to reflect permanent book/tax differences. These
adjustments have no impact on net assets or the results of operations.
At August 31, 2013, the Fund was permitted to carry forward indefinitely
$21,970,565 of short-term losses and $25,201,388 of long-term losses under
the Regulated Investment Company Modernization Act of 2010 without
limitation. Additionally, at August 31, 2013, the Fund had a net capital
loss carryforward of $8,649,148 of which the following amounts will expire
between 2017 and 2018 if not utilized: $2,640,380 in 2017 and $6,008,768 in
2018. Since new losses are required to be used first, loss carryforwards
that are subject to expiration may be more likely to expire unused.
The tax character of distributions paid during the years ended August 31,
2013 and August 31, 2012 was as follows:
--------------------------------------------------------------------------------
2013 2012
--------------------------------------------------------------------------------
Distributions paid from:
Tax-exempt income $40,383,212 $42,419,842
Ordinary income 2,210,747 2,666,667
--------------------------------------------------------------------------------
Total $42,593,959 $45,086,509
================================================================================
34 Pioneer High Income Municipal Fund | Annual Report | 8/31/13
The following shows the components of distributable earnings on a federal
income tax-basis at August 31, 2013:
--------------------------------------------------------------------------------
2013
--------------------------------------------------------------------------------
Distributable earnings:
Undistributed tax-exempt income $ 9,472,465
Capital loss carryforward (55,821,101)
Dividend payable (731,789)
Net unrealized depreciation (8,760,395)
--------------------------------------------------------------------------------
Total $(55,840,820)
================================================================================
The difference between book-basis and tax-basis net unrealized depreciation
is attributable to adjustments related to interest on defaulted bonds, the
tax treatment of premium and amortization and tax-basis adjustments on
partnerships.
C. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A. (UniCredit),
earned $130,874 in underwriting commissions on the sale of Class A shares
during the year ended August 31, 2013.
D. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A and Class C shares of the Fund, respectively (see
Note 4). Class Y shares do not pay distribution fees. All expenses and fees
paid to the transfer agent, Pioneer Investment Management Shareholder
Services, Inc. (PIMSS), for its services are allocated among the classes of
shares based on the number of accounts in each class and the ratable
allocation of related out-of-pocket expenses (see Note 3).
The Fund declares, as daily dividends, substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-term
capital gain distributions, if any, may be declared with the daily
dividends. Distributions to shareowners are recorded as of the ex-dividend
date. Distributions paid by the Fund with respect to each class of shares
are calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C, and Class Y shares can
reflect different transfer agent and distribution expense rates.
Pioneer High Income Municipal Fund | Annual Report | 8/31/13 35
E. Risks
At times, the Fund's investments may represent industries or industry
sectors that are interrelated or have common risks, making the Fund more
susceptible to any economic, political, or regulatory developments or other
risks affecting those industries and sectors. The Fund's prospectus contains
unaudited information regarding the Fund's principal risks. Please refer to
that document when considering the Fund's principal risks.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate equal to
0.50% of the Fund's average daily net assets up to $500 million; 0.475% of the
next $500 million of the Fund's average daily net assets and 0.45% of the Fund's
average daily net assets over $1 billion. For the year ended August 31, 2013,
the effective management fee (excluding waivers and/or assumption of expenses)
was equivalent to 0.49% of the Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses (excluding
taxes, commissions, interest and extraordinary expenses) of the Fund to the
extent required to reduce Fund expenses to 0.90% and 1.80% of the average daily
net assets attributable to Class A shares and Class C shares, respectively.
Class Y shares do not have an expense limitation. These expense limitations are
in effect through January 1, 2015. 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
$29,931 in management fees, administrative costs and certain other
reimbursements payable to PIM at August 31, 2013.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the year ended August 31, 2013, such out-of-pocket expenses by class of shares
were as follows:
36 Pioneer High Income Municipal Fund | Annual Report | 8/31/13
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $146,771
Class C 124,928
Class Y 285,750
--------------------------------------------------------------------------------
Total $557,449
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $98,999 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at August 31, 2013.
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A and Class C shares.
Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net assets
attributable to Class A shares as compensation for personal services and/or
account maintenance services or distribution services with regard to Class A
shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the average daily
net assets attributable to Class C shares. The fee for Class C shares consists
of a 0.25% service fee and a 0.75% distribution fee paid as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class C shares. Included in "Due to affiliates" reflected on the
Statement of Assets and Liabilities is $21,412 in distribution fees payable to
PFD at August 31, 2013.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Redemptions of Class C shares within 12 months of
purchase are subject to a CDSC of 1.00%, based on the lower of cost or market
value of shares being redeemed. Shares purchased as part of an exchange remain
subject to any CDSC that applied to the original purchase of those shares. There
is no CDSC for Class Y shares. Proceeds from the CDSCs are paid to PFD. For the
year ended August 31, 2013, CDSCs in the amount of $93,541 were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the year ended August 31, 2013, the Fund's expenses were
not reduced under such arrangements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/13 37
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility is in the amount of $215 million. Under such facility, depending
on the type of loan, interest on borrowings is payable at the London Interbank
Offered Rate (LIBOR) plus 0.90% on an annualized basis, or the Alternate Base
Rate, which is the greater of (a) the facility's administrative agent's daily
announced prime rate on the borrowing date, (b) 2% plus the Federal Funds Rate
on the borrowing date and (c) 2% plus the overnight Euro dollar rate on the
borrowing date. The Funds pay an annual commitment fee to participate in the
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, 2013, the average daily amount of borrowings
outstanding during the period for the Fund was $38,501,471. The related weighted
average annualized interest rate for the period was 0.99%, and the total
interest expense on such borrowings was $71,696, which is included in
miscellaneous expense, located on the Statement of Operations. As of August 31,
2013, borrowings outstanding were $69,300,000.
38 Pioneer High Income Municipal Fund | Annual Report | 8/31/13
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust V and the Shareowners of
Pioneer High Income Municipal Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Pioneer High Income Municipal Fund, one of the
portfolios constituting Pioneer Series Trust V (the "Trust"), as of August 31,
2013, and the related statement of operations for the year then ended, the
statements of changes in net assets for each of the two years in the period then
ended, and the financial highlights for each of the five years in the period
then ended. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of August 31, 2013 by correspondence with the custodian or
others or by other appropriate auditing procedures where replies from others
were not received. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer High Income Municipal Fund, one of the portfolios constituting Pioneer
Series Trust V, at August 31, 2013, 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 five years in
the period then ended, in conformity with U.S. generally accepted accounting
principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
October 28, 2013
Pioneer High Income Municipal Fund | Annual Report | 8/31/13 39
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy voting policies and procedures of the Funds are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Funds voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to share-
owners at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and Officers are listed on the following pages, together
with their principal occupations 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, except
Mr. Cogan and Mr. West, serves as a trustee of each of the 52 U.S. registered
investment portfolios for which Pioneer serves as investment adviser (the
"Pioneer Funds"). Each of Mr. Cogan and Mr. West serves as a Trustee of 47
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.
40 Pioneer High Income Municipal Fund | Annual Report | 8/31/13
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 (62) Trustee since 2006. Chairman and Chief Executive Officer, Quadriserv, Director, Broadridge Financial
Chairman of the Board Serves until a Inc. (technology products for securities lending Solutions, Inc. (investor
and Trustee successor trustee industry) (2008 - present); private investor (2004 communications and securities
is elected or - 2008); and Senior Executive Vice President, The processing provider for
earlier retirement Bank of New York (financial and securities financial services industry)
or removal. services) (1986 - 2004) (2009 - present); Director,
Quadriserv, Inc. (2005 -
present); and Commissioner,
New Jersey State Civil Service
Commission (2011 - present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (69) Trustee since 2005. Managing Partner, Federal City Capital Advisors Director of Enterprise
Trustee Serves until a (corporate advisory services company) (1997 - 2004 Community Investment, Inc.
successor trustee and 2008 - present); Interim Chief Executive (privately-held affordable
is elected or Officer, Oxford Analytica, Inc. (privately held housing finance company) (1985
earlier retirement research and consulting company) (2010); Executive - 2010); Director of Oxford
or removal. Vice President and Chief Financial Officer, Analytica, Inc. (2008 -
I-trax, Inc. (publicly traded health care services present); Director of The
company) (2004 - 2007); and Executive Vice Swiss Helvetia Fund, Inc.
