UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21823
Pioneer Series Trust V
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: August 31
Date of reporting period: September 1, 2016 through February 28, 2017
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
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Semiannual Report | February 28, 2017
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Ticker Symbols:
Class A GLOSX
Class C GCSLX
Class K PGEKX
Class R PRGEX
Class Y PGSYX
[LOGO] PIONEER
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visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 16
Schedule of Investments 18
Financial Statements 27
Notes to Financial Statements 36
Approval of Investment Advisory Agreement 49
Trustees, Officers and Service Providers 54
Pioneer Global Equity Fund | Semiannual Report | 2/28/17 1
President's Letter
Dear Shareowner,
The 2016 calendar year featured many swings in market sentiment, both in the
equity and fixed-income markets. After a slow start to the year, the markets
began to rally in mid-February 2016 with a recovery in the prices of oil and
other commodities, as well as slow, positive progress in U.S. employment
figures. The rally persisted throughout much of the remaining 10 months of 2016,
gaining further momentum in the second half of the year when U.S. gross domestic
product (GDP) growth showed solid improvement during the third quarter and
unemployment continued to decline. Finally, in November, the election of Donald
Trump as the 45th President of the United States sparked a dramatic late-year
market upturn that saw U.S. equities briefly climb to all-time highs.
Speculation that the new Trump administration's policies would stimulate the
U.S. economy through reduced taxes, less regulation, and increased government
spending on infrastructure, fueled the year-end rally. For the full 12 months
ended December 31, 2016, the Standard & Poor's 500 Index, a broad measure of
U.S. stock market performance, returned a strong 11.9%.
In bond markets, the Federal Reserve Board's (the Fed's) 0.25% hike in the
Federal funds rate in December 2016, its first rate increase in a year,
contributed to a sell-off in U.S. Treasuries. The pullback from Treasuries also
derived from the market's increased inflation and growth expectations under the
incoming Trump administration. Elsewhere within fixed income, corporate credit,
particularly in the high-yield segment of the market, performed well over the
fourth quarter and the full calendar year. US high-yield securities, as
measured by the Bank of America Merrill Lynch US High Yield Index, returned a
robust 17.5% for the 12 months ended December 31, 2016. The debt of
energy-related issuers drove the strong performance within high yield, as the
recovery in oil and other commodity prices, which began in February 2016,
sparked a rally in the sector. Meanwhile, the Bloomberg Barclays U.S. Aggregate
Bond Index, which tracks the performance of Treasury and agency issues,
corporate bond issues, and mortgage-backed securities, returned 2.7% for the
same 12-month period, reflecting the relative weakness in government bonds.
The U.S. economy's underlying fundamentals seem solid, and growth prospects for
2017 appear healthy. However, we remain concerned about risks to the economy of
potentially disruptive trade policies pursued by the Trump administration.
Barring a damaging trade war, though, we anticipate the Fed will continue to
hike short-term interest rates gradually during 2017. In addition, we expect the
Fed to consider carefully the potential economic effects of any fiscal policies
enacted by the new Trump administration and the Republican- controlled Congress.
In that regard, we believe President Trump's economic policies, if they come to
fruition, could help boost real GDP growth. However, the impact of Trump's
policies on U.S. GDP may be greater in 2018 rather than in 2017. Still, even
prior to the late-year "Trump rally," U.S. GDP growth appeared to be settling in
at a sustainable annual pace of more than 2% as 2016 drew to a close, following
some weaker performance in the first half of the year. Continued improvement in
the employment market driven in part by gains in manufacturing output were among
the factors behind the bounce-back in GDP.
2 Pioneer Global Equity Fund | Semiannual Report | 2/28/17
While economic conditions inside the U.S. appear solid, many economies around
the world continue to experience slow growth rates. Moreover, several countries
in various regions face a number of challenges in 2017 and beyond, including the
shifting geopolitics driving "Brexit" - the United Kingdom's pending exit from
the European Union - as well as related populist movements in Europe, limited
productivity gains, aging populations, and transitioning economic models in
China and other emerging markets. In recent years, global central banks have
kept interest rates at close to zero in an effort to stimulate economic growth.
While financial markets often benefited from the low rates, it now appears that
those policies may be losing their effectiveness, leaving central banks little
room to maneuver going forward. Moreover, the low interest rates have caused
government bond yields to plummet, presenting a dilemma for the income-oriented
investor.
Against this backdrop of still-low global interest rates, shifting priorities of
central banks, evolving demographics, and numerous geopolitical concerns, we
believe investors are likely to face ongoing challenges and much uncertainty
when it comes to finding opportunities for both income and capital appreciation.
While much has been made of passive investing as a possible source of stability
in this uncertain environment, it is our view that all investment decisions are
active choices. Throughout Pioneer's history, we have believed in the importance
of active management. During challenging market conditions, we view the value of
active management as even more compelling. Our experienced and tenured
investment teams focus on identifying value across global markets using
proprietary research, careful risk management, and a long-term perspective. We
believe our shareowners can benefit from the experience and tenure of our
investment teams as well as the insights generated from our extensive research
process.
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA Inc.
February 28, 2017
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Global Equity Fund | Semiannual Report | 2/28/17 3
Portfolio Management Discussion | 2/28/17
In the following interview, portfolio managers Marco Pirondini and David Glazer
discuss the factors that influenced the performance of Pioneer Global Equity
Fund during the six-month period ended February 28, 2017. Mr. Pirondini, Head of
Equities, U.S., Executive Vice President and a portfolio manager at Pioneer, and
Mr. Glazer, Senior Vice President and a portfolio manager at Pioneer, are
responsible for the day-to-day management of the Fund.
Q How did the Fund perform over the six-month period ended February 28, 2017?
A Pioneer Global Equity Fund's Class A shares returned 7.43% at net asset
value during the six-month period ended February 28, 2017, while the Fund's
benchmarks, the Morgan Stanley Capital International (MSCI) World ND Index
and the MSCI All Country World ND Index1, returned 7.78% and 7.53%,
respectively. During the same period, the average return of the 200 mutual
funds in Lipper's Global Multi-Cap Core Funds category was 6.86%, and the
average return of the 1,086 mutual funds in Morningstar's World Stock Funds
category was 6.02%.
Q How would you characterize the investment environment in the global equity
markets during the six-month period ended February 28, 2017?
When the reporting period began in September 2016, global equity markets
had already bounced back strongly from the negative, but brief fallout
driven by the June 2016 "Brexit" vote in the United Kingdom. As the period
progressed, an economic slowdown in Japan and uncertainty surrounding the
U.S. presidential election also weighed on the markets as investors
grappled with the potential effects those events might have on global
economic growth. However, with most global central banks committed to
policies aimed at offsetting any fallout from Brexit, and with signs that
the U.S. economy was strengthening, market sentiment steadily improved.
After Donald Trump's election as U.S. President in November 2016,
speculation that tax reform, more infrastructure spending, and deregulation
would be
1 The MSCI information may only be used for your internal use, may not be
reproduced or redisseminated in any form and may not be used as a basis for
or a component of any financial instruments or products or indices. None of
the MSCI information is intended to constitute investment advice or a
recommendation to make (or refrain from making) any kind of investment
decision and may not be relied on as such. Historical data and analysis
should not be taken as an indication or guarantee of any future performance
analysis, forecast or prediction. The MSCI information is provided on an
"as is" basis and the user of this information assumes the entire risk of
any use made of this information. MSCI, each of its affiliates and each
other person involved in or related to compiling, computing or creating any
MSCI information (collectively, the "MSCI Parties") expressly disclaims all
warranties (including, without limitation, any warranties of originality,
accuracy, completeness, timeliness, non-infringement, merchantability and
fitness for a particular purpose) with respect to this information. Without
limiting any of the foregoing, in no event shall any MSCI Party have any
liability for any direct, indirect, special, incidental, punitive,
consequential (including, without limitation, lost profits) or any other
damages.
4 Pioneer Global Equity Fund | Semiannual Report | 2/28/17
important policy initiatives during his presidency spurred renewed investor
optimism, and, by year-end, major U.S. stock market indices had reached
all-time highs.
In that environment, U.S. stocks delivered very positive performance during
the six-month period, returning 10.01% as measured by the Standard & Poor's
500 Index. In contrast, international equities lagged their U.S.
counterparts, as the MSCI All Country World (ex-U.S.) Index returned 5.15%,
and the MSCI Europe Index returned 3.87% over the six-month period.
Q Would you review the Fund's overall investment approach?
A When picking investments for the portfolio, we examine mid- and large-
capitalization stocks worldwide, including those located in the emerging
markets. From there, we build a diversified* portfolio. We look for stocks
that we think can provide "growth at a reasonable price," and so there is a
strong value component to our analysis. We seek to invest the Fund in
companies that are not only benefiting from operating efficiencies as
reflected in factors such as increased market share and revenues, but that
are also employing their capital efficiently. In particular, we emphasize
strong free cash flow, because that provides companies with the flexibility
to make share buybacks, reinvest in their businesses, make acquisitions,
and raise dividends**. We also look for stocks with attractive dividend
yields as well as those trading at below-market valuations.
Finally, we attempt to assess not only the potential price gains for each
stock, but also the potential for a decline in price if circumstances
become unfavorable. We prefer stocks with the highest potential upside
relative to their downside.
Q Which of your investment decisions or individual portfolio holdings either
aided or detracted from the Fund's performance relative to its benchmarks
during the six-month period ended February 28, 2017?
A The Fund slightly underperformed its benchmarks during the period, with
portfolio holdings in the health care sector generally detracting from the
Fund's benchmark-relative returns, as a high level of uncertainty regarding
the future of the Affordable Care Act and the potential for new national
health legislation in the U.S. roiled the market for equities in the
sector. In particular, Fund positions in Pfizer, Cardinal Health, and CVS
Health detracted from benchmark-relative performance during the period. To
a lesser degree, stock selection results in financials also detracted from
the Fund's benchmark-relative performance.
* Diversification does not assure a profit nor protect against loss.
** Dividends are not guaranteed.
Pioneer Global Equity Fund | Semiannual Report | 2/28/17 5
During the six-month period, the Fund's holdings in information technology
and industrials were the biggest contributors to benchmark-relative
performance. In information technology, the Fund's long-time position in
Apple aided benchmark-relative returns. The company's inexpensive valuation
was vindicated during the period as strong demand for the iPhone 7 and
investor optimism about prospects for the iPhone 8 drove the stock price to
an all-time high in February. In addition, the Fund's position in Samsung
contributed positively to benchmark-relative performance as the company not
only benefited from its expanding chip business, but also managed to escape
significant harm - harm the market had anticipated - from the fallout
related to highly publicized malfunctions by its latest smartphone product.
Also in information technology, a portfolio holding in chip-manufacturer SK
Hynix contributed to the Fund's benchmark-relative returns, as a more
orderly chip-making market benefited SK during the period.
Within industrials, the Fund's position in United Rentals strongly aided
benchmark-relative performance, as the stock price rose due to optimism
about potential policy initiatives by the new Trump administration, such as
decreases in corporate tax rates and plans for increased infrastructure
spending. In addition, the company has several locations in shale-oil
drilling areas, which also could receive a boost from President Trump's
proposed energy policies.
Q Did you employ derivatives in managing the Fund during the six-month period
ended February 28, 2017, and did those investments have an effect on
performance?
A Yes, we utilized forward foreign currency contracts (forwards) during the
period, to a limited degree, in an attempt to safeguard the portfolio
against potential negative currency effects driven by its Japanese
holdings. The forwards had a slightly positive effect on the Fund's
performance.
Q What is your outlook, and how is it reflected in the Fund's positioning?
A With regard to sector allocations, we continue to de-emphasize energy
stocks in the portfolio because we think that equity prices in the sector
are significantly ahead of the fundamental characteristics of many energy
companies. The disparity is due in part to the market's expectation of
sharply higher energy prices, an expectation that we do not necessarily
share. In addition, we are wary of valuations in the sector because of
"substitution risk," which is the risk that new technologies, such as
electric cars and other alternative energy innovations, may reduce demand
for crude oil over time. Finally, we also believe that the high dividends
currently paid by some energy stocks are insufficiently backed by the cash
generation of those companies, and we think such dividends may be reduced
in the near future.
6 Pioneer Global Equity Fund | Semiannual Report | 2/28/17
Conversely, we continue to view the information technology and financials
sectors as possessing some of the best market opportunities as we move
deeper into 2017. In the information technology sector, we are excited by
continuing innovation by companies in a wide variety of sector sub-
industries. Within financials, we think that valuations are very attractive
for stocks of a number of companies that have solid capital foundations. In
particular, we believe banks should benefit if the global economic growth
trajectory continues to trend upward, the velocity of money increases, and
profits from successful bank loans rise. We believe that even banks located
in Europe can benefit from positive economic growth trends should the
European Central Bank decide to raise short-term interest rates in 2018 and
2019.
For the past five years, we have emphasized U.S. equity exposure in the
Fund's portfolio, which has benefited performance. During the past six
months, however, we have seen valuations for international stocks become
significantly more attractive than they were before. This is because U.S.
stocks have outperformed their international counterparts for some time
now, and also because foreign currencies have devalued in the wake of a
stronger U.S. dollar and moves by the U.S. Federal Reserve to normalize its
interest-rate policy by gradually raising the Federal funds rate. In
response to the changing environment for the global economy and global
equities, we have begun to increase the Fund's exposure to European and
emerging markets stocks.
Overall, we believe that the Fund is well positioned for potential market
moves within the global equity universe. We look for economic growth in
Europe to continue to rebound, for U.S. growth to be steady, and for U.S.
corporations to benefit if the Trump administration is able to push through
both tax-code changes and increased spending on infrastructure. In general,
global economic growth seems to be improving in a synchronized fashion.
Pioneer Global Equity Fund | Semiannual Report | 2/28/17 7
Please refer to the Schedule of Investments on pages 18-26 for a full listing of
fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
The Fund is subject to currency risk, meaning that the Fund could experience
losses based on changes in the exchange rate between non-U.S. currencies and the
U.S. dollar.
Investments in small- and mid-sized companies may offer the potential for higher
returns, but are also subject to greater short-term price fluctuations than
larger, more established companies.
When interest rates rise, the prices of fixed-income securities in the Fund will
generally fall. Conversely, when interest rates fall, the prices of fixed-income
securities in the Fund will generally rise.
The Fund may use derivatives, such as options, futures, inverse floating rate
obligations, swaps, and others, which can be illiquid, may disproportionately
increase losses, and have a potentially large impact on Fund performance.
Derivatives may have a leveraging effect on the Fund.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.
These risks may increase share price volatility.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Pioneer Investments for a prospectus or
summary prospectus containing this information. Read it carefully.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
8 Pioneer Global Equity Fund | Semiannual Report | 2/28/17
Portfolio Summary | 2/28/17
Sector Distribution
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(As a percentage of long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Information Technology 27.3%
Financials 22.7%
Consumer Discretionary 12.7%
Health Care 9.7%
Industrials 8.5%
Consumer Staples 5.5%
Materials 4.1%
Government 3.7%
Telecommunication Services 3.0%
Real Estate 2.0%
Energy 0.8%
Geographical Distribution
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(As a percentage of long-term holdings based on country of domicile)
[THE FOLLOWING DATA WAS REPRESENTED AS A STACKED CHART IN THE PRINTED MATERIAL]
United States 55.4%
United Kingdom 9.5%
Japan 7.7%
France 5.2%
Korea, Republic of 4.7%
Ireland 2.9%
Switzerland 2.6%
Germany 2.4%
Indonesia 2.1%
Netherlands 1.9%
Italy 1.5%
Denmark 1.2%
Taiwan, Province of China 1.2%
Other (individually less than 1%) 1.7%
10 Largest Holdings
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(As a percentage of long-term holdings)*
1. Apple, Inc. 5.64%
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2. United Rentals, Inc. 3.42
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3. Microsoft Corp. 3.26
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4. Discover Financial Services, Inc. 3.24
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5. Samsung Electronics Co., Ltd. 3.19
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6. JPMorgan Chase & Co. 3.13
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7. Novartis AG 2.67
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8. Valeo SA 2.47
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9. Alphabet, Inc. (Class C) 2.29
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10. Alphabet, Inc. (Class A) 2.28
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* This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommendations to buy or sell
any security listed.
Pioneer Global Equity Fund | Semiannual Report | 2/28/17 9
Prices and Distributions | 2/28/17
Net Asset Value per Share
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Class 2/28/17 8/31/16
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A $14.25 $13.43
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C $13.97 $13.13
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K $14.25 $13.47
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R $14.16 $13.36
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Y $14.27 $13.50
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Distributions per Share: 9/1/16-2/28/17
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Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
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A $0.1686 $ -- $ --
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C $0.0635 $ -- $ --
--------------------------------------------------------------------------------
K $0.2384 $ -- $ --
--------------------------------------------------------------------------------
R $0.1530 $ -- $ --
--------------------------------------------------------------------------------
Y $0.2534 $ -- $ --
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The Morgan Stanley Capital International (MSCI) World ND Index is an unmanaged
measure of the performance of stock markets in the developed world. The MSCI All
Country World ND Index is an unmanaged, free-float-adjusted,
market-capitalization-weighted index that is designed to measure the equity
market performance of developed and emerging markets. The Index consists of 45
country indices comprising 24 developed and 21 emerging market country indices.
Index returns are calculated monthly, assume reinvestment of dividends and,
unlike Fund returns, do not reflect any fees, expenses or sales charges. It is
not possible to invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 11-15.
10 Pioneer Global Equity Fund | Semiannual Report | 2/28/17
Performance Update | 2/28/17 Class A Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Global Equity Fund at public
offering price during the periods shown, compared to that of the Morgan Stanley
Capital International (MSCI) World ND Index and the MSCI All Country World ND
Index.
Average Annual Total Returns
(As of February 28, 2017)
--------------------------------------------------------------------------------
MSCI
Net Public MSCI All
Asset Offering World Country
Value Price ND World
Period (NAV) (POP) Index ND Index
--------------------------------------------------------------------------------
10 Years 3.79% 3.18% 4.29% 4.08%
5 Years 9.13 7.84 9.41 8.25
1 Year 18.45 11.67 21.26 22.07
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2016)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.45% 1.30%
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[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global MSCI World MSCI All Country
Equity Fund ND Index World ND Index
2/07 $ 9,425 $10,000 $10,000
2/08 $ 9,706 $ 9,947 $10,233
2/09 $ 5,237 $ 5,260 $ 5,301
2/10 $ 7,742 $ 8,116 $ 8,381
2/11 $ 8,988 $ 9,875 $10,187
2/12 $ 8,834 $ 9,708 $10,035
2/13 $ 9,713 $10,746 $10,967
2/14 $12,043 $13,076 $12,959
2/15 $13,134 $14,105 $13,938
2/16 $11,544 $12,553 $12,221
2/17 $13,674 $15,222 $14,919
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 5.75% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through January 1, 2018, for Class A shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information. Please refer to the
financial highlights for more recent expense ratios.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Global Equity Fund | Semiannual Report | 2/28/17 11
Performance Update | 2/28/17 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Global Equity Fund during the
periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) World ND Index and the MSCI All Country World ND Index.
Average Annual Total Returns
(As of February 28, 2017)
--------------------------------------------------------------------------------
MSCI
MSCI All
World Country
If If ND World
Period Held Redeemed Index ND Index
--------------------------------------------------------------------------------
10 Years 2.90% 2.90% 4.29% 4.08%
5 Years 8.22 8.22 9.41 8.25
1 Year 17.46 17.46 21.26 22.07
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2016)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.16%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global MSCI World MSCI All Country
Equity Fund ND Index World ND Index
2/07 $10,000 $10,000 $10,000
2/08 $10,213 $ 9,947 $10,233
2/09 $ 5,464 $ 5,260 $ 5,301
2/10 $ 8,004 $ 8,116 $ 8,381
2/11 $ 9,216 $ 9,875 $10,187
2/12 $ 8,966 $ 9,708 $10,035
2/13 $ 9,772 $10,746 $10,967
2/14 $12,008 $13,076 $12,959
2/15 $12,991 $14,105 $13,938
2/16 $11,331 $12,553 $12,221
2/17 $13,310 $15,222 $14,919
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.
Please refer to the financial highlights for more recent expense ratios.
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 | Semiannual Report | 2/28/17
Performance Update | 2/28/17 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class K shares of Pioneer Global Equity Fund during the
periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) World ND Index and the MSCI All Country World ND Index.
Average Annual Total Returns
(As of February 28, 2017)
--------------------------------------------------------------------------------
MSCI
Net MSCI All
Asset World Country
Value ND World
Period (NAV) Index ND Index
--------------------------------------------------------------------------------
10 Years 3.90% 4.29% 4.08%
5 Years 9.35 9.41 8.25
1 Year 18.96 21.26 22.07
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2016)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.92% 0.80%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Global MSCI World MSCI All Country
Equity Fund ND Index World ND Index
2/07 $5,000,000 $5,000,000 $5,000,000
2/08 $5,149,682 $4,973,478 $5,116,624
2/09 $2,778,587 $2,629,989 $2,650,323
2/10 $4,107,582 $4,058,084 $4,190,609
2/11 $4,768,583 $4,937,650 $5,093,327
2/12 $4,687,024 $4,853,963 $5,017,606
2/13 $5,153,474 $5,373,023 $5,483,600
2/14 $6,389,621 $6,537,989 $6,479,431
2/15 $6,973,320 $7,052,359 $6,968,935
2/16 $6,160,166 $6,276,436 $6,110,497
2/17 $7,328,064 $7,610,992 $7,459,327
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class K shares for the period prior to the
commencement of operations of Class K shares on December 31, 2014, is the net
asset value performance of the Fund's Class A shares, which has not been
restated to reflect any differences in expenses, including Rule 12b-1 fees
applicable to Class A shares. Since fees for Class A shares generally are higher
than those of Class K shares, the performance of Class K shares prior to their
inception would have been higher than the performance shown. For the period
beginning December 31, 2014, the actual performance of Class K shares is
reflected. Class K shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors. All
results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through January 1, 2018, for Class K shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information. Please refer to the
financial highlights for more recent expense ratios.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Global Equity Fund | Semiannual Report | 2/28/17 13
Performance Update | 2/28/17 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class R shares of Pioneer Global Equity Fund during the
periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) World ND Index and the MSCI All Country World ND Index.
Average Annual Total Returns
(As of February 28, 2017)
--------------------------------------------------------------------------------
MSCI
Net MSCI All
Asset World Country
Value ND World
Period (NAV) Index ND Index
--------------------------------------------------------------------------------
10 Years 3.75% 4.29% 4.08%
5 Years 9.05 9.41 8.25
1 Year 18.06 21.26 22.07
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2016)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.68% 1.55%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global MSCI World MSCI All Country
Equity Fund ND Index World ND Index
2/07 $10,000 $10,000 $10,000
2/08 $10,299 $ 9,947 $10,233
2/09 $ 5,557 $ 5,260 $ 5,301
2/10 $ 8,215 $ 8,116 $ 8,381
2/11 $ 9,537 $ 9,875 $10,187
2/12 $ 9,374 $ 9,708 $10,035
2/13 $10,307 $10,746 $10,967
2/14 $12,779 $13,076 $12,959
2/15 $13,937 $14,105 $13,938
2/16 $12,246 $12,553 $12,221
2/17 $14,457 $15,222 $14,919
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class R shares for the period prior to the
commencement of operations of Class R shares on July 1, 2015, is the net asset
value performance of the Fund's Class A shares, which has not been restated to
reflect any differences in expenses, including Rule 12b-1 fees applicable to
Class A shares. Since fees for Class A shares generally are higher than those of
Class R shares, the performance of Class R shares prior to their inception would
have been higher than the performance shown. For the period beginning July 1,
2015, the actual performance of Class R shares is reflected. Class R shares are
not subject to sales charges and are available for limited groups of eligible
investors, including institutional investors. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through January 1, 2018, for Class R shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information. Please refer to the
financial highlights for more recent expense ratios. Expense ratios in the
financial highlights, unlike those shown in the prospectus, do not reflect
acquired fund fees and expenses.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
14 Pioneer Global Equity Fund | Semiannual Report | 2/28/17
Performance Update | 2/28/17 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Global Equity Fund during the
periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) World ND Index and the MSCI All Country World ND Index.
Average Annual Total Returns
(As of February 28, 2017)
--------------------------------------------------------------------------------
MSCI
Net MSCI All
Asset World Country
Value ND World
Period (NAV) Index ND Index
--------------------------------------------------------------------------------
10 Years 4.21% 4.29% 4.08%
5 Years 9.66 9.41 8.25
1 Year 19.06 21.26 22.07
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2016)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.08% 0.80%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Global MSCI World MSCI All Country
Equity Fund ND Index World ND Index
2/07 $5,000,000 $5,000,000 $5,000,000
2/08 $5,149,682 $4,973,478 $5,116,624
2/09 $2,778,587 $2,629,989 $2,650,323
2/10 $4,133,996 $4,058,084 $4,190,609
2/11 $4,825,173 $4,937,650 $5,093,327
2/12 $4,760,857 $4,853,963 $5,017,606
2/13 $5,263,802 $5,373,023 $5,483,600
2/14 $6,557,581 $6,537,989 $6,479,431
2/15 $7,183,510 $7,052,359 $6,968,935
2/16 $6,342,462 $6,276,436 $6,110,497
2/17 $7,551,148 $7,610,992 $7,459,327
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for periods prior to the inception of the Fund's Class Y
shares on December 31, 2008, is the NAV performance of the Fund's Class A
shares. The performance does not reflect differences in expenses, including the
Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares are
generally higher than those of Class Y shares, the performance for Class Y
shares prior to their inception would have been higher than the performance
shown. For the period beginning December 31, 2008, the actual performance of
Class Y shares is reflected.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through January 1, 2018, for Class Y shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information. Please refer to the
financial highlights for more recent expense ratios.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Global Equity Fund | Semiannual Report | 2/28/17 15
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments and
redemption fees.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Global Equity Fund
Based on actual returns from September 1, 2016, through February 28, 2017.
--------------------------------------------------------------------------------
Share Class A C K R Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 9/1/16
--------------------------------------------------------------------------------
Ending Account $1,074.30 $1,069.10 $1,076.50 $1,071.90 $1,076.80
Value on 2/28/17
--------------------------------------------------------------------------------
Expenses Paid $ 6.63 $ 10.31 $ 4.12 $ 7.96 $ 4.12
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.29%,
2.01%, 0.80%, 1.55% and 0.80% for Class A, Class C, Class K, Class R, and
Class Y shares, respectively, multiplied by the average account value over
the period, multiplied by 181/365 (to reflect the one-half year period).
16 Pioneer Global Equity Fund | Semiannual Report | 2/28/17
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) or redemption fees that are charged at the time of the trans-
action. Therefore, the table below is useful in comparing ongoing costs only and
will not help you determine the relative total costs of owning different funds.
In addition, if these transaction costs were included, your costs would have
been higher.
Expenses Paid on a $1,000 Investment in Pioneer Global Equity Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from September 1, 2016, through February 28, 2017.
--------------------------------------------------------------------------------
Share Class A C K R Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 9/1/16
--------------------------------------------------------------------------------
Ending Account $1,018.40 $1,014.83 $1,020.83 $1,017.11 $1,020.83
Value on 2/28/17
--------------------------------------------------------------------------------
Expenses Paid $ 6.46 $ 10.04 $ 4.01 $ 7.75 $ 4.01
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.29%,
2.01%, 0.80%, 1.55% and 0.80% for Class A, Class C, Class K, Class R, and
Class Y shares, respectively, multiplied by the average account value over
the period, multiplied by 181/365 (to reflect the one-half year period).
