Pioneer Global
Equity Fund
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Annual Report | August 31, 2016
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Ticker Symbols:
Class A GLOSX
Class C GCSLX
Class K PGEKX
Class R PRGEX
Class Y PGSYX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 16
Schedule of Investments 18
Financial Statements 25
Notes to Financial Statements 34
Report of Independent Registered Public Accounting Firm 44
Trustees, Officers and Service Providers 46
Pioneer Global Equity Fund | Annual Report | 8/31/16 1
President's Letter
Dear Shareowner,
While investors were greeted with a challenging market environment for the first
several weeks of the new year, the U.S. market generated modest single-digit
returns for both stocks and bonds through September 30th (the Bloomberg Barclays
Aggregate Bond Index was up by 5.8% through 9/30/16, and the Standard & Poor's
500 Index was up by 7.8%). Yet, it is becoming increasingly clear that the
investment landscape is undergoing significant change. For the past eight years,
global central banks have been the dominant force in the markets by maintaining
short-term interest rates at close to zero in an effort to stimulate economic
growth. With little room to lower rates further, however, central banks may be
losing their effectiveness. Many economies around the world are experiencing
slow growth as they face a variety of challenges, including the shifting
geopolitics driving "Brexit" - the United Kingdom's pending exit from the
European Union - as well as related movements in Europe, limited productivity
gains, aging populations, and transitioning economic models in China and other
emerging markets. In the United States, gross domestic product grew at a rate of
approximately 1.2% in the first half of 2016, although there are signs of
stronger growth ahead, driven primarily by U.S. consumers.
Investors currently face a difficult environment. Government bond yields outside
the U.S. are near zero and offer minimal opportunity to produce income. The
central bank-driven bull market in riskier assets has pushed up valuations
towards historic highs in the equity and investment-grade and high-yield
corporate bond markets. Central banks have pledged to move gradually to
normalize interest-rate policies as the global economy recovers, but it will
take many years for this historic credit cycle to unwind. Politics may also
influence markets or investor sentiment given the current global political
landscape, with the U.S. elections in November, continued challenges with
Brexit, and the December 2016 referendum on the Italian political system. These
factors may make it even more challenging for investors to achieve returns
similar to those experienced during periods of perceived market stability or
economic growth. Against this backdrop, investors are likely to face challenges
when it comes to finding opportunities for both income and capital appreciation,
and while much has been made of passive investing, we believe all investment
decisions are active choices.
Throughout Pioneer's history, we have believed in the importance of active
management. During challenging market conditions, we view the value of active
management as even more compelling. Our experienced and tenured investment teams
focus on identifying value across global markets using
2 Pioneer Global Equity Fund | Annual Report | 8/31/16
proprietary research, careful risk management, and a long-term perspective. We
believe our shareowners can benefit from the experience and tenure of our
investment teams as well as the insights generated from our extensive research
process.
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA Inc.
August 31, 2016
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Global Equity Fund | Annual Report | 8/31/16 3
Portfolio Management Discussion | 8/31/16
In the following interview, portfolio managers Marco Pirondini and David Glazer
discuss the factors that influenced the performance of Pioneer Global Equity
Fund during the 12-month period ended August 31, 2016. Mr. Pirondini, Head of
Equities, U.S., Executive Vice President and a portfolio manager at Pioneer, and
Mr. Glazer, Senior Vice President and a portfolio manager at Pioneer, are
responsible for the day-to-day management of the Fund.
Q How did the Fund perform over the 12-month period ended August 31, 2016?
A Pioneer Global Equity Fund's Class A shares returned 3.92% at net asset
value during the 12-month period ended August 31, 2016, while the Fund's
benchmarks, the Morgan Stanley Capital International (MSCI) World ND Index
and the MSCI All Country World ND Index(1), returned 6.68% and 7.24%,
respectively. During the same period, the average return of the 158 mutual
funds in Lipper's Global Multi-Cap Core Funds category was 5.04%, and the
average return of the 1,126 mutual funds in Morningstar's World Stock Funds
category was 5.89%.
Q How would you characterize the investment environment in the global equity
markets during the 12-month period ended August 31, 2016?
A The 12-month period saw heightened volatility across investment markets as
investor sentiment shifted somewhat frequently in response to global
macroeconomic conditions. During the first half of the period (September
2015 through February 2016), China's devaluation of its currency and a
renewed decline in oil prices in the early weeks of 2016 contributed to a
sell-off in so-called "risk" assets such as stocks and high-yield bonds.
That, in turn, spurred increased demand for more conservative investments.
In the middle of February 2016, however, the outlook started to brighten.
Equities, especially in the battered energy sector, began to recover in
anticipation of a bottoming of oil prices as OPEC (Organization of
Petroleum Exporting Countries) and non-OPEC members began
(1) The MSCI information may only be used for your internal use, may not be
reproduced or re-disseminated in any form and may not be used as a basis
for or a component of any financial instruments or products or indices.
None of the MSCI information is intended to constitute investment advice or
a recommendation to make (or refrain from making) any kind of investment
decision and may not be relied on as such. Historical data and analysis
should not be taken as an indication or guarantee of any future performance
analysis, forecast or prediction. The MSCI information is provided on an
"as is" basis and the user of this information assumes the entire risk of
any use made of this information. MSCI, each of its affiliates and each
other person involved in or related to compiling, computing or creating any
MSCI information (collectively, the "MSCI Parties") expressly disclaims all
warranties (including, without limitation, any warranties of originality,
accuracy, completeness, timeliness, non-infringement, merchantablity and
fitness for a particular purpose) with respect to this information. Without
limiting any of the foregoing, in no event shall any MSCI Party have any
liability for any direct, indirect, special, incidental, punitive,
consequential (including, without limitation, lost profits) or any other
damages.
4 Pioneer Global Equity Fund | Annual Report | 8/31/16
discussing an agreement on a production freeze. Equities also benefited
from better-than-expected U.S. employment and manufacturing data as well as
supportive monetary policies from central bankers around the globe.
With the return of investor confidence, the markets rebounded for much of
the second half of the 12-month period, with many higher-risk asset classes
finishing the period in positive territory. The surprise victory by the
"Leave" side in the United Kingdom's June referendum vote to determine the
country's future with regard to membership in the European Union caused a
very brief market sell-off. The so-called "Brexit" decision did not
interrupt the rally for long, though, as the markets quickly recovered
their losses before the end of the second calendar quarter of 2016.
In spite of the market volatility, U.S. stocks delivered positive
performance during the period. U.S. equities, as measured by the Standard &
Poor's 500 Index, returned 12.53% over the full 12-month period. In
contrast, international equities posted mixed performance, as the MSCI All
Country World (ex-U.S.) Index returned 3.43%, and the MSCI Europe Index
returned -2.54%. The Fund's benchmarks, the MSCI World ND Index and the MSCI
All Country World (ND) Index, returned 6.68% and 7.24%, respectively. Most
areas of the global economy advanced during the period, led by the more
defensive utilities, information technology, and telecommunication services
sectors. With their profits pinched by low and even negative interest
rates, companies in the financials sector struggled the most over the 12
months. The health care and energy sectors also faced challenges, although
energy companies rebounded, somewhat, after oil prices stabilized six weeks
into 2016, and then began increasing.
Q Would you review the Fund's overall investment approach?
A When picking investments for the portfolio, we examine mid- and large-
capitalization stocks worldwide, including those located in the emerging
markets. From there, we build a diversified* portfolio. We look for stocks
that we think can provide "growth at a reasonable price," and so there is a
strong value component to our analysis. We seek to invest the Fund in
companies that are not only benefiting from operating efficiencies as
reflected in factors such as increased market share and revenues, but that
are also employing their capital efficiently. In particular, we emphasize
strong free cash flow, because that provides companies with the flexibility
to make share buybacks, reinvest in their businesses, make acquisitions,
and raise dividends**. We also look for stocks with attractive dividend
yields as well as those trading at below-market valuations.
* Diversification does not assure a profit nor protect against loss.
** Dividends are not guaranteed.
Pioneer Global Equity Fund | Annual Report | 8/31/16 5
Finally, we attempt to assess not only the potential price gains for each
stock, but also the stock's potential for a decline in price if
circumstances become unfavorable. We prefer stocks with the highest
potential upside, relative to their downside.
Q Which of your investment decisions or individual portfolio holdings either
aided or detracted from the Fund's performance relative to its benchmarks
during the 12-month period ended August 31, 2016?
A During the period, security selection in two small segments of the portfolio
detracted meaningfully from benchmark-relative performance, while sector
allocation decisions had a neutral effect.
The Fund's positions in British airline companies, principally easyJet,
detracted from relative returns, as the airlines' performance suffered from
a combination of terrorism incidents in Europe that negatively affected
passenger loads - and cut off, at least temporarily, some air routes - as
well as the lingering negative impact of the Brexit vote on British
small-cap companies such as easyJet. Also within British small caps,
portfolio positions in banking firm Aldermore Group and beverage company
Britvic felt the negative effects of Brexit. We retained the Fund's
positions in Aldermore and Britvic, however, as we remain confident in the
long-term prospects for the companies, and find their valuations and low
debt levels very attractive.
Another surprise element that held back the Fund's benchmark-relative
performance during the period was Japan's decision to initiate negative
short-term interest rates, two weeks after the country's central bank
stated that it had no plans to do so. The implementation of negative
short-term rates caused a significant correction in the share prices of the
portfolio's holdings in two Japanese banks, Mitsubishi UFJ Financial and
Sumitomo Mitsui Financial. We sold the positions given our belief that the
profitability prospects for both banks have diminished considerably.