President and Chief Financial Officer, Pedestal (closed-end fund) (2010 -
Inc. (internet-based mortgage trading company) present); and Director of New
(2000 - 2002) York Mortgage Trust (publicly
traded mortgage REIT) (2004 -
2009, 2012 - present)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (68) Trustee since 2008. William Joseph Maier Professor of Political Trustee, Mellon Institutional
Trustee Serves until a Economy, Harvard University (1972 - present) Funds Investment Trust and
successor trustee Mellon Institutional Funds
is elected or Master Portfolio (oversaw 17
earlier retirement portfolios in fund complex)
or removal. (1989-2008)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer High Income Municipal Fund | Annual Report | 8/31/13 41
Independent Trustees (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (66) Trustee since 2005. Founding Director, Vice President and Corporate None
Trustee Serves until a Secretary, The Winthrop Group, Inc. (consulting
successor trustee firm) (1982-present); Desautels Faculty of
is elected or Management, McGill University (1999 - present);
earlier retirement and Manager of Research Operations and
or removal. Organizational Learning, Xerox PARC, Xerox's
advance research center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (65) Trustee since 2005. President and Chief Executive Officer, Newbury, Director of New America High
Trustee Serves until a Piret & Company, Inc. (investment banking firm) Income Fund, Inc. (closed-end
successor trustee (1981 - present) investment company) (2004 -
is elected or present); and member, Board of
earlier retirement Governors, Investment Company
or removal. Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (84) Trustee since 2005. Senior Counsel, Sullivan & Cromwell LLP (law Director, The Swiss Helvetia
Trustee Serves until a firm) (1998 - present); and Partner, Sullivan & Fund, Inc. (closed-end
successor trustee Cromwell LLP (prior to 1998) investment company); and
is elected or Director, Invesco, Ltd.
earlier retirement (formerly AMVESCAP, PLC)
or removal. (investment manager)
(1997-2005)
------------------------------------------------------------------------------------------------------------------------------------
42 Pioneer High Income Municipal Fund | Annual Report | 8/31/13
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (87)* Trustee since 2005. Non-Executive Chairman and a director of Pioneer None
Trustee, President and Serves until a Investment Management USA Inc. ("PIM-USA"); Chairman
Chief Executive Officer of successor trustee is and a director of Pioneer; Chairman and Director of
the Fund elected or earlier Pioneer Institutional Asset Management, Inc. (since
retirement or 2006); Director of Pioneer Alternative Investment
removal. Management Limited (Dublin) (until October 2011);
President and a director of Pioneer Alternative
Investment Management (Bermuda) Limited and affiliated
funds; Deputy Chairman and a director of Pioneer Global
Asset Management S.p.A. ("PGAM") (until April 2010);
Director of Nano-C, Inc. (since 2003); Director of Cole
Management Inc. (2004 - 2011); Director of Fiduciary
Counseling, Inc. (until December 2011); President of
all of the Pioneer Funds; and Retired Partner, Wilmer
Cutler Pickering Hale and Dorr LLP
------------------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (54)* Trustee since 2007. Director, CEO and President of PIM-USA (since February None
Trustee and Executive Vice Serves until a 2007); Director and President of Pioneer and Pioneer
President successor trustee is Institutional Asset Management, Inc. (since February
elected or earlier 2007); Executive Vice President of all of the Pioneer
retirement or Funds (since March 2007); Director of PGAM (2007 -
removal. 2010); Head of New Europe Division, PGAM (2000 - 2005);
Head of New Markets Division, PGAM (2005 - 2007)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are
officers or directors of the Fund's investment adviser and certain of its
affiliates.
Pioneer High Income Municipal Fund | Annual Report | 8/31/13 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
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (48) Since 2005. Serves at Vice President and Associate General Counsel of Pioneer None
Secretary the discretion of the since January 2008 and Secretary of all of the Pioneer
Board. 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 (52) Since 2010. Serves at Fund Governance Director of Pioneer since December 2006 None
Assistant Secretary the discretion of the and Assistant Secretary of all the Pioneer Funds since
Board. 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 (50) Since 2010. Serves at Counsel of Pioneer since June 2007 and Assistant None
Assistant Secretary the discretion of the Secretary of all the Pioneer Funds since June 2010; and
Board. Vice President and Counsel at State Street Bank from
October 2004 to June 2007
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (53) Since 2008. Serves at Vice President - Fund Treasury of Pioneer; Treasurer of None
Treasurer and Chief the discretion of the all of the Pioneer Funds since March 2008; Deputy
Financial and Accounting Board. Treasurer of Pioneer from March 2004 to February 2008;
Officer of the Fund and Assistant Treasurer of all of the Pioneer Funds
from March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (48) Since 2005. Serves at Assistant Vice President - Fund Treasury of Pioneer; None
Assistant Treasurer the discretion of the and Assistant Treasurer of all of the Pioneer Funds
Board.