Pioneer Global Equity Fund | Semiannual Report | 2/28/17 17
Schedule of Investments | 2/28/17 (unaudited)
-------------------------------------------------------------------------------------------------
Floating
Shares Rate (b) Value
-------------------------------------------------------------------------------------------------
COMMON STOCKS -- 95.1%
ENERGY -- 0.3%
Oil & Gas Refining & Marketing -- 0.3%
14,794 HollyFrontier Corp. $ 433,168
--------------
Total Energy $ 433,168
-------------------------------------------------------------------------------------------------
MATERIALS -- 4.2%
Construction Materials -- 1.7%
78,770 CRH Plc $ 2,654,313
-------------------------------------------------------------------------------------------------
Paper Packaging -- 1.2%
42,758 Sealed Air Corp. $ 1,987,392
-------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 1.3%
52,168 Rio Tinto Plc $ 2,127,104
--------------
Total Materials $ 6,768,809
-------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 8.1%
Aerospace & Defense -- 1.9%
382,132 BAE Systems Plc $ 2,990,671
-------------------------------------------------------------------------------------------------
Building Products -- 0.5%
23,889 USG Corp.* $ 805,776
-------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 1.2%
15,349 Siemens AG $ 1,997,395
-------------------------------------------------------------------------------------------------
Industrial Machinery -- 1.1%
12,050 Ingersoll-Rand Plc $ 956,288
41,394 SKF AB 786,364
--------------
$ 1,742,652
-------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 3.4%
43,269 United Rentals, Inc.* $ 5,539,730
--------------
Total Capital Goods $ 13,076,224
-------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.5%
Trucking -- 0.5%
15,151 DSV A/S $ 746,146
--------------
Total Transportation $ 746,146
-------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 3.2%
Auto Parts & Equipment -- 3.2%
59,224 Gentex Corp. $ 1,245,481
65,005 Valeo SA 3,997,416
--------------
$ 5,242,897
--------------
Total Automobiles & Components $ 5,242,897
-------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 4.4%
Homebuilding -- 2.5%
38,861 PulteGroup, Inc. $ 856,885
190,200 Sekisui Chemical Co., Ltd. 3,146,084
--------------
$ 4,002,969
-------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global Equity Fund | Semiannual Report | 2/28/17
-------------------------------------------------------------------------------------------------
Floating
Shares Rate (b) Value
-------------------------------------------------------------------------------------------------
Apparel, Accessories & Luxury Goods -- 1.9%
91,055 Moncler S.p.A.* $ 1,739,249
11,633 Pandora A/S 1,326,921
--------------
$ 3,066,170
--------------
Total Consumer Durables & Apparel $ 7,069,139
-------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 2.5%
Hotels, Resorts & Cruise Lines -- 0.7%
22,623 InterContinental Hotels Group Plc $ 1,065,042
-------------------------------------------------------------------------------------------------
Restaurants -- 1.8%
298,253 Domino's Pizza Group Plc $ 1,420,957
27,650 Starbucks Corp. 1,572,456
--------------
$ 2,993,413
--------------
Total Consumer Services $ 4,058,455
-------------------------------------------------------------------------------------------------
MEDIA -- 2.6%
Advertising -- 1.3%
31,618 Publicis Groupe SA $ 2,132,036
-------------------------------------------------------------------------------------------------
Broadcasting -- 1.3%
31,427 CBS Corp. (Class B) $ 2,071,668
--------------
Total Media $ 4,203,704
-------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 5.0%
Drug Retail -- 3.8%
39,313 CVS Health Corp. $ 3,167,842
46,000 Sundrug Co., Ltd. 3,028,014
--------------
$ 6,195,856
-------------------------------------------------------------------------------------------------
Food Retail -- 1.2%
22,085 Walgreens Boots Alliance, Inc. $ 1,907,702
--------------
Total Food & Staples Retailing $ 8,103,558
-------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.5%
Personal Products -- 0.5%
18,220 Unilever Plc $ 863,229
--------------
Total Household & Personal Products $ 863,229
-------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.0%
Managed Health Care -- 1.0%
8,037 Humana, Inc. $ 1,697,816
--------------
Total Health Care Equipment & Services $ 1,697,816
-------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 8.8%
Biotechnology -- 3.9%
26,607 Celgene Corp.* $ 3,286,231
48,355 Shire Plc 2,911,048
--------------
$ 6,197,279
-------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Semiannual Report | 2/28/17 19
Schedule of Investments | 2/28/17 (unaudited)(continued)
-------------------------------------------------------------------------------------------------
Floating
Shares Rate (b) Value
-------------------------------------------------------------------------------------------------
Pharmaceuticals -- 4.9%
8,851 Jazz Pharmaceuticals Plc* $ 1,173,820
55,367 Novartis AG 4,322,827
71,914 Pfizer, Inc. 2,453,706
--------------
$ 7,950,353
--------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 14,147,632
-------------------------------------------------------------------------------------------------
BANKS -- 9.6%
Diversified Banks -- 8.9%
458,605 Aldermore Group Plc $ 1,317,085
2,693,000 Bank Rakyat Indonesia Persero Tbk PT 2,379,880
41,152 BNP Paribas SA 2,405,599
227,173 ING Groep NV 3,134,510
56,021 JPMorgan Chase & Co. 5,076,623
--------------
$ 14,313,697
-------------------------------------------------------------------------------------------------
Regional Banks -- 0.7%
7,457,400 Bank Tabungan Negara Persero Tbk PT $ 1,184,074
--------------
Total Banks $ 15,497,771
-------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 9.4%
Specialized Finance -- 0.4%
10,963 Intercontinental Exchange, Inc. $ 626,316
-------------------------------------------------------------------------------------------------
Consumer Finance -- 4.6%
73,750 Discover Financial Services, Inc. $ 5,246,575
59,716 Synchrony Financial 2,164,108
--------------
$ 7,410,683
-------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 3.0%
15,786 Affiliated Managers Group, Inc.* $ 2,650,943
5,567 BlackRock, Inc. 2,156,990
--------------
$ 4,807,933
-------------------------------------------------------------------------------------------------
Specialized Finance -- 1.4%
32,036 Nasdaq, Inc. $ 2,278,080
--------------
Total Diversified Financials $ 15,123,012
-------------------------------------------------------------------------------------------------
INSURANCE -- 2.4%
Insurance Brokers -- 0.8%
9,798 Willis Towers Watson Plc $ 1,258,357
-------------------------------------------------------------------------------------------------
Multi-line Insurance -- 1.6%
11,101 Allianz SE* $ 1,930,782
52,607 Assicurazioni Generali S.p.A. 754,024
--------------
$ 2,684,806
--------------
Total Insurance $ 3,943,163
-------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global Equity Fund | Semiannual Report | 2/28/17
-------------------------------------------------------------------------------------------------
Floating
Shares Rate (b) Value
-------------------------------------------------------------------------------------------------
REAL ESTATE -- 2.1%
Diversified Real Estate Activities -- 1.7%
509,800 Leopalace21 Corp. $ 2,681,669
-------------------------------------------------------------------------------------------------
Real Estate Services -- 0.4%
67,452 Savills Plc $ 717,021
--------------
Total Real Estate $ 3,398,690
-------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 12.6%
Internet Software & Services -- 6.6%
4,373 Alphabet, Inc. (Class A) $ 3,694,879
4,507 Alphabet, Inc. (Class C) 3,710,207
95,300 eBay, Inc.* 3,230,670
--------------
$ 10,635,756
-------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.5%
63,439 HCL Technologies, Ltd. $ 798,157
-------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 2.2%
28,198 PayPal Holdings, Inc. $ 1,184,316
28,038 Visa, Inc. 2,465,662
--------------
$ 3,649,978
-------------------------------------------------------------------------------------------------
Systems Software -- 3.3%
82,608 Microsoft Corp. $ 5,285,260
--------------
Total Software & Services $ 20,369,151
-------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 10.8%
Computer Storage & Peripherals -- 5.6%
66,667 Apple, Inc. $ 9,132,711
-------------------------------------------------------------------------------------------------
Computer Hardware Storage & Peripherals -- 3.2%
3,057 Samsung Electronics Co., Ltd. $ 5,170,673
-------------------------------------------------------------------------------------------------
Electronic Equipment Manufacturers -- 0.2%
54,268 Fitbit, Inc. $ 337,004
-------------------------------------------------------------------------------------------------
Electronic Components -- 1.7%
89,800 Alps Electric Co., Ltd. $ 2,680,546
-------------------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 0.1%
38,651 Global Display Co., Ltd. $ 147,281
--------------
Total Technology Hardware & Equipment $ 17,468,215
-------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 4.0%
Semiconductors -- 4.0%
58,181 SK Hynix, Inc. $ 2,388,994
21,057 Skyworks Solutions, Inc.* 1,996,414
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Semiannual Report | 2/28/17 21
Schedule of Investments | 2/28/17 (unaudited)(continued)
-------------------------------------------------------------------------------------------------
Floating
Shares Rate (b) Value
-------------------------------------------------------------------------------------------------
Semiconductors (continued)
341,000 Taiwan Semiconductor Manufacturing Co., Ltd. $ 2,087,122
--------------
$ 6,472,530
--------------
Total Semiconductors & Semiconductor Equipment $ 6,472,530
-------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 3.1%
Integrated Telecommunication Services -- 2.6%
75,459 AT&T, Inc. $ 3,153,432
25,000 Nippon Telegraph & Telephone Corp. 1,058,814
--------------
$ 4,212,246
-------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.5%
288,687 Vodafone Group Plc $ 723,356
--------------
Total Telecommunication Services $ 4,935,602
-------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $133,100,085) $ 153,618,911
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Principal
Amount ($)
-------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATION -- 1.4%
2,300,000 U.S. Treasury Bills, 3/9/17 (c) $ 2,299,784
-------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATION
(Cost $2,299,750) $ 2,299,784
-------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 3.8% (d)
Municipal Development -- 0.9%
100,000 0.55 Lower Neches Valley Authority Industrial Development
Corp., Floating Rate Note, 11/1/38 $ 100,000
100,000 0.58 Mississippi Business Finance Corp., Floating Rate
Note, 12/1/30 100,000
645,000 0.57 Mississippi Business Finance Corp., Floating Rate
Note, 12/1/30 645,000
600,000 0.57 Mississippi Business Finance Corp., Floating Rate
Note, 12/1/30 600,000
--------------
$ 1,445,000
-------------------------------------------------------------------------------------------------
Higher Municipal Education -- 0.4%
305,000 0.41 Massachusetts Health & Educational Facilities
Authority, Floating Rate Note, 11/1/49 $ 305,000
340,000 0.60 The University of Texas System, Floating Rate
Note, 8/1/25 340,000
--------------
$ 645,000
-------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global Equity Fund | Semiannual Report | 2/28/17
-------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
-------------------------------------------------------------------------------------------------
Municipal Medical -- 2.5%
1,200,000 0.55 Geisinger Authority, Floating Rate Note, 8/1/22 $ 1,200,000
1,670,000 0.57 Harris County Health Facilities Development Corp.,
Floating Rate Note, 12/1/41 1,670,000
1,120,000 0.57 Harris County Health Facilities Development Corp.,
Floating Rate Note, 12/1/41 1,120,000
--------------
$ 3,990,000
-------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $6,080,000) $ 6,080,000
-------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 100.3%
(Cost $141,479,835) (a) (e) $ 161,998,695
-------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- (0.3)% $ (413,654)
-------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 161,585,041
=================================================================================================
* Non-income producing security.
(A.D.R.) American Depositary Receipts.
(a) At February 28, 2017, the net unrealized appreciation on investments
based on cost for federal income tax purposes of $142,357,187 was as
follows:
Aggregate gross unrealized appreciation for all investments in
which there is an excess of value over tax cost $ 24,776,391
Aggregate gross unrealized depreciation for all investments in
which there is an excess of tax cost over value (5,134,883)
------------
Net unrealized appreciation $ 19,641,508
============
(b) Debt obligation with a variable interest rate. Rate shown is rate at
period end.
(c) Security issued with a zero coupon. Income is earned through
accretion of discount.
(d) Consists of revenue bonds unless otherwise indicated.
(e) Distributions of investments by country of domicile, as a percentage
of total investment in securities (excluding temporary cash
investments), is as follows:
United States 55.4%
United Kingdom 9.5%
Japan 7.7%
France 5.2%
Korea, Republic Of 4.7%
Ireland 2.9%
Switzerland 2.6%
Germany 2.4%
Indonesia 2.1%
Netherlands 1.9%
Italy 1.5%
Denmark 1.2%
Taiwan, Province Of China 1.2%
Other (individually less than 1%) 1.7%
------
100.0%
======
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Semiannual Report | 2/28/17 23
Schedule of Investments | 2/28/17 (unaudited)(continued)
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended February 28, 2017 aggregated $84,285,801 and $81,144,051,
respectively.
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain Funds and accounts for which Pioneer Investment
Management, Inc. (PIM), serves as the Fund's investment adviser, as set forth in
Rule 17a-7 under the Investment Company Act of 1940, pursuant to procedures
adopted by the Board of Trustees. Under these procedures, cross trades are
effected at current market prices.
During the period ended February 28, 2017, the Fund engaged in purchases and
sales pursuant to these procedures amounting to $1,020,144 and $1,777,592,
respectively, which resulted in a net realized loss of $524.
TOTAL RETURN SWAP AGREEMENTS
--------------------------------------------------------------------------------------------------------------
Notional Pay/ Obligation Expiration Unrealized
Principal Counterparty Receive Entity/Index Coupon Date Appreciation
--------------------------------------------------------------------------------------------------------------
JPY 2,516,190 JP Morgan Pay S&P JPX Dividend 3M Libor + 6/1/17 $200,134
Chase Bank NA Aristocrats Index 40 bps
JPY 123,810 Societe Pay Solactive Japanese 3M Libor + 9/12/17 58,517
Generale SA Buyback Index 40 bps
--------------------------------------------------------------------------------------------------------------
$258,651
==============================================================================================================
NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise noted:
JPY Japanese Yen
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes to
Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global Equity Fund | Semiannual Report | 2/28/17
The following is a summary of the inputs used as of February 28, 2017, in
valuing the Fund's investments:
---------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
---------------------------------------------------------------------------------------
Common Stocks
Materials
Construction Materials $ -- $2,654,313 $ -- $2,654,313
Diversified Metals & Mining -- 2,127,104 -- 2,127,104
Capital Goods
Aerospace & Defense -- 2,990,671 -- 2,990,671
Industrial Conglomerates -- 1,997,395 -- 1,997,395
Industrial Machinery -- 786,364 -- 786,364
Transportation
Trucking -- 746,146 -- 746,146
Automobiles & Components
Auto Parts & Equipment 1,245,481 3,997,416 -- 5,242,897
Consumer Durables & Apparel
Homebuilding 856,885 3,146,084 -- 4,002,969
Apparel, Accessories &
Luxury Goods -- 3,066,170 -- 3,066,170
Consumer Services
Hotels, Resorts & Cruise Lines -- 1,065,042 -- 1,065,042
Restaurants 1,572,456 1,420,957 -- 2,993,413
Media
Advertising -- 2,132,036 -- 2,132,036
Food & Staples Retailing
Drug Retail 3,167,842 3,028,014 -- 6,195,856
Household & Personal Products
Personal Products -- 863,229 -- 863,229
Pharmaceuticals, Biotechnology &
Life Sciences
Biotechnology 3,286,231 2,911,048 -- 6,197,279
Pharmaceuticals 3,627,526 4,322,827 -- 7,950,353
Banks
Diversified Banks 5,076,623 9,237,074 -- 14,313,697
Regional Banks -- 1,184,074 -- 1,184,074
Insurance
Multi-line Insurance -- 2,684,806 -- 2,684,806
Real Estate
Diversified Real Estate Activities -- 2,681,669 -- 2,681,669
Real Estate Services -- 717,021 -- 717,021
Software & Services
IT Consulting & Other Services -- 798,157 -- 798,157
Technology Hardware & Equipment
Computer Hardware
Storage & Peripherals -- 5,170,673 -- 5,170,673
Electronic Components -- 2,680,546 -- 2,680,546
Electronic Manufacturing Services -- 147,281 -- 147,281
Semiconductors &
Semiconductor Equipment
Semiconductors 1,996,414 4,476,116 -- 6,472,530
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Semiannual Report | 2/28/17 25
Schedule of Investments | 2/28/17 (unaudited)(continued)
---------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
---------------------------------------------------------------------------------------
Telecommunication Services
Integrated Telecommunication
Services $ 3,153,432 $ 1,058,814 $ -- $ 4,212,246
Wireless Telecommunication
Services -- 723,356 -- 723,356
All Other Common Stocks 60,821,618 -- -- 60,821,618
U.S. Government and
Agency Obligation -- 2,299,784 -- 2,299,784
Municipal Bonds -- 6,080,000 -- 6,080,000
---------------------------------------------------------------------------------------
Total $ 84,804,508 $77,194,187 $ -- $161,998,695
=======================================================================================
Other Financial Instruments
Unrealized appreciation on total
return swap contracts $ -- $ 258,651 $ -- $ 258,651
Unrealized appreciation on
futures contracts 18,740 -- -- 18,740
---------------------------------------------------------------------------------------
Total Other Financial Instruments $ 18,740 $ 258,651 $ -- $ 277,391
=======================================================================================
During the six months ended February 28, 2017, there were no transfers between
Levels 1, 2 and 3.
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global Equity Fund | Semiannual Report | 2/28/17
Statement of Assets and Liabilities | 2/28/17 (unaudited)
ASSETS:
Investment in securities (cost $141,479,835) $161,998,695
Cash 1,007,638
Foreign currencies, at value (cost $72) 154
Receivables --
Investment securities sold 810,078
Fund shares sold 186,033
Dividends 367,490
Interest 2,634
Unrealized appreciation on total return swap agreements 258,651
Due from Pioneer Investment Management, Inc. 12,548
Other assets 50,299
--------------------------------------------------------------------------------
Total assets $164,694,220
================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 2,667,038
Fund shares repurchased 159,833
Trustee fees 1,329
Restricted cash* 140,983
Variation margin for futures contracts 4,456
Due to affiliates 39,951
Accrued expenses 95,589
--------------------------------------------------------------------------------
Total liabilities $ 3,109,179
================================================================================
NET ASSETS:
Paid-in capital $143,901,931
Distributions in excess of net investment income (134,410)
Accumulated net realized loss on investments, futures contracts
and foreign currency transactions (2,969,911)
Net unrealized appreciation on investments 20,518,860
Unrealized appreciation on futures contracts 18,740
Unrealized appreciation on swap contracts 258,651
Net unrealized depreciation on other assets and liabilities
denominated in foreign currencies (8,820)
--------------------------------------------------------------------------------
Total net assets $161,585,041
================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $71,687,818/5,032,250 shares) $ 14.25
Class C (based on $11,986,237/857,714 shares) $ 13.97
Class K (based on $53,656,666/3,766,247 shares) $ 14.25
Class R (based on $17,020,382/1,202,026 shares) $ 14.16
Class Y (based on $7,233,938/507,042 shares) $ 14.27
MAXIMUM OFFERING PRICE:
Class A ($14.25 (divided by) 94.25%) $ 15.12
================================================================================
* Represents restricted cash deposited at the custodian and/or counterparty
for derivative contracts.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Semiannual Report | 2/28/17 27
Statement of Operations (unaudited)
For the six months ended 2/28/17
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $41,488) $ 1,204,618
Interest 27,954
------------------------------------------------------------------------------------------------
Total investment income $ 1,232,572
------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 586,532
Transfer agent fees
Class A 60,534
Class C 10,176
Class K 28
Class R 18,621
Class Y 4,856
Distribution fees
Class A 87,574
Class C 58,862
Class R 37,545
Shareholder communications expense 24,690
Administrative expense 50,891
Custodian fees 26,096
Registration fees 36,219
Professional fees 25,318
Printing expense 6,811
Fees and expenses of nonaffiliated Trustees 3,781
Miscellaneous 8,386
------------------------------------------------------------------------------------------------
Total expenses $ 1,046,920
Less fees waived and expenses reimbursed by Pioneer
Investment Management, Inc. (121,199)
------------------------------------------------------------------------------------------------
Net expenses $ 925,721
------------------------------------------------------------------------------------------------
Net investment income $ 306,851
------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS, SWAP CONTRACTS AND FOREIGN
CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ 3,709,573
Futures contracts (4,695)
Swap contracts 783,665
Other assets and liabilities denominated in
foreign currencies (67,076) $ 4,421,467
------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ 6,356,425
Futures contracts 18,740
Swap contracts 258,651
Other assets and liabilities denominated in foreign currencies 3,539 $ 6,637,355
------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments, futures
contracts, swap contracts and foreign currency transactions $11,058,822
------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $11,365,673
================================================================================================
The accompanying notes are an integral part of these financial statements.
28 Pioneer Global Equity Fund | Semiannual Report | 2/28/17
Statements of Changes in Net Assets
------------------------------------------------------------------------------------------
Six Months
Ended
2/28/17 Year Ended
(unaudited) 8/31/16
------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 306,851 $ 2,077,660
Net realized gain (loss) on investments, futures contracts,
swap contracts, written options, and foreign
currency transactions 4,421,467 (7,340,989)
Change in net unrealized appreciation (depreciation) on
investments, futures contracts, swap contracts and
foreign currency transactions 6,637,355 10,633,268
------------------------------------------------------------------------------------------
Net increase in net assets resulting
from operations $ 11,365,673 $ 5,369,939
------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.17 and $0.08 per share, respectively) $ (860,989) $ (471,470)
Class C ($0.06 and $0.00 per share, respectively) (55,611) --
Class K ($0.24 and $0.15 per share, respectively) (924,024) (589,987)
Class R ($0.15 and $0.13 per share, respectively) (172,785) (76,329)
Class Y ($0.25 and $0.15 per share, respectively) (145,060) (271,227)
------------------------------------------------------------------------------------------
Total distributions to shareowners $ (2,158,469) $ (1,409,013)
------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS: (a)
Net proceeds from sale of shares $ 10,336,828 $ 33,783,592
Reinvestment of distributions 1,004,130 658,359
Cost of shares repurchased (19,701,092) (48,756,116)
------------------------------------------------------------------------------------------
Net decrease in net assets resulting from Fund
share transactions $ (8,360,134) $ (14,314,165)
------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ 847,070 $ (10,353,239)
NET ASSETS:
Beginning of period $160,737,971 $ 171,091,210
------------------------------------------------------------------------------------------
End of period $161,585,041 $ 160,737,971
------------------------------------------------------------------------------------------
Undistributed net investment income $ (134,410) $ 1,717,208
==========================================================================================
(a) At February 28, 2017, Pioneer Asset Allocation Trust owned 31.6% of the
value of outstanding shares of Pioneer Global Equity Fund.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Semiannual Report | 2/28/17 29
Statements of Changes in Net Assets (continued)
-----------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
2/28/17 2/28/17 Year Ended Year Ended
Shares Amount 8/31/16 8/31/16
(unaudited) (unaudited) Shares Amount
-----------------------------------------------------------------------------------------
Class A
Shares sold 201,506 $ 2,750,795 911,559 $ 11,889,430
Reinvestment of distributions 61,072 826,912 33,914 450,034
Less shares repurchased (763,146) (10,371,450) (1,344,828) (17,206,097)
-----------------------------------------------------------------------------------------
Net decrease (500,568) $ (6,793,743) (399,355) $ (4,866,633)
=========================================================================================
Class C
Shares sold 72,790 $ 966,155 222,781 $ 2,826,420
Reinvestment of distributions 3,968 52,774 -- --
Less shares repurchased (146,147) (1,930,946) (360,772) (4,537,583)
-----------------------------------------------------------------------------------------
Net decrease (69,389) $ (912,017) (137,991) $ (1,711,163)
=========================================================================================
Class K
Shares sold -- $ -- -- $ --
Reinvestment of distributions -- -- -- --
Less shares repurchased (109,693) (1,564,264) (290,122) (3,661,494)
-----------------------------------------------------------------------------------------
Net decrease (109,693) $ (1,564,264) (290,122) $ (3,661,494)
=========================================================================================
Class R
Shares sold 245,451 $ 3,331,590 1,056,022 $ 13,514,533
Reinvestment of distributions -- -- -- --
Less shares repurchased (133,694) (1,814,009) (143,077) (1,834,686)
-----------------------------------------------------------------------------------------
Net increase 111,757 $ 1,517,581 912,945 $ 11,679,847
=========================================================================================
Class Y
Shares sold 241,107 $ 3,288,288 426,331 $ 5,553,209
Reinvestment of distributions 9,184 124,444 15,675 208,325
Less shares repurchased (295,062) (4,020,423) (1,713,296) (21,516,256)
-----------------------------------------------------------------------------------------
Net decrease (44,771) $ (607,691) (1,271,290) $ (15,754,722)
=========================================================================================
The accompanying notes are an integral part of these financial statements.
30 Pioneer Global Equity Fund | Semiannual Report | 2/28/17
Financial Highlights
-----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
2/28/17 Ended Ended Ended Ended Ended
(unaudited) 8/31/16 8/31/15 8/31/14 8/31/13 8/31/12
-----------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 13.43 $ 13.00 $ 14.05 $ 11.31 $ 9.64 $ 9.27
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.02(a) $ 0.14(a) $ 0.07 $ 0.27 $ 0.15 $ 0.17
Net realized and unrealized gain (loss) on investments 0.97 0.37 (0.74) 2.67 1.68 0.33
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.99 $ 0.51 $ (0.67) $ 2.94 $ 1.83 $ 0.50
-----------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.17) $ (0.08) $ (0.38) $ (0.20) $ (0.16) $ (0.13)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.82 $ 0.43 $ (1.05) $ 2.74 $ 1.67 $ 0.37
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 14.25 $ 13.43 $ 13.00 $ 14.05 $ 11.31 $ 9.64
===================================================================================================================================
Total return* 7.43% 3.92% (4.88)% 26.13% 19.17% 5.50%
Ratio of net expenses to average net assets 1.29%** 1.30% 1.30% 1.30% 1.30% 1.30%
Ratio of net investment income (loss) to average net assets 0.29%** 1.08% 0.60% 2.01% 1.35% 1.71%
Portfolio turnover rate 107%** 88% 109% 121% 160% 152%
Net assets, end of period (in thousands) $71,688 $74,333 $77,115 $76,638 $62,996 $56,970
Ratios with no waiver of fees and assumption of expenses by
PIM and no reduction for fees paid indirectly:
Total expenses to average net assets 1.44%** 1.45% 1.50% 1.56% 1.67% 1.72%
Net investment income (loss) to average net assets 0.14%** 0.94% 0.40% 1.75% 0.98% 1.29%
===================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Semiannual Report | 2/28/17 31
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
2/28/17 Ended Ended Ended Ended Ended
(unaudited) 8/31/16 8/31/15 8/31/14 8/31/13 8/31/12
-----------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 13.13 $ 12.72 $ 13.78 $ 11.11 $ 9.47 $ 9.09
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.03)(a)(b) $ 0.04(b) $ (0.08)(a) $ 0.14 $ 0.05 $ 0.10
Net realized and unrealized gain (loss) on investments 0.93 0.37 (0.68) 2.63 1.66 0.31
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.90 $ 0.41 $ (0.76) $ 2.77 $ 1.71 $ 0.41
-----------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.06) $ -- $ (0.30) $ (0.10) $ (0.07) $ (0.03)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.84 $ 0.41 $ (1.06) $ 2.67 $ 1.64 $ 0.38
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 13.97 $ 13.13 $ 12.72 $ 13.78 $ 11.11 $ 9.47
===================================================================================================================================
Total return* 6.91% 3.22% (5.60)% 24.98% 18.11% 4.56%
Ratio of net expenses to average net assets 2.01%** 2.03% 2.05% 2.20% 2.20% 2.20%
Ratio of net investment income (loss) to average net assets (0.43)%** 0.35% (0.14)% 1.13% 0.45% 0.82%
Portfolio turnover rate 107%** 88% 109% 121% 160% 152%
Net assets, end of period (in thousands) $11,986 $ 12,170 $13,552 $ 8,427 $ 6,516 $ 5,682
Ratios with no waiver of fees and assumption of expenses by
PIM and no reduction for fees paid indirectly:
Total expenses to average net assets 2.16%** 2.16% 2.21% 2.35% 2.51% 2.53%
Net investment income (loss) to average net assets (0.58)%** 0.22% (0.30)% 0.98% 0.14% 0.49%
===================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
(a) The amount shown for a share outstanding does not correspond with net
investment income on the Statement of Operations for the relevant period
due to timing of the sales and repurchase of shares.