On the positive side, the Fund's benchmark-relative returns benefited
strongly from holding shares of Microsoft. Investors have come to view
Microsoft as not only a successful personal computer software firm, but
also as a dynamic growth company that is benefiting from strong momentum
within the cloud-computing market segment. In addition, though the
pharmaceutical sector overall underperformed, the Fund's position in
Johnson & Johnson contributed to benchmark-relative performance, as the
market developed a favorable view of the company's ample drug pipeline.
Other positive performers for the Fund during the 12-month period included
positions in health care technology company NNIT A/S, stock exchange firm
Nasdaq, and biotechnology company Baxalta.
6 Pioneer Global Equity Fund | Annual Report | 8/31/16
Q Did you employ derivatives in managing the Fund during the 12-month period
ended August 31, 2016, and did those investments have an effect on
performance?
A Over the 12-month period, the Fund utilized derivative securities, to a
limited degree, in order to guard against negative currency effects from
the portfolio's holdings in Japan. The Fund's derivative positions had a
slightly positive effect on performance.
Q What is your outlook, and how is it reflected in the Fund's positioning?
A In general, we are cautious in our view of the markets given relatively high
stock valuations and geopolitical uncertainty. Other risks to our outlook
include increased market volatility as the U.S. Federal Reserve weighs the
timing of more short-term rate hikes, the long-term impact of the Brexit
vote, and the repercussions of lower - even negative - interest rates.
With those factors in mind, until recently we had been favoring U.S. stocks
over European equities in the Fund's portfolio. However, the recent sell-off
in the United Kingdom and European equity markets has created opportunities
for investors with a medium- to long-term outlook. We believe that momentum
is starting to shift away from a world dependent on central-bank stimulus to
one where government spending plays a more significant role. Should the
shift occur, we would anticipate a boost in global economic output. We also
see a rebound beginning in the emerging markets in the wake of recent
commodity price stabilization. In addition, we believe that after six years
of outperformance, U.S. equity valuations have risen to the point where
valuations of non-U.S. stocks appear more and more attractive by comparison.
Therefore, we will monitor market conditions and may consider increasing the
Fund's non-U.S. and emerging markets allocations over the coming months.
In the U.S., we continue to focus the Fund's investments on four key
sectors where we see the most opportunity, and where we think stock
valuations remain reasonable: information technology, health care,
financials and telecommunication services. We view stock valuations in the
consumer sectors as excessively high. In addition, we perceive valuations
in Japan (within non-financial stocks) as attractive. We will continue to
look for opportunities there, as Japanese stocks are benefiting from
improved corporate governance and balance sheet management, as well as a
greater emphasis on dividend payouts.
Pioneer Global Equity Fund | Annual Report | 8/31/16 7
Please refer to the Schedule of Investments on pages 18-24 for a full listing of
fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
The Fund is subject to currency risk, meaning that the Fund could experience
losses based on changes in the exchange rate between non-U.S. currencies and the
U.S. dollar.
Investments in small- and mid-sized companies may offer the potential for higher
returns, but are also subject to greater short-term price fluctuations than
larger, more established companies.
When interest rates rise, the prices of fixed-income securities in the Fund will
generally fall. Conversely, when interest rates fall, the prices of fixed-income
securities in the Fund will generally rise.
The Fund may use derivatives, such as options, futures, inverse floating rate
obligations, swaps, and others, which can be illiquid, may disproportionately
increase losses, and have a potentially large impact on Fund performance.
Derivatives may have a leveraging effect on the Fund.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.
These risks may increase share price volatility.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Pioneer Investments for a prospectus or
summary prospectus containing this information. Read it carefully.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
8 Pioneer Global Equity Fund | Annual Report | 8/31/16
Portfolio Summary | 8/31/16
Sector Distribution
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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 25.5%
Financials 19.4%
Health Care 19.1%
Consumer Discretionary 13.4%
Consumer Staples 7.9%
Industrials 5.6%
Telecommunication Services 4.6%
Materials 3.4%
Government 1.1%
Geographical Distribution
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(As a percentage of long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A BAR CHART IN THE PRINTED MATERIAL]
United States 55.4%
United Kingdom 13.9%
Japan 9.6%
Ireland 4.6%
Switzerland 3.1%
Korea, Republic Of 2.7%
Denmark 1.6%
Germany 1.6%
Taiwan, Province Of China 1.5%
France 1.4%
Indonesia 1.3%
Mexico 1.2%
Other (individually less than 1%) 2.1%
10 Largest Holdings
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(As a percentage of long-term holdings)*
1. Apple, Inc. 4.16%
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2. AT&T, Inc. 4.07
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3. Microsoft Corp. 3.62
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4. Shire Plc 3.44
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5. Johnson & Johnson 3.19
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6. Pfizer, Inc. 3.12
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7. Novartis AG 3.10
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8. Discover Financial Services, Inc. 3.00
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9. Cardinal Health, Inc. 2.60
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10. JPMorgan Chase & Co. 2.47
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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 | Annual Report | 8/31/16 9
Prices and Distributions | 8/31/16
Net Asset Value per Share
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Class 8/31/16 8/31/15
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A $13.43 $13.00
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C $13.13 $12.72
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K $13.47 $13.03
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R $13.36 $12.99
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Y $13.50 $13.06
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Distributions per Share: 9/1/15-8/31/16
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Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
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A $0.0788 $ -- $ --
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C $ -- $ -- $ --
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K $0.1450 $ -- $ --
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R $0.1293 $ -- $ --
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Y $0.1450 $ -- $ --
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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 | Annual Report | 8/31/16
Performance Update | 8/31/16 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 August 31, 2016)
--------------------------------------------------------------------------------
MSCI
Net Public MSCI All
Asset Offering World Country
Value Price ND World
Period (NAV) (POP) Index ND Index
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10 Years 3.96% 3.35% 4.54% 4.40%
5 Years 9.41 8.11 9.51 8.32
1 Year 3.92 -2.03 6.68 7.24
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Expense Ratio
(Per prospectus dated December 31, 2015)
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Gross Net
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1.54% 1.34%
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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 AC World
Equity Fund ND Index ND Index
8/06 $ 9,425 $10,000 $10,000
8/07 $10,801 $11,697 $11,906
8/08 $ 9,647 $10,285 $10,484
8/09 $ 8,120 $ 8,515 $ 8,762
8/10 $ 8,028 $ 8,646 $ 9,068
8/11 $ 8,869 $ 9,897 $10,312
8/12 $ 9,357 $10,700 $10,953
8/13 $11,151 $12,587 $12,648
8/14 $14,064 $15,242 $15,302
8/15 $13,377 $14,613 $14,340
8/16 $13,902 $15,589 $15,379
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 5.75% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through January 1, 2017, for Class A shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information. Please see the
financial highlights for more recent expense ratios. Expense ratios in the
financial highlights, unlike those shown in the prospectus, do not reflect
acquired fund fees and expenses.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Global Equity Fund | Annual Report | 8/31/16 11
Performance Update | 8/31/16 Class C Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Global Equity Fund during the
periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) World ND Index and the MSCI All Country World ND Index.
Average Annual Total Returns
(As of August 31, 2016)
--------------------------------------------------------------------------------
MSCI
MSCI All
World Country
If If ND World
Period Held Redeemed Index ND Index
--------------------------------------------------------------------------------
10 Years 3.07% 3.07% 4.54% 4.40%
5 Years 8.51 8.51 9.51 8.32
1 Year 3.22 3.22 6.68 7.24
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2015)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.25% 2.24%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global MSCI World MSCI AC World
Equity Fund ND Index ND Index
8/06 $10,000 $10,000 $10,000
8/07 $11,365 $11,697 $11,906
8/08 $10,062 $10,285 $10,484
8/09 $ 8,394 $ 8,515 $ 8,762
8/10 $ 8,225 $ 8,646 $ 9,068
8/11 $ 8,998 $ 9,897 $10,312
8/12 $ 9,408 $10,700 $10,953
8/13 $11,112 $12,587 $12,648
8/14 $13,888 $15,242 $15,302
8/15 $13,110 $14,613 $14,340
8/16 $13,533 $15,589 $15,379
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through January 1, 2017, for Class C shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information. Please see the
financial highlights for more recent expense ratios. Expense ratios in the
financial highlights, unlike those shown in the prospectus, do not reflect
acquired fund fees and expenses.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer Global Equity Fund | Annual Report | 8/31/16
Performance Update | 8/31/16 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class K shares of Pioneer Global Equity Fund during the
periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) World ND Index and the MSCI All Country World ND Index.