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (55) Since 2005. Serves at Fund Accounting Manager - Fund Treasury of Pioneer; and None
Assistant Treasurer the discretion of the Assistant Treasurer of all of the Pioneer Funds
Board.
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (33) Since 2009. Serves at Fund Administration Manager - Fund Treasury of Pioneer None
Assistant Treasurer the discretion of the since November 2008; Assistant Treasurer of all of the
Board. Pioneer Funds since January 2009; and Client Service
Manager - Institutional Investor Services at State
Street Bank from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
44 Pioneer High Income Municipal Fund | Annual Report | 8/31/13
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (60) Since 2010. Serves at Chief Compliance Officer of Pioneer and of all the None
Chief Compliance Officer the discretion of the Pioneer Funds since March 2010; Director of Adviser
Board. and Portfolio Compliance at Pioneer since October
2005; and Senior Compliance Officer for Columbia
Management Advisers, Inc. from October 2003 to October
2005
------------------------------------------------------------------------------------------------------------------------------------
Kelley O'Donnell (42) Since 2006. Serves at Director-Transfer Agency Compliance of Pioneer and None
Anti-Money Laundering the discretion of the Anti-Money Laundering Officer of all the Pioneer Funds
Officer Board. since 2006
------------------------------------------------------------------------------------------------------------------------------------
Pioneer High Income Municipal Fund | Annual Report | 8/31/13 45
This page for your notes.
46 Pioneer High Income Municipal Fund | Annual Report | 8/31/13
This page for your notes.
Pioneer High Income Municipal Fund | Annual Report | 8/31/13 47
This page for your notes.
48 Pioneer High Income Municipal Fund | Annual Report | 8/31/13
This page for your notes.
Pioneer High Income Municipal Fund | Annual Report | 8/31/13 49
This page for your notes.
50 Pioneer High Income Municipal Fund | Annual Report | 8/31/13
This page for your notes.
Pioneer High Income Municipal Fund | Annual Report | 8/31/13 51
This page for your notes.
52 Pioneer High Income Municipal Fund | Annual Report | 8/31/13
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[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) 2013 Pioneer Investments 21203-06-1013
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.
Pioneer Series Trust V:
Fees for audit services provided to the Trust, including
fees associated with the filings of its Form N-1A,
totaled approximately $62,148in 2013 and approximately
$119,982 in 2012.
(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.
Pioneer Series Trust V:
Audit-Related Fees
There were no audit-related services in 2013 or 2012.
(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.
Pioneer Series Trust V:
Fees for tax compliance services, primarily for tax
returns, totaled $16,262in 2013 and $33,070 in 2012.
(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.
Pioneer Series Trust V:
Other Fees
There were no other services provided to the Trust
during the fiscal years ended August 31, 2013 and
2012.
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
Beginning with non-audit service contracts entered
into on or after May 6, 2003, the effective date of the
new SEC pre-approval rules, the Fund's audit
committee is required to pre-approve services to
affiliates defined by SEC rules to the extent that the
services are determined to have a direct impact on the
operations or financial reporting of the Trust. For the
years ended August 31, 2013 and 2012, there were no
services provided to an affiliate that required the
Fund's audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal 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 and
affiliates, as previously defined, totaled approximately
$16,262 in 2013 and $33,070 in 2012.
(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 Trust's audit committee of the Board of Trustees
has considered whether the provision of non-audit
services that were rendered to the Affiliates (as
defined) that were not pre- approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant's
independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.
Not applicable to open-end management investment companies.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Series Trust V
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date October 30, 2013
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date October 30, 2013
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date October 30, 2013
* Print the name and title of each signing officer under his or her signature.