(b) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Global Equity Fund | Semiannual Report | 2/28/17
-------------------------------------------------------------------------------------------------------
Six Months
Ended Year 12/31/14
2/28/17 Ended to
(unaudited) 8/31/16 8/31/15
-------------------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 13.47 $ 13.03 $ 13.51
-------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.05(a) $ 0.21(a) $ 0.11
Net realized and unrealized gain (loss)
on investments 0.97 0.38 (0.59)
-------------------------------------------------------------------------------------------------------
Net increase (decrease) from
investment operations $ 1.02 $ 0.59 $ (0.48)
-------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.24) $ (0.15) $ --
-------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.78 $ 0.44 $ (0.48)
-------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 14.25 $ 13.47 $ 13.03
=======================================================================================================
Total return* 7.65% 4.51% (3.55)%***
Ratio of net expenses to average net assets 0.80%** 0.79% 0.79%**
Ratio of net investment income (loss) to
average net assets 0.77%** 1.58% 1.44%**
Portfolio turnover rate 107%** 88% 109%
Net assets, end of period (in thousands) $53,657 $52,222 $ 54,305
Ratios with no waiver of fees and assumption
of expenses by PIM and no reduction for
fees paid indirectly:
Total expenses to average net assets 0.95%** 0.92% 0.95%**
Net investment income (loss) to average
net assets 0.62%** 1.45% 1.28%**
=======================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
*** Not annualized.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Semiannual Report | 2/28/17 33
Financial Highlights (continued)
-------------------------------------------------------------------------------------------------------
Six Months
Ended Year 7/1/15
2/28/17 Ended to
(unaudited) 8/31/16 8/31/15
-------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 13.36 $ 12.99 $ 14.08
-------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.00(a)(b) $ 0.13(a) $ 0.00(b)
Net realized and unrealized gain (loss)
on investments 0.95 0.37 (1.09)
-------------------------------------------------------------------------------------------------------
Net increase (decrease) from
investment operations $ 0.95 $ 0.50 $ (1.09)
-------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.15) $ (0.13) $ --
-------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.80 $ 0.37 $ (1.09)
-------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 14.16 $ 13.36 $ 12.99
=======================================================================================================
Total return* 7.19% 3.85% (7.74)%***
Ratio of net expenses to average net assets 1.55%** 1.55% 1.38%**
Ratio of net investment income (loss) to
average net assets 0.02%** 1.04% 0.25%**
Portfolio turnover rate 107%** 88% 109%
Net assets, end of period (in thousands) $17,020 $14,562 $ 2,304
Ratios with no waiver of fees and assumption
of expenses by PIM and no reduction for
fees paid indirectly:
Total expenses to average net assets 1.70%** 1.68% 1.55%**
Net investment income (loss) to average
net assets (0.13)%** 0.91% 0.08%**
=======================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
*** Not annualized.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Amount rounds to less than $0.01 or ($0.01) per share.
The accompanying notes are an integral part of these financial statements.
34 Pioneer Global Equity Fund | Semiannual Report | 2/28/17
-----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
2/28/17 Ended Ended Ended Ended Ended
(unaudited) 8/31/16 8/31/15 8/31/14 8/31/13 8/31/12
-----------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 13.50 $ 13.06 $ 14.12 $ 11.37 $ 9.69 $ 9.32
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.05(a) $ 0.20(a) $ 0.01 $ 0.37 $ 0.20 $ 0.21
Net realized and unrealized gain (loss) on investments 0.97 0.39 (0.62) 2.63 1.69 0.34
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.02 $ 0.59 $ (0.61) $ 3.00 $ 1.89 $ 0.55
-----------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.25) $ (0.15) $ (0.45) $ (0.25) $ (0.21) $ (0.18)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.77 $ 0.44 $ (1.06) $ 2.75 $ 1.68 $ 0.37
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 14.27 $ 13.50 $ 13.06 $ 14.12 $ 11.37 $ 9.69
===================================================================================================================================
Total return* 7.68% 4.50% (4.48)% 26.66% 19.75% 6.09%
Ratio of net expenses to average net assets 0.80%** 0.80% 0.80% 0.80% 0.80% 0.80%
Ratio of net investment income (loss) to average net assets 0.75%** 1.55% 0.85% 2.58% 1.85% 2.22%
Portfolio turnover rate 107%** 88% 109% 121% 160% 152%
Net assets, end of period (in thousands) $ 7,234 $ 7,450 $23,815 $70,384 $71,726 $60,214
Ratios with no waiver of fees and assumption of expenses by
PIM and no reduction for fees paid indirectly:
Total expenses to average net assets 1.09%** 1.08% 0.96% 0.95% 1.00% 0.97%
Net investment income (loss) to average net assets 0.47%** 1.27% 0.69% 2.43% 1.65% 2.05%
===================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Semiannual Report | 2/28/17 35
Notes to Financial Statements | 2/28/17 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Global Equity Fund (the Fund) is one of three portfolios comprising
Pioneer Series Trust V, a Delaware statutory trust. The Fund is registered under
the Investment Company Act of 1940 as a diversified, open-end management
investment company. The Fund's investment objective is to seek long-term capital
growth.
The Fund offers five classes of shares designated as Class A, Class C, Class K,
Class R and Class Y shares. Each class of shares represents an interest in the
same portfolio of investments of the Fund and has identical rights (based on
relative net asset values) to assets and liquidation proceeds. Share classes can
bear different rates of class-specific fees and expenses such as transfer agent
and distribution fees. Differences in class-specific fees and expenses will
result in differences in net investment income and, therefore, the payment of
different dividends from net investment income earned by each class. The Amended
and Restated Declaration of Trust of the Fund gives the Board of Trustees the
flexibility to specify either per-share voting or dollar-weighted voting when
submitting matters for shareholder approval. Under per-share voting, each share
of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles (U.S. GAAP) that require the management
of the Fund to, among other things, make estimates and assumptions that affect
the reported amounts of assets and liabilities, the disclosure of contingent
assets and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gain or loss on investments during the reporting
period. Actual results could differ from those estimates.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. The following is a summary of significant
accounting policies followed by the Fund in the preparation of its financial
statements:
36 Pioneer Global Equity Fund | Semiannual Report | 2/28/17
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the New
York Stock Exchange (NYSE) is open, as of the close of regular trading on
the NYSE.
Equity securities that have traded on an exchange are valued by using the
last sale price on the principal exchange where they are traded. Equity
securities that have not traded on the date of valuation, or securities for
which sale prices are not available, generally are valued using the mean
between the last bid and asked prices or, if both last bid and asked prices
are not available, at the last quoted bid price. Last sale and bid and
asked prices are provided by independent third party pricing services. In
the case of equity securities not traded on an exchange, prices are
typically determined by independent third party pricing services using a
variety of techniques and methods.
The principal exchanges and markets for non-U.S. equity securities have
closing times prior to the close of the NYSE. However, the value of these
securities may be influenced by changes in global markets occurring after
the closing times of the local exchanges and markets up to the time the
Fund determines its net asset value. Consequently, the Fund uses a fair
value model developed by an independent pricing service to value non-U.S.
equity securities. On a daily basis, the pricing service recommends
changes, based on a proprietary model, to the closing market prices of each
non-U.S. security held by the Fund to reflect the security's fair value at
the time the Fund determines its net asset value. The Fund applies these
recommendations in accordance with procedures approved by the Board of
Trustees.
Fixed income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed income securities and/or other
factors. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service. When independent third party pricing services are unable to supply
prices, or when prices or market quotations are considered to be
unreliable, the value of that security may be determined using quotations
from one or more broker-dealers.
Cash may include overnight deposits at approved financial institutions.
Futures contracts are generally valued at the closing settlement price
established by the exchange on which they are traded.
Pioneer Global Equity Fund | Semiannual Report | 2/28/17 37
Swap contracts, including interest rate swaps, caps and floors (other than
centrally cleared swap contracts) are valued at the dealer quotations
obtained from reputable International Swap Dealers Association members.
Centrally cleared swaps are valued at the daily settlement price provided
by the central clearing counterparty.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after the
close of the exchange or market on which the security trades and prior to
the determination of the Fund's net asset value. Examples of a significant
event might include political or economic news, corporate restructurings,
natural disasters, terrorist activity or trading halts. Thus, the valuation
of the Fund's securities may differ significantly from exchange prices, and
such differences could be material.
At February 28, 2017, no securities were valued using fair value methods
(other than securities valued using prices supplied by independent pricing
services).
B. Investment Income and Transactions
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence. Interest income is recorded
on the accrual basis. Dividend and interest income are reported net of
unrecoverable foreign taxes withheld at the applicable country rates.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no provision for federal income taxes is required.
As of August 31, 2016, the Fund did not accrue any interest or penalties
with respect to uncertain tax positions, which, if applicable, would be
recorded as an income tax expense in the Statement of Operations. Tax
returns filed within the prior three years are subject to examination by
Federal and State tax authorities.
38 Pioneer Global Equity Fund | Semiannual Report | 2/28/17
In addition to the requirements of the Internal Revenue Code, the Fund may
also be required to pay local taxes on the recognition of capital gains
and/or the repatriation of foreign currencies in certain countries.
In determining the daily net asset value, the Fund estimates the reserve
for such taxes, if any, associated with investments in certain countries.
The estimated reserve for the capital gains is based on the net unrealized
appreciation on certain portfolio securities, the holding period of such
securities and the related tax rates, tax loss carryforward (if applicable)
and other such factors.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. GAAP. Distributions in excess of net investment
income or net realized gains are temporary overdistributions for financial
statement purposes resulting from differences in the recognition or
classification of income or distributions for financial statement and tax
purposes. Capital accounts within the financial statements are adjusted for
permanent book/tax differences to reflect tax character, but are not
adjusted for temporary differences.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
during the year ended August 31, 2016 was as follows:
---------------------------------------------------------------------------
2016
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $1,409,013
---------------------------------------------------------------------------
Total $1,409,013
===========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at August 31, 2016:
---------------------------------------------------------------------------
2016
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 1,717,208
Capital loss carryforward (6,514,026)
Net unrealized appreciation 13,272,724
---------------------------------------------------------------------------
Total $ 8,475,906
===========================================================================
The difference between book basis and tax basis unrealized appreciation is
attributable to the tax deferral of losses on wash sales, adjustments
relating to catastrophe bonds, the tax treatment of premium and
amortization, the mark to market of forward and futures contracts, tax
basis adjustments on Real Estate Investment Trust (REIT) holdings, interest
accruals on preferred stock, partnerships and other holdings.
Pioneer Global Equity Fund | Semiannual Report | 2/28/17 39
D. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A.
(UniCredit), earned $3,764 in underwriting commissions on the sale of Class
A shares during the six months ended February 28, 2017.
E. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates. Net realized gains and losses on foreign currency
transactions, if any, represent, among other things, the net realized gains
and losses on foreign currency contracts, disposition of foreign currencies
and the difference between the amount of income accrued and the U.S.
dollars actually received. Further, the effects of changes in foreign
currency exchange rates on investments are not segregated in the Statement
of Operations from the effects of changes in the market price of those
securities, but are included with the net realized and unrealized gain or
loss on investments.
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day. Distribution fees are calculated based on the average daily net
asset value attributable to Class A, Class C and Class R shares of the
Fund, respectively (see Note 4). Class K and Class Y shares do not pay
distribution fees. All expenses and fees paid to the Fund's transfer agent
for its services are allocated among the classes of shares based on the
number of accounts in each class and the ratable allocation of related
out-of-pocket expenses (see Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C, Class K, Class R and Class
Y shares can reflect different transfer agent and distribution expense
rates.
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
40 Pioneer Global Equity Fund | Semiannual Report | 2/28/17
other risks affecting those industries and sectors. The Fund's prospectus
contains unaudited information regarding the Fund's principal risks. Please
refer to that document when considering the Fund's principal risks.
H. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge
against changes in interest rates, securities prices and currency rates or
to seek to increase total return. Futures contracts are types of
derivatives. All futures contracts entered into by the Fund are traded on a
futures exchange. Upon entering into a futures contract, the Fund is
required to deposit with a broker an amount of cash or securities equal to
the minimum "initial margin" requirements of the associated futures
exchange. The amount of cash deposited with the broker as collateral at
February 28, 2017, was $170,000 and is recorded within "Restricted cash" in
the Statement of Assets and Liabilities. Subsequent payments for futures
contracts ("variation margin") are paid or received by the Fund, depending
on the daily fluctuation in the value of the contracts, and are recorded by
the Fund as unrealized appreciation or depreciation. When the contract is
closed, the Fund realizes a gain or loss equal to the difference between
the opening and closing value of the contract as well as any fluctuation in
foreign currency exchange rates where applicable. The use of futures
contracts involves, to varying degrees, elements of market, interest rate,
currency exchange rate and counterparty risks, which may exceed the amounts
recognized by the Fund. Changes in value of the contracts may not directly
correlate to the changes in value of the underlying securities. These risks
may decrease the effectiveness of the Fund's hedging strategies and
potentially result in a loss. The average value of contracts open during
the six months ended February 28, 2017, was $(383,742).
At February 28, 2017, open futures contracts were as follows:
-------------------------------------------------------------------------------------
Number of
Contracts
Long/ Settlement Unrealized
Type Counterparty (Short) Month Value Appreciation
-------------------------------------------------------------------------------------
Topix Index Futures Citibank NA 20 3/17 $2,733,916 $18,740
-------------------------------------------------------------------------------------
Total $2,733,916 $18,740
=====================================================================================
I. Total Return Swap Agreements
The Fund may enter into a total return swap to attempt to manage and/or
gain exposure to a security or market. Pursuant to a total return swap
agreement, the Fund negotiates with a counterparty to exchange a periodic
stream of payments. One party makes payments based on the total return of a
reference asset (such as a security or a basket of securities or securities
index), and in return receives fixed or floating rate interest payments.
The total return of the reference asset typically includes appreciation or
depreciation
Pioneer Global Equity Fund | Semiannual Report | 2/28/17 41
on the reference asset, plus any interest or dividend payments. To the
extent that the total return of the reference asset exceeds or falls short
of the offsetting interest rate obligation, the Fund will receive a payment
from or make a payment to the counterparty.
Total return swap contracts are marked-to-market daily using valuations
supplied by independent sources and the change in value, if any, is
recorded as unrealized appreciation or depreciation in the Statement of
Assets and Liabilities. Payments received or made are recorded as realized
gains or losses in the Statement of Operations. Total return swap contracts
are subject to counterparty risk and unanticipated movements in value of
exchange rates, interest rates, securities or the index.
The amount of cash due from the broker as collateral at February 28, 2017
was $310,000 and is recorded within "Restricted cash" in the Statement of
Assets and Liabilities.
Open total return swap contracts at February 28, 2017 are listed at the end
of the Schedule of Investments. The average value of swap contracts open
during the six months ended February 28, 2017 was $(243,373).
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 six months ended February 28,
2017, the effective management fee (excluding waivers and/or assumption of
expenses) was equivalent to 0.64% of the Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses (ordinary
operating expenses means all fund expenses other than extraordinary expenses,
such as litigation, taxes, brokerage commissions and acquired fund fees and
expenses) of the Fund to the extent required to reduce Fund expenses to 1.30%,
2.20%, 0.80%, 1.55% and 0.80% of the average daily net assets attributable to
Class A, Class C, Class K, Class R and Class Y shares, respectively. Fees waived
and expenses reimbursed during the six months ended February 28, 2017, are
reflected on the Statement of Operations. These expense limitations are in
effect through January 1, 2018. There can be no assurance that PIM will extend
the expense limitation agreement for a class of shares beyond the date referred
to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements.
42 Pioneer Global Equity Fund | Semiannual Report | 2/28/17
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $35,732 in management fees, administrative costs and certain
other reimbursements payable to PIM at February 28, 2017.
3. Transfer Agent
Boston Financial Data Services, Inc. serves as the transfer agent to the Fund at
negotiated rates. Transfer agent fees and payables shown on the Statement of
Operations and the Statement of Assets and Liabilities, respectively, include
sub-transfer agent expenses incurred through the Fund's omnibus relationship
contracts.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareholder communications activities
such as proxy and statement mailings and outgoing phone calls. For the six
months ended February 28, 2017, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $22,281
Class C 2,090
Class K 74
Class R 104
Class Y 141
--------------------------------------------------------------------------------
Total: $24,690
================================================================================
4. Distribution Plan
The Fund has adopted a distribution plan (the Plan) pursuant to Rule 12b-1 of
the Investment Company Act of 1940 with respect to its Class A, Class C and
Class R shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average
daily net assets attributable to Class A shares as compensation for personal
services and/or account maintenance services or distribution services with
regard to Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of
the average daily net assets attributable to Class C shares. The fee for Class C
shares consists of a 0.25% service fee and a 0.75% distribution fee paid as
compensation for personal services and/or account maintenance services or
distribution services with regard to Class C shares. Pursuant to the Plan, the
Fund further pays PFD 0.50% of the average daily net assets attributable to
Class R shares held by such plans. Included in "Due to affiliates" reflected on
the Statement of Assets and Liabilities is $4,219 in distribution fees payable
to PFD at February 28, 2017.
The Fund also has adopted a separate service plan for Class R shares (Service
Plan). The Service Plan authorizes the Fund to pay securities dealers, plan
administrators or other service organizations that agree to provide certain
Pioneer Global Equity Fund | Semiannual Report | 2/28/17 43
services to retirement plans or plan participants holding shares of the Fund a
service fee of up to 0.25% of the Fund's average daily net assets attributable
to Class R shares held by such plans.
In addition, redemptions of each class of shares (except Class R or Class Y
shares) may be subject to a contingent deferred sales charge (CDSC). A CDSC of
1.00% may be imposed on redemptions of certain net asset value purchases of
Class A shares within 12 months of purchase. Redemptions of Class C shares
within 12 months of purchase are subject to a CDSC of 1.00%, based on the lower
of cost or market value of shares being redeemed. Shares purchased as part of an
exchange remain subject to any CDSC that applied to the original purchase of
those shares. There is no CDSC for Class R or Class Y shares. Proceeds from the
CDSCs are paid to PFD. For the six months ended February 28, 2017, CDSCs in the
amount of $1,031 were paid to PFD.
5. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in which the Fund participated until February 9, 2016 was in the
amount of $240 million. The credit facility in which the fund participated until
February 7, 2017 was in the amount of $220 million. Effective February 8, 2017,
the Fund participated in a facility that is in the amount of $25 million. Under
such facility, depending on the type of loan, interest on borrowings is payable
at the London Interbank Offered Rate (LIBOR) plus 0.85% on an annualized basis,
or the Alternate Base Rate, which is the greater of (a) the facility's
administrative agent's daily announced prime rate on the borrowing date, (b) 2%
plus the Federal Funds Rate on the borrowing date and (c) 2% plus the overnight
Eurodollar rate on the borrowing date. Effective February 8, 2017 the Fund
participates in a credit facility in the amount of $25 million. Under such
facility, interest on borrowings is payable at LIBOR plus 0.90% on an annualized
basis. The Funds pays an annual commitment fee to participate in a credit
facility. The commitment fee is allocated among participating Funds based on an
allocation schedule set forth in the credit agreement. For the six months ended
February 28, 2017, the Fund had no borrowings under the credit facility.
6. Assets and Liabilities Offsetting
The Fund has entered into an International Swaps and Derivatives Association,
Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with
substantially all its derivative counterparties. An ISDA Master Agreement is a
44 Pioneer Global Equity Fund | Semiannual Report | 2/28/17
bilateral agreement between the Fund and a counterparty that governs the trading
of certain OTC derivatives and typically contains, among other things, close-out
and set-off provisions which apply upon the occurrence of event of a default
and/or termination event as defined under the relevant ISDA Master Agreement.
The ISDA Master Agreement may also give a party the right to terminate all
transactions traded under such agreement if, among other things, there is
deterioration in the credit quality of the other party. Upon an event of default
or a termination of the ISDA Master Agreement, the non-defaulting party has the
right to close out all transactions under such agreement and to net amounts owed
under each transaction to determine one net amount payable by one party to the
other. The right to close out and net payments across all transactions under the
ISDA Master Agreement could result in a reduction of the Fund's credit risk to
its counterparty equal to any amounts payable by the Fund under the applicable
transactions, if any. However, the Fund's right to setoff may be restricted or
prohibited by the bankruptcy or insolvency laws of the particular jurisdiction
to which a specific ISDA counterparty is subject.
The collateral requirements for derivatives transactions under an ISDA Master
Agreement are governed by a credit support annex to the ISDA Master Agreement.
Collateral requirements are generally determined at the close of business each
day and are typically based on changes in market values for each transaction
under an ISDA Master Agreement and netted into one amount for such agreement.
Generally, the amount of collateral due from or to a counterparty is subject to
threshold (a "minimum transfer amount") before a transfer is required, which may
vary by counterparty. Collateral pledged for the benefit of the Fund and/or
counterparty is held in segregated accounts by the Fund's custodian and cannot
be sold, re-pledged, assigned or otherwise used while pledged. Cash that has
been segregated to cover the Fund's collateral obligations, if any, will be
reported separately in the Statement of Assets and Liabilities as "Restricted
cash." Securities pledged by the Fund as collateral, if any, are identified as
such in the Schedule of Investments.
Financial instruments subject to an enforceable master netting agreement such as
an ISDA Master Agreement have been offset on the Statement of Assets and
Liabilities. The following charts show gross assets and liabilities of the Fund
as of February 28, 2017.
------------------------------------------------------------------------------------------
Derivative Assets Derivatives Non-Cash Cash Net Amount
Subject to Master Available for Collateral Collateral of Derivative
Counterparty Netting Agreement Offset Received (a) Received (a) Assets (b)
------------------------------------------------------------------------------------------
JPMorgan Chase
Bank NA $200,134 $-- $-- $(200,134) $ --
Societe
Generale SA 58,517 -- -- -- 58,517
------------------------------------------------------------------------------------------
Total $258,651 $-- $-- $(200,134) $ 58,517
==========================================================================================
Pioneer Global Equity Fund | Semiannual Report | 2/28/17 45
------------------------------------------------------------------------------------------------------
Derivative Liabilities Derivatives Non-Cash Cash Net Amount
Subject to Master Available for Collateral Collateral of Derivative
Counterparty Netting Agreement Offset Pledged (a) Pledged (a) Liabilities (c)
------------------------------------------------------------------------------------------------------
JPMorgan Chase
Bank NA $ -- $ -- $ -- $ -- $ --
Societe
Generale SA -- -- -- -- --
------------------------------------------------------------------------------------------------------
Total $ -- $ -- $ -- $ -- $ --
======================================================================================================
(a) The amount presented here may be less than the total amount of collateral
received/pledged as the net amount of derivative assets and liabilities
cannot be less than $0.
(b) Represents the net amount due from the counterparty in the event of
default.
(c) Represents the net amount payable to the counterparty in the event of
default.
7. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund's use of derivatives may subject it to the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing
securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to
make further principal or interest payments on an obligation or commitment that
it has to the Fund.
Foreign exchange rate risk relates to fluctuations in the value of an asset or
liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments as
a result of changes in market prices (other than those arising from interest
rate risk or foreign exchange risk), whether caused by factors specific to an
individual investment, its issuer, or all factors affecting all instruments
traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity
index will fluctuate based on increases or decreases in the commodities market
and factors specific to a particular industry or commodity.
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Assets and Liabilities
by risk exposure at February 28, 2017, was as follows:
--------------------------------------------------------------------------------
Statement of Foreign
Assets and Interest Credit Exchange Equity Commodity
Liabilities Rate Risk Risk Rate Risk Risk Risk
--------------------------------------------------------------------------------
Assets
Futures contracts* $-- $ -- $-- $18,740 $--
Swap Contracts $-- $258,651 $-- $ -- $--
--------------------------------------------------------------------------------
Total Value $-- $258,651 $-- $18,740 $--
--------------------------------------------------------------------------------
* Reflects unrealized appreciation/depreciation of futures contracts (see
Note 1H). The current day's variation margin is disclosed on the Statement
of Assets and Liabilities.
46 Pioneer Global Equity Fund | Semiannual Report | 2/28/17
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure at February 28, 2017, was as follows:
--------------------------------------------------------------------------------
Foreign
Statement of Interest Credit Exchange Equity Commodity
Operations Rate Risk Risk Rate Risk Risk Risk
--------------------------------------------------------------------------------
Net realized gain
(loss) on:
Futures contracts $-- $ -- $-- $(4,695) $--
Swap contracts -- 783,665 -- -- --
--------------------------------------------------------------------------------
Total Value $-- $783,665 $-- $(4,695) $--
================================================================================
--------------------------------------------------------------------------------
Foreign
Statement of Interest Credit Exchange Equity Commodity
Operations Rate Risk Risk Rate Risk Risk Risk
--------------------------------------------------------------------------------
Change in net
unrealized
appreciation
(depreciation) on
Futures contracts $-- $ -- $-- $18,740 $--
Swap contracts -- 258,651 -- -- --
--------------------------------------------------------------------------------
Total Value $-- $258,651 $-- $18,740 $--
================================================================================
Pioneer Global Equity Fund | Semiannual Report | 2/28/17 47
Additional Information
Pioneer Investment Management, Inc. (the "Adviser"), the Fund's investment
adviser, is currently an indirect, wholly owned subsidiary of UniCredit S.p.A.
("UniCredit"). On December 12, 2016, UniCredit announced that it has entered
into a binding agreement for the sale of its Pioneer Investments business, which
includes the Adviser, to Amundi (the "Transaction"). Amundi is headquartered in
Paris, France, and, as of September 30, 2016, had more than $1.1 trillion in
assets under management worldwide. The closing of the Transaction is expected to
happen in 2017, subject to certain regulatory and antitrust approvals, and other
conditions.
Under the Investment Company Act of 1940, the closing of the Transaction will
cause the Fund's current investment advisory agreement with the Adviser to
terminate. Accordingly, the Fund's Board of Trustees has approved a new
investment advisory agreement for the Fund, which will be submitted to the
shareholders of the Fund for their approval.
48 Pioneer Global Equity Fund | Semiannual Report | 2/28/17
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Global Equity Fund (the Fund) pursuant to an investment advisory
agreement between PIM and the Fund. In order for PIM to remain the investment
adviser of the Fund, the Trustees of the Fund must determine annually whether to
renew the investment advisory agreement for the Fund.
The contract review process began in January 2016 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
Contract review materials were provided to the Trustees in March 2016 and May
2016. In addition, the Trustees reviewed and discussed the Fund's performance at
regularly scheduled meetings throughout the year, and took into account other
information related to the Fund provided to the Trustees at regularly scheduled
meetings, in connection with the review of the Fund's investment advisory
agreement.
In March 2016, the Trustees, among other things, discussed the memorandum
provided by Fund counsel that summarized the legal standards and other
considerations that are relevant to the Trustees in their deliberations
regarding the renewal of the investment advisory agreement, and reviewed and
discussed the qualifications of the investment management teams, as well as the
level of investment by the Fund's portfolio managers in the Fund. In May 2016,
the Trustees, among other things, reviewed the Fund's management fee and total
expense ratios, the financial statements of PIM and its parent companies, the
profitability analyses provided by PIM, and possible economies of scale. The
Trustees also reviewed the profitability of the institutional business of PIM
and PIM's affiliate, Pioneer Institutional Asset Management, Inc. (together with
PIM, "Pioneer"), as compared to that of PIM's fund management business, and
considered the differences between the fees and expenses of the Fund and the
fees and expenses of Pioneer's institutional accounts, as well as the different
services provided by PIM to the Fund and by Pioneer to the institutional
accounts. The Trustees further considered contract review materials in July and
September 2016.
At a meeting held on September 13, 2016, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In approving the
renewal of the investment advisory agreement, the Trustees considered various
factors that they determined were relevant, including the factors described
below. The Trustees did not identify any single factor as the controlling factor
in determining to approve the renewal of the agreement.
Pioneer Global Equity Fund | Semiannual Report | 2/28/17 49
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees also reviewed PIM's investment approach
for the Fund and its research process. The Trustees considered the resources of
PIM and the personnel of PIM who provide investment management services to the
Fund. They also reviewed the amount of non-Fund assets managed by the portfolio
managers of the Fund. The Trustees considered the non-investment resources and
personnel of PIM involved in PIM's services to the Fund, including PIM's
compliance and legal resources and personnel. The Trustees noted the substantial
attention and high priority given by PIM's senior management to the Pioneer fund
complex.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Fund
In considering the Fund's performance, the Trustees regularly review and discuss
throughout the year data prepared by PIM and information comparing the Fund's
performance with the performance of its peer group of funds as classified by
each of Morningstar, Inc. (Morningstar) and Lipper, and with the performance of
the Fund's benchmark index. They also discuss the Fund's performance with PIM on
a regular basis. The Trustees' regular reviews and discussions were factored
into the Trustees' deliberations concerning the renewal of the advisory
agreement.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight
50 Pioneer Global Equity Fund | Semiannual Report | 2/28/17
Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent
third party. In all quintile rankings referred to below, first quintile is most
favorable to the Fund's shareowners.