Average Annual Total Returns
(As of August 31, 2016)
--------------------------------------------------------------------------------
MSCI
Net MSCI All
Asset World Country
Value ND World
Period (NAV) Index ND Index
--------------------------------------------------------------------------------
10 Years 4.04% 4.54% 4.40%
5 Years 9.58 9.51 8.32
1 Year 4.51 6.68 7.24
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2015)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.99% 0.84%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Global MSCI World MSCI AC World
Equity Fund ND Index ND Index
8/06 $5,000,000 $5,000,000 $5,000,000
8/07 $5,729,195 $5,848,640 $5,953,006
8/08 $5,117,048 $5,142,711 $5,242,025
8/09 $4,306,826 $4,257,485 $4,380,918
8/10 $4,257,981 $4,323,227 $4,533,964
8/11 $4,704,339 $4,948,332 $5,155,811
8/12 $4,963,234 $5,350,107 $5,476,285
8/13 $5,914,626 $6,293,438 $6,323,791
8/14 $7,459,898 $7,621,081 $7,651,133
8/15 $7,111,917 $7,306,334 $7,170,156
8/16 $7,432,470 $7,794,659 $7,689,572
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class K shares for the period prior to the
commencement of operations of Class K shares on December 31, 2014, is the net
asset value performance of the Fund's Class A shares, which has not been
restated to reflect any differences in expenses, including Rule 12b-1 fees
applicable to Class A shares. Since fees for Class A shares generally are higher
than those of Class K shares, the performance of Class K shares prior to their
inception would have been higher than the performance shown. For the period
beginning December 31, 2014, the actual performance of Class K shares is
reflected. Class K shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors. All
results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through January 1, 2017, for Class K shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information. Please see the
financial highlights for more recent expense ratios. Expense ratios in the
financial highlights, unlike those shown in the prospectus, do not reflect
acquired fund fees and expenses.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Global Equity Fund | Annual Report | 8/31/16 13
Performance Update | 8/31/16 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class R shares of Pioneer Global Equity Fund during the
periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) World ND Index and the MSCI All Country World ND Index.
Average Annual Total Returns
(As of August 31, 2016)
--------------------------------------------------------------------------------
MSCI
Net MSCI All
Asset World Country
Value ND World
Period (NAV) Index ND Index
--------------------------------------------------------------------------------
10 Years 3.95% 4.54% 4.40%
5 Years 9.37 9.51 8.32
1 Year 3.85 6.68 7.24
--------------------------------------------------------------------------------
Expense Ratio
--------------------------------------------------------------------------------
(Per prospectus dated December 31, 2015)
Gross
--------------------------------------------------------------------------------
1.59%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global MSCI World MSCI AC World
Equity Fund ND Index ND Index
8/06 $10,000 $10,000 $10,000
8/07 $11,458 $11,697 $11,906
8/08 $10,234 $10,285 $10,484
8/09 $ 8,614 $ 8,515 $ 8,762
8/10 $ 8,516 $ 8,646 $ 9,068
8/11 $ 9,409 $ 9,897 $10,312
8/12 $ 9,926 $10,700 $10,953
8/13 $11,829 $12,587 $12,648
8/14 $14,920 $15,242 $15,302
8/15 $14,180 $14,613 $14,340
8/16 $14,727 $15,589 $15,379
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class R shares for the period prior to the
commencement of operations of Class R shares on July 1, 2015, is the net asset
value performance of the Fund's Class A shares, which has not been restated to
reflect any differences in expenses, including Rule 12b-1 fees applicable to
Class A shares. Since fees for Class A shares generally are higher than those of
Class R shares, the performance of Class R shares prior to their inception would
have been higher than the performance shown. For the period beginning July 1,
2015, the actual performance of Class R shares is reflected. Class R shares are
not subject to sales charges and are available for limited groups of eligible
investors, including institutional investors. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
Please see the financial highlights for more recent expense ratios. Expense
ratios in the financial highlights, unlike those shown in the prospectus, do not
reflect acquired fund fees and expenses.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
14 Pioneer Global Equity Fund | Annual Report | 8/31/16
Performance Update | 8/31/16 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Global Equity Fund during the
periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) World ND Index and the MSCI All Country World ND Index.
Average Annual Total Returns
(As of August 31, 2016)
--------------------------------------------------------------------------------
MSCI
Net MSCI All
Asset World Country
Value ND World
Period (NAV) Index ND Index
--------------------------------------------------------------------------------
10 Years 4.35% 4.54% 4.40%
5 Years 9.94 9.51 8.32
1 Year 4.50 6.68 7.24
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 31, 2015)
-------------------------------------------------------------------------------
Gross Net
-------------------------------------------------------------------------------
1.00% 0.84%
-------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Global MSCI World MSCI AC World
Equity Fund ND Index ND Index
8/06 $5,000,000 $5,000,000 $5,000,000
8/07 $5,729,195 $5,848,640 $5,953,006
8/08 $5,117,048 $5,142,711 $5,242,025
8/09 $4,321,920 $4,257,485 $4,380,918
8/10 $4,296,252 $4,323,227 $4,533,964
8/11 $4,767,256 $4,948,332 $5,155,811
8/12 $5,057,390 $5,350,107 $5,476,285
8/13 $6,056,413 $6,293,438 $6,323,791
8/14 $7,670,786 $7,621,081 $7,651,133
8/15 $7,327,395 $7,306,334 $7,170,156
8/16 $7,656,898 $7,794,659 $7,689,572
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for periods prior to the inception of the Fund's Class Y
shares on December 31, 2008, is the NAV performance of the Fund's Class A
shares. The performance does not reflect differences in expenses, including the
Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares are
generally higher than those of Class Y shares, the performance for Class Y
shares prior to their inception would have been higher than the performance
shown. For the period beginning December 31, 2008, the actual performance of
Class Y shares is reflected.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through January 1, 2017, for Class Y shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information. Please see the
financial highlights for more recent expense ratios. Expense ratios in the
financial highlights, unlike those shown in the prospectus, do not reflect
acquired fund fees and expenses.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Global Equity Fund | Annual Report | 8/31/16 15
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments and
redemption fees.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period
as follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Global Equity Fund
Based on actual returns from March 1, 2016, through August 31, 2016.
--------------------------------------------------------------------------------------------------------
Share Class A C K R Y
--------------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 3/1/16
--------------------------------------------------------------------------------------------------------
Ending Account $1,102.60 $1,098.67 $1,104.99 $1,101.39 $1,105.70
Value on 8/31/16
--------------------------------------------------------------------------------------------------------
Expenses Paid $ 6.87 $ 10.71 $ 4.18 $ 8.19 $ 4.23
During Period*
--------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.30%, 2.03%,
0.79%, 1.55% and 0.80% for Class A, Class C, Class K, Class R, and Class Y
shares, respectively, multiplied by the average account value over the
period, multiplied by 184/366 (to reflect the one-half year period).
16 Pioneer Global Equity Fund | Annual Report | 8/31/16
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) or redemption fees that are charged at the time of the trans-
action. Therefore, the table below is useful in comparing ongoing costs only and
will not help you determine the relative total costs of owning different funds.
In addition, if these transaction costs were included, your costs would have
been higher.
Expenses Paid on a $1,000 Investment in Pioneer Global Equity Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from March 1, 2016, through August 31, 2016.
--------------------------------------------------------------------------------------------------------
Share Class A C K R Y
--------------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 3/1/16
--------------------------------------------------------------------------------------------------------
Ending Account $1,018.60 $1,014.93 $1,021.17 $1,017.34 $1,021.11
Value on 8/31/16
--------------------------------------------------------------------------------------------------------
Expenses Paid $ 6.60 $ 10.28 $ 4.01 $ 7.86 $ 4.06
During Period*
--------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.30%, 2.03%,
0.79%, 1.55% and 0.80% for Class A, Class C, Class K, Class R, and Class Y
shares, respectively, multiplied by the average account value over the
period, multiplied by 184/366 (to reflect the one-half year period).
Pioneer Global Equity Fund | Annual Report | 8/31/16 17
Schedule of Investments | 8/31/16
------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------
COMMON STOCKS -- 95.4%
MATERIALS -- 3.3%
Construction Materials -- 2.2%
104,508 CRH Plc $ 3,521,539
------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 1.1%
61,655 Rio Tinto Plc $ 1,850,246
------------
Total Materials $ 5,371,785
------------------------------------------------------------------------------------------
CAPITAL GOODS -- 3.9%
Aerospace & Defense -- 1.2%
278,455 BAE Systems Plc $ 1,969,418
------------------------------------------------------------------------------------------
Heavy Electrical Equipment -- 1.7%
205,000 Mitsubishi Electric Corp. $ 2,681,086
------------------------------------------------------------------------------------------
Industrial Machinery -- 1.0%
23,851 Ingersoll-Rand Plc $ 1,621,629
------------
Total Capital Goods $ 6,272,133
------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.5%
Airlines -- 1.0%
39,499 easyJet Plc $ 574,287
14,668 Ryanair Holdings Plc (A.D.R.) 1,065,043
------------
$ 1,639,330
------------------------------------------------------------------------------------------
Trucking -- 0.5%
15,151 DSV A/S $ 752,820
------------
Total Transportation $ 2,392,150
------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 3.3%
Auto Parts & Equipment -- 2.0%
6,763 Continental AG $ 1,417,718
97,015 Gentex Corp. 1,725,897
------------
$ 3,143,615
------------------------------------------------------------------------------------------
Tires & Rubber -- 0.3%
14,700 Bridgestone Corp. $ 505,939
------------------------------------------------------------------------------------------
Automobile Manufacturers -- 1.0%
13,800 Fuji Heavy Industries, Ltd. $ 547,794
203,937 Tata Motors, Ltd. 1,044,533
------------
$ 1,592,327
------------
Total Automobiles & Components $ 5,241,881
------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 3.8%
Homebuilding -- 2.5%
53,958 PulteGroup, Inc. $ 1,153,082
200,100 Sekisui Chemical Co., Ltd. 2,800,584
------------
$ 3,953,666
------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global Equity Fund | Annual Report | 8/31/16
------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------
Apparel, Accessories & Luxury Goods -- 1.3%
39,254 Burberry Group Plc $ 673,642
85,905 Moncler S.p.A.* 1,428,080
------------
$ 2,101,722
------------
Total Consumer Durables & Apparel $ 6,055,388
------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.9%
Hotels, Resorts & Cruise Lines -- 1.0%
38,635 InterContinental Hotels Group Plc $ 1,658,006
------------------------------------------------------------------------------------------
Restaurants -- 0.9%
294,324 Domino's Pizza Group Plc $ 1,387,483
------------
Total Consumer Services $ 3,045,489
------------------------------------------------------------------------------------------
MEDIA -- 2.7%
Advertising -- 1.4%
30,690 Publicis Groupe SA $ 2,281,877
------------------------------------------------------------------------------------------
Broadcasting -- 1.3%
31,427 CBS Corp. (Class B) $ 1,603,720
171,078 ITV Plc 452,288
------------
$ 2,056,008
------------
Total Media $ 4,337,885
------------------------------------------------------------------------------------------
RETAILING -- 1.3%
Apparel Retail -- 1.3%
26,870 The TJX Companies, Inc. $ 2,080,813
------------
Total Retailing $ 2,080,813
------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 5.7%
Drug Retail -- 4.2%
34,729 CVS Health Corp. $ 3,243,689
49,300 Sundrug Co., Ltd. 3,576,188
------------
$ 6,819,877
------------------------------------------------------------------------------------------
Food Retail -- 1.5%
29,389 Walgreens Boots Alliance, Inc. $ 2,371,986
------------
Total Food & Staples Retailing $ 9,191,863
------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.9%
Soft Drinks -- 1.9%
368,162 Britvic Plc $ 3,110,326
------------
Total Food, Beverage & Tobacco $ 3,110,326
------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 5.1%
Health Care Equipment -- 1.5%
27,828 Medtronic Plc $ 2,421,871
------------------------------------------------------------------------------------------
Health Care Distributors -- 2.5%
50,529 Cardinal Health, Inc. $ 4,025,645
------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/16 19
Schedule of Investments | 8/31/16 (continued)
------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------
Health Care Technology -- 1.1%
52,865 NNIT A/S $ 1,782,892
------------
Total Health Care Equipment & Services $ 8,230,408
------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES -- 13.3%
Biotechnology -- 3.6%
15,541 Alder Biopharmaceuticals, Inc. $ 512,387
85,143 Shire Plc 5,315,356
------------
$ 5,827,743
------------------------------------------------------------------------------------------
Pharmaceuticals -- 9.7%
7,659 Jazz Pharmaceuticals Plc* $ 948,414
41,361 Johnson & Johnson 4,936,022
60,868 Novartis AG 4,791,725
138,471 Pfizer, Inc. 4,818,791
------------
$ 15,494,952
------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 21,322,695
------------------------------------------------------------------------------------------
BANKS -- 6.8%
Diversified Banks -- 4.1%
395,388 Aldermore Group Plc $ 848,016
358,540 Grupo Financiero Banorte SAB de CV 1,927,992
56,711 JPMorgan Chase & Co. 3,827,992
------------
$ 6,604,000
------------------------------------------------------------------------------------------
Regional Banks -- 2.7%
6,505,300 Bank Tabungan Negara Persero Tbk PT $ 985,791
37,737 The PNC Financial Services Group, Inc. 3,400,104
------------
$ 4,385,895
------------
Total Banks $ 10,989,895
------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 8.1%
Specialized Finance -- 2.6%
5,755 Intercontinental Exchange, Inc. $ 1,623,025
57,200 Japan Exchange Group, Inc. 895,253
22,586 Nasdaq, Inc. 1,608,349
------------
$ 4,126,627
------------------------------------------------------------------------------------------
Consumer Finance -- 3.9%
77,426 Discover Financial Services, Inc. $ 4,645,560
59,716 Synchrony Financial 1,661,896
------------
$ 6,307,456
------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 1.6%
5,567 BlackRock, Inc. $ 2,075,433
6,954 State Street Corp. 488,449
------------
$ 2,563,882
------------
Total Diversified Financials $ 12,997,965
------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global Equity Fund | Annual Report | 8/31/16
------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------
INSURANCE -- 1.5%
Insurance Brokers -- 1.5%
19,380 Willis Towers Watson Plc $ 2,403,314
------------
Total Insurance $ 2,403,314
------------------------------------------------------------------------------------------
REAL ESTATE -- 2.3%
Diversified Real Estate Activities -- 2.0%
483,700 Leopalace21 Corp. $ 3,211,541
------------------------------------------------------------------------------------------
Real Estate Services -- 0.3%
44,077 Savills Plc $ 429,257
------------
Total Real Estate $ 3,640,798
------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 10.9%
Internet Software & Services -- 5.6%
4,373 Alphabet, Inc. (Class A) $ 3,454,014
4,507 Alphabet, Inc. (Class C) 3,457,094
65,896 eBay, Inc.* 2,119,215
------------
$ 9,030,323
------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 1.8%
30,282 PayPal Holdings, Inc. $ 1,124,976
22,611 Visa, Inc. 1,829,230
------------
$ 2,954,206
------------------------------------------------------------------------------------------
Systems Software -- 3.5%
97,416 Microsoft Corp. $ 5,597,523
------------
Total Software & Services $ 17,582,052
------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 8.5%
Communications Equipment -- 2.1%
108,417 Cisco Systems, Inc. $ 3,408,630
------------------------------------------------------------------------------------------
Computer Storage & Peripherals -- 4.0%
60,568 Apple, Inc. $ 6,426,265
------------------------------------------------------------------------------------------
Computer Hardware Storage & Peripherals -- 1.2%
1,303 Samsung Electronics Co., Ltd. $ 1,888,755
------------------------------------------------------------------------------------------
Electronic Equipment Manufacturers -- 0.6%
65,514 Fitbit, Inc. $ 1,014,157
------------------------------------------------------------------------------------------
Electronic Components -- 0.5%
32,800 Alps Electric Co., Ltd. $ 741,341
------------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 0.1%
65,020 Global Display Co., Ltd. $ 205,048
------------
Total Technology Hardware & Equipment $ 13,684,196
------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 5.1%
Semiconductors -- 5.1%
64,072 Infineon Technologies AG $ 1,078,813
41,458 Micron Technology, Inc.* 683,642
63,585 SK Hynix, Inc. 2,078,625
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/16 21
Schedule of Investments | 8/31/16 (continued)
------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------
Semiconductors -- (continued)
27,046 Skyworks Solutions, Inc. $ 2,024,664
421,000 Taiwan Semiconductor Manufacturing Co., Ltd. 2,341,332
------------
$ 8,207,076
------------
Total Semiconductors & Semiconductor Equipment $ 8,207,076
------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 4.5%
Integrated Telecommunication Services -- 3.9%
154,008 AT&T, Inc. $ 6,295,847
------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.6%
288,687 Vodafone Group Plc $ 870,651
------------
Total Telecommunication Services $ 7,166,498
------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $139,251,526) $153,324,610
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
Principal
Amount ($)
------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BOND -- 0.7%
IDR 13,114,000,000 Indonesia Treasury Bond, 8.75%, 5/15/31 $ 1,103,825
------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BOND
(Cost $1,014,474) $ 1,103,825
------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 96.1%
(Cost $140,266,000) (a) (b) $154,428,435
------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 3.9% $ 6,309,536
------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $160,737,971
==========================================================================================
* Non-income producing security.
(A.D.R.) American Depositary Receipts.