The Trustees considered that the Fund's management fee for the most recent
fiscal year was in the second quintile relative to the management fees paid by
other funds in its Morningstar peer group for the comparable period. The
Trustees also considered the breakpoints in the management fee schedule and the
reduced fee rates above certain asset levels. The Trustees considered that the
expense ratio of the Fund's Class A shares for the most recent fiscal year was
in the second quintile relative to its Morningstar peer group and in the first
quintile relative to its Strategic Insight peer group, in each case for the
comparable period. The Trustees noted that PIM was waiving fees and/or
reimbursing expenses in order to limit the ordinary operating expenses of the
Fund. The Trustees considered the impact of transfer agency, sub-transfer
agency, and other non-management fee expenses on the expense ratios of the Fund.
The Trustees noted that they separately review the Fund's transfer agency,
sub-transfer agency and intermediary arrangements and that the results of the
most recent such review were considered in the consideration of the Fund's
expense ratio.
The Trustees reviewed management fees charged by Pioneer to institutional and
other clients, including publicly offered European funds sponsored by affiliates
of Pioneer, unaffiliated U.S. registered investment companies (in a sub-advisory
capacity), and unaffiliated foreign and domestic separate accounts. The Trustees
also considered PIM's costs in providing services to the Fund and Pioneer's
costs in providing services to the other clients and considered the differences
in management fees and profit margins for Fund and non-Fund services. In
evaluating the fees associated with Pioneer's client accounts, the Trustees took
into account the respective demands, resources and complexity associated with
the Fund and client accounts. The Trustees noted that, in some instances, the
fee rates for those clients were lower than the management fee for the Fund and
considered that, under the investment advisory agreement with the Fund, PIM
performs additional services for the Fund that it does not provide to those
other clients or services that are broader in scope, including oversight of the
Fund's other service providers and activities related to compliance and the
extensive regulatory and tax regimes to which the Fund is subject. The Trustees
also considered the different entrepreneurial risks associated with PIM's
management of the Fund and Pioneer's management of the other client accounts.
The Trustees concluded that the management fee payable by the Fund to PIM was
reasonable in relation to the nature and quality of the services provided by PIM
to the Fund.
Pioneer Global Equity Fund | Semiannual Report | 2/28/17 51
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results, including the profit margins, realized by PIM and its
affiliates from non-fund businesses. The Trustees considered PIM's profit
margins with respect to the Fund in comparison to the limited industry data
available and noted that the profitability of any adviser was affected by
numerous factors, including its organizational structure and method for
allocating expenses. The Trustees concluded that PIM's profitability with
respect to the management of the Fund was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoints in the management fee schedule. The Trustees recognize
that economies of scale are difficult to identify and quantify, and that, among
other factors that may be relevant, are the following: fee levels, expense
subsidization, investment by PIM in research and analytical capabilities and
PIM's commitment and resource allocation to the Fund. The Trustees noted that
profitability also may be an indicator of the availability of any economies of
scale, although profitability may vary for other reasons including reductions in
expenses. The Trustees concluded that economies of scale, if any, were being
appropriately shared with the Funds.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Fund. The Trustees considered the character and amount of fees paid by the Fund,
other than under the investment advisory agreement, for services provided by PIM
and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. Pioneer is the
principal U.S. asset management business of Pioneer Global Asset Management, the
worldwide asset management business of UniCredit Group, which manages over $150
billion in assets (including the Funds). Pioneer and the Funds receive
reciprocal intangible benefits from the relationship, including mutual brand
recognition and, for the Funds, direct and indirect access to the resources of a
large global asset manager. The
52 Pioneer Global Equity Fund | Semiannual Report | 2/28/17
Trustees concluded that any such benefits received by Pioneer as a result of its
relationship with the Funds were reasonable and their consideration of the
advisory agreement between the Fund and PIM and the fees thereunder were
unaffected by Pioneer's possible receipt of any such intangible benefits.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
Pioneer Global Equity Fund | Semiannual Report | 2/28/17 53
Trustees, Officers and Service Providers
Trustees Advisory Trustee
Thomas J. Perna, Chairman Lorraine H. Monchak*
David R. Bock
Benjamin M. Friedman Officers
Margaret B.W. Graham Lisa M. Jones, President and Chief
Marguerite A. Piret Executive Officer
Fred J. Ricciardi Mark E. Bradley, Treasurer and
Kenneth J. Taubes Chief Financial Officer
Christopher J. Kelley, Secretary and
Chief Legal Officer
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Boston Financial Data Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
* Ms. Monchak is a non-voting Advisory Trustee.
54 Pioneer Global Equity Fund | Semiannual Report | 2/28/17
This page is for your notes.
Pioneer Global Equity Fund | Semiannual Report | 2/28/17 55
This page is for your notes.
56 Pioneer Global Equity Fund | Semiannual Report | 2/28/17
This page is for your notes.
Pioneer Global Equity Fund | Semiannual Report | 2/28/17 57
This page is for your notes.
58 Pioneer Global Equity Fund | Semiannual Report | 2/28/17
This page is for your notes.
Pioneer Global Equity Fund | Semiannual Report | 2/28/17 59
This page is for your notes.
60 Pioneer Global Equity Fund | Semiannual Report | 2/28/17
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
Pioneer Funds
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2017 Pioneer Investments 19129-11-0417
Pioneer U.S. Corporate
High Yield Fund
--------------------------------------------------------------------------------
Semiannual Report | February 28, 2017
--------------------------------------------------------------------------------
Ticker Symbols:
Class A HYCAX
Class C HYCCX
Class Y HYCYX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 8
Prices and Distributions 9
Performance Update 10
Comparing Ongoing Fund Expenses 13
Schedule of Investments 15
Financial Statements 25
Notes to Financial Statements 32
Approval of Investment Advisory and Sub-Advisory Agreements 40
Trustees, Officers and Service Providers 43
Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17 1
President's Letter
Dear Shareowner,
The 2016 calendar year featured many swings in market sentiment, both in the
equity and fixed-income markets. After a slow start to the year, the markets
began to rally in mid-February 2016 with a recovery in the prices of oil and
other commodities, as well as slow, positive progress in U.S. employment
figures. The rally persisted throughout much of the remaining 10 months of 2016,
gaining further momentum in the second half of the year when U.S. gross domestic
product (GDP) growth showed solid improvement during the third quarter and
unemployment continued to decline. Finally, in November, the election of Donald
Trump as the 45th President of the United States sparked a dramatic late-year
market upturn that saw U.S. equities briefly climb to all-time highs.
Speculation that the new Trump administration's policies would stimulate the
U.S. economy through reduced taxes, less regulation, and increased government
spending on infrastructure, fueled the year-end rally. For the full 12 months
ended December 31, 2016, the Standard & Poor's 500 Index, a broad measure of
U.S. stock market performance, returned a strong 11.9%.
In bond markets, the Federal Reserve Board's (the Fed's) 0.25% hike in the
Federal funds rate in December 2016, its first rate increase in a year,
contributed to a sell-off in U.S. Treasuries. The pullback from Treasuries also
derived from the market's increased inflation and growth expectations under the
incoming Trump administration. Elsewhere within fixed income, corporate credit,
particularly in the high-yield segment of the market, performed well over the
fourth quarter and the full calendar year. US high-yield securities, as
measured by the Bank of America Merrill Lynch US High Yield Index, returned a
robust 17.5% for the 12 months ended December 31, 2016. The debt of
energy-related issuers drove the strong performance within high yield, as the
recovery in oil and other commodity prices, which began in February 2016,
sparked a rally in the sector. Meanwhile, the Bloomberg Barclays U.S. Aggregate
Bond Index, which tracks the performance of Treasury and agency issues,
corporate bond issues, and mortgage-backed securities, returned 2.7% for the
same 12-month period, reflecting the relative weakness in government bonds.
The U.S. economy's underlying fundamentals seem solid, and growth prospects for
2017 appear healthy. However, we remain concerned about risks to the economy of
potentially disruptive trade policies pursued by the Trump administration.
Barring a damaging trade war, though, we anticipate the Fed will continue to
hike short-term interest rates gradually during 2017. In addition, we expect the
Fed to consider carefully the potential economic effects of any fiscal policies
enacted by the new Trump administration and the Republican- controlled Congress.
In that regard, we believe President Trump's economic policies, if they come to
fruition, could help boost real GDP growth. However, the impact of Trump's
policies on U.S. GDP may be greater in 2018 rather than in 2017. Still, even
prior to the late-year "Trump rally," U.S. GDP growth appeared to be settling in
at a sustainable annual pace of more than 2% as 2016 drew to a close, following
some weaker performance in the first half of the year. Continued improvement in
the employment market driven in part by gains in manufacturing output were among
the factors behind the bounce-back in GDP.
2 Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17
While economic conditions inside the U.S. appear solid, many economies around
the world continue to experience slow growth rates. Moreover, several countries
in various regions face a number of challenges in 2017 and beyond, including the
shifting geopolitics driving "Brexit" - the United Kingdom's pending exit from
the European Union - as well as related populist movements in Europe, limited
productivity gains, aging populations, and transitioning economic models in
China and other emerging markets. In recent years, global central banks have
kept interest rates at close to zero in an effort to stimulate economic growth.
While financial markets often benefited from the low rates, it now appears that
those policies may be losing their effectiveness, leaving central banks little
room to maneuver going forward. Moreover, the low interest rates have caused
government bond yields to plummet, presenting a dilemma for the income-oriented
investor.
Against this backdrop of still-low global interest rates, shifting priorities of
central banks, evolving demographics, and numerous geopolitical concerns, we
believe investors are likely to face ongoing challenges and much uncertainty
when it comes to finding opportunities for both income and capital appreciation.
While much has been made of passive investing as a possible source of stability
in this uncertain environment, it is our view that all investment decisions are
active choices. Throughout Pioneer's history, we have believed in the importance
of active management. During challenging market conditions, we view the value of
active management as even more compelling. Our experienced and tenured
investment teams focus on identifying value across global markets using
proprietary research, careful risk management, and a long-term perspective. We
believe our shareowners can benefit from the experience and tenure of our
investment teams as well as the insights generated from our extensive research
process.
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA Inc.
February 28, 2017
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17 3
Portfolio Management Discussion | 2/28/17
In the following interview, portfolio manager Matthew Shulkin discusses the
factors that influenced the performance of Pioneer U.S. Corporate High Yield
Fund between the Fund's inception on January 3, 2017, and February 28, 2017, the
close of the Fund's semiannual reporting period. Mr. Shulkin, C.F.A., is a vice
president and associate portfolio manager at Pioneer, and is responsible for the
day-to-day management of the Fund.
Q How did the Fund perform during the abbreviated semiannual reporting period
ended February 28, 2017?
A From its inception on January 3, 2017, through February 28, 2017, Pioneer
U.S. Corporate High Yield Fund's Class A shares returned 1.69% at net asset
value, while the Fund's benchmark, the Bank of America Merrill Lynch (BofA
ML) U.S. High Yield Index, returned 2.65%. For further comparison, during
the one-month period from February 1, 2017, through February 28, 2017, the
average return of the 717 mutual funds in Lipper's High Yield Funds
category was 1.28%, and the average return of the 737 mutual funds in
Morningstar's High Yield Bond Funds category was 1.27%. (Lipper and
Morningstar peer group average returns are not available for two-month
intervals, just one-month, three-months, six-months, and so forth.)
Q How would you describe the market environment for high-yield bonds during
the abbreviated semiannual reporting period ended February 28, 2017?
A High-yield bonds, in aggregate, experienced strong positive returns for the
first two months of the 2017 calendar year, as credit-based assets
continued to benefit from the support of solid corporate earnings. Perhaps
more importantly, risk-favorable sentiment in the markets was further
bolstered by anticipation of more business-friendly policies emanating from
Washington, D.C. in the wake of the November 2016 U.S. elections, which
left the Republicans in control of the White House as well as both houses
of Congress. Lowering corporate tax rates, trimming regulations, and
increasing infrastructure spending are all on the new administration's
policy menu. If enacted, those policies have the potential to support
future corporate profitability.
4 Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17
Q Can you review the Fund's principal investments strategies during the
abbreviated semiannual reporting period ended February 28, 2017, and
explain the degree to which they added to or detracted from performance
versus the benchmark?
A The Fund's performance during the brief period since its inception modestly
lagged that of the benchmark BofA ML U.S. High Yield Index (the BofA ML
Index). The benchmark-relative underperformance was mainly the result of
the Fund's operations commencing as credit-sensitive assets were in the
midst of a rally at the outset of 2017, as it took a few days for us to
fully invest the Fund's assets.
In addition, with credit spreads at or near historical lows in the wake of
post-U.S. election market exuberance, we have opted to take a somewhat
cautious stance with respect to the portfolio's quality profile. (Credit
spreads are commonly defined as the differences in yield between Treasuries
and other types of fixed-income securities with similar maturities.) In
that vein, the Fund's benchmark-relative performance was constrained to a
degree by the portfolio's below-index exposure to lower-quality, CCC-rated
and distressed issues, which outperformed in early 2017. Security selection
among the Fund's energy and telecommunications holdings also detracted from
relative returns.
Conversely, security selection within capital goods and banking was
beneficial for the Fund's benchmark-relative performance during the brief
reporting period.
Q Can you discuss the factors that affected the Fund's income-generation (or
yield), either positively or negatively, during the abbreviated semiannual
reporting period ended February 28, 2017?
A The Fund's income-generation and yield provided to shareholders was
relatively stable over the two-month period. Our "up-in-quality" and
higher-rated bias among the portfolio's holdings resulted in a marginally
lower yield for the Fund as compared with the BofA ML Index, but we view
the Fund's positioning as appropriate, given where we are in the current
credit cycle.
Q What role did derivatives play in the Fund's investment process and
performance during the abbreviated semiannual reporting period ended
February 28, 2017?
A We did not use derivatives during the brief reporting period. The Fund
does, however, have the ability to utilize derivatives from time to time in
order to maintain both the desired level of portfolio exposure to the
Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17 5
high-yield market, and sufficient liquidity, with the latter earmarked for
making opportunistic purchases as well as for helping to meet any
unanticipated shareholder redemption requests.
Q What is your assessment of the current climate for fixed-income investing?
A We maintain a constructive outlook with respect to the U.S. economy and
overall corporate credit fundamentals. Credit data remains relatively
strong and corporate balance sheets do not appear overly stretched. We
believe the default rate for high-yield bonds is likely to continue to
decline through 2017 compared with the prior year. Spread-based assets
continue to be supported by the accommodative monetary policies of most
global central banks, which, to date, have kept risk-free interest rates
exceptionally low.
At the same time, high-yield spreads are notably tight. This argues for a
measured stance when it comes to assuming credit risk and informs the
Fund's underweight exposure to the lower-rated segments of the market. In
addition, given that most of the risk is on the upside with respect to
interest rates, the Fund is underweight to the longer-duration BB-rated
segment of the high-yield market relative to B-rated issues. (Duration is a
measure of the sensitivity of the price, or the value of principal, of a
fixed-income investment to a change in interest rates, expressed as a
number of years.)
With a new administration in Washington, we will be closely monitoring the
progress of various policy proposals that have the potential to affect
specific industries and segments within the high-yield corporate bond
market.
6 Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17
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 prepayments.
The Fund may use derivatives, such as options, futures, inverse floating rate
obligations, swaps, and others, which can be illiquid, may disproportionately
increase losses, and have a potentially large impact on Fund performance.
Derivatives may have a leveraging effect on the Fund.
At times, the Fund's investments may represent industries or sectors that are
interrelated or have common risks, making them more susceptible to any economic,
political, or regulatory developments or other risks affecting those industries
and sectors.
These risks may increase share price volatility.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Pioneer Investments for a prospectus or
summary prospectus containing this information. Read it carefully.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17 7
Portfolio Summary | 2/28/17
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Corporate Bonds 82.7%
International Corporate Bonds 8.3%
Senior Secured Loans 4.3%
U.S. Government Securities 2.0%
Convertible Corporate Bonds 1.5%
Convertible Preferred Stocks 1.2%
10 Largest Holdings*
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
1. U.S. Treasury Bills, 3/16/17 2.10%
---------------------------------------------------------------------------------
2. HCA, Inc., 5.375%, 2/1/25 1.57
---------------------------------------------------------------------------------
3. T-Mobile USA, Inc., 6.625%, 4/1/23 1.51
---------------------------------------------------------------------------------
4. Royal Bank of Scotland Group Plc, 6.1%, 6/10/23 1.25
---------------------------------------------------------------------------------
5. Scientific Games International, Inc., 10.0%, 12/1/22 1.25
---------------------------------------------------------------------------------
6. First Data Corp., 7.0%, 12/1/23 (144A) 1.25
---------------------------------------------------------------------------------
7. Alliance Data Systems Corp., 5.875%, 11/1/21 (144A) 1.08
---------------------------------------------------------------------------------
8. RegionalCare Hospital Partners Holdings, Inc., 8.25%, 5/1/23 (144A) 1.08
---------------------------------------------------------------------------------
9. Valeant Pharmaceuticals International, Inc., 5.875%, 5/15/23 (144A) 1.07
---------------------------------------------------------------------------------
10. Ally Financial, Inc., 5.75%, 11/20/25 1.06
---------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommendations to buy or sell
any securities listed.
8 Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17
Prices and Distributions | 2/28/17
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 2/28/17 1/4/17*
--------------------------------------------------------------------------------
A $10.13 $10.00
--------------------------------------------------------------------------------
C $10.13 $10.00
--------------------------------------------------------------------------------
Y $10.14 $10.00
--------------------------------------------------------------------------------
Distributions per Share: 1/3/17-2/28/17
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Short-Term Long-Term
Class Dividends Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.0390 $ -- $ --
--------------------------------------------------------------------------------
C $0.0328 $ -- $ --
--------------------------------------------------------------------------------
Y $0.0411 $ -- $ --
--------------------------------------------------------------------------------
Index Definition
--------------------------------------------------------------------------------
The BofA ML U.S. High Yield Index is an unmanaged, commonly accepted measure of
the performance of high-yield securities. 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 10-12.
* The Fund commenced operations on January 3, 2017.
Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17 9
Performance Update | 2/28/17 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 U.S. Corporate High Yield Fund at
public offering price during the periods shown, compared to that of the BofA ML
U.S. High Yield Index.
Average Annual Total Returns
(As of February 28, 2017)
--------------------------------------------------------------------------------
Net Public BofA
Asset Offering ML U.S.
Value Price High Yield
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
Life of Class
(1/3/2017) 1.69% -2.87% 2.65%
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated January 1, 2017)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.99% 1.05%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer U.S. Corporate BofA ML U.S.
High Yield Fund High Yield Index
1/17 $9,550 $10,000
2/17 $9,676 $10,156
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 4.50% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through January 1, 2018, for Class A shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information. Please refer to the
financial highlights for a more current expense ratio.
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 U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17
Performance Update | 2/28/17 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 U.S. Corporate High Yield Fund
during the periods shown, compared to that of the BofA ML U.S. High Yield Index.
Average Annual Total Returns
(As of February 28, 2017)
--------------------------------------------------------------------------------
BofA
ML U.S.
If If High Yield
Period Held Redeemed Index
--------------------------------------------------------------------------------
Life of Class
(1/3/2017) 1.63% 1.63% 2.65%
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated January 1, 2017)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.74% 1.80%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer U.S. Corporate BofA ML U.S.
High Yield Fund High Yield Index
1/17 $10,000 $10,000
2/17 $10,132 $10,156
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 you paid a 1% sales charge, your returns would
be lower than those shown above. "If Held" results represent the percent change
in net asset value per share. Returns would have been lower had sales charges
been reflected. All results are historical and assume the reinvestment of
dividends and capital gains. Other share classes are available for which
performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through January 1, 2018, for Class C shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information. Please refer to the
financial highlights for a more current expense ratio.
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 U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17 11
Performance Update | 2/28/17 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 U.S. Corporate High Yield Fund
during the periods shown, compared to that of the BofA ML U.S. High Yield Index.
Average Annual Total Returns
(As of February 28, 2017)
--------------------------------------------------------------------------------
Net BofA
Asset ML U.S.
Value High Yield
Period (NAV) Index
--------------------------------------------------------------------------------
Life of Class
(1/3/2017) 1.81% 2.65%
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated January 1, 2017)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.72% 0.75%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer U.S. Corporate BofA ML U.S.
High Yield Fund High Yield Index
1/17 $5,000,000 $5,000,000
2/17 $5,070,269 $5,078,024
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 net expense ratio reflects the contractual expense limitation currently in
effect through January 1, 2018, for Class Y shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information. Please refer to the
financial highlights for a more current expense ratio.
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 U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17
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 U.S. Corporate High Yield Fund
Based on actual returns from January 3, 2017, through February 28, 2017.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 1/3/17
--------------------------------------------------------------------------------
Ending Account $1,016.90 $1,016.30 $1,018.10
Value on 2/28/17
--------------------------------------------------------------------------------
Expenses Paid $ 1.55 $ 2.71 $ 1.16
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.00%,
1.75%, and 0.75% for Class A, Class C, and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
56/365 (to reflect the partial year period).
Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17 13
Comparing Ongoing Fund Expenses (continued)
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 U.S. Corporate High Yield Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from January 3, 2017, through February 28, 2017.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 1/3/17
--------------------------------------------------------------------------------
Ending Account $1,006.14 $1,004.99 $1,006.52
Value on 2/28/17
--------------------------------------------------------------------------------
Expenses Paid $ 1.54 $ 2.69 $ 1.15
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.00%,
1.75%, and 0.75% for Class A, Class C, and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
56/365 (to reflect the partial year period).
14 Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17
Schedule of Investments | 2/28/17 (unaudited)
----------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 1.3%
MEDIA -- 0.7%
Cable & Satellite -- 0.7%
30,000 DISH Network Corp., 3.375%, 8/15/26 (144A) $ 36,112
--------------
Total Media $ 36,112
----------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.6%
Internet Software & Services -- 0.6%
30,000 WebMD Health Corp., 2.625%, 6/15/23 (144A) $ 28,575
--------------
Total Software & Services $ 28,575
----------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $63,885) $ 64,687
----------------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS -- 1.2%
BANKS -- 1.2%
Diversified Banks -- 1.2%
20 Bank of America Corp., 7.25% (Perpetual) $ 23,800
30 Wells Fargo & Co., 7.5% (Perpetual) 36,750
--------------
$ 60,550
--------------
Total Banks $ 60,550
----------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $59,827) $ 60,550
----------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 89.5%
ENERGY -- 12.7%
Oil & Gas Drilling -- 1.0%
50,000 Trinidad Drilling, Ltd., 6.625%, 2/15/25 (144A) $ 51,500
----------------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.7%
38,000 Archrock Partners LP, 6.0%, 4/1/21 $ 38,000
----------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 7.4%
49,000 Antero Resources Corp., 5.0%, 3/1/25 (144A) $ 47,530
25,000 Chesapeake Energy Corp., 8.0%, 12/15/22 (144A) 26,438
46,000 Denbury Resources, Inc., 4.625%, 7/15/23 35,880
5,000 Great Western Petroleum LLC, 9.0%, 9/30/21 (144A) 5,275
20,000 Hilcorp Energy I LP, 5.75%, 10/1/25 (144A) 19,850
27,000 MEG Energy Corp., 7.0%, 3/31/24 (144A) 24,300
37,000 Oasis Petroleum, Inc., 6.875%, 3/15/22 37,636
50,000 Parsley Energy LLC, 5.25%, 8/15/25 (144A) 50,500
23,000 Rice Energy, Inc., 6.25%, 5/1/22 23,503
26,000 SM Energy Co., 6.125%, 11/15/22 26,195
37,000 Whiting Petroleum Corp., 6.25%, 4/1/23 37,092
38,000 WPX Energy, Inc., 7.5%, 8/1/20 40,945
--------------
$ 375,144
----------------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.8%
40,000 PBF Holding Co., LLC, 7.0%, 11/15/23 $ 40,200
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17 15
Schedule of Investments | 2/28/17 (unaudited)(continued)
----------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 2.8%
36,000 Energy Transfer Equity LP, 5.875%, 1/15/24 $ 38,700
33,000 ONEOK, Inc., 7.5%, 9/1/23 39,188
23,000 Sabine Pass Liquefaction LLC, 5.875%,
6/30/26 (144A) 25,799
38,000 The Williams Companies, Inc., 5.75%, 6/24/44 38,380
--------------
$ 142,067
--------------
Total Energy $ 646,911
----------------------------------------------------------------------------------------------------------------
MATERIALS -- 6.9%
Commodity Chemicals -- 2.6%
50,000 Hexion, Inc., 6.625%, 4/15/20 $ 46,500
35,000 NOVA Chemicals Corp., 5.0%, 5/1/25 (144A) 35,438
50,000 Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 49,938
--------------
$ 131,876
----------------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.8%
36,000 Ball Corp., 5.25%, 7/1/25 $ 38,205
----------------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 1.8%
5,000 Amsted Industries, Inc., 5.375%, 9/15/24 (144A) $ 5,062
43,000 FMG Resources August 2006 Pty, Ltd., 9.75%,
3/1/22 (144A) 49,746
38,000 Prince Mineral Holding Corp., 11.5%,
12/15/19 (144A) 38,950
--------------
$ 93,758
----------------------------------------------------------------------------------------------------------------
Steel -- 1.7%
34,000 BlueScope Steel Finance, Ltd., 6.5%, 5/15/21 (144A) $ 36,210
45,000 Zekelman Industries, Inc., 9.875%, 6/15/23 (144A) 50,850
--------------
$ 87,060
--------------
Total Materials $ 350,899
----------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 5.6%
Aerospace & Defense -- 0.6%
30,000 Triumph Group, Inc., 5.25%, 6/1/22 $ 28,350
----------------------------------------------------------------------------------------------------------------
Building Products -- 2.0%
50,000 Builders FirstSource, Inc., 5.625%, 9/1/24 (144A) $ 51,438
48,000 Standard Industries, Inc., 5.375%, 11/15/24 (144A) 49,339
--------------
$ 100,777
----------------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.7%
35,000 AECOM, 5.875%, 10/15/24 $ 38,238
----------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 1.0%
50,000 Titan International, Inc., 6.875%, 10/1/20 $ 51,375
----------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.5%
28,000 Apex Tool Group LLC, 7.0%, 2/1/21 (144A) $ 26,880
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17
----------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.8%
37,000 United Rentals North America, Inc., 5.75%, 11/15/24 $ 39,294
--------------
Total Capital Goods $ 284,914
----------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 2.0%
Commercial Printing -- 0.5%
29,000 Cenveo Corp., 6.0%, 8/1/19 (144A) $ 24,650
----------------------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 0.7%
37,000 Covanta Holding Corp., 6.375%, 10/1/22 $ 38,156
----------------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.8%
39,000 TMS International Corp., 7.625%, 10/15/21 (144A) $ 39,098
--------------
Total Commercial Services & Supplies $ 101,904
----------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.0%
Railroads -- 1.0%
48,000 Florida East Coast Holdings Corp., 6.75%,
5/1/19 (144A) $ 49,320
--------------
Total Transportation $ 49,320
----------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 2.0%
Tires & Rubber -- 1.0%
50,000 The Goodyear Tire & Rubber Co., 5.0%, 5/31/26 $ 51,000
----------------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 1.0%
48,000 TI Group Automotive Systems LLC, 8.75%,
7/15/23 (144A) $ 51,600
--------------
Total Automobiles & Components $ 102,600
----------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 4.0%
Homebuilding -- 3.0%
47,000 KB Home, 7.625%, 5/15/23 $ 50,878
51,000 PulteGroup, Inc., 5.0%, 1/15/27 50,949
49,000 Taylor Morrison Communities, Inc., 5.875%,
4/15/23 (144A) 51,572
--------------
$ 153,399
----------------------------------------------------------------------------------------------------------------
Housewares & Specialties -- 1.0%
50,000 American Greetings Corp., 7.875%, 2/15/25 (144A) $ 52,406
--------------
Total Consumer Durables & Apparel $ 205,805
----------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 5.5%
Casinos & Gaming -- 2.2%
46,000 MGM Resorts International, 6.0%, 3/15/23 $ 50,140
59,000 Scientific Games International, Inc., 10.0%, 12/1/22 62,614
--------------
$ 112,754
----------------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 1.7%
36,000 Sabre GLBL, Inc., 5.375%, 4/15/23 (144A) $ 36,630
48,000 Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 50,160
--------------
$ 86,790
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17 17
Schedule of Investments | 2/28/17 (unaudited)(continued)
----------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 1.6%
39,000 Constellis Holdings LLC, 9.75%, 5/15/20 (144A) $ 41,730
34,000 Prime Security Services Borrower LLC, 9.25%,
5/15/23 (144A) 37,188
--------------
$ 78,918
--------------
Total Consumer Services $ 278,462
----------------------------------------------------------------------------------------------------------------
MEDIA -- 5.8%
Broadcasting -- 4.2%
48,000 CCO Holdings LLC, 5.5%, 5/1/26 (144A) $ 50,940
35,000 Gannett Co., Inc., 6.375%, 10/15/23 37,275
51,000 Gray Television, Inc., 5.875%, 7/15/26 (144A) 51,718
37,000 Nexstar Broadcasting, Inc., 5.625%, 8/1/24 (144A) 37,832
39,000 Sinclair Television Group, Inc., 5.125%,
2/15/27 (144A) 37,538
--------------
$ 215,303
----------------------------------------------------------------------------------------------------------------
Cable & Satellite -- 1.6%
27,000 DISH DBS Corp., 5.875%, 11/15/24 $ 28,755
50,000 Sirius XM Radio, Inc., 5.375%, 7/15/26 (144A) 51,000
--------------
$ 79,755
--------------
Total Media $ 295,058
----------------------------------------------------------------------------------------------------------------
RETAILING -- 1.4%
Internet Retail -- 1.0%
51,000 Netflix Inc., 4.375% 11/15/26 $ 50,554
----------------------------------------------------------------------------------------------------------------
Department Stores -- 0.4%
24,000 PetSmart, Inc., 7.125%, 3/15/23 (144A) $ 23,550
--------------
Total Retailing $ 74,104
----------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.9%
Packaged Foods & Meats -- 1.4%
37,000 Dole Food Co., Inc., 7.25%, 5/1/19 (144A) $ 37,740
33,000 Post Holdings, Inc., 5.5%, 3/1/25 (144A) 33,619
--------------
$ 71,359
----------------------------------------------------------------------------------------------------------------
Tobacco -- 0.5%
23,000 Alliance One International Inc., 8.5%, 4/15/21 $ 23,632
--------------
Total Food, Beverage & Tobacco $ 94,991
----------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.5%
Personal Products -- 0.5%
25,000 Revlon Consumer Products Corp., 5.75%, 2/15/21 $ 25,188
--------------
Total Household & Personal Products $ 25,188
----------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 6.4%
Health Care Services -- 1.1%
50,000 RegionalCare Hospital Partners Holdings, Inc.,
8.25%, 5/1/23 (144A) $ 53,750
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17
----------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------------
Health Care Facilities -- 3.7%
25,000 CHS, Inc., 8.0%, 11/15/19 $ 24,438
75,000 HCA, Inc., 5.375%, 2/1/25 78,469
40,000 Kindred Healthcare Inc., 6.375%, 4/15/22 36,950
25,000 LifePoint Health, Inc., 5.375%, 5/1/24 (144A) 25,188
25,000 Universal Hospital Services, Inc., 7.625%, 8/15/20 25,156
--------------
$ 190,201
----------------------------------------------------------------------------------------------------------------
Managed Health Care -- 1.6%
47,000 Centene Corp., 5.625%, 2/15/21 $ 49,468
30,000 Molina Healthcare, Inc., 5.375%, 11/15/22 31,050
--------------
$ 80,518
--------------
Total Health Care Equipment & Services $ 324,469
----------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 2.0%
Pharmaceuticals -- 2.0%
54,000 Endo Finance LLC, 5.375%, 1/15/23 (144A) $ 47,790
66,000 Valeant Pharmaceuticals International, Inc.,
5.875%, 5/15/23 (144A) 53,708
--------------
$ 101,498
--------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 101,498
----------------------------------------------------------------------------------------------------------------
BANKS -- 2.0%
Diversified Banks -- 2.0%
37,000 5.90 Citigroup, Inc., Floating Rate Note
(Perpetual) $ 38,711
59,000 Royal Bank of Scotland Group Plc, 6.1%, 6/10/23 62,682
--------------
$ 101,393
--------------
Total Banks $ 101,393
----------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 5.5%
Other Diversified Financial Services -- 1.8%
38,000 6.75 JPMorgan Chase & Co., Floating Rate Note
(Perpetual) $ 42,085
50,000 Summit Midstream Holdings LLC, 5.75%, 4/15/25 50,750
--------------
$ 92,835
----------------------------------------------------------------------------------------------------------------
Specialized Finance -- 1.0%
45,000 Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) $ 49,641
----------------------------------------------------------------------------------------------------------------
Consumer Finance -- 1.1%
50,000 Ally Financial, Inc., 5.75%, 11/20/25 $ 52,812
----------------------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 1.0%
50,000 Park Aerospace Holdings, Ltd., 5.5%, 2/15/24 (144A) $ 52,260
----------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.6%
30,000 MSCI, Inc., 4.75%, 8/1/26 (144A) $ 30,165
--------------
Total Diversified Financials $ 277,713
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17 19
Schedule of Investments | 2/28/17 (unaudited)(continued)
----------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.7%
Specialized REIT -- 0.7%
36,000 Communications Sales & Leasing, Inc., 6.0%,
4/15/23 (144A) $ 37,800
--------------
Total Real Estate $ 37,800
----------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 5.9%
IT Consulting & Other Services -- 2.6%
30,000 Change Healthcare Holdings LLC, 5.75%,
3/1/25 (144A) $ 30,984
51,000 Iron Mountain US Holdings, Inc., 5.375%,
6/1/26 (144A) 50,745
47,000 Rackspace, 8.625%, 11/15/24 49,526
--------------
$ 131,255
----------------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 2.3%
52,000 Alliance Data Systems Co., 5.875, 11/1/21 $ 53,820
58,000 First Data Corp., 7.0%, 12/1/23 (144A) 62,350
--------------
$ 116,170
----------------------------------------------------------------------------------------------------------------
Systems Software -- 1.0%
50,000 Symantec Corp., 5.0%, 4/15/25 (144A) $ 51,322
--------------
Total Software & Services $ 298,747
----------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 3.1%
Communications Equipment -- 1.5%
48,000 CommScope Technologies Finance LLC, 6.0%,
6/15/25 (144A) $ 51,360
25,000 Plantronics, Inc., 5.5%, 5/31/23 (144A) 25,450
--------------
$ 76,810
----------------------------------------------------------------------------------------------------------------
Computer Hardware Storage & Peripherals -- 1.6%
36,000 Dell, Inc., 7.1%, 4/15/28 $ 37,980
40,000 Diebold Nixdorf, Inc., 8.5%, 4/15/24 43,900
--------------
$ 81,880
--------------
Total Technology Hardware & Equipment $ 158,690
----------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 1.3%
Semiconductor Equipment -- 0.5%
25,000 Entegris, Inc., 6.0%, 4/1/22 (144A) $ 26,062
----------------------------------------------------------------------------------------------------------------
Semiconductors -- 0.8%
38,000 Micron Technology, Inc., 5.25%, 8/1/23 (144A) $ 38,332
--------------
Total Semiconductors & Semiconductor Equipment $ 64,394
----------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 7.4%
Integrated Telecommunication Services -- 3.9%
14,000 CenturyLink, Inc., 5.8%, 3/15/22 $ 14,420
24,000 Frontier Communications Corp., 8.5%, 4/15/20 25,440
47,000 Frontier Communications Corp., 9.25%, 7/1/21 49,468
The accompanying notes are an integral part of these financial statements.