(a) At August 31, 2016, the net unrealized appreciation on investments
based on cost for federal income tax purposes of $141,143,352 was as
follows:
Aggregate gross unrealized appreciation for all investments in
which there is an excess of value over tax cost $ 18,372,732
Aggregate gross unrealized depreciation for all investments in
which there is an excess of tax cost over value (5,087,649)
------------
Net unrealized appreciation $ 13,285,083
============
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global Equity Fund | Annual Report | 8/31/16
(b) Distributions of investments by country of issue, as a percentage of
total investment in securities (excluding temporary cash
investments), is as follows:
United States 55.4%
United Kingdom 13.9%
Japan 9.6%
Ireland 4.6%
Switzerland 3.1%
Korea, Republic Of 2.7%
Denmark 1.6%
Germany 1.6%
Taiwan, Province Of China 1.5%
France 1.4%
Indonesia 1.3%
Mexico 1.2%
Other (individually less than 1%) 2.1%
-----
100.0%
=====
Principal amounts are denominated in U.S. Dollars unless otherwise
noted:
IDR Indonesian Rupiah
Purchases and sales of securities (excluding temporary cash investments) for the
year ended August 31, 2016 aggregated $145,003,771 and $155,355,024,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risk,
etc.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes to
Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/16 23
Schedule of Investments | 8/31/16 (continued)
The following is a summary of the inputs used as of August 31, 2016, in valuing
the Fund's investments:
----------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------------------
Common Stocks
Materials
Construction Materials $ -- $ 3,521,539 $ -- $ 3,521,539
Diversified Metals & Mining -- 1,850,246 -- 1,850,246
Capital Goods
Aerospace & Defense -- 1,969,418 -- 1,969,418
Heavy Electrical Equipment -- 2,681,086 -- 2,681,086
Transportation
Airlines 1,065,043 574,287 -- 1,639,330
Trucking -- 752,820 -- 752,820
Automobiles & Components
Auto Parts & Equipment 1,725,897 1,417,718 -- 3,143,615
Tires & Rubber -- 505,939 -- 505,939
Automobile Manufacturers -- 1,592,327 -- 1,592,327
Consumer Durables & Apparel
Homebuilding 1,153,082 2,800,584 -- 3,953,666
Apparel, Accessories &
Luxury Goods -- 2,101,722 -- 2,101,722
Consumer Services
Hotels, Resorts & Cruise Lines -- 1,658,006 -- 1,658,006
Restaurants -- 1,387,483 -- 1,387,483
Media
Advertising -- 2,281,877 -- 2,281,877
Broadcasting 1,603,720 452,288 -- 2,056,008
Food & Staples Retailing
Drug Retail 3,243,689 3,576,188 -- 6,819,877
Food, Beverage & Tobacco
Soft Drinks -- 3,110,326 -- 3,110,326
Health Care Equipment & Services
Health Care Technology -- 1,782,892 -- 1,782,892
Pharmaceuticals, Biotechnology &
Life Sciences
Biotechnology 512,387 5,315,356 -- 5,827,743
Pharmaceuticals 10,703,227 4,791,725 -- 15,494,952
Banks
Diversified Banks 5,755,984 848,016 -- 6,604,000
Regional Banks 3,400,104 985,791 -- 4,385,895
Diversified Financials
Specialized Finance 3,231,374 895,253 -- 4,126,627
Real Estate
Diversified Real Estate Activities -- 3,211,541 -- 3,211,541
Real Estate Services -- 429,257 -- 429,257
Technology Hardware & Equipment
Computer Hardware Storage &
Peripherals -- 1,888,755 -- 1,888,755
Electronic Components -- 741,341 -- 741,341
Electronic Manufacturing Services -- 205,048 -- 205,048
Semiconductors & Semiconductor
Equipment
Semiconductors 2,708,306 5,498,770 -- 8,207,076
Telecommunication Services
Wireless Telecommunication
Services -- 870,651 -- 870,651
All Other Common Stocks 58,523,547 -- -- 58,523,547
Foreign Government Bond -- 1,103,825 -- 1,103,825
----------------------------------------------------------------------------------------------------
Total $93,626,360 $60,802,075 $ -- $154,428,435
====================================================================================================
During the year ended August 31, 2016, there were no transfers between Levels 1,
2 and 3.
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global Equity Fund | Annual Report | 8/31/16
Statement of Assets and Liabilities | 8/31/16
ASSETS:
Investment in securities (cost $140,266,000) $154,428,435
Foreign currencies, at value (cost $99,481) 98,421
Restricted cash* 100,956
Receivables --
Investment securities sold 7,990,019
Fund shares sold 43,074
Dividends 360,560
Interest 24,071
Other assets 25,151
------------------------------------------------------------------------------------------
Total assets $163,070,687
==========================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 1,241,254
Fund shares repurchased 167,658
Trustee fees 1,201
Due to custodian 741,479
Due to affiliates 39,053
Accrued expenses 142,071
------------------------------------------------------------------------------------------
Total liabilities $ 2,332,716
==========================================================================================
NET ASSETS:
Paid-in capital $152,262,065
Undistributed net investment income 1,717,208
Accumulated net realized loss on investments, futures contracts,
written options and foreign currency transactions (7,391,378)
Net unrealized appreciation on investments 14,162,435
Net unrealized depreciation on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies (12,359)
------------------------------------------------------------------------------------------
Total net assets $160,737,971
==========================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $74,333,311/5,532,818 shares) $ 13.43
Class C (based on $12,170,495/927,103 shares) $ 13.13
Class K (based on $52,221,804/3,875,940 shares) $ 13.47
Class R (based on $14,562,183/1,090,269 shares) $ 13.36
Class Y (based on $7,450,178/551,813 shares) $ 13.50
MAXIMUM OFFERING PRICE:
Class A ($13.43 (divided by) 94.25%) $ 14.25
==========================================================================================
* Represents restricted cash deposited at the custodian and/or counterparty for
derivative contracts.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/16 25
Statement of Operations
For the Year Ended 8/31/16
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $218,046) $ 3,912,164
Interest 117,457
---------------------------------------------------------------------------------------------------
Total investment income $ 4,029,621
---------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 1,264,825
Transfer agent fees
Class A 94,135
Class C 12,636
Class K 52
Class R 43
Class Y 302
Distribution fees
Class A 188,001
Class C 129,337
Class R 47,523
Shareholder communications expense 180,891
Administrative expense 94,667
Custodian fees 44,079
Registration fees 27,206
Professional fees 70,628
Printing expense 35,039
Fees and expenses of nonaffiliated Trustees 7,758
Miscellaneous 15,285
---------------------------------------------------------------------------------------------------
Total expenses $ 2,212,407
Less fees waived and expenses reimbursed by Pioneer
Investment Management, Inc. (260,446)
---------------------------------------------------------------------------------------------------
Net expenses $ 1,951,961
---------------------------------------------------------------------------------------------------
Net investment income $ 2,077,660
---------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS,
WRITTEN OPTIONS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $(7,565,264)
Futures contracts 291,711
Written options 33,025
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (100,461) $(7,340,989)
---------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $10,619,001
Other assets and liabilities denominated in foreign currencies 14,267 $10,633,268
---------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments, futures
contracts, written options and foreign currency transactions $ 3,292,279
---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 5,369,939
===================================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global Equity Fund | Annual Report | 8/31/16
Statements of Changes in Net Assets
---------------------------------------------------------------------------------------------------
Year Ended Year Ended
8/31/16 8/31/15
---------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 2,077,660 $ 1,304,453
Net realized gain (loss) on investments, futures contracts, total
return swap, written options, and foreign currency transactions (7,340,989) 10,505,297
Change in net unrealized appreciation (depreciation)
on investments and foreign currency transactions 10,633,268 (20,554,877)
---------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ 5,369,939 $ (8,745,127)
---------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.08 and $0.38 per share, respectively) $ (471,470) $ (2,165,744)
Class C ($0.00 and $0.30 per share, respectively) -- (252,529)
Class K ($0.15 and $0.00 per share, respectively)** (589,987) --
Class R ($0.13 and $0.00 per share, respectively)*** (76,329) --
Class Y ($0.15 and $0.45 per share, respectively) (271,227) (2,272,661)
---------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (1,409,013) $ (4,690,934)
---------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS: (a)
Net proceeds from sale or exchange of shares $ 33,783,592 $121,389,969
Reinvestment of distributions 658,359 2,627,476
Cost of shares repurchased (48,756,116) (97,010,855)
---------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from Fund
share transactions $(14,314,165) $ 27,006,590
---------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $(10,353,239) $ 13,570,529
NET ASSETS:
Beginning of year $171,091,210 $157,520,681
---------------------------------------------------------------------------------------------------
End of year $160,737,971 $171,091,210
---------------------------------------------------------------------------------------------------
Undistributed net investment income $ 1,717,208 $ 1,034,603
===================================================================================================
(a) At August 31, 2016, Pioneer Asset Allocation Trust owned 32.7% of the value
of outstanding shares of Pioneer Global Equity Fund.
** Class K shares commenced operations on December 31, 2014.
*** Class R shares commenced operations on July 1, 2015.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/16 27
Statements of Changes in Net Assets (continued)
---------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
8/31/16 8/31/16 8/31/15 8/31/15
Shares Amount Shares Amount
---------------------------------------------------------------------------------------------------
Class A
Shares sold 911,559 $ 11,889,430 1,540,016 $ 21,741,127
Reinvestment of distributions 33,914 450,034 152,847 2,090,959
Less shares repurchased (1,344,828) (17,206,097) (1,217,019) (17,064,588)
---------------------------------------------------------------------------------------------------
Net increase (decrease) (399,355) $ (4,866,633) 475,844 $ 6,767,498
===================================================================================================
Class B*
Shares sold or exchanged -- $ -- -- $ --
Reinvestment of distributions -- -- -- --
Less shares repurchased -- -- (149,799) (2,044,742)
---------------------------------------------------------------------------------------------------
Net decrease -- $ -- (149,799) $ (2,044,742)
===================================================================================================
Class C
Shares sold 222,781 $ 2,826,420 625,499 $ 8,578,097
Reinvestment of distributions -- -- 17,966 241,637
Less shares repurchased (360,772) (4,537,583) (189,906) (2,624,849)
---------------------------------------------------------------------------------------------------
Net increase (decrease) (137,991) $ (1,711,163) 453,559 $ 6,194,885
===================================================================================================
Class K**
Shares sold -- $ -- 4,271,583 $ 57,908,556
Reinvestment of distributions -- -- -- --
Less shares repurchased (290,122) (3,661,494) (105,521) (1,492,962)
---------------------------------------------------------------------------------------------------
Net increase (decrease) (290,122) $ (3,661,494) 4,166,062 $ 56,415,594
===================================================================================================
Class R***
Shares sold 1,056,022 $ 13,514,533 181,756 $ 2,526,092
Reinvestment of distributions -- -- -- --
Less shares repurchased (143,077) (1,834,686) (4,432) (62,198)
---------------------------------------------------------------------------------------------------
Net increase 912,945 $ 11,679,847 177,324 $ 2,463,894
===================================================================================================
Class Y
Shares sold 426,331 $ 5,553,209 2,156,949 $ 30,636,097
Reinvestment of distributions 15,675 208,325 21,508 294,880
Less shares repurchased (1,713,296) (21,516,256) (5,339,157) (73,721,516)
---------------------------------------------------------------------------------------------------
Net decrease (1,271,290) $(15,754,722) (3,160,700) $(42,790,539)
===================================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
** Class K shares commenced operations on December 31, 2014.
*** Class R shares commenced operations on July 1, 2015.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Global Equity Fund | Annual Report | 8/31/16
Financial Highlights
-----------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/16 8/31/15 8/31/14 8/31/13 8/31/12
-----------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 13.00 $ 14.05 $ 11.31 $ 9.64 $ 9.27
-----------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.14(a) $ 0.07 $ 0.27 $ 0.15 $ 0.17
Net realized and unrealized gain (loss) on investments 0.37 (0.74) 2.67 1.68 0.33
-----------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.51 $ (0.67) $ 2.94 $ 1.83 $ 0.50
-----------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.08) $ (0.38) $ (0.20) $ (0.16) $ (0.13)
-----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.43 $ (1.05) $ 2.74 $ 1.67 $ 0.37
-----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 13.43 $ 13.00 $ 14.05 $ 11.31 $ 9.64
=================================================================================================================
Total return* 3.92% (4.88)% 26.13% 19.17% 5.50%
Ratio of net expenses to average net assets 1.30% 1.30% 1.30% 1.30% 1.30%
Ratio of net investment income (loss) to average net assets 1.08% 0.60% 2.01% 1.35% 1.71%
Portfolio turnover rate 88% 109% 121% 160% 152%
Net assets, end of period (in thousands) $74,333 $77,115 $76,638 $62,996 $56,970
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 1.45% 1.50% 1.56% 1.67% 1.72%
Net investment income (loss) to average net assets 0.94% 0.40% 1.75% 0.98% 1.29%
=================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/16 29
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/16 8/31/15 8/31/14 8/31/13 8/31/12
--------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 12.72 $ 13.78 $ 11.11 $ 9.47 $ 9.09
--------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.04(b) $ (0.08)(a) $ 0.14 $ 0.05 $ 0.10
Net realized and unrealized gain (loss) on investments 0.37 (0.68) 2.63 1.66 0.31
--------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.41 $ (0.76) $ 2.77 $ 1.71 $ 0.41
--------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ -- $ (0.30) $ (0.10) $ (0.07) $ (0.03)
--------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.41 $ (1.06) $ 2.67 $ 1.64 $ 0.38
--------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 13.13 $ 12.72 $ 13.78 $ 11.11 $ 9.47
====================================================================================================================
Total return* 3.22% (5.60)% 24.98% 18.11% 4.56%
Ratio of net expenses to average net assets 2.03% 2.05% 2.20% 2.20% 2.20%
Ratio of net investment income (loss) to average net assets 0.35% (0.14)% 1.13% 0.45% 0.82%
Portfolio turnover rate 88% 109% 121% 160% 152%
Net assets, end of period (in thousands) $ 12,170 $13,552 $ 8,427 $ 6,516 $ 5,682
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 2.16% 2.21% 2.35% 2.51% 2.53%
Net investment income (loss) to average net assets 0.22% (0.30)% 0.98% 0.14% 0.49%
====================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
(a) The amount shown for a share outstanding does not correspond with net
investment income on the Statement of Operations for the relevant period
due to timing of the sales and repurchase of shares.
(b) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Global Equity Fund | Annual Report | 8/31/16
--------------------------------------------------------------------------------------
Year 12/31/14
Ended to
8/31/16 8/31/15
--------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 13.03 $ 13.51
--------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.21(a) $ 0.11
Net realized and unrealized gain (loss) on investments 0.38 (0.59)
--------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.59 $ (0.48)
--------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.15) $ --
--------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.44 $ (0.48)
--------------------------------------------------------------------------------------
Net asset value, end of period $ 13.47 $ 13.03
======================================================================================
Total return* 4.51% (3.55)%***
Ratio of net expenses to average net assets 0.79% 0.79%**
Ratio of net investment income (loss) to average net assets 1.58% 1.44%**
Portfolio turnover rate 88% 109%
Net assets, end of period (in thousands) $52,222 $ 54,305
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 0.92% 0.95%**
Net investment income (loss) to average net assets 1.45% 1.28%**
======================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
*** Not annualized.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/16 31
Financial Highlights (continued)
-------------------------------------------------------------------------------------
Year 7/1/15
Ended to
8/31/16 8/31/15
-------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 12.99 $ 14.08
-------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.13(a) $ 0.00(b)
Net realized and unrealized gain (loss) on investments 0.37 (1.09)
-------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.50 $ (1.09)
-------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.13) $ --
-------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.37 $ (1.09)
-------------------------------------------------------------------------------------
Net asset value, end of period $ 13.36 $ 12.99
=====================================================================================
Total return* 3.85% (7.74)%***
Ratio of net expenses to average net assets 1.55% 1.38%**
Ratio of net investment income (loss) to average net assets 1.04% 0.25%**
Portfolio turnover rate 88% 109%
Net assets, end of period (in thousands) $14,562 $ 2,304
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 1.68% 1.55%**
Net investment income (loss) to average net assets 0.91% 0.08%**
=====================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
*** Not annualized.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Amount rounds to less than $0.01 or ($0.01) per share.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Global Equity Fund | Annual Report | 8/31/16
------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
8/31/16 8/31/15 8/31/14 8/31/13 8/31/12
------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 13.06 $ 14.12 $ 11.37 $ 9.69 $ 9.32
------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.20(a) $ 0.01 $ 0.37 $ 0.20 $ 0.21
Net realized and unrealized gain (loss) on investments 0.39 (0.62) 2.63 1.69 0.34
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.59 $ (0.61) $ 3.00 $ 1.89 $ 0.55
------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.15) $ (0.45) $ (0.25) $ (0.21) $ (0.18)
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.44 $ (1.06) $ 2.75 $ 1.68 $ 0.37
------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 13.50 $ 13.06 $ 14.12 $ 11.37 $ 9.69
==================================================================================================================
Total return* 4.50% (4.48)% 26.66% 19.75% 6.09%
Ratio of net expenses to average net assets 0.80% 0.80% 0.80% 0.80% 0.80%
Ratio of net investment income (loss) to average net assets 1.55% 0.85% 2.58% 1.85% 2.22%
Portfolio turnover rate 88% 109% 121% 160% 152%
Net assets, end of period (in thousands) $ 7,450 $23,815 $70,384 $71,726 $60,214
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 1.08% 0.96% 0.95% 1.00% 0.97%
Net investment income (loss) to average net assets 1.27% 0.69% 2.43% 1.65% 2.05%
==================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/16 33
Notes to Financial Statements | 8/31/16
1. Organization and Significant Accounting Policies
Pioneer Global Equity Fund (the Fund) is one of two portfolios comprising
Pioneer Series Trust V, a Delaware statutory trust. The Fund is registered under
the Investment Company Act of 1940 as a diversified, open-end management
investment company. The Fund's investment objective is to seek long-term capital
growth.
The Fund offers five classes of shares designated as Class A, Class C, Class K,
Class R and Class Y shares. Class K shares commenced operations on December 31,
2014. Class R shares commenced operations on July 1, 2015. Class B shares were
converted to Class A shares as of the close of business on November 10, 2014.
Each class of shares represents an interest in the same portfolio of investments
of the Fund and has identical rights (based on relative net asset values) to
assets and liquidation proceeds. Share classes can bear different rates of
class-specific fees and expenses such as transfer agent and distribution fees.
Differences in class-specific fees and expenses will result in differences in
net investment income and, therefore, the payment of different dividends from
net investment income earned by each class. The Amended and Restated Declaration
of Trust of the Fund gives the Board of Trustees the flexibility to specify
either per-share voting or dollar-weighted voting when submitting matters for
shareholder approval. Under per-share voting, each share of a class of the Fund
is entitled to one vote. Under dollar-weighted voting, a shareholder's voting
power is determined not by the number of shares owned, but by the dollar value
of the shares on the record date. Each share class has exclusive voting rights
with respect to matters affecting only that class, including with respect to the
distribution plan for that class. There is no distribution plan for Class Y
shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles (U.S. GAAP) that require the management
of the Fund to, among other things, make estimates and assumptions that affect
the reported amounts of assets and liabilities, the disclosure of contingent
assets and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gain or loss on investments during the reporting
period. Actual results could differ from those estimates.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. The following is a summary of significant
accounting policies followed by the Fund in the preparation of its financial
statements:
34 Pioneer Global Equity Fund | Annual Report | 8/31/16
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the New
York Stock Exchange (NYSE) is open, as of the close of regular trading on
the NYSE.
Equity securities that have traded on an exchange are valued by using the
last sale price on the principal exchange where they are traded. Equity
securities that have not traded on the date of valuation, or securities for
which sale prices are not available, generally are valued using the mean
between the last bid and asked prices or, if both last bid and asked prices
are not available, at the last quoted bid price. Last sale and bid and
asked prices are provided by independent third party pricing services. In
the case of equity securities not traded on an exchange, prices are
typically determined by independent third party pricing services using a
variety of techniques and methods.
The principal exchanges and markets for non-U.S. equity securities have
closing times prior to the close of the NYSE. However, the value of these
securities may be influenced by changes in global markets occurring after
the closing times of the local exchanges and markets up to the time the
Fund determines its net asset value. Consequently, the Fund uses a fair
value model developed by an independent pricing service to value non-U.S.
equity securities. On a daily basis, the pricing service recommends
changes, based on a proprietary model, to the closing market prices of each
non-U.S. security held by the Fund to reflect the security's fair value at
the time the Fund determines its net asset value. The Fund applies these
recommendations in accordance with procedures approved by the Board of
Trustees.