20 Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17
----------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------------
Integrated Telecommunication Services -- (continued)
37,000 GCI, Inc., 6.875%, 4/15/25 $ 38,388
49,000 Level 3 Financing, Inc., 5.375%, 5/1/25 50,592
25,000 Windstream Services LLC, 6.375%, 8/1/23 22,750
--------------
$ 201,058
----------------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 3.5%
46,000 Sprint Corp., 7.125%, 6/15/24 $ 49,666
47,000 Sprint Corp., 7.25%, 9/15/21 51,230
71,000 T-Mobile USA, Inc., 6.625%, 4/1/23 75,438
--------------
$ 176,334
--------------
Total Telecommunication Services $ 377,392
----------------------------------------------------------------------------------------------------------------
UTILITIES -- 5.9%
Electric Utilities -- 0.9%
26,000 Talen Energy Supply LLC, 4.625%, 7/15/19 (144A) $ 25,285
24,000 Talen Energy Supply LLC, 6.5%, 6/1/25 19,680
--------------
$ 44,965
----------------------------------------------------------------------------------------------------------------
Gas Utilities -- 1.7%
56,000 DCP Midstream Operating LP, 5.6%, 4/1/44 $ 51,520
35,000 Ferrellgas Partners LP, 8.625%, 6/15/20 (144A) 34,475
--------------
$ 85,995
----------------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy Traders -- 3.3%
5,000 AES Corp. Virginia, 5.5%, 3/15/24 $ 5,100
51,000 Calpine Corp., 5.75%, 1/15/25 50,490
50,000 NRG Energy, Inc., 6.25%, 5/1/24 50,000
25,000 NRG Energy, Inc., 7.25%, 5/15/26 25,719
36,000 TerraForm Power Operating LLC, 6.625%,
6/15/25 (Step) (144A) 37,800
--------------
$ 169,109
--------------
Total Utilities $ 300,069
----------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $4,502,052) $ 4,552,321
----------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATION -- 2.1%
105,000 U.S. Treasury Bills, 3/16/17 (c) $ 104,978
----------------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATION
(Cost $104,978) $ 104,978
----------------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN INTERESTS -- 4.2%**
ENERGY -- 0.3%
Oil & Gas Drilling -- 0.3%
15,000 0.00 Gavilan Resources LLC, 2nd Lien Term Loan, 2/23/24 $ 15,038
--------------
Total Energy $ 15,038
----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17 21
Schedule of Investments | 2/28/17 (unaudited)(continued)
----------------------------------------------------------------------------------------------------------------
Principal Floating
Amount ($) Rate (b) Value
----------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.0%
Aerospace & Defense -- 0.5%
25,000 3.53 DigitalGlobe, Inc., Term Loan, 12/22/23 $ 25,151
----------------------------------------------------------------------------------------------------------------
Building Products -- 0.5%
25,000 4.25 Filtration Group Corp., Series B, Incremental Term
Loan, 11/21/20 $ 25,258
--------------
Total Capital Goods $ 50,409
----------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.5%
Specialized Consumer Services -- 0.5%
25,000 5.75 GCA Merger Sub, Inc., Term Loan (First Lien), 2/22/23 $ 25,182
--------------
Total Consumer Services $ 25,182
----------------------------------------------------------------------------------------------------------------
MEDIA -- 1.4%
Broadcasting -- 1.4%
25,000 4.25 A-L Parent LLC (a.k.a. Learfield Communications),
Initial Term Loan (First Lien), 11/18/23 $ 25,328
25,000 4.50 CBS Radio, Inc., Term Loan, 10/7/23 25,269
25,000 4.25 Hubbard Radio LLC, Term Loan, 5/12/22 25,010
--------------
$ 75,607
--------------
Total Media $ 75,607
----------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.5%
Health Care Services -- 0.5%
25,000 4.00 Envision Healthcare Corp., Initial Term Loan, 11/17/23 $ 25,246
--------------
Total Health Care Equipment & Services $ 25,246
----------------------------------------------------------------------------------------------------------------
UTILITIES -- 0.5%
Independent Power Producers & Energy Traders -- 0.5%
25,000 5.50 TerraForm AP Acquisition Holdings LLC, Term
Loan, 6/26/22 $ 25,250
--------------
Total Utilities $ 25,250
----------------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
(Cost $216,135) $ 216,732
----------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 98.3%
(Cost $4,946,877) (a) $ 4,999,268
----------------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 1.7% $ 87,073
----------------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 5,086,341
================================================================================================================
(Perpetual) Security with no stated maturity date.
(Step) Bond issued with an initial coupon rate which converts to a
higher rate at a later date.
REIT Real Estate Investment Trust.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At February 28, 2017, the value of these securities
amounted to $2,430,019 or 47.8% of total net assets.
The accompanying notes are an integral part of these financial statements.
22 Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17
** Senior floating rate loan interests in which the Fund invests
generally pay interest at rates that are periodically
redetermined by reference to a base lending rate plus a premium.
These base lending rates are generally (i) the lending rate
offered by one or more major European banks, such as LIBOR
(London InterBank Offered Rate), (ii) the prime rate offered by
one or more major U.S. banks, (iii) the certificate of deposit
or (iv) other base lending rates used by commercial lenders. The
rate shown is the coupon rate at period end.
(a) At February 28, 2017, the net unrealized appreciation on
investments based on cost for federal income tax purposes of
$4,946,877 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 66,415
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (14,024)
--------------
Net unrealized appreciation $ 52,391
==============
(b) Debt obligation with a variable interest rate. Rate shown is rate
at period end.
(c) Security issued with a zero coupon. Income is earned through
accretion of discount.
Purchases and sales of securities (excluding temporary cash investments) for the
period ended February 28, 2017 were as follows:
--------------------------------------------------------------------------------
Purchases Sales
--------------------------------------------------------------------------------
Long-Term U.S. Government $ -- $ --
Other Long-Term Securities $5,915,665 $1,074,509
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain Funds and accounts for which Pioneer Investment
Management, Inc. (PIM), serves as the Fund's investment adviser, as set forth in
Rule 17a-7 under the Investment Company Act of 1940, pursuant to procedures
adopted by the Board of Trustees. Under these procedures, cross trades are
effected at current market prices.
During the period ended February 28, 2017, the Fund engaged in purchases and
sales pursuant to these procedures amounting to $4,146,144 and $189,831,
respectively, which resulted in a net realized loss of $540.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17 23
Schedule of Investments | 2/28/17 (unaudited)(continued)
The following is a summary of the inputs used as of February 28, 2017, in
valuing the Fund's investments:
----------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $ 64,687 $ -- $ 64,687
Convertible Preferred Stocks 60,550 -- -- 60,550
Corporate Bonds -- 4,552,321 -- 4,552,321
U.S. Government and Agency Obligation -- 104,978 -- 104,978
Senior Floating Rate Loan Interests -- 216,732 -- 216,732
----------------------------------------------------------------------------------------------
Total $ 60,550 $4,938,718 $ -- $4,999,268
==============================================================================================
The accompanying notes are an integral part of these financial statements.
24 Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17
Statement of Assets and Liabilities | 2/28/17 (unaudited)
ASSETS:
Investment in securities (cost $4,946,877) $ 4,999,268
Cash 245,142
Receivables --
Interest 76,785
Dividends 563
Due from Pioneer Investment Management, Inc. 16,756
Other assets 8,240
--------------------------------------------------------------------------------------------
Total assets $ 5,346,754
============================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 256,354
Trustee fees 1,227
Due to affiliates 2,832
--------------------------------------------------------------------------------------------
Total liabilities $ 260,413
============================================================================================
NET ASSETS:
Paid-in capital $ 5,019,300
Undistributed net investment income 11,524
Net realized gain on investments 3,126
Net unrealized appreciation on investments 52,391
--------------------------------------------------------------------------------------------
Total net assets $ 5,086,341
============================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $2,034,691/200,770 shares) $ 10.13
Class C (based on $1,016,181/100,324 shares) $ 10.13
Class Y (based on $2,035,469/200,811 shares) $ 10.14
MAXIMUM OFFERING PRICE:
Class A ($10.13/ 95.5%) $ 10.61
============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17 25
Statement of Operations (unaudited)
For the period from 1/3/17 (Commencement of Operations) to 2/28/17
INVESTMENT INCOME:
Interest $ 38,355
Dividends 563
-----------------------------------------------------------------------------------------------------
Total investment income $ 38,918
-----------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 4,624
Distribution fees
Class A 771
Class C 1,541
Administrative expense 226
Custodian fees 767
Professional fees 15,977
Printing expense 1,151
Fees and expenses of nonaffiliated Trustees 1,228
Miscellaneous 537
-----------------------------------------------------------------------------------------------------
Total expenses $ 26,822
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. $ (18,728)
-----------------------------------------------------------------------------------------------------
Net expenses $ 8,094
-----------------------------------------------------------------------------------------------------
Net investment income $ 30,824
-----------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
Net realized gain (loss) on investments $ 3,126
-----------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) on investments $ 52,391
-----------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $ 55,517
-----------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 86,341
=====================================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17
Statements of Changes in Net Assets
---------------------------------------------------------------------------------------------
1/3/17 (a)
to 2/28/17
(unaudited)
---------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 30,824
Net realized gain (loss) on investments 3,126
Net unrealized appreciation (depreciation) on investments 52,391
---------------------------------------------------------------------------------------------
Net increase in net assets resulting
from operations $ 86,341
---------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.04 per share) $ (7,800)
Class C ($0.03 per share) (3,280)
Class Y ($0.04 per share) (8,220)
---------------------------------------------------------------------------------------------
Total distributions to shareowners $ (19,300)
---------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS: (b)
Net proceeds from sale of shares $ 5,000,000
Reinvestment of distributions 19,300
Cost of shares repurchased --
---------------------------------------------------------------------------------------------
Net increase in net assets resulting from Fund
share transactions $ 5,019,300
Net increase in net assets $ 5,086,341
NET ASSETS:
Beginning of period $ --
---------------------------------------------------------------------------------------------
End of period $ 5,086,341
---------------------------------------------------------------------------------------------
Undistributed net investment income $ 11,524
=============================================================================================
(a) Class A, Class C and Class Y shares commenced operations on January 3,
2017.
(b) At February 28, 2017 PIM owned 100.0% of the value of the outstanding
shares of Pioneer U.S. Corporate High Yield Fund.
The accompanying notes are an integral part of these financial statements.
Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17 27
Statements of Changes in Net Assets (continued)
------------------------------------------------------------------------------------------------------
1/3/17 to 1/3/17 to
2/28/17 2/28/17
Shares Amount
(unaudited) (unaudited)
------------------------------------------------------------------------------------------------------
Class A*
Shares sold 200,000 $2,000,000
Reinvestment of distributions 770 7,800
Less shares repurchased -- --
------------------------------------------------------------------------------------------------------
Net increase 200,770 $2,007,800
======================================================================================================
Class C*
Shares sold 100,000 $1,000,000
Reinvestment of distributions 324 3,280
Less shares repurchased -- --
------------------------------------------------------------------------------------------------------
Net increase 100,324 $1,003,280
======================================================================================================
Class Y*
Shares sold 200,000 $2,000,000
Reinvestment of distributions 811 8,220
Less shares repurchased -- --
------------------------------------------------------------------------------------------------------
Net increase 200,811 $2,008,220
======================================================================================================
* Class A, Class C and Class Y shares commenced operations on January 3,
2017.
The accompanying notes are an integral part of these financial statements.
28 Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17
Financial Highlights
---------------------------------------------------------------------------------------------------------
1/3/17 to
2/28/17
(unaudited)
---------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.00
---------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) (a) $ 0.06
Net realized and unrealized gain (loss) on investments 0.11
---------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.17
---------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.04)
---------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.13
---------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.13
=========================================================================================================
Total return* 1.69%***
Ratio of net expenses to average net assets 1.00%**
Ratio of net investment income (loss) to average net assets 4.05%**
Portfolio turnover rate 146%**
Net assets, end of period (in thousands) $ 2,035
Ratios with no waiver of fees and assumption of expenses by
PIM and no reduction for fees paid indirectly:
Total expenses to average net assets 3.43%**
Net investment income (loss) to average net assets 1.62%**
=========================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
*** Not Annualized.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17 29
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------
1/3/17 to
2/28/17
(unaudited)
---------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.00
---------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) (a) $ 0.05
Net realized and unrealized gain (loss) on investments 0.11
---------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.16
---------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.03)
---------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.13
---------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.13
=========================================================================================================
Total return* 1.63%***
Ratio of net expenses to average net assets 1.75%**
Ratio of net investment income (loss) to average net assets 3.30%**
Portfolio turnover rate 146%**
Net assets, end of period (in thousands) $ 1,016
Ratios with no waiver of fees and assumption of expenses by
PIM and no reduction for fees paid indirectly:
Total expenses to average net assets 4.18%**
Net investment income (loss) to average net assets 0.87%**
=========================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
*** Not Annualized.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
30 Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17
---------------------------------------------------------------------------------------------------------
1/3/17 to
2/28/17
(unaudited)
---------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 10.00
---------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) (a) $ 0.07
Net realized and unrealized gain (loss) on investments 0.11
---------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.18
---------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.04)
---------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.14
---------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.14
=========================================================================================================
Total return* 1.81%***
Ratio of net expenses to average net assets 0.75%**
Ratio of net investment income (loss) to average net assets 4.30%**
Portfolio turnover rate 146%**
Net assets, end of period (in thousands) $ 2,035
Ratios with no waiver of fees and assumption of expenses by
PIM and no reduction for fees paid indirectly:
Total expenses to average net assets 3.18%**
Net investment income (loss) to average net assets 1.87%**
=========================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period and reinvestment of all distributions, the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
*** Not Annualized.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17 31
Notes to Financial Statements | 2/28/17 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer U.S. Corporate High Yield Fund (the Fund) is one of three 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 investment objective of the Fund is to
achieve a high level of current income and long-term capital appreciation.
The Fund offered three classes of shares designated as Class A, Class C and
Class Y shares. Class A, Class C and Class Y commenced operations on January 3,
2017. Each class of shares represents an interest in the same portfolio of
investments of the Fund and has identical rights (based on relative net asset
values) to assets and liquidation proceeds. Share classes can bear different
rates of class-specific fees and expenses such as transfer agent and
distribution fees. Differences in class-specific fees and expenses will result
in differences in net investment income and, therefore, the payment of different
dividends from net investment income earned by each class. The Amended and
Restated Declaration of Trust of the Fund gives the Board of Trustees the
flexibility to specify either per-share voting or dollar-weighted voting when
submitting matters for shareholder approval. Under per-share voting, each share
of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles (U.S. GAAP) that require the management
of the Fund to 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 gains and losses on investments during the reporting period. Actual
results could differ from those estimates.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. The following is a summary of significant
accounting policies followed by the Fund in the preparation of its financial
statements:
32 Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the New
York Stock Exchange (NYSE) is open, as of the close of regular trading on
the NYSE.
Fixed-income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed-income securities and/or other
factors. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service. When independent third party pricing services are unable to supply
prices, or when prices or market quotations are considered to be
unreliable, the value of that security may be determined using quotations
from one or more broker-dealers.
Loan interests are valued in accordance with guidelines established by the
Board of Trustees at the mean between the last available bid and asked
prices from one or more brokers or dealers as obtained from Loan Pricing
Corporation, an independent third party pricing service. If price
information is not available from Loan Pricing Corporation, or if the price
information is deemed to be unreliable, price information will be obtained
from an alternative loan interest pricing service. If no reliable price
quotes are available from either the primary or alternative pricing
service, broker quotes will be solicited.
The value of foreign securities is translated into U.S. dollars based on
foreign currency exchange rate quotations supplied by a third party pricing
source. Trading in non-U.S. equity securities is substantially completed
each day at various times prior to the close of the NYSE. The values of
such securities used in computing the net asset value of the Fund's shares
are determined as of such times. The fund may use a fair value model
developed by an independent pricing service to value non-U.S. equity
securities.
Equity securities that have traded on an exchange are valued by using the
last sale price on the principal exchange where they are traded. Equity
securities that have not traded on the date of valuation, or securities for
which sale prices are not available, generally are valued using the mean
between the last bid and asked prices or, if both last bid and asked prices
are not available, at the last quoted bid price. Last sale and bid and
asked prices are provided by
Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17 33
independent third party pricing services. In the case of equity securities
not traded on an exchange, prices are typically determined by independent
third party pricing services using a variety of techniques and methods.
Securities or loan interests for which independent pricing services or
broker-dealers are unable to supply prices or for which market prices
and/or quotations are not readily available or are considered to be
unreliable are valued by a fair valuation team comprised of certain
personnel of Pioneer Investment Management, Inc. (PIM), the Fund's
investment adviser and a wholly owned indirect subsidiary of UniCredit
S.p.A. (UniCredit), pursuant to procedures adopted by the Fund's Board of
Trustees. PIM's fair valuation team uses fair value methods approved by the
Valuation Committee of the Board of Trustees. PIM's fair valuation team is
responsible for monitoring developments that may impact fair valued
securities and for discussing and assessing fair values on an ongoing
basis, and at least quarterly, with the Valuation Committee of the Board of
Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after the
close of the exchange or market on which the security trades and prior to
the determination of the Fund's net asset value. Examples of a significant
event might include political or economic news, corporate restructurings,
natural disasters, terrorist activity or trading halts. Thus, the valuation
of the Fund's securities may differ significantly from exchange prices and
such differences could be material.
At February 28, 2017, no securities were valued using fair value methods
(other than securities valued using prices supplied by independent pricing
services or broker-dealers).
B. Investment Income and Transactions
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on purchase prices of debt securities are
accreted/amortized for financial reporting purposes over the life of the
respective securities, and such accretion/amortization is included in
interest income.
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
34 Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17
data in the exercise of reasonable diligence. Interest income, including
interest on income-bearing cash accounts, is recorded on the accrual basis,
net of unrecoverable foreign taxes withheld at the applicable country
rates.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its net taxable income and net realized capital gains, if any, to
its shareowners. Therefore, no federal income tax provision is required. As
of February 28, 2017, the Fund did not accrue any interest or penalties
with respect to uncertain tax positions, which, if applicable, would be
recorded as an income tax expense in the Statement of Operations. Tax
returns filed within the prior three years remain subject to examination by
federal and state tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. GAAP. Distributions in excess of net investment
income or net realized gains are temporary overdistributions for financial
statement purposes resulting from differences in the recognition or
classification of income or distributions for financial statement and tax
purposes. Capital accounts within the financial statements are adjusted for
permanent book/tax differences to reflect tax character, but are not
adjusted for temporary differences.
The tax character of current year distributions payable will be determined
at the end of the current taxable year.
D. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit, earned no
underwriting commissions on the sale of Class A shares during the period
ended February 28, 2017.
E. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17 35
Distribution fees are calculated based on the average daily net asset value
attributable to Class A and Class C shares of the Fund, respectively (see
Note 4). Class Y shares do not pay distribution fees. All expenses and fees
paid to the Fund's transfer agent for its services are allocated among the
classes of shares based on the number of accounts in each class and the
ratable allocation of related out-of-pocket expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-term
capital gain distributions, if any, may be declared with the daily
dividends. Distributions to shareowners are recorded as of the ex-dividend
date. Distributions paid by the Fund with respect to each class of shares
are calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C and Class Y shares can
reflect different transfer agent and distribution expense rates.
F. Risks
The value of securities held by the fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real or
perceived adverse economic, political or regulatory conditions, inflation,
changes in interest rates, lack of liquidity in the bond markets or adverse
investor sentiment. In the past several years, financial markets have
experienced increased volatility, depressed valuations, decreased liquidity
and heightened uncertainty. These conditions may continue, recur, worsen or
spread. 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 invests in below investment grade (high yield) debt securities and
preferred stocks. Some of these high yield securities may be convertible
into equity securities of the issuer. Debt securities rated below
investment grade are commonly referred to as "junk bonds" and are
considered speculative. These securities involve greater risk of loss, are
subject to greater price volatility, and are less liquid, especially during
periods of economic uncertainty or change, than higher rated debt
securities. 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.
Interest rates in the U.S. recently have been historically low, so the Fund
faces a heightened risk that interest rates may rise. A general rise in
interest rates may cause investors to move out of fixed income securities
on a large scale, which could adversely affect the price and liquidity of
fixed income securities and could also result in increased redemptions from
the Fund.
36 Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17
Certain securities in which the Fund invests, including floating rate
loans, once sold, may not settle for an extended period (for example,
several weeks or even longer). The Fund will not receive its sale proceeds
until that time, which may constrain the Fund's ability to meet its
obligations (including obligations to redeeming shareholders).
2. Management Agreement
PIM manages the Fund's portfolio. Management fees are calculated daily at the
annual rate of 0.60% of the Fund's average daily net assets up to $1 billion and
0.55% on assets over $1 billion. For the period ended February 28, 2017, the
effective management fee (excluding waivers and/or assumption of expenses) was
equivalent to 0.60% 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 1.05%, 1.80% and 0.75% of the
average daily net assets attributable to Class A, Class C, and Class Y shares,
respectively. Fees waived and expenses reimbursed during the period ended
February 28, 2017 are reflected on the Statement of Operations. These expense
limitations are in effect through January 1, 2018. There can be no assurance
that PIM will extend the expense limitation agreement for a class of shares
beyond the date referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$2,666 in management fees, administrative costs and certain other reimbursements
payable to PIM at February 28, 2017.
3. Transfer Agent
Boston Financial Data Services, Inc. serves as the transfer agent to the Fund at
negotiated rates. Transfer agent fees and payables shown on the Statement of
Operations and the Statement of Assets and Liabilities, respectively, include
sub-transfer agent expenses incurred through the Fund's omnibus relationship
contracts.
4. Distribution and Service Plans
The Fund has adopted a distribution plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A and Class C shares
(the Plan). Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily
net assets attributable to Class A shares as compensation for personal services
and/or account maintenance services or distribution services with regard to
Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the
average daily net assets attributable to Class C shares. The fee for
Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17 37
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 $166 in
distribution fees payable to PFD February 28, 2017.
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
period ended February 28, 2017 no CDSCs were paid to PFD.
38 Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17
Additional Information
Pioneer Investment Management, Inc. (the "Adviser"), the Fund's investment
adviser, is currently an indirect, wholly owned subsidiary of UniCredit S.p.A.
("UniCredit"). On December 12, 2016, UniCredit announced that it has entered
into a binding agreement for the sale of its Pioneer Investments business, which
includes the Adviser, to Amundi (the "Transaction"). Amundi is headquartered in
Paris, France, and, as of September 30, 2016, had more than $1.1 trillion in
assets under management worldwide. The closing of the Transaction is expected to
happen in 2017, subject to certain regulatory and antitrust approvals, and other
conditions.
Under the Investment Company Act of 1940, the closing of the Transaction will
cause the Fund's current investment advisory agreement with the Adviser to
terminate. Accordingly, the Fund's Board of Trustees has approved a new
investment advisory agreement for the Fund, which will be submitted to the
shareholders of the Fund for their approval.
Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17 39
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer U.S. Corporate High Yield Fund (the Fund) pursuant to an investment
advisory agreement between PIM and the Fund. Based on their evaluation of the
information provided by PIM, the Trustees, including the Independent Trustees
voting separately, unanimously approved an investment advisory agreement for the
Fund. In considering the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. In all quintile rankings referred to throughout this
disclosure, the first quintile is most favorable to Fund shareowners. The
Trustees did not identify any single factor as the controlling factor in
determining to approve the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that
would be provided by PIM to the Fund, taking into account the investment
objective and strategy of the Fund. The Trustees also reviewed PIM's investment
approach for the Fund and its research process. The Trustees considered the
resources of PIM and the personnel of PIM who would provide investment
management services to the Fund. They also reviewed the amount of non-Fund
assets managed by the portfolio managers of the Fund. The Trustees considered
the non-investment resources and personnel of PIM involved in PIM's services to
the Fund, including PIM's compliance and legal resources and personnel. The
Trustees noted the substantial attention and high priority given by PIM's senior
management to the Pioneer fund complex.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and would provide the Fund with personnel (including
Fund officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM would be responsible for the administration of the Fund's business and other
affairs. The Trustees considered the quality of such services provided by PIM to
the other Pioneer Funds. The Trustees considered the fees to be paid to PIM for
the provision of administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that PIM would provide to the Fund were satisfactory and
consistent with the terms of the investment advisory agreement.
40 Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17
Performance of the Fund
The Trustees did not consider the Fund's performance in approving the investment
advisory agreement because the Fund was newly-offered and did not have a
performance history.
Management Fee and Expenses
The Trustees considered information compiled by Strategic Insight Simfund, an
independent third party, to compare the Fund's proposed management fee and
anticipated expense ratio with a peer group of funds included in the Morningstar
High Yield category. The Trustees considered that the Fund's proposed management
fee would fall approximately in the third quintile relative to the management
fees paid by funds in the Morningstar High Yield category. The Trustees noted
that the Adviser had agreed to waive fees and/or reimburse expenses in order to
limit the ordinary operating expenses of the Fund. The Trustees considered that,
taking into account proposed contractual expense limitation arrangements, the
anticipated expense ratio for the Fund's Class A shares would fall approximately
in the third quintile relative to funds in the Morningstar High Yield category.
The Trustees considered that, taking into account proposed contractual expense
limitation arrangements, the anticipated expense ratio for the Fund's Class Y
shares would fall approximately in the third quintile relative to funds in the
Morningstar High Yield category. The Trustees concluded that the proposed
management fee payable by the Fund to PIM was reasonable in relation to the
nature and quality of services to be provided by PIM.
Profitability
The Trustees did not consider PIM's profitability with respect to the management
of the Fund in approving the investment advisory agreement because the Fund was
newly-offered and profitability information was not available.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
recognize that economies of scale are difficult to identify and quantify, and
that, among other factors that may be relevant, are the following: fee levels,
expense subsidization, investment by PIM in research and analytical capabilities
and PIM's commitment and resource allocation to the Fund. The Trustees noted
that profitability also may be an indicator of the availability of any economies
of scale, although profitability may vary for other reasons including reductions
in expenses. The Trustees concluded that economies of scale, if any, were being
appropriately shared with the Funds.
Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17 41
Other Benefits
The Trustees considered the other potential benefits to PIM from its
relationship with the Fund, including the character and amount of fees that
would be paid by the Fund, other than under the investment advisory agreement,
for services that would be provided by PIM and its affiliates, and the revenues
and profitability of PIM's businesses other than the fund business. Pioneer is
the principal U.S. asset management business of Pioneer Global Asset Management,
the worldwide asset management business of UniCredit Group, which manages over
$150 billion in assets (including the Funds). Pioneer and the Funds receive
reciprocal intangible benefits from the relationship, including mutual brand
recognition and, for the Funds, direct and indirect access to the resources of a
large global asset manager. The Trustees concluded that any such benefits
received by Pioneer as a result of its relationship with the Funds were
reasonable and their consideration of the advisory agreement between the Fund
and PIM and the fees thereunder were unaffected by Pioneer's possible receipt of
any such intangible benefits.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the investment
advisory agreement for the Fund.
42 Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17
Trustees, Officers and Service Providers
Trustees Advisory Trustee
Thomas J. Perna, Chairman Lorraine H. Monchak*
David R. Bock
Benjamin M. Friedman Officers
Margaret B.W. Graham Lisa M. Jones, President and Chief
Marguerite A. Piret Executive Officer
Fred J. Ricciardi Mark E. Bradley, Treasurer and
Kenneth J. Taubes Chief Financial Officer
Christopher J. Kelley, Secretary and
Chief Legal Officer
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Boston Financial Data Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
* Ms. Monchak is a non-voting Advisory Trustee.
Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17 43
This page is for your notes.
44 Pioneer U.S. Corporate High Yield Fund | Semiannual Report | 2/28/17
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
Pioneer Funds
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus. The Fund files a
complete schedule of investments with the Securities and Exchange Commission for
the first and third quarters for each fiscal year on Form N-Q. Shareholders may
view the filed Form N-Q by visiting the Commission's web site at
http://www.sec.gov. The filed form may also be viewed and copied at the
Commission's Public Reference Room in Washington, DC. Information regarding the
operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2017 Pioneer Investments 30144-00-0417
Pioneer High Income
Municipal Fund
--------------------------------------------------------------------------------
Semiannual Report | February 28, 2017
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PIMAX
Class C HICMX
Class Y HIMYX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 8
Prices and Distributions 9
Performance Update 10
Comparing Ongoing Fund Expenses 13
Schedule of Investments 15
Financial Statements 27
Notes to Financial Statements 34
Approval of Investment Advisory Agreement 42
Trustees, Officers and Service Providers 47
Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17 1
President's Letter
Dear Shareowner,
The 2016 calendar year featured many swings in market sentiment, both in the
equity and fixed-income markets. After a slow start to the year, the markets
began to rally in mid-February 2016 with a recovery in the prices of oil and
other commodities, as well as slow, positive progress in US employment figures.
The rally persisted throughout much of the remaining 10 months of 2016, gaining
further momentum in the second half of the year when US gross domestic product
(GDP) growth showed solid improvement during the third quarter and unemployment
continued to decline. Finally, in November, the election of Donald Trump as the
45th President of the United States sparked a dramatic late-year market upturn
that saw US equities briefly climb to all-time highs. Speculation that the new
Trump administration's policies would stimulate the US economy through reduced
taxes, less regulation, and increased government spending on infrastructure,
fueled the year-end rally. For the full 12 months ended December 31, 2016, the
Standard & Poor's 500 Index, a broad measure of US stock market performance,
returned a strong 11.9%.
In bond markets, the Federal Reserve Board's (the Fed's) 0.25% hike in the
Federal funds rate in December 2016, its first rate increase in a year,
contributed to a sell-off in US Treasuries. The pullback from Treasuries also
derived from the market's increased inflation and growth expectations under the
incoming Trump administration. Elsewhere within fixed income, corporate credit,
particularly in the high-yield segment of the market, performed well over the
fourth quarter and the full calendar year. US high-yield securities, as
measured by the Bank of America Merrill Lynch US High Yield Index, returned a
robust 17.5% for the 12 months ended December 31, 2016. The debt of
energy-related issuers drove the strong performance within high yield, as the
recovery in oil and other commodity prices, which began in February 2016,
sparked a rally in the sector. Meanwhile, the Bloomberg Barclays US Aggregate
Bond Index, which tracks the performance of Treasury and agency issues,
corporate bond issues, and mortgage-backed securities, returned 2.7% for the
same 12-month period, reflecting the relative weakness in government bonds.
The US economy's underlying fundamentals seem solid, and growth prospects for
2017 appear healthy. However, we remain concerned about risks to the economy of
potentially disruptive trade policies pursued by the Trump administration.
Barring a damaging trade war, though, we anticipate the Fed will continue to
hike short-term interest rates gradually during 2017. In addition, we expect the
Fed to consider carefully the potential economic effects of any fiscal policies
enacted by the new Trump administration and the Republican- controlled Congress.
In that regard, we believe President Trump's economic policies, if they come to
fruition, could help boost real GDP growth. However, the impact of Trump's
policies on US GDP may be greater in 2018 rather than in 2017. Still, even prior
to the late-year "Trump rally," US GDP growth appeared to settling in at a
sustainable annual pace of more than 2% as 2016 drew to a close, following some
weaker performance in the first half of the year. Continued improvement in the
employment market driven in part by gains in manufacturing output were among the
factors behind the bounce-back in GDP.
2 Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17
While economic conditions inside the US appear solid, many economies around the
world continue to experience slow growth rates. Moreover, several countries in
various regions face a number of challenges in 2017 and beyond, including the
shifting geopolitics driving "Brexit" - the United Kingdom's pending exit from
the European Union - as well as related populist movements in Europe, limited
productivity gains, aging populations, and transitioning economic models in
China and other emerging markets. In recent years, global central banks have
kept interest rates at close to zero in an effort to stimulate economic growth.
While financial markets often benefited from the low rates, it now appears that
those policies may be losing their effectiveness, leaving central banks little
room to maneuver going forward. Moreover, the low interest rates have caused
government bond yields to plummet, presenting a dilemma for the income-oriented
investor.
Against this backdrop of still-low global interest rates, shifting priorities of
central banks, evolving demographics, and numerous geopolitical concerns, we
believe investors are likely to face ongoing challenges and much uncertainty
when it comes to finding opportunities for both income and capital appreciation.
While much has been made of passive investing as a possible source of stability
in this uncertain environment, it is our view that all investment decisions are
active choices. Throughout Pioneer's history, we have believed in the importance
of active management. During challenging market conditions, we view the value of
active management as even more compelling. Our experienced and tenured
investment teams focus on identifying value across global markets using
proprietary research, careful risk management, and a long-term perspective. We
believe our shareowners can benefit from the experience and tenure of our
investment teams as well as the insights generated from our extensive research
process.
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA Inc.
February 28, 2017
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17 3
Portfolio Management Discussion | 2/28/17
Higher-yield municipal bonds produced modestly negative returns over the
six-month period ended February 28, 2017, but still outperformed investment-
grade municipals. In the following interview, Jonathan Chirunga and David Eurkus
discuss the factors that influenced the performance of Pioneer High Income
Municipal Fund during the six-month period. Mr. Chirunga, a vice president and a
portfolio manager at Pioneer, manages the Fund along with Mr. Eurkus, Director
of Municipals, a senior vice president and a portfolio manager at Pioneer.
Q How did the Fund perform during the six-month period ended February 28,
2017?
A Pioneer High Income Municipal Fund's Class A shares returned -2.57% during
the six-month period ended February 28, 2017, while the Fund's benchmark,
the Bloomberg Barclays U.S. Municipal High Yield Bond Index, returned
-1.98%. During the same period, the average return of the 162 mutual funds
in Lipper's High-Yield Municipal Debt Funds category was -3.57%, and the
average return of the 171 mutual funds in Morningstar's High-Yield
Municipal Funds category was -3.42%.
Q How would you describe the market environment for municipal bond investors
during the six-month period ended February 28, 2017?
A Higher-yielding municipal bonds felt the effects of several contrasting
influences during the six-month period. While market interest rates rose
and bond prices generally fell, lower-rated municipal bonds still held up
better than their investment-grade counterparts, the performance of which,
historically, has been more susceptible to changes in interest rates. At
the same time, demand for the higher yields offered by lower-quality
municipal securities remained firm during the period, while the steadily -
albeit modestly - growing U.S. economy reinforced confidence in the credit-
worthiness of higher-yielding debt. Indeed, optimism about the economy
increased during the period in the wake of Donald J. Trump's victory in the
2016 presidential election, as investors became encouraged by the
expectation that Mr. Trump and the Republican-controlled Congress would
enact more pro-growth economic policies, such as reducing corporate and
individual tax rates, boosting infrastructure spending, cutting corporate
regulations, and replacing or eliminating the Affordable Care Act signed
into law by his predecessor.
One factor during the six-month period did, however, negatively affect
high-yielding municipal bonds more than other fixed-income groups. Shortly
before the start of the reporting period, in July 2016, the
4 Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17
Commonwealth of Puerto Rico defaulted on a group of its general obligation
bonds. The bonds eventually rallied, but at the time, Puerto Rico issues
accounted for 23% of the entire universe of high-yield municipal securities
in the Bloomberg Barclays U.S. Municipal High Yield Bond Index (the
Bloomberg Barclays Index). After the default announcement, the
Commonwealth's bonds dropped from 23% of the Bloomberg Barclays Index down
to 13%.
Q What factors affected the Fund's performance relative to the benchmark
Bloomberg Barclays Index during the six-month period ended February 28,
2017?
A The Fund had a relatively light exposure to Puerto Rico-issued bonds during
the period, and when the bonds improved in performance after the
Commonwealth's default announcement, the Fund's underweight to Puerto Rico
detracted from benchmark-relative performance for the full six months. We
have maintained our small position in the bonds, which represent less than
3% of the Fund's total investment portfolio. The Fund's investments in
Puerto Rico are exclusively general obligation bonds that are higher in the
capital structure than other types of bonds, as we believe the securities
offer bond holders better protection in the case of a bankruptcy-related
financial reorganization.
In general, our focus on owning higher-quality high-yield municipal bonds
in the portfolio was not rewarded during the six-month period, as the
better yields offered by financially troubled issuers attracted investors,
resulting in outperformance by the bonds of many lower-quality issuers. For
example, the Fund did not own any bonds issued by the State of Illinois,
the City of Chicago, or the Chicago Board of Education, all of which
experienced widely known financial problems but still ended up
outperforming the Bloomberg Barclays Index over the six-month period.
Together, the securities of the three Illinois-based issuers accounted for
about 6% of the Bloomberg Barclays Index's net assets, and so the Fund's
lack of exposure to them detracted from benchmark-relative returns.
On the positive side, the Fund's overweighted exposure to securities issued
by educational institutions helped benchmark-relative performance, as those
assets outperformed during the six-month period. Bonds issued by charter
schools - an area of emphasis in the Fund's portfolio - performed
particularly well during the period as continued strong demand for these
alternative-choice public institutions likewise drove investor demand for
their municipal securities. Among the Fund's charter school-related
holdings, two standout performers were bonds issued by Esperanza Academy, a
Philadelphia institution, and the Classical Academies in California.
Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17 5
Q Did the Fund have any exposure to derivative securities during the
six-month period ended February 28, 2017?
A No, the Fund had no investments in any derivative securities during the
period.
Q Did the Fund's yield, or distribution to shareholders, change during the
six-month period ended February 28, 2017?
A The Fund's yield remained relatively stable over the six-month period,
although it did decline slightly as new bond issues tended to offer lower
yields than older debt in the portfolio that had either reached maturity or
were called.
Q What is your investment outlook?
A We believe the near-term outlook for high-yield municipal debt remains
positive, as improving credit quality and limited supply should continue to
support municipal bond prices and even attract some non-traditional
investors from the taxable bond market. We believe that the U.S. economy
should grow at a relatively moderate pace this year, which should provide a
good environment for the prices of high-yield municipal investments as both
the financial health and credit-worthiness of bond issuers strengthen. We
think the U.S. Federal Reserve (the Fed) is likely to continue raising
short-term interest rates, perhaps as many as three times during 2017.
Investors currently anticipate those actions, however, and so we don't
believe the rate increases will be disruptive to the municipal high-yield
market. We think bond prices also should receive support from the
relatively light flow of new bond issues into the municipal market.
One issue clouding the investment climate is the lack of clarity about how
Congress and the president will resolve some significant policy questions.
The longer Congress delays in tackling health care, tax reform, and
infrastructure spending legislation, the more uncertainty there could be in
the markets. The future of the Affordable Care Act, for example, could have
a major impact on the performance of bonds issued by hospitals and health
care institutions. Those securities currently account for 19.9% of the
Bloomberg Barclays Index, and they could be severely affected if new or
revised health care legislation results in any significant decline in the
number of insured.
We intend to keep a close eye on these political issues as they develop.
6 Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17
Please refer to the Schedule of Investments on pages 15-26 for a full listing of
Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
Investments in high-yield or lower-rated securities are subject to greater-than-
average price volatility, illiquidity and possibility of default.
When interest rates rise, the prices of fixed-income securities in the Fund will
generally fall. Conversely, when interest rates fall, the prices of fixed-income
securities in the Fund will generally rise.
Investments in the Fund are subject to possible loss due to the financial
failure of issuers of underlying securities and their inability to meet their
debt obligations.
Prepayment risk is the chance that an issuer may exercise its right to prepay
its security, if falling interest rates prompt the issuer to do so. Forced to
reinvest the unanticipated proceeds at lower interest rates, the Fund would
experience a decline in income and lose the opportunity for additional price
appreciation.
The value of municipal securities can be adversely affected by changes in
financial condition of municipal issuers, lower revenues, and regulatory and
political developments.
The Fund is non-diversified, which means that it can invest a large percentage
of its assets in the securities of any one or more issuers. This increases the
Fund's potential risk exposure.
The Fund may use derivatives, such as options, futures, inverse floating rate
obligations, swaps, and others, which can be illiquid, may disproportionately
increase losses, and have a potentially large impact on Fund performance.
Derivatives may have a leveraging effect on the Fund.
A portion of income may be subject to local, state, federal, and/or alternative
minimum tax. Capital gains, if any, are subject to a capital gains tax.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.
These risks may increase share price volatility.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Pioneer Investments for a prospectus or
summary prospectus containing this information. Read it carefully.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is not a
guarantee of future results.
Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17 7
Portfolio Summary | 2/28/17
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Health 22.6%
Special Revenues 21.2%
Education 20.5%
Various Revenues 9.8%
General Obligation 7.1%
Housing 5.8%
Pollution Control Revenue 5.5%
Escrowed 3.8%
Transportation 2.2%
Reserves 0.9%
Insured 0.3%
Water & Sewer 0.3%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)*
1. Commonwealth of Puerto Rico, 8.0%, 7/1/35 2.80%
----------------------------------------------------------------------------------------------------
2. City of Philippi West Virginia, 7.75%, 10/1/44 2.72
----------------------------------------------------------------------------------------------------
3. Tobacco Settlement Financing Corp. Virginia, 5.0%, 6/1/47 2.25
----------------------------------------------------------------------------------------------------
4. Sanger Industrial Development Corp., Texas Pellets Project Series B, 8.0%, 7/1/38 1.89
----------------------------------------------------------------------------------------------------
5. Pennsylvania Economic Development Financing Authority, US Airways Group
Series B, 8.0%, 5/1/29 1.72
----------------------------------------------------------------------------------------------------
6. Michigan Tobacco Settlement Finance Authority, 6.0%, 6/1/48 1.57
----------------------------------------------------------------------------------------------------
7. Suffolk Tobacco Asset Securitization Corp., 6/1/44 1.50
----------------------------------------------------------------------------------------------------
8. Buckeye Tobacco Settlement Financing Authority, 6.0%, 6/1/42 1.49
----------------------------------------------------------------------------------------------------
9. Suffolk Tobacco Asset Securitization Corp., 6.0%, 6/1/48 1.47
----------------------------------------------------------------------------------------------------
10. Tarrant County Cultural Education Facilities Finance Corp., MRC Crestview Project,
8.125%, 11/15/44 1.43
----------------------------------------------------------------------------------------------------
* 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 | Semiannual Report | 2/28/17
Prices and Distributions | 2/28/17
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 2/28/17 8/31/16
--------------------------------------------------------------------------------
A $7.21 $7.59
--------------------------------------------------------------------------------
C $7.21 $7.59
--------------------------------------------------------------------------------
Y $7.12 $7.49
--------------------------------------------------------------------------------
Distributions per Share: 9/1/16-2/28/17
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1840 $ -- $ --
--------------------------------------------------------------------------------
C $0.1559 $ -- $ --
--------------------------------------------------------------------------------
Y $0.1884 $ -- $ --
--------------------------------------------------------------------------------
Index Definitions
--------------------------------------------------------------------------------
The Bloomberg Barclays U.S. Municipal High Yield 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 | Semiannual Report | 2/28/17 9
Performance Update | 2/28/17 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer High Income Municipal Fund at
public offering price during the periods shown, compared to that of the
Bloomberg Barclays U.S. Municipal High Yield Bond Index.
Average Annual Total Returns
(As of February 28, 2017)
--------------------------------------------------------------------------------
Bloomberg
Net Public Barclays U.S.
Asset Offering Municipal
Value Price High Yield
Period (NAV) (POP) Bond Index
--------------------------------------------------------------------------------
10 Years 2.75% 2.28% 4.28%
5 Years 5.50 4.54 5.76
1 Year 3.01 -1.66 5.17
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2016)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.87%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer High Income Bloomberg Barclays U.S.
Municipal Fund Municipal High Yield Bond Index
2/07 $ 9,550 $10,000
2/08 $ 8,626 $ 9,317
2/09 $ 6,590 $ 7,600
2/10 $ 8,767 $ 9,618
2/11 $ 9,058 $10,065
2/12 $ 9,588 $11,490
2/13 $11,294 $13,143
2/14 $10,503 $12,932
2/15 $11,608 $14,158
2/16 $12,165 $14,457
2/17 $12,530 $15,204
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.
Please refer to the financial highlights for a more current expense ratio.
10 Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17
Performance Update | 2/28/17 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer High Income Municipal Fund during
the periods shown, compared to that of the Bloomberg Barclays U.S. Municipal
High Yield Bond Index.
Average Annual Total Returns
(As of February 28, 2017)
--------------------------------------------------------------------------------
Bloomberg
Barclays U.S.
Municipal
If If High Yield
Period Held Redeemed Bond Index
--------------------------------------------------------------------------------
10 Years 1.93% 1.93% 4.28%
5 Years 4.68 4.68 5.76
1 Year 2.08 2.08 5.17
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2016)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.63%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer High Income Bloomberg Barclays U.S.
Municipal Fund Municipal High Yield Bond Index
2/07 $10,000 $10,000
2/08 $ 8,925 $ 9,317
2/09 $ 6,767 $ 7,600
2/10 $ 8,923 $ 9,618
2/11 $ 9,170 $10,065
2/12 $ 9,634 $11,490
2/13 $11,265 $13,143
2/14 $10,383 $12,932
2/15 $11,405 $14,158
2/16 $11,861 $14,457
2/17 $12,108 $15,204
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.
Please refer to the financial highlights for a more current expense ratio.
Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17 11
Performance Update | 2/28/17 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer High Income Municipal Fund during
the periods shown, compared to that of the Bloomberg Barclays U.S. Municipal
High Yield Bond Index.
Average Annual Total Returns
(As of February 28, 2017)
--------------------------------------------------------------------------------
Bloomberg
Net Barclays U.S.
Asset Municipal
Value High Yield
Period (NAV) Bond Index
--------------------------------------------------------------------------------
10 Years 2.76% 4.28%
5 Years 5.66 5.76
1 Year 3.16 5.17
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2016)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.71%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer High Income Bloomberg Barclays U.S.
Municipal Fund Municipal High Yield Bond Index
2/07 $5,000,000 $5,000,000
2/08 $4,476,757 $4,658,701
2/09 $3,424,102 $3,799,856
2/10 $4,531,868 $4,809,056
2/11 $4,704,709 $5,032,317
2/12 $4,984,454 $5,744,761
2/13 $5,877,467 $6,571,270
2/14 $5,472,942 $6,466,247
2/15 $6,062,369 $7,079,232
2/16 $6,363,752 $7,228,306
2/17 $6,565,119 $7,601,801
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.
Please refer to the financial highlights for a more current expense ratio.
12 Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
1. Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
2. Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer High Income Municipal Fund
Based on actual returns from September 1, 2016, through February 28, 2017.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 9/1/16
--------------------------------------------------------------------------------
Ending Account Value $ 974.30 $ 970.50 $ 975.90
(after expenses) on 2/28/17
--------------------------------------------------------------------------------
Expenses Paid $ 4.36 $ 8.11 $ 3.63
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.89%,
1.66% and 0.74% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
181/365 (to reflect the one-half year period).
Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17 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 September 1, 2016, through February 28, 2017.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 9/1/16
--------------------------------------------------------------------------------
Ending Account Value $1,020.38 $1,016.56 $1,021.12
(after expenses) on 2/28/17
--------------------------------------------------------------------------------
Expenses Paid $ 4.46 $ 8.30 $ 3.71
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.89%,
1.66% and 0.74% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
181/365 (to reflect the one-half year period).