Fixed income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed income securities and/or other
factors. Valuations may be supplemented by dealers and other sources, as
required. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service.
Cash may include overnight deposits at approved financial institutions.
Futures contracts are generally valued at the closing settlement price
established by the exchange on which they are traded.
Options contracts are generally valued at the mean between the last bid and
ask prices on the principal exchange where they are traded.
Over-the-counter ("OTC") options and options on swaps ("swaptions") are
valued using prices
Pioneer Global Equity Fund | Annual Report | 8/31/16 35
supplied by independent pricing services, which consider such factors as
market prices, market events, quotations from one or more brokers, Treasury
spreads, yields, maturities and ratings, or may use a pricing matrix or
other fair value methods or techniques to provide an estimated value of the
security or instrument.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after the
close of the exchange or market on which the security trades and prior to
the determination of the Fund's net asset value. Examples of a significant
event might include political or economic news, corporate restructurings,
natural disasters, terrorist activity or trading halts. Thus, the valuation
of the Fund's securities may differ significantly from exchange prices, and
such differences could be material.
At August 31, 2016, no securities were valued using fair value methods
(other than securities valued using prices supplied by independent pricing
services).
B. Investment Income and Transactions
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence. Interest income is recorded
on the accrual basis. Dividend and interest income are reported net of
unrecoverable foreign taxes withheld at the applicable country rates.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no provision for federal income taxes is required.
As of August 31, 2016, the Fund did not accrue any interest or penalties
with respect to uncertain tax positions, which, if applicable, would be
recorded as an income tax expense in the Statement of Operations. Tax
returns filed within the prior three years are subject to examination by
Federal and State tax authorities.
36 Pioneer Global Equity Fund | Annual Report | 8/31/16
In addition to the requirements of the Internal Revenue Code, the Fund may
also be required to pay local taxes on the recognition of capital gains
and/or the repatriation of foreign currencies in certain countries.
In determining the daily net asset value, the Fund estimates the reserve for
such taxes, if any, associated with investments in certain countries. The
estimated reserve for the capital gains is based on the net unrealized
appreciation on certain portfolio securities, the holding period of such
securities and the related tax rates, tax loss carryforward (if applicable)
and other such factors.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. GAAP. Distributions in excess of net investment
income or net realized gains are temporary overdistributions for financial
statement purposes resulting from differences in the recognition or
classification of income or distributions for financial statement and tax
purposes. Capital accounts within the financial statements are adjusted for
permanent book/tax differences to reflect tax character, but are not
adjusted for temporary differences. At August 31, 2016, the Fund
reclassified $13,958 to increase undistributed net investment income,
$16,251,515 to decrease accumulated net realized loss on investments,
futures contracts, written options and foreign currency transactions and
$16,265,473 to decrease paid-in capital to reflect permanent book/tax
differences. These adjustments have no impact on the net assets or results
of operations.
At August 31, 2016, the Fund was permitted to carry forward indefinitely
$6,514,026 of short-term losses under the Regulated Investment Company
Modernization Act of 2010 without limitation.
The tax character of distributions during the years ended August 31, 2016
and August 31, 2015, were as follows:
---------------------------------------------------------------------------
2016 2015
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $1,409,013 $4,690,934
---------------------------------------------------------------------------
Total $1,409,013 $4,690,934
===========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at August 31, 2016:
---------------------------------------------------------------------------
2016
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 1,717,208
Capital loss carryforward (6,514,026)
Net unrealized appreciation 13,272,724
---------------------------------------------------------------------------
Total $ 8,475,906
===========================================================================
Pioneer Global Equity Fund | Annual Report | 8/31/16 37
The difference between book basis and tax basis unrealized appreciation is
attributable to the tax deferral of losses on wash sales, adjustments
relating to catastrophe bonds, the tax treatment of premium and
amortization, the mark to market of forward and futures contracts, tax
basis adjustments on Real Estate Investment Trust (REIT) holdings, interest
accruals on preferred stock, partnerships and other holdings.
D. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A.
(UniCredit), earned $9,677 in underwriting commissions on the sale of Class
A shares during the year ended August 31, 2016.
E. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates. Net realized gains and losses on foreign currency
transactions, if any, represent, among other things, the net realized gains
and losses on foreign currency contracts, disposition of foreign currencies
and the difference between the amount of income accrued and the U.S.
dollars actually received. Further, the effects of changes in foreign
currency exchange rates on investments are not segregated in the Statement
of Operations from the effects of changes in the market price of those
securities, but are included with the net realized and unrealized gain or
loss on investments (See Note 6).
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class C and Class R shares of the Fund,
respectively (see Note 4). Class K and Class Y shares do not pay
distribution fees. All expenses and fees paid to the Fund's transfer agent
for its services are allocated among the classes of shares based on the
number of accounts in each class and the ratable allocation of related
out-of-pocket expenses (see Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C, Class K, Class R and Class
Y shares can reflect different transfer agent and distribution expense
rates.
38 Pioneer Global Equity Fund | Annual Report | 8/31/16
G. Risks
Investing in foreign and/or emerging markets securities involves risks
relating to interest rates, currency exchange rates and economic and
political conditions. At times, the Fund's investments may represent
industries or industry sectors that are interrelated or have common risks,
making the Fund more susceptible to any economic, political, or regulatory
developments or other risks affecting those industries and sectors. The
Fund's prospectus contains unaudited information regarding the Fund's
principal risks. Please refer to that document when considering the Fund's
principal risks.
H. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge
against changes in interest rates, securities prices and currency rates or
to seek to increase total return. Futures contracts are types of
derivatives. All futures contracts entered into by the Fund are traded on a
futures exchange. Upon entering into a futures contract, the Fund is
required to deposit with a broker an amount of cash or securities equal to
the minimum "initial margin" requirements of the associated futures
exchange. The amount of cash deposited with the broker as collateral at
August 31, 2016, was $100,000 and is recorded within "Restricted cash" in
the Statement of Assets and Liabilities. Subsequent payments for futures
contracts ("variation margin") are paid or received by the Fund, depending
on the daily fluctuation in the value of the contracts, and are recorded by
the Fund as unrealized appreciation or depreciation. When the contract is
closed, the Fund realizes a gain or loss equal to the difference between
the opening and closing value of the contract as well as any fluctuation in
foreign currency exchange rates where applicable. The use of futures
contracts involves, to varying degrees, elements of market, interest rate,
currency exchange rate and counterparty risks, which may exceed the amounts
recognized by the Fund. Changes in value of the contracts may not directly
correlate to the changes in value of the underlying securities. These risks
may decrease the effectiveness of the Fund's hedging strategies and
potentially result in a loss. The average value of contracts open during
the year ended August 31, 2016, was $(31,010). There were no futures
contracts outstanding at August 31, 2016.
I. Option Writing
The Fund may write put and covered call options to seek to increase total
return. When an option is written, the Fund receives a premium and becomes
obligated to purchase or sell the underlying security at a fixed price,
upon the exercise of the option. When the Fund writes an option, an amount
equal to the premium received by the Fund is recorded as a liability and is
subsequently adjusted to the current value of the option written. Premiums
received from writing options that expire unexercised are treated by the
Fund
Pioneer Global Equity Fund | Annual Report | 8/31/16 39
on the expiration date as realized gains from investments. The difference
between the premium and the amount paid on effecting a closing purchase
transaction, including brokerage commissions, is also treated as a realized
gain, or, if the premium is less than the amount paid for the closing
purchase transaction, as a realized loss. If a call option is exercised,
the premium is added to the proceeds from the sale of the underlying
security in determining whether the Fund has realized a gain or loss. The
Fund as writer of an option bears the market risk of an unfavorable change
in the price of the security underlying the written option.
The average value of written option contracts open during the year ended
August 31, 2016, was $(1,108). There were no written options outstanding at
August 31, 2016.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate equal to
0.75% of the Fund's average daily net assets up to $500 million, 0.70% of the
next $500 million of the Fund's average daily net assets and 0.65% of the Fund's
average daily net assets over $1 billion. For the year ended August 31, 2016,
the effective management fee (excluding waivers and/or assumption of expenses)
was equivalent to 0.64% of the Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses (ordinary
operating expenses means all fund expenses other than extraordinary expenses,
such as litigation, taxes, brokerage commissions and acquired fund fees and
expenses) of the Fund to the extent required to reduce Fund expenses to 1.30%,
2.20%, 0.80%, 1.55% and 0.80% of the average daily net assets attributable to
Class A, Class C, Class K, Class R and Class Y shares, respectively. Fees waived
and expenses reimbursed during the year ended August 31, 2016, are reflected on
the Statement of Operations. These expense limitations are in effect through
January 1, 2018. There can be no assurance that PIM will extend the expense
limitation agreement for a class of shares beyond the date referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$36,966 in management fees, administrative costs and certain other
reimbursements payable to PIM at August 31, 2016.
40 Pioneer Global Equity Fund | Annual Report | 8/31/16
3. Transfer Agent
Effective November 2, 2015, Boston Financial Data Services, Inc. serves as the
transfer agent to the Fund at negotiated rates. Transfer agent fees and payables
shown on the Statement of Operations and the Statement of Assets and
Liabilities, respectively, include sub-transfer agent expenses incurred through
the Fund's omnibus relationship contracts.
Prior to November 2, 2015, Pioneer Investment Management Shareholder Services,
Inc., a wholly owned indirect subsidiary of UniCredit, provided substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareholder communications activities
such as proxy and statement mailings and outgoing phone calls. For the year
ended August 31, 2016, such out-of-pocket expenses by class of shares were as
follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $110,872
Class C 17,961
Class K 26
Class R 24,147
Class Y 27,885
--------------------------------------------------------------------------------
Total: $180,891
================================================================================
4. Distribution Plan
The Fund has adopted a distribution plan (the Plan) pursuant to Rule 12b-1 of
the Investment Company Act of 1940 with respect to its Class A, Class C and
Class R shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average
daily net assets attributable to Class A shares as compensation for personal
services and/or account maintenance services or distribution services with
regard to Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of
the average daily net assets attributable to Class C shares. The fee for Class C
shares consists of a 0.25% service fee and a 0.75% distribution fee paid as
compensation for personal services and/or account maintenance services or
distribution services with regard to Class C shares. Pursuant to the Plan, the
Fund further pays PFD 0.50% of the average daily net assets attributable to
Class R shares held by such plans. Included in "Due to affiliates" reflected on
the Statement of Assets and Liabilities is $2,087 in distribution fees payable
to PFD at August 31, 2016.
The Fund also has adopted a separate service plan for Class R shares (Service
Plan). The Service Plan authorizes the Fund to pay securities dealers, plan
administrators or other service organizations that agree to provide certain
Pioneer Global Equity Fund | Annual Report | 8/31/16 41
services to retirement plans or plan participants holding shares of the Fund a
service fee of up to 0.25% of the Fund's average daily net assets attributable
to Class R shares held by such plans.
In addition, redemptions of each class of shares (except Class R or Class Y
shares) may be subject to a contingent deferred sales charge (CDSC). A CDSC of
1.00% may be imposed on redemptions of certain net asset value purchases of
Class A shares within 12 months of purchase. Redemptions of Class C shares
within 12 months of purchase are subject to a CDSC of 1.00%, based on the lower
of cost or market value of shares being redeemed. Shares purchased as part of an
exchange remain subject to any CDSC that applied to the original purchase of
those shares. There is no CDSC for Class R or Class Y shares. Proceeds from the
CDSCs are paid to PFD. For the year ended August 31, 2016, CDSCs in the amount
of $1,262 were paid to PFD.
5. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect until February 10, 2016, was in the amount of $240
million. Effective February 10, 2016, the facility is in the amount of $220
million. Under such facility, depending on the type of loan, interest on
borrowings is payable at the London Interbank Offered Rate (LIBOR) plus 0.85% on
an annualized basis, or the Alternate Base Rate, which is the greater of (a) the
facility's administrative agent's daily announced prime rate on the borrowing
date, (b) 2% plus the Federal Funds Rate on the borrowing date and (c) 2% plus
the overnight Eurodollar rate on the borrowing date. The Funds pay an annual
commitment fee to participate in a credit facility. The commitment fee is
allocated among participating Funds based on an allocation schedule set forth in
the credit agreement. For the year ended August 31, 2016, the Fund had no
borrowings under the credit facility.
6. Forward Foreign Currency Contracts
During the year ended August 31, 2016, the Fund had entered into various forward
foreign currency contracts that obligate the Fund to deliver or take delivery of
currencies at specified future maturity dates. Alternatively, prior to the
settlement date of a forward foreign currency contract, the Fund may close out
such contract by entering into an offsetting contract. The average value of
forward foreign currency contracts open during the year ended August 31, 2016
was $(189,397). There were no open forward foreign currency contracts
outstanding at August 31, 2016.
42 Pioneer Global Equity Fund | Annual Report | 8/31/16
7. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund's use of derivatives may subject it to the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing
securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to
make further principal or interest payments on an obligation or commitment that
it has to the Fund.
Foreign exchange rate risk relates to fluctuations in the value of an asset or
liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments as
a result of changes in market prices (other than those arising from interest
rate risk or foreign exchange risk), whether caused by factors specific to an
individual investment, its issuer, or all factors affecting all instruments
traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity
index will fluctuate based on increases or decreases in the commodities market
and factors specific to a particular industry or commodity.
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure at August 31, 2016, was as follows:
--------------------------------------------------------------------------------------------------
Foreign
Statement of Interest Credit Exchange Equity Commodity
Operations Rate Risk Risk Rate Risk Risk Risk
--------------------------------------------------------------------------------------------------
Net realized gain
(loss) on:
Futures contracts $-- $-- $249,383 $42,328 $--
Written options -- -- -- 33,025 --
Forward foreign
currency contracts* -- -- (35,075) -- --
--------------------------------------------------------------------------------------------------
Total Value $-- $-- $214,308 $75,353 $--
==================================================================================================
* Included in the amount shown on the Statement of Operations as forward
foreign currency contracts and other assets and liabilities denominated in
foreign currencies.
Pioneer Global Equity Fund | Annual Report | 8/31/16 43
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust V
and the Shareowners of Pioneer Global Equity Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Pioneer Global Equity Fund (the "Fund"), one of
the portfolios constituting Pioneer Series Trust V, as of August 31, 2016, the
related statement of operations for the year then ended, the statements of
changes in net assets for each of the two years in the period then ended, and
the financial highlights for each of the three years in the period then ended.
These financial statements and financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits. The financial
highlights for the years ended August 31, 2013, and 2012, were audited by other
auditors. Those auditors expressed an unqualified opinion on those financial
statements and financial highlights in their report dated October 28, 2013.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. The Fund
is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audits included consideration of
internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Fund's internal control over
financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of August 31, 2016, by correspondence with the custodian
and brokers; when replies were not received from brokers, we performed other
auditing procedures. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, such financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Global Equity Fund as of August 31, 2016, the results of its operations
for the year then ended, the changes in its net assets for each of the two years
in the period then ended, and the financial highlights for each of the three
years in the period then ended, in conformity with accounting principles
generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
October 24, 2016
44 Pioneer Global Equity Fund | Annual Report | 8/31/16
Additional Information (unaudited)
For the year ended August 31, 2016, certain dividends paid by the Fund may be
subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax
Relief Reconciliation Act (the Act) of 2003. The Fund intends to designate up to
the maximum amount of such dividends allowable under the Act, as taxed at a
maximum rate of 15%. Complete information will be computed and reported in
conjunction with your 2016 form 1099-DIV.
The qualifying percentage of the Fund's ordinary income dividends for the
purpose of the corporate dividends received deduction was 83.26%.
Pioneer Global Equity Fund | Annual Report | 8/31/16 45
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Boston Financial Data Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and officers are listed below, together with their principal
occupations during at least the past five years. Trustees who are interested
persons of the Fund within the meaning of the 1940 Act are referred to as
Interested Trustees. Trustees who are not interested persons of the Fund are
referred to as Independent Trustees. Each of the Trustees serves as a trustee of
each of the 45 U.S. registered investment portfolios for which Pioneer serves as
investment adviser (the "Pioneer Funds"). The address for all Trustees and all
officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
46 Pioneer Global Equity Fund | Annual Report | 8/31/16
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (66) Trustee since Private investor (2004 - 2008 and 2013 - Director, Broadridge Financial
Chairman of the Board 2006. present); Chairman (2008 - 2013) and Chief Solutions, Inc. (investor
and Trustee Serves until a Executive Officer (2008 - 2012), Quadriserv, communications and securities
successor trustee Inc. (technology products for securities processing provider for financial
is elected or lending industry); and Senior Executive Vice services industry) (2009 -
earlier retirement President, The Bank of New York (financial present); Director, Quadriserv,
or removal. and securities services) (1986 - 2004) Inc. (2005 - 2013); and
Commissioner, New Jersey State
Civil Service Commission (2011 -
present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (72) Trustee since Managing Partner, Federal City Capital Director of New York Mortgage Trust
Trustee 2005. Advisors (corporate advisory services (publicly-traded mortgage REIT)
Serves until a company) (1997 - 2004 and 2008 - present); (2004 - 2009, 2012 - present);
successor trustee Interim Chief Executive Officer, Oxford Director of The Swiss Helvetia
is elected or Analytica, Inc. (privately-held research and Fund, Inc. (closed-end fund) (2010
earlier retirement consulting company) (2010); Executive Vice - present); Director of Oxford
or removal. President and Chief Financial Officer, Analytica, Inc. (2008 - present);
I-trax, Inc. (publicly traded health care and Director of Enterprise
services company) (2004 - 2007); and Community Investment, Inc.
Executive Vice President and Chief Financial (privately-held affordable housing
Officer, Pedestal Inc. (internet-based finance company) (1985 - 2010)
mortgage trading company) (2000 - 2002);
Private consultant (1995 - 1997), Managing
Director, Lehman Brothers (investment banking
firm) (1992 - 1995); and Executive, The World
Bank (1979 - 1992)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (71) Trustee since William Joseph Maier Professor of Political Trustee, Mellon Institutional Funds
Trustee 2008. Economy, Harvard University (1972 - present) Investment Trust and Mellon
Serves until a Institutional Funds Master
successor trustee Portfolio (oversaw 17 portfolios in
is elected or fund complex) (1989 - 2008)
earlier retirement
or removal.
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Global Equity