14 Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17
Schedule of Investments | 2/28/17 (unaudited)
------------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 0.5%
DIVERSIFIED FINANCIALS -- 0.5%
Specialized Finance -- 0.5%
3,125,000 Texas Pellets, Inc., 8.0%, 3/31/17 (144A) $ 3,125,000
----------------
Total Diversified Financials $ 3,125,000
--------------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $3,125,000) $ 3,125,000
--------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 97.4% (d)
Alaska -- 0.6%
3,700,000 Northern Tobacco Securitization Corp., 5.0%, 6/1/46 $ 3,463,163
--------------------------------------------------------------------------------------------------------------------
Arizona -- 2.9%
4,000,000 The Industrial Development Authority of the City of
Phoenix, 5.125%, 7/1/36 $ 3,593,400
8,000,000 The Industrial Development Authority of the City of
Phoenix, 5.4%, 10/1/36 7,266,720
1,000,000 The Industrial Development Authority of the County of
Pima, Desert hights Charter, 7.0%, 5/1/34 1,077,400
3,000,000 The Industrial Development Authority of the County of
Pima, Desert hights Charter, 7.25%, 5/1/44 3,248,370
700,000 The Industrial Development Authority of the County of
Pima, Legacy Traditional School Project, 8.5%,
7/1/39 (Pre-Refunded) 805,028
490,000 The Industrial Development Authority of the County of
Pima, Paradise Education Center, 6.0%, 6/1/40 542,273
----------------
$ 16,533,191
--------------------------------------------------------------------------------------------------------------------
California -- 10.1%
1,215,000 California County Tobacco Securitization Agency, 6/1/36 $ 1,236,518
5,880,000 California County Tobacco Securitization Agency,
Merced County, 5.25%, 6/1/45 5,884,057
4,660,000 California County Tobacco Securitization Agency,
Sonoma County Corp., 5.125%, 6/1/38 4,547,042
2,385,000 California County Tobacco Securitization Agency,
Sonoma County Corp., 5.25%, 6/1/45 2,298,114
1,300,000 California Municipal Finance Authority, John Adams
Academics Project, 5.25%, 10/1/45 1,343,472
6,300,000 California Municipal Finance Authority, Santa Rosa
Academy Project Ser A, 6.0%, 7/1/42 6,676,362
500,000 California Municipal Finance Authority, Santa Rosa
Academy Project, 5.125%, 7/1/35 512,585
1,575,000 California Municipal Finance Authority, Santa Rosa
Academy Project, 5.375%, 7/1/45 1,618,549
1,000,000 California School Finance Authority, 6.0%, View Park
Elementary and Middle School, 10/1/49 1,059,520
3,000,000 California School Finance Authority, 7.375%, Classical
Academies Project, 10/1/43 3,482,310
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17 15
Schedule of Investments | 2/28/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------------------
California -- (continued)
3,230,000 California School Finance Authority, ICEF View Park
High School, 7.125%, 10/1/48 $ 3,625,998
830,000 California School Finance Authority, View Park
Elementary and Middle School, 5.625%, 10/1/34 868,263
1,475,000 California School Finance Authority, View Park
Elementary and Middle School, 5.875%, 10/1/44 1,556,096
1,560,000 California Statewide Communities Development
Authority, California Baptist University, 6.125%, 11/1/33 1,695,283
4,030,000 California Statewide Communities Development
Authority, California Baptist University, 6.375%, 11/1/43 4,394,514
2,000,000 California Statewide Communities Development
Authority, Lancer Edl Student Housing Project,
7.5%, 6/1/42 2,260,140
315,559 California Statewide Communities Development
Authority, Microgy Holdings Project, 9.0%, 12/1/38 (e) 3
5,810,000 Golden State Tobacco Securitization Corp., 6/1/37 5,816,333
2,500,000 Pittsburg Unified School District, 9/1/41 (AGM
CNTY GTD) (c) 823,675
1,925,000 Pittsburg Unified School District, 9/1/42 (AGM
CNTY GTD) (c) 604,662
2,000,000 River Islands Public Financing Authority, 5.5%, 9/1/45 2,108,520
4,395,000 Tobacco Securitization Authority of Southern California,
5.0%, 6/1/37 4,389,682
----------------
$ 56,801,698
--------------------------------------------------------------------------------------------------------------------
Colorado -- 6.1%
2,345,000 Castle Oaks Metropolitan District No 3, 5.5%,
12/1/45 (f) $ 2,268,553
2,860,000 Castle Oaks Metropolitan District No 3, 6.25%,
12/1/44 (f) 2,936,105
1,000,000 Colorado Educational & Cultural Facilities Authority,
3.75%, 7/1/26 950,600
1,000,000 Colorado Educational & Cultural Facilities Authority,
5.0%, 12/15/45 980,480
1,250,000 Colorado Educational & Cultural Facilities Authority,
5.0%, 7/1/36 1,225,625
2,000,000 Colorado Educational & Cultural Facilities Authority,
5.0%, 7/1/46 1,914,620
2,000,000 Colorado Educational & Cultural Facilities Authority,
Charter School Rocky Mountain Classical, 8.0%, 9/1/43 2,219,720
5,000,000 Colorado Educational & Cultural Facilities Authority,
Charter School Rocky Mountain Classical,
8.125%, 9/1/48 5,566,100
2,000,000 Copperleaf Metropolitan District No 2, 5.75%,
12/1/45 (f) 2,040,600
2,840,000 Crystal Crossing Metropolitan District, 5.25%,
12/1/40 (f) 2,659,802
The accompanying notes are an integral part of these financial statements.
16 Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17
--------------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------------------
Colorado -- (continued)
1,500,000 Dominion Water & Sanitation District, 6.0%, 12/1/46 $ 1,498,800
2,575,000 Great Western Park Metropolitan District No 2, 5.0%,
12/1/46 (f) 2,410,123
500,000 Leyden Rock Metropolitan District No 10, 4.0%,
12/1/25 (f) 475,425
750,000 Leyden Rock Metropolitan District No 10, 4.375%,
12/1/33 (f) 683,648
1,250,000 Leyden Rock Metropolitan District No 10, 5.0%,
12/1/45 (f) 1,163,700
500,000 Leyden Rock Metropolitan District No 10, 7.25%,
12/15/45 (f) 450,745
1,700,000 Littleton Village Metropolitan District No 2, 5.375%,
12/1/45 (f) 1,620,542
1,500,000 Promenade Castle Rock Metropolitan District No 1,
5.75%, 12/1/39 (f) 1,506,345
1,000,000 Sterling Ranch Community Authority Board, 5.75%,
12/1/45 (MUN GOVT GTD) 944,960
575,000 Water Valley Metropolitan District No 02, 5.25%,
12/1/40 (f) 596,746
----------------
$ 34,113,239
--------------------------------------------------------------------------------------------------------------------
Connecticut -- 1.0%
2,505,000 0.41 Connecticut State Health & Educational Facility Authority,
Floating Rate Note, 7/1/36 $ 2,505,000
2,885,000 Town of Hamden Connecticut, Whitney Center Project,
7.75%, 1/1/43 2,957,414
----------------
$ 5,462,414
--------------------------------------------------------------------------------------------------------------------
District of Columbia -- 0.1%
735,000 District of Columbia Tobacco Settlement Financing
Corp., 6.75%, 5/15/40 $ 750,619
--------------------------------------------------------------------------------------------------------------------
Florida -- 2.6%
5,000,000 Alachua County Health Facilities Authority, Terraces
Bonita Springs Project, 8.125%, 11/15/46 $ 5,758,200
1,820,000 County of Liberty Florida, 8.25%, 7/1/28 (e) 163,509
5,000,000 Florida Development Finance Corp., 6.375%, 6/1/46 4,882,850
1,000,000 Florida Development Finance Corp., Tuscan Isle
Obligated Group, 7.0%, 6/1/35 1,012,960
3,000,000 Florida Development Finance Corp., Tuscan Isle
Obligated Group, 7.0%, 6/1/45 3,038,880
----------------
$ 14,856,399
--------------------------------------------------------------------------------------------------------------------
Hawaii -- 0.2%
1,000,000 State of Hawaii Department of Budget & Finance,
15 Craigside Project, 9.0%, 11/15/44 $ 1,207,260
--------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17 17
Schedule of Investments | 2/28/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------------------
Illinois -- 5.3%
1,000,000 Chicago Board of Education, 5.75%, 4/1/35 $ 996,490
2,010,000 Chicago Board of Education, 6.0%, 4/1/46 2,047,949
8,000,000 Chicago Board of Education, 6.5%, 12/1/46 (f) 7,347,760
4,213,653 4.00 Illinois Finance Authority, Clare Oaks Project Series B,
Floating Rate Note, 11/15/52 2,964,010
2,634,795 Illinois Finance Authority, Clare Oaks Project Series C1,
11/15/52 (c) 93,272
526,959 Illinois Finance Authority, Clare Oaks Project Series C2,
11/15/52 (c) 143,496
526,959 Illinois Finance Authority, Clare Oaks Project Series C3,
11/15/52 (c) 90,210
1,250,000 Illinois Finance Authority, Norwegian American Hospital,
7.625%, 9/15/28 1,325,950
4,845,000 Illinois Finance Authority, Norwegian American Hospital,
7.75%, 9/15/38 5,416,662
485,000 Southwestern Illinois Development Authority,
Comprehensive Mental Health Center, 6.2%, 6/1/17 488,220
7,020,000 Southwestern Illinois Development Authority,
Comprehensive Mental Health Center, 6.625%, 6/1/37 7,065,419
2,145,000 Southwestern Illinois Development Authority,
Village of Sauget Project, 5.625%, 11/1/26 1,891,182
----------------
$ 29,870,620
--------------------------------------------------------------------------------------------------------------------
Indiana -- 5.0%
1,750,000 City of Carmel Indiana, Barrington Carmel Project
Series A, 7.0%, 11/15/32 $ 1,898,050
2,000,000 City of Carmel Indiana, Barrington Carmel Project
Series A, 7.125%, 11/15/42 2,171,140
2,000,000 City of Carmel Indiana, Barrington Carmel Project
Series A, 7.125%, 11/15/47 2,166,040
3,500,000 City of Crown Point Indiana, Wittenberg Village
Project, 8.0%, 11/15/39 3,769,430
2,050,000 City of Muncie Indiana, 5.05%, 1/1/31 1,933,191
5,510,000 City of Muncie Indiana, 5.25%, 1/1/37 5,063,855
4,000,000 Hospital Authority of Vigo County, Union Hospital, Inc.,
8.0%, 9/1/41 5,117,840
6,580,000 Indiana State housing & Community Development
Authority Evergreen Village Bloomington Project,
5.5%, 1/1/37 6,135,784
----------------
$ 28,255,330
--------------------------------------------------------------------------------------------------------------------
Iowa -- 0.5%
3,000,000 Iowa Tobacco Settlement Authority, 5.625%, 6/1/46 $ 2,999,760
--------------------------------------------------------------------------------------------------------------------
Maryland -- 0.2%
995,000 Maryland Health & Higher Educational Facilities
Authority, City Neighbors Series A, 6.75%, 7/1/44 $ 1,084,321
--------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17
--------------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------------------
Massachusetts -- 3.5%
4,025,000 Massachusetts Development Finance Agency Senior
Linden Ponds Inc. Series A, 4.68%, 11/15/21 $ 4,007,089
1,116,746 Massachusetts Development Finance Agency Senior
Linden Ponds Inc. Series B Subseries II, 11/15/56 (c) 5,584
215,000 Massachusetts Development Finance Agency Senior
Linden Ponds Inc. Series B, 4.68%, 11/15/21 210,846
3,903,837 Massachusetts Development Finance Agency, 5.5%,
Linden Ponds, Inc., 11/15/46 3,527,195
2,000,000 Massachusetts Development Finance Agency,
Adventcare Project Series A, 6.75%, 10/15/37 2,022,600
830,000 Massachusetts Development Finance Agency,
Adventcare Project, 7.625%, 10/15/37 893,819
1,235,770 Massachusetts Development Finance Agency, Linden
Ponds, Inc., Series A-1, 6.25%, 11/15/26 1,282,111
3,340,294 Massachusetts Development Finance Agency, Linden
Ponds, Inc., Series A-1, 6.25%, 11/15/39 3,439,467
1,470,000 0.58 Massachusetts Health & Educational Facilities Authority,
Floating Rate Note, 10/1/49 1,470,000
2,940,000 0.41 Massachusetts Health & Educational Facilities Authority,
Floating Rate Note, 11/1/49 2,940,000
----------------
$ 19,798,711
--------------------------------------------------------------------------------------------------------------------
Michigan -- 6.5%
1,250,000 Flint Hospital Building Authority, Hurley Medical
Center Series A, 5.25%, 7/1/39 $ 1,278,162
1,250,000 Flint Hospital Building Authority, Hurley Medical
Center, 7.375%, 7/1/35 1,370,400
5,485,000 Flint International Academy, 5.75%, 10/1/37 5,496,957
145,000 Michigan Public Educational Facilities Authority,
Dr. Joseph Pollack, 7.25%, 4/1/20 152,030
2,020,000 Michigan Public Educational Facilities Authority,
Dr. Joseph Pollack, 8.0%, 4/1/40 2,162,814
4,295,000 Michigan Public Educational Facilities Authority,
Ltd Oblig-David Ellis-West Project, 5.875%, 6/1/37 4,298,651
7,135,000 6.75 Michigan Strategic Fund, CFP Michigan Dept Offices
Lease B, Floating Rate Note, 3/1/40 7,216,696
4,000,000 6.62 Michigan Strategic Fund, Floating Rate Note, 11/1/41 3,953,560
750,000 Michigan Tobacco Settlement Finance Authority,
6.0%, 6/1/34 729,128
9,280,000 Michigan Tobacco Settlement Finance Authority,
6.0%, 6/1/48 8,641,907
1,250,000 Michigan Tobacco Settlement Finance Authority,
6.875%, 6/1/42 1,258,825
----------------
$ 36,559,130
--------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17 19
Schedule of Investments | 2/28/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------------------
Minnesota -- 0.7%
2,000,000 Bloomington Port Authority, Radisson Blu MOA LLC,
9.0%, 12/1/35 $ 2,115,860
400,000 City of Deephaven Minnesota, Eagle Ridge Academy
Project, 5.25%, 7/1/37 409,740
1,500,000 City of Deephaven Minnesota, Eagle Ridge Academy
Project, 5.5%, 7/1/50 1,539,210
----------------
$ 4,064,810
--------------------------------------------------------------------------------------------------------------------
Mississippi -- 0.2%
800,000 0.58 Mississippi Business Finance Corp., Floating Rate
Note, 12/1/30 $ 800,000
--------------------------------------------------------------------------------------------------------------------
Missouri -- 2.0%
5,540,000 Community Memorial Hospital District, 6.68%, 12/1/34 $ 5,731,462
500,000 Kansas City Industrial Development Authority,
4.25%, 4/1/26 467,290
1,000,000 Kansas City Industrial Development Authority,
5.0%, 4/1/36 924,830
1,150,000 Kansas City Industrial Development Authority,
5.0%, 4/1/46 1,008,849
2,500,000 Kirkwood Industrial Development Authority, Aberdeen
Hrights Series A, 8.25%, 5/15/45 3,036,750
----------------
$ 11,169,181
--------------------------------------------------------------------------------------------------------------------
New Jersey -- 1.7%
4,500,000 New Jersey Health Care Facilities Financing Authority,
St. Peters University Hospital, 6.25%, 7/1/35 $ 4,799,835
5,000,000 Tobacco Settlement Financing Corp. New Jersey,
5.0%, 6/1/41 4,810,000
----------------
$ 9,609,835
--------------------------------------------------------------------------------------------------------------------
New Mexico -- 1.2%
55,000 County of Otero New Mexico, 5.75%, 4/1/18 $ 54,583
80,000 County of Otero New Mexico, 6.0%, 4/1/23 76,749
7,100,000 County of Otero New Mexico, 6.0%, 4/1/28 6,605,627
----------------
$ 6,736,959
--------------------------------------------------------------------------------------------------------------------
New York -- 4.2%
2,620,000 New York Counties Tobacco Trust IV, 5.0%, 6/1/45 $ 2,482,555
8,030,000 Suffolk Tobacco Asset Securitization Corp., 6.0%, 6/1/48 8,119,213
8,000,000 Suffolk Tobacco Asset Securitization Corp., 6/1/44 8,242,000
10,000,000 The Erie County Industrial Development Agency,
Galvstar LLC Project Series A, 10/1/30 (c) (e) 2,498,600
8,000,000 The Erie County Industrial Development Agency,
Galvstar LLC Project Series B, 10/1/30 (c) (e) 1,998,880
1,795,000 The Erie County Industrial Development Agency,
Galvstar LLC Project Series C, 10/1/30 (c) (e) 448,499
----------------
$ 23,789,747
--------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17
--------------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------------------
Ohio -- 4.0%
8,555,000 Buckeye Tobacco Settlement Financing Authority,
6.0%, 6/1/42 $ 8,223,323
6,335,000 Buckeye Tobacco Settlement Financing Authority,
6.5%, 6/1/47 6,287,741
5,000,000 4.38 Ohio Water Development Authority Water Pollution
Control Loan Fund, Floating Rate Note, 6/1/33 4,538,250
2,900,000 Southeastern Ohio Port Authority, 6.0%, 12/1/42 3,173,644
----------------
$ 22,222,958
--------------------------------------------------------------------------------------------------------------------
Pennsylvania -- 10.0%
850,000 Allegheny County Hospital Development Authority,
Ohio Valley General Hospital Project A, 5.125%, 4/1/35 $ 783,062
8,000,000 Delaware County Industrial Development Authority
Pennsylvania, 5.125%, 6/1/46 7,147,360
2,375,000 Fulton County Industrial Development Authority,
5.0%, 7/1/46 2,308,975
2,500,000 Fulton County Industrial Development Authority,
5.0%, 7/1/51 2,387,475
3,000,000 Pennsylvania Economic Development Financing
Authority, Northwestern Human Services Series A,
5.25%, 6/1/28 3,001,350
2,005,000 Pennsylvania Economic Development Financing
Authority, US Airways Group Series A, 7.5%, 5/1/20 2,216,848
8,445,000 Pennsylvania Economic Development Financing
Authority, US Airways Group Series B, 8.0%, 5/1/29 9,507,043
2,200,000 Philadelphia Authority for Industrial Development,
6.5%, 6/1/45 2,244,726
3,145,000 Philadelphia Authority for Industrial Development,
6.625%, 6/1/50 3,223,845
2,500,000 Philadelphia Authority for Industrial Development,
Green Woods Charter School Projects A, 5.5%, 6/15/32 2,545,700
5,200,000 Philadelphia Authority for Industrial Development,
Green Woods Charter School Projects A, 5.75%, 6/15/42 5,299,164
6,000,000 Philadelphia Authority for Industrial Development,
Nueva Esperanze Inc., 8.2%, 12/1/43 6,825,000
1,000,000 Philadelphia Authority for Industrial Development,
Performing Arts Charter School Project, 6.5%,
6/15/33 (144A) 1,046,840
3,000,000 Philadelphia Authority for Industrial Development,
Performing Arts Charter School Project, 6.75%,
6/15/43 (144A) 3,156,090
4,000,000 The Hospitals & Higher Education Facilities Authority
of Philadelphia, Temple University Health System
Series A, 5.625%, 7/1/42 4,269,160
----------------
$ 55,962,638
--------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17 21
Schedule of Investments | 2/28/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------------------
Puerto Rico -- 2.8%
21,000,000 Commonwealth of Puerto Rico, 8.0%, 7/1/35 (e) (f) $ 15,434,999
--------------------------------------------------------------------------------------------------------------------
Rhode Island -- 0.1%
2,065,000 Central Falls Detention Facility Corp., 7.25%, 7/15/35 (e) $ 511,418
--------------------------------------------------------------------------------------------------------------------
Tennessee -- 0.0%+
5,000 Johnson City Health & Educational Facilities Board,
Appalachian Christian Village, 5.0%, 2/15/43 $ 5,072
--------------------------------------------------------------------------------------------------------------------
Texas -- 10.5%
200,000 Arlington Higher Education Finance Corp., 5.875%, 3/1/24 $ 201,196
525,000 Arlington Higher Education Finance Corp., 6.625%, 3/1/29 530,108
375,000 Arlington Higher Education Finance Corp., 7.0%, 3/1/34 381,146
7,030,000 Arlington Higher Education Finance Corp., Universal
Academy Series A, 7.125%, 3/1/44 7,107,752
400,000 City of Celina Texas, 5.375%, 9/1/28 382,956
1,000,000 City of Celina Texas, 5.5%, 9/1/24 969,590
250,000 City of Celina Texas, 5.5%, 9/1/32 237,108
650,000 City of Celina Texas, 5.875%, 9/1/40 609,472
1,075,000 City of Celina Texas, 6.0%, 9/1/30 1,026,690
2,700,000 City of Celina Texas, 6.25%, 9/1/40 2,540,457
500,000 City of Mclendon-Chisholm Texas, Sonoma Public
Impt Dist Phase, 5.125%, 9/15/28 482,085
450,000 City of Mclendon-Chisholm Texas, Sonoma Public
Impt Dist Phase, 5.375%, 9/15/35 428,432
400,000 City of Mclendon-Chisholm Texas, Sonoma Public
Impt Dist Phase, 5.5%, 9/15/40 378,548
234,442 Gulf Coast Industrial Development Authority, Microgy
Holdings Project, 12/1/36 (c) (e) 2
1,470,000 0.57 Harris County Health Facilities Development Corp.,
Floating Rate Note, 12/1/41 1,470,000
1,215,000 Kinney County Public Facilities Corp., 7.0%, 11/1/25 1,059,881
2,000,000 La Vernia Higher Education Finance Corp., Meridian
World School Series A, 5.5%, 8/15/45 2,056,600
350,000 New Hope Cultural Education Facilities Finance
Corp., 5.25%, 7/1/36 356,181
1,250,000 New Hope Cultural Education Facilities Finance
Corp., 5.5%, 7/1/46 1,285,762
1,000,000 New Hope Cultural Education Facilities Finance
Corp., 5.75%, 7/1/51 1,045,470
125,000 New Hope Cultural Education Facilities Finance
Corp., 6.0%, 7/1/26 120,146
1,350,000 New Hope Cultural Education Facilities Finance
Corp., 7.0%, 7/1/51 1,283,013
1,155,000 Pottsboro Higher Education Finance Corp.,
5.0%, 8/15/36 1,126,910
1,000,000 Pottsboro Higher Education Finance Corp.,
5.0%, 8/15/46 945,970
The accompanying notes are an integral part of these financial statements.
22 Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17
--------------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------------------
Texas -- (continued)
17,350,000 Sanger Industrial Development Corp., Texas Pellets
Project Series B, 8.0%, 7/1/38 $ 10,410,000
500,000 Tarrant County Cultural Education Facilities Finance
Corp., 8.25%, 11/15/39 531,700
2,250,000 Tarrant County Cultural Education Facilities Finance
Corp., Mirador Project Series A, 8.0%, 11/15/29 1,798,875
5,000,000 Tarrant County Cultural Education Facilities Finance
Corp., Mirador Project Series A, 8.125%, 11/15/39 3,997,500
120,000 Tarrant County Cultural Education Facilities Finance
Corp., MRC Crestview Project, 8.0%, 11/15/34 148,217
6,350,000 Tarrant County Cultural Education Facilities Finance
Corp., MRC Crestview Project, 8.125%, 11/15/44 7,871,778
1,775,000 Tarrant County Cultural Education Facilities Finance
Corp., Stayton at Museum Way Series A, 8.0%, 11/15/28 1,883,026
5,400,000 Tarrant County Cultural Education Facilities Finance
Corp., Stayton at Museum Way Series A, 8.25%, 11/15/44 5,739,606
1,000,000 Texas Midwest Public Facility Corp., Secure Treatment
Facility Project, 10/1/30 (c) (e) 750,000
----------------
$ 59,156,177
--------------------------------------------------------------------------------------------------------------------
Utah -- 1.6%
1,105,000 Utah Charter School Finance Authority, Summit
Academy High School Series A, 7.25%, 5/15/21 $ 1,185,731
1,985,000 Utah Charter School Finance Authority, Summit
Academy High School Series A, 8.125%, 5/15/31 2,181,872
5,145,000 Utah Charter School Finance Authority, Summit
Academy High School Series A, 8.5%, 5/15/41 5,705,599
----------------
$ 9,073,202
--------------------------------------------------------------------------------------------------------------------
Virginia -- 4.3%
2,100,000 Cherry Hill Community Development Authority,
Potomac Shores Project, 5.4%, 3/1/45 $ 2,151,807
815,000 Embrey Mill Community Development Authority,
5.3%, 3/1/35 790,721
4,685,000 Embrey Mill Community Development Authority,
5.6%, 3/1/45 4,665,276
13,370,000 Tobacco Settlement Financing Corp. Virginia,
5.0%, 6/1/47 12,373,935
4,395,000 Virginia Small Business Financing Authority,
6.95%, 8/1/37 4,396,978
----------------
$ 24,378,717
--------------------------------------------------------------------------------------------------------------------
West Virginia -- 3.6%
25,000,000 City of Philippi West Virginia, 7.75%, 10/1/44 (e) $ 15,000,000
5,340,000 West Virginia Hospital Finance Authority, Highland
Hospital Oblig Group, 9.125%, 10/1/41 (e) 4,937,898
----------------
$ 19,937,898
--------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17 23
Schedule of Investments | 2/28/17 (unaudited) (continued)
--------------------------------------------------------------------------------------------------------------------
Floating
Principal Rate (b)
Amount ($) (unaudited) Value
--------------------------------------------------------------------------------------------------------------------
Wisconsin -- 5.9%
500,000 Public Finance Authority, 4.25%, 8/1/26 $ 476,410
2,725,000 Public Finance Authority, 5.0%, 6/1/36 2,512,477
2,000,000 Public Finance Authority, 5.0%, 8/1/36 1,852,220
4,000,000 Public Finance Authority, 5.125%, 6/1/48 3,644,600
2,450,000 Public Finance Authority, 5.125%, 8/1/46 2,233,812
8,615,000 Public Finance Authority, Cabs-Springshire Pre-Dev
Project, 12/1/20 (144A) (c) 5,471,817
1,590,000 Public Finance Authority, Coral Academy Science
Las Vegas, 5.625%, 7/1/44 1,693,525
5,325,000 Public Finance Authority, Glenridge Palmer Ranch
Series A, 8.25%, 6/1/46 6,328,816
5,057,500 Public Finance Authority, Las Ventanas Retirement
Community, 7.0%, 10/1/42 4,890,299
1,245,000 Public Finance Authority, Voyager Foundation Inc.,
Project Series A, 5.125%, 10/1/45 1,247,938
2,815,000 Public Finance Authority, Voyager Foundation Inc.,
Project Series A, 6.2%, 10/1/42 2,975,061
----------------
$ 33,326,975
--------------------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $563,095,915) $ 547,936,441
--------------------------------------------------------------------------------------------------------------------
MUNICIPAL COLLATERALIZED DEBT
OBLIGATION -- 0.0%+
1,175,000 0.54 Non-Profit Preferred Funding Trust I, Floating Rate
Note, 9/15/37 (144A) $ 81,886
--------------------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION
(Cost $1,172,656) $ 81,886
--------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 97.9%
(Cost $567,393,571) (a) (g) $ 551,143,327
--------------------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 2.1% $ 11,731,250
--------------------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 562,874,577
====================================================================================================================
+ Amount rounds to less than 0.1%.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At February 28, 2017, the value of these securities
amounted to $12,881,633 or 2.3% of total net assets.
(Pre-Refunded) Pre-Refunded bonds have been collateralized by U.S. Treasury
securities which are held in escrow and used to pay principal and
interest on the tax-exempt issue and to retire the bonds in full
at the earliest refunding date.
The accompanying notes are an integral part of these financial statements.
24 Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17
(a) At February 28, 2017, the net unrealized depreciation on
investments based on cost for federal income tax purposes of
$566,642,684 was as follows:
Aggregate gross unrealized appreciation for all investments in
which there is an excess of value over tax cost $ 35,298,416
Aggregate gross unrealized depreciation for all investments in
which there is an excess of tax cost over value (50,797,773)
-----------------
Net unrealized depreciation $ (15,499,357)
=================
(b) Debt obligation with a variable interest rate. Rate shown is rate
at period end.
(c) Security issued with a zero coupon. Income is earned through
accretion of discount.
(d) Consists of Revenue Bonds unless otherwise indicated.
(e) Security is in default and is non-income producing.
(f) Represents a General Obligation Bond.
(g) The concentration of investments by type of obligation/market
sector is as follows:
Revenue Bonds:
Health 22.6%
Special Revenues 21.2%
Education 20.5%
Various Revenues 9.8%
General Obligation 7.1%
Housing 5.8%
Pollution Control Revenue 5.5%
Escrowed 3.8%
Transportation 2.2%
Reserves 0.9%
Insured 0.3%
Water & Sewer 0.3%
--------------------------------------------------------------------------------------
100.0%
======================================================================================
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended February 28, 2017, aggregated $61,680,593 and $124,232,277,
respectively.
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain Funds and accounts for which Pioneer Investment
Management, Inc. (PIM) serves as the Fund's investment adviser, as set forth in
Rule 17a-7 under the Investment Company Act of 1940, pursuant to procedures
adopted by the Board of Trustees. Under these procedures, cross trades are
effected at current market prices.
During the six months ended February 28, 2017, the Fund engaged in purchases and
sales pursuant to these procedures amounting to $2,505,775 and $--,
respectively, which resulted in a net realized gain/loss of $--.
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17 25
Schedule of Investments | 2/28/17 (unaudited) (continued)
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of February 28, 2017, in
valuing the Fund's investments:
------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
------------------------------------------------------------------------------------------
Corporate Bond $ -- $ 3,125,000 $ -- $ 3,125,000
Municipal Bonds
Texas -- 48,746,177 10,410,000 59,156,177
All Other Municipal Bonds -- 488,780,264 -- 488,780,264
Municipal Collateralized
Debt Obligation -- 81,886 -- 81,886
------------------------------------------------------------------------------------------
Total $ -- $540,733,327 $ 10,410,000 $551,143,327
==========================================================================================
--------------------------------------------------------------------------------------
Municipal
Bonds
--------------------------------------------------------------------------------------
Balance as of 8/31/16 $ --
Realized gain (loss)(1) --
Change in unrealized appreciation (depreciation)(2) (4,688,664)
Purchases --
Sales --
Transfers in to Level 3* 15,098,664
Transfers out of Level 3* --
Changes between Level 3* --
--------------------------------------------------------------------------------------
Balance as of 2/28/17 $ 10,410,000
======================================================================================
(1) Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized appreciation (depreciation) on investments in the
Statement of Operations.
* Transfers are calculated on beginning of period values. During the six
months ended February 28, 2017, an investment having a value of $15,098,664
was transferred from Level 2 to Level 3. The change in the level
designation within the fair value hierarchy was due to valuing the security
using unobservable inputs. There were no other transfers between levels 1,
2 and 3.
Net change in unrealized appreciation (depreciation) of investments
still held as of 2/28/17 $ (4,688,664)
-------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17
Statement of Assets and Liabilities | 2/28/17 (unaudited)
ASSETS:
Investment in securities, at value (cost $567,393,571) $ 551,143,327
Cash 6,413,143
Receivables --
Investment securities sold 95,000
Fund shares sold 1,805,502
Interest 8,645,160
Other assets 44,104
------------------------------------------------------------------------------------------
Total assets $ 568,146,236
==========================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 2,505,775
Fund shares repurchased 2,091,139
Distributions 414,230
Trustee fees 4,670
Due to affiliates 54,983
Accrued expenses 200,862
------------------------------------------------------------------------------------------
Total liabilities $ 5,271,659
==========================================================================================
NET ASSETS:
Paid-in capital $ 623,236,946
Undistributed net investment income 6,579,877
Accumulated net realized loss on investments (50,692,002)
Net unrealized depreciation on investments (16,250,244)
------------------------------------------------------------------------------------------
Total net assets $ 562,874,577
==========================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $253,585,898/35,172,083 shares) $ 7.21
Class C (based on $145,614,298/20,186,948 shares) $ 7.21
Class Y (based on $163,674,381/23,001,140 shares) $ 7.12
MAXIMUM OFFERING PRICE:
Class A ($7.21 (divided by) 95.5%) $ 7.55
==========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17 27
Statement of Operations (unaudited)
For the Six Months Ended 2/28/17
INVESTMENT INCOME:
Interest $ 17,217,060
---------------------------------------------------------------------------------------------------------
Total investment income $ 17,217,060
---------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 1,444,720
Transfer agent fees
Class A 42,177
Class C 38,936
Class Y 100,211
Distribution fees
Class A 331,330
Class C 763,751
Shareholder communications expense 10,576
Administrative expense 100,349
Custodian fees 5,715
Registration fees 34,467
Professional fees 72,919
Printing expense 4,278
Fees and expenses of nonaffiliated Trustees 13,100
Interest expense 20,323
Miscellaneous 62,669
---------------------------------------------------------------------------------------------------------
Total expenses $ 3,045,521
---------------------------------------------------------------------------------------------------------
Net investment income $ 14,171,539
---------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments $ 8,069,785
---------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on investments $ (40,853,156)
---------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $ (32,783,371)
---------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $ (18,611,832)
=========================================================================================================
The accompanying notes are an integral part of these financial statements.
28 Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17
Statements of Changes in Net Assets
-------------------------------------------------------------------------------------------------
Six Months
Ended
2/28/17 Year Ended
(unaudited) 8/31/16
-------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 14,171,539 $ 26,751,307
Net realized gain (loss) on investments 8,069,785 1,989,101
Change in net unrealized appreciation (depreciation)
on investments (40,853,156) 29,466,344
-------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ (18,611,832) $ 58,206,752
-------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.18 and $0.40 per share, respectively) $ (6,745,933) $ (14,110,287)
Class C ($0.16 and $0.34 per share, respectively) (3,293,151) (7,100,365)
Class Y ($0.19 and $0.41 per share, respectively) (4,326,123) (8,411,972)
-------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (14,365,207) $ (29,622,624)
-------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 104,548,099 $ 207,486,927
Reinvestment of distributions 11,457,107 23,616,447
Cost of shares repurchased (170,253,887) (129,694,923)
-------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
Fund share transactions $ (54,248,681) $ 101,408,451
-------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ (87,225,720) $ 129,992,579
NET ASSETS:
Beginning of period $ 650,100,297 $ 520,107,718
-------------------------------------------------------------------------------------------------
End of period $ 562,874,577 $ 650,100,297
-------------------------------------------------------------------------------------------------
Undistributed net investment income $ 6,579,877 $ 6,773,545
=================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17 29
Statements of Changes in Net Assets (continued)
------------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
2/28/17 2/28/17 Year Ended Year Ended
Shares Amount 8/31/16 8/31/16
(unaudited) (unaudited) Shares Amount
------------------------------------------------------------------------------------------
Class A
Shares sold 4,447,187 $ 32,328,160 10,879,895 $ 80,711,420
Reinvestment of distributions 800,267 5,800,341 1,622,275 12,049,427
Less shares repurchased (8,537,895) (61,296,297) (8,107,638) (59,867,557)
------------------------------------------------------------------------------------------
Net increase (decrease) (3,290,441) $(23,167,796) 4,394,532 $ 32,893,290
==========================================================================================
Class C
Shares sold 1,297,833 $ 9,450,869 4,458,277 $ 33,099,836
Reinvestment of distributions 374,622 2,716,975 773,004 5,742,165
Less shares repurchased (3,332,105) (23,980,485) (3,616,789) (26,764,754)
------------------------------------------------------------------------------------------
Net increase (decrease) (1,659,650) $(11,812,641) 1,614,492 $ 12,077,247
==========================================================================================
Class Y
Shares sold 8,805,601 $ 62,769,070 12,761,015 $ 93,675,671
Reinvestment of distributions 410,354 2,939,791 793,540 5,824,855
Less shares repurchased (11,865,300) (84,977,105) (5,899,448) (43,062,612)
------------------------------------------------------------------------------------------
Net increase (decrease) (2,649,345) $(19,268,244) 7,655,107 $ 56,437,914
==========================================================================================
The accompanying notes are an integral part of these financial statements.
30 Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17
Financial Highlights
----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
2/28/17 Ended Ended Ended Ended Ended
(unaudited) 8/31/16 8/31/15 8/31/14 8/31/13 8/31/12
----------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 7.59 $ 7.22 $ 7.27 $ 7.19 $ 7.94 $ 7.58
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.18(a) $ 0.36(a) $ 0.41 $ 0.43 $ 0.53 $ 0.47
Net realized and unrealized gain (loss) on investments (0.38) 0.41 (0.06) 0.09 (0.84) 0.34
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.20) $ 0.77 $ 0.35 $ 0.52 $ (0.31) $ 0.81
----------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.18) $ (0.40) $ (0.40) $ (0.44) $ (0.44) $ (0.45)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.38) $ 0.37 $ (0.05) $ 0.08 $ (0.75) $ 0.36
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.21 $ 7.59 $ 7.22 $ 7.27 $ 7.19 $ 7.94
==================================================================================================================================
Total return* (2.57)% 10.90% 4.88% 7.52% (4.26)% 11.24%
Ratio of net expenses to average net assets 0.89%** 0.87% 0.89% 0.90% 0.88% 0.89%
Ratio of net investment income (loss) to average net assets 5.03%** 4.86% 5.59% 5.97% 6.26% 6.25%
Portfolio turnover rate 21%** 20% 29% 55% 17% 54%
Net assets, end of period (in thousands) $253,586 $292,019 $245,877 $240,331 $250,163 $373,039
==================================================================================================================================
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17 31
Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
2/28/17 Ended Ended Ended Ended Ended
(unaudited) 8/31/16 8/31/15 8/31/14 8/31/13 8/31/12
----------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 7.59 $ 7.22 $ 7.28 $ 7.19 $ 7.94 $ 7.58
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.15(a) $ 0.30(a) $ 0.36 $ 0.41 $ 0.46 $ 0.41
Net realized and unrealized gain (loss) on investments (0.37) 0.41 (0.07) 0.07 (0.83) 0.35
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.22) $ 0.71 $ 0.29 $ 0.48 $ (0.37) $ 0.76
----------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.16) $ (0.34) $ (0.35) $ (0.39) $ (0.38) $ (0.40)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.38) $ 0.37 $ (0.06) $ 0.09 $ (0.75) $ 0.36
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.21 $ 7.59 $ 7.22 $ 7.28 $ 7.19 $ 7.94
==================================================================================================================================
Total return* (2.95)% 10.07% 3.95% 6.85% (4.98)% 10.42%
Ratio of net expenses to average net assets 1.66%** 1.63% 1.65% 1.66% 1.63% 1.63%
Ratio of net investment income (loss) to average net assets 4.27%** 4.10% 4.83% 5.23% 5.53% 5.50%
Portfolio turnover rate 21%** 20% 29% 55% 17% 54%
Net assets, end of period (in thousands) $145,614 $165,883 $146,029 $149,453 $195,290 $265,448
==================================================================================================================================
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized
The accompanying notes are an integral part of these financial statements.
32 Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17
----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
2/28/17 Ended Ended Ended Ended Ended
(unaudited) 8/31/16 8/31/15 8/31/14 8/31/13 8/31/12
----------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 7.49 $ 7.12 $ 7.18 $ 7.10 $ 7.84 $ 7.49
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.18(a) $ 0.37(a) $ 0.39 $ 0.46 $ 0.53 $ 0.48
Net realized and unrealized gain (loss) on investments (0.36) 0.41 (0.04) 0.07 (0.82) 0.33
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.18) $ 0.78 $ 0.35 $ 0.53 $ (0.29) $ 0.81
----------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.19) $ (0.41) $ (0.41) $ (0.45) $ (0.45) $ (0.46)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.37) $ 0.37 $ (0.06) $ 0.08 $ (0.74) $ 0.35
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.12 $ 7.49 $ 7.12 $ 7.18 $ 7.10 $ 7.84
==================================================================================================================================
Total return* (2.41)% 11.17% 4.92% 7.69% (4.05)% 11.43%
Ratio of net expenses to average net assets 0.74%** 0.71% 0.71% 0.71% 0.72% 0.67%
Ratio of net investment income (loss) to average net assets 5.16%** 5.01% 5.77% 6.17% 6.40% 6.46%
Portfolio turnover rate 21%** 20% 29% 55% 17% 54%
Net assets, end of period (in thousands) $163,674 $192,198 $128,202 $100,199 $119,658 $176,664
==================================================================================================================================
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17 33
Notes to Financial Statements | 2/28/17 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer High Income Municipal Fund (the Fund) is one of two portfolios
comprising Pioneer Series Trust V, a Delaware statutory trust. The Fund is
registered under the Investment Company Act of 1940 as an open-end management
investment company. The Fund is non-diversified. The investment objective of the
Fund is to maximize total return through a combination of income that is exempt
from regular federal income tax and capital appreciation.
The Fund offers three classes of shares designated as Class A, Class C and Class
Y shares. Each class of shares represents an interest in the same portfolio of
investments of the Fund and has identical rights (based on relative net asset
values) to assets and liquidation proceeds. Share classes can bear different
rates of class-specific fees and expenses such as transfer agent and
distribution fees. Differences in class-specific fees and expenses will result
in differences in net investment income and, therefore, the payment of different
dividends from net investment income earned by each class. The Amended and
Restated Declaration of Trust of the Fund gives the Board of Trustees the
flexibility to specify either per-share voting or dollar-weighted voting when
submitting matters for shareholder approval. Under per-share voting, each share
of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles (U.S. GAAP) that require the management
of the Fund to make estimates and assumptions that affect the reported amounts
of assets and liabilities, the disclosure of contingent assets and liabilities
at the date of the financial statements, and the reported amounts of income,
expenses and gain or loss on investments during the reporting period. Actual
results could differ from those estimates.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. The following is a summary of significant
accounting policies followed by the Fund in the preparation of its financial
statements:
34 Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the New
York Stock Exchange (NYSE) is open, as of the close of regular trading on
the NYSE.
Fixed-income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed- income securities and/or other
factors. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service. When independent third party pricing services are unable to supply
prices, or when prices or market quotations are considered to be
unreliable, the value of that security may be determined using quotations
from one or more broker-dealers.
Cash may include overnight time deposits at approved financial
institutions.
Securities for which independent pricing services or broker-dealers are
unable to supply prices or for which market prices and/or quotations are
not readily available or are considered to be unreliable are valued by a
fair valuation team comprised of certain personnel of Pioneer Investment
Management, Inc. (PIM), the Fund's investment adviser and a wholly owned
indirect subsidiary of UniCredit S.p.A. (UniCredit), pursuant to procedures
adopted by the Fund's Board of Trustees. PIM's fair valuation team uses
fair value methods approved by the Valuation Committee of the Board of
Trustees. PIM's fair valuation team is responsible for monitoring
developments that may impact fair valued securities and for discussing and
assessing fair values on an ongoing basis, and at least quarterly, with the
Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after the
close of the exchange or market on which the security trades and prior to
the determination of the Fund's net asset value. Examples of a significant
event might include political or economic news, corporate restructurings,
natural disasters, terrorist activity or trading halts. Thus, the valuation
of the Fund's securities may differ significantly from exchange prices, and
such differences could be material.
Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17 35
At February 28, 2017, there were no securities that were valued using fair
value methods (other than securities valued using prices supplied by
independent pricing services).
B. Investment Income and Transactions
Discount and premium on purchase prices of debt securities are accreted or
amortized, respectively, daily into interest income on a yield-to-maturity
basis over the life of the respective security with a corresponding
increase or decrease in the cost basis of the security. Interest income,
including interest on income-bearing cash accounts, is recorded on the
accrual basis.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no provision for federal income taxes is required.
As of August 31, 2016, the Fund did not accrue any interest or penalties
with respect to uncertain tax positions, which, if applicable, would be
recorded as an income tax expense in the Statement of Operations. Tax
returns filed within the prior three years remain subject to examination by
Federal and State tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. GAAP. Distributions in excess of net investment
income or net realized gains are temporary overdistributions for financial
statement purposes resulting from differences in the recognition or
classification of income or distributions for financial statement and tax
purposes. Capital accounts within the financial statements are adjusted for
permanent book/tax differences to reflect tax character, but are not
adjusted for temporary differences.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
during the year ended August 31, 2016 was as follows:
---------------------------------------------------------------------------
2016
---------------------------------------------------------------------------
Distributions paid from:
Tax-exempt income $ 28,998,856
Ordinary income 623,768
---------------------------------------------------------------------------
Total $ 29,622,624
===========================================================================
36 Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17
The following shows the components of distributable earnings on a federal
income tax-basis at August 31, 2016:
---------------------------------------------------------------------------
2016
---------------------------------------------------------------------------
Distributable earnings:
Undistributed tax-exempt income $ 10,413,727
Capital loss carryforward (58,701,824)
Current year dividend payable (525,709)
Net unrealized appreciation 21,428,476
---------------------------------------------------------------------------
Total $ (27,385,330)
===========================================================================
The difference between book-basis and tax-basis net unrealized appreciation
is attributable to adjustments related to interest on defaulted bonds, the
tax treatment of amortization and tax-basis adjustments on partnerships.
D. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit, earned $42,256 in
underwriting commissions on the sale of Class A shares during the six
months ended February 28, 2017.
E. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A and Class C shares of the Fund, respectively (see
Note 4). Class Y shares do not pay distribution fees. All expenses and fees
paid to the Fund's transfer agent for its services are allocated among the
classes of shares based on the number of accounts in each class and the
ratable allocation of related out-of-pocket expenses (see Note 3).
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 | Semiannual Report | 2/28/17 37
F. Risks
Interest rates in the U.S. recently have been historically low, so the Fund
faces a heightened risk that interest rates may rise. A general rise in
interest rates may cause investors to move out of fixed-income securities
on a large scale, which could adversely affect the price and liquidity of
fixed-income securities and could also result in increased redemptions from
the Fund.
The municipal bond market can be susceptible to unusual volatility,
particularly for lower-rated and unrated securities. Liquidity can be
reduced unpredictably in response to overall economic conditions or credit
tightening. Municipal issuers may be adversely affected by rising health
care costs, increasing unfunded pension liabilities, and by the phasing out
of federal programs providing financial support. Unfavorable conditions and
developments relating to projects financed with municipal securities can
result in lower revenues to issuers of municipal securities, potentially
resulting in defaults. Issuers often depend on revenues from these projects
to make principal and interest payments. The value of municipal securities
can also be adversely affected by changes in the financial condition of one
or more individual municipal issuers or insurers of municipal issuers,
regulatory and political developments, tax law changes or other legislative
actions, and by uncertainties and public perceptions concerning these and
other factors. Municipal securities may be more susceptible to downgrades
or defaults during recessions or similar periods of economic stress. In
recent periods, an increasing number of municipal issuers in the United
States have defaulted on obligations and commenced insolvency proceedings.
Financial difficulties of municipal issuers may continue or get worse. To
the extent the Fund invests significantly in a single state, including
California and Texas, or in securities the payments on which are dependent
upon a single project or source of revenues, or that relate to a sector or
industry, including health care facilities, education, transportation,
special revenues and pollution control, the Fund will be more susceptible
to associated risks and developments.
At times, the Fund's investments may represent industries or industry
sectors that are interrelated or have common risks, making the Fund more
susceptible to any economic, political, or regulatory developments or other
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 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
38 Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17
six months ended February 28, 2017, the effective management fee (excluding
waivers and/or assumption of expenses) was equivalent to 0.50% of the Fund's
average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses (excluding
taxes, commissions, interest and extraordinary expenses) of the Fund to the
extent required to reduce Fund expenses to 0.90% of the average daily net assets
attributable to Class A shares. Class C and Class Y shares do not have an
expense limitation. Fees waived and expenses reimbursed, if any, during the six
months ended February 28, 2017 are reflected on the Statement of Operations.
This expense limitation is in effect through January 1, 2018, for Class A
shares. There can be no assurance that PIM will extend the expense limitation
agreement beyond the date referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$32,089 in management fees, administrative costs and certain other
reimbursements payable to PIM at February 28, 2017.
3. Transfer Agent
Boston Financial Data Services, Inc. serves as the transfer agent to the Fund at
negotiated rates. Transfer agent fees and payables shown on the Statement of
Operations and the Statement of Assets and Liabilities, respectively, include
sub-transfer agent expenses incurred through the Fund's omnibus relationship
contracts.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareholder communications activities
such as proxy and statement mailings and outgoing phone calls. For the six
months ended February 28, 2017, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 1,060
Class C 335
Class Y 9,181
--------------------------------------------------------------------------------
Total $ 10,576
================================================================================
4. Distribution Plan
The Fund has adopted a distribution plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A and Class C shares
(the Plan). Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily
net assets attributable to Class A shares as compensation for personal services
and/or account maintenance services or distribution services
Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17 39
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 $22,894 in
distribution fees payable to PFD at February 28, 2017.
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
six months ended February 28, 2017, CDSCs in the amount of $51,422 were paid to
PFD.
5. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in which the Fund participated until February 9, 2016 was in the
amount of $240 million. The credit facility in which the Fund participated until
February 7, 2017 was in the amount of $220 million. Effective February 8, 2017,
the Fund participated in a facility that is in the amount of $195 million. Under
such facility, depending on the type of loan, interest on borrowings is payable
at the London Interbank Offered Rate (LIBOR) plus 0.85% on an annualized basis,
or the Alternate Base Rate, which is the greater of (a) the facility's
administrative agent's daily announced prime rate on the borrowing date, (b) 2%
plus the Federal Funds Rate on the borrowing date and (c) 2% plus the overnight
Eurodollar rate on the borrowing date. The Funds pay an annual commitment fee to
participate in a credit facility. The commitment fee is allocated among
participating Funds based on an allocation schedule set forth in the credit
agreement.
For the six months ended February 28, 2017, the average daily amount of
borrowings outstanding during the period was $10,373,684. The related weighted
average annualized interest rate for the period was 1.30%, and the total
interest expense on such borrowings was $20,323, which is included in interest
expense, located on the Statement of Operations. As of February 28, 2017, there
were no borrowings outstanding.
40 Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17
ADDITIONAL INFORMATION
Pioneer Investment Management, Inc. (the "Adviser"), the Fund's investment
adviser, is currently an indirect, wholly owned subsidiary of UniCredit S.p.A.
("UniCredit"). On December 12, 2016, UniCredit announced that it has entered
into a binding agreement for the sale of its Pioneer Investments business, which
includes the Adviser, to Amundi (the "Transaction"). Amundi is headquartered in
Paris, France, and, as of September 30, 2016, had more than $1.1 trillion in
assets under management worldwide. The closing of the Transaction is expected to
happen in 2017, subject to certain regulatory and antitrust approvals, and other
conditions.
Under the Investment Company Act of 1940, the closing of the Transaction will
cause the Fund's current investment advisory agreement with the Adviser to
terminate. Accordingly, the Fund's Board of Trustees has approved a new
investment advisory agreement for the Fund, which will be submitted to the
shareholders of the Fund for their approval.
Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17 41
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer High Income Municipal Fund (the Fund) pursuant to an investment advisory
agreement between PIM and the Fund. In order for PIM to remain the investment
adviser of the Fund, the Trustees of the Fund must determine annually whether to
renew the investment advisory agreement for the Fund.
The contract review process began in January 2016 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
Contract review materials were provided to the Trustees in March 2016 and May
2016. In addition, the Trustees reviewed and discussed the Fund's performance at
regularly scheduled meetings throughout the year, and took into account other
information related to the Fund provided to the Trustees at regularly scheduled
meetings, in connection with the review of the Fund's investment advisory
agreement.
In March 2016, the Trustees, among other things, discussed the memorandum
provided by Fund counsel that summarized the legal standards and other
considerations that are relevant to the Trustees in their deliberations
regarding the renewal of the investment advisory agreement, and reviewed and
discussed the qualifications of the investment management teams, as well as the
level of investment by the Fund's portfolio managers in the Fund. In May 2016,
the Trustees, among other things, reviewed the Fund's management fee and total
expense ratios, the financial statements of PIM and its parent companies, the
profitability analyses provided by PIM, and possible economies of scale. The
Trustees also reviewed the profitability of the institutional business of PIM
and PIM's affiliate, Pioneer Institutional Asset Management, Inc. (together with
PIM, "Pioneer"), as compared to that of PIM's fund management business, and
considered the differences between the fees and expenses of the Fund and the
fees and expenses of Pioneer's institutional accounts, as well as the different
services provided by PIM to the Fund and by Pioneer to the institutional
accounts. The Trustees further considered contract review materials in July and
September 2016.
At a meeting held on September 13, 2016, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In approving the
renewal of the investment advisory agreement, the Trustees considered various
factors that they determined were relevant, including the factors described
below. The Trustees did not identify any single factor as the controlling factor
in determining to approve the renewal of the agreement.
42 Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees also reviewed PIM's investment approach
for the Fund and its research process. The Trustees considered the resources of
PIM and the personnel of PIM who provide investment management services to the
Fund. They also reviewed the amount of non-Fund assets managed by the portfolio
managers of the Fund. The Trustees considered the non-investment resources and
personnel of PIM involved in PIM's services to the Fund, including PIM's
compliance and legal resources and personnel. The Trustees noted the substantial
attention and high priority given by PIM's senior management to the Pioneer fund
complex.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Fund
In considering the Fund's performance, the Trustees regularly review and discuss
throughout the year data prepared by PIM and information comparing the Fund's
performance with the performance of its peer group of funds as classified by
each of Morningstar, Inc. (Morningstar) and Lipper, and with the performance of
the Fund's benchmark index. They also discuss the Fund's performance with PIM on
a regular basis. The Trustees' regular reviews and discussions were factored
into the Trustees' deliberations concerning the renewal of the advisory
agreement.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight
Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17 43
Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent
third party. In all quintile rankings referred to below, first quintile is most
favorable to the Fund's shareowners.
The Trustees considered that the Fund's management fee for the most recent
fiscal year was in the third quintile relative to the management fees paid by
other funds in its Morningstar peer group for the comparable period. The
Trustees also considered the breakpoints in the management fee schedule and the
reduced fee rates above certain asset levels. The Trustees considered that the
expense ratio of the Fund's Class A shares for the most recent fiscal year was
in the fourth quintile relative to its Morningstar peer group and in the third
quintile relative to its Strategic Insight peer group, in each case for the
comparable period. The Trustees considered that the expense ratio of the Fund's
Class A shares was approximately two basis points higher than the median expense
ratio of its Morningstar peer group. The Trustees considered the impact of
transfer agency, sub-transfer agency, and other non-management fee expenses on
the expense ratios of the Fund, and noted the impact of expenses relating to
small accounts and omnibus accounts on transfer and sub-transfer agency expenses
generally. The Trustees noted that they separately review the Fund's transfer
agency, sub-transfer agency and intermediary arrangements and that the results
of the most recent such review were considered in the consideration of the
Fund's expense ratio.
The Trustees reviewed management fees charged by Pioneer to institutional and
other clients, including publicly offered European funds sponsored by affiliates
of Pioneer, unaffiliated U.S. registered investment companies (in a sub-advisory
capacity), and unaffiliated foreign and domestic separate accounts. The Trustees
also considered PIM's costs in providing services to the Fund and Pioneer's
costs in providing services to the other clients and considered the differences
in management fees and profit margins for Fund and non-Fund services. In
evaluating the fees associated with Pioneer's client accounts, the Trustees took
into account the respective demands, resources and complexity associated with
the Fund and client accounts. The Trustees noted that, in some instances, the
fee rates for those clients were lower than the management fee for the Fund and
considered that, under the investment advisory agreement with the Fund, PIM
performs additional services for the Fund that it does not provide to those
other clients or services that are broader in scope, including oversight of the
Fund's other service providers and activities related to compliance and the
extensive regulatory and tax regimes to
44 Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17
which the Fund is subject. The Trustees also considered the different
entrepreneurial risks associated with PIM's management of the Fund and Pioneer's
management of the other client accounts.
The Trustees concluded that the management fee payable by the Fund to PIM was
reasonable in relation to the nature and quality of the services provided by PIM
to the Fund.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results, including the profit margins, realized by PIM and its
affiliates from non-fund businesses. The Trustees considered PIM's profit
margins with respect to the Fund in comparison to the limited industry data
available and noted that the profitability of any adviser was affected by
numerous factors, including its organizational structure and method for
allocating expenses. The Trustees concluded that PIM's profitability with
respect to the management of the Fund was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoints in the management fee schedule. The Trustees recognize
that economies of scale are difficult to identify and quantify, and that, among
other factors that may be relevant, are the following: fee levels, expense
subsidization, investment by PIM in research and analytical capabilities and
PIM's commitment and resource allocation to the Fund. The Trustees noted that
profitability also may be an indicator of the availability of any economies of
scale, although profitability may vary for other reasons including reductions in
expenses. The Trustees concluded that economies of scale, if any, were being
appropriately shared with the Funds.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Fund. The Trustees considered the character and amount of fees paid by the Fund,
other than under the investment advisory agreement, for services provided by PIM
and its affiliates. The Trustees further considered the
Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17 45
revenues and profitability of PIM's businesses other than the fund business.
Pioneer is the principal U.S. asset management business of Pioneer Global Asset
Management, the worldwide asset management business of UniCredit Group, which
manages over $150 billion in assets (including the Funds). Pioneer and the Funds
receive reciprocal intangible benefits from the relationship, including mutual
brand recognition and, for the Funds, direct and indirect access to the
resources of a large global asset manager. The Trustees concluded that any such
benefits received by Pioneer as a result of its relationship with the Funds were
reasonable and their consideration of the advisory agreement between the Fund
and PIM and the fees thereunder were unaffected by Pioneer's possible receipt of
any such intangible benefits.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
46 Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17
Trustees, Officers and Service Providers
Trustees Advisory Trustee
Thomas J. Perna, Chairman Lorraine H. Monchak*
David R. Bock
Benjamin M. Friedman Officers
Margaret B.W. Graham Lisa M. Jones, President and Chief
Marguerite A. Piret Executive Officer
Fred J. Ricciardi Mark E. Bradley, Treasurer and
Kenneth J. Taubes Chief Financial Officer
Christopher J. Kelley, Secretary and
Chief Legal Officer
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Boston Financial Data Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
* Ms. Monchak is a non-voting Advisory Trustee.
Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17 47
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48 Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17
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Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17 49
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50 Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17
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Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17 51
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52 Pioneer High Income Municipal Fund | Semiannual Report | 2/28/17
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
Pioneer Funds
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus. The Fund files a
complete schedule of investments with the Securities and Exchange Commission for
the first and third quarters for each fiscal year on Form N-Q. Shareholders may
view the filed Form N-Q by visiting the Commission's web site at
http://www.sec.gov. The filed form may also be viewed and copied at the
Commission's Public Reference Room in Washington, DC. Information regarding the
operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2017 Pioneer Investments 20563-10-0417
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.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal 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.
N/A
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees
has considered whether the provision of non-audit
services that were rendered to the Affiliates (as
defined) that were not pre- approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant's
independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.
Not applicable to open-end management investment companies.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Series Trust V
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date May 1, 2017
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date May 1, 2017
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date May 1, 2017
* Print the name and title of each signing officer under his or her signature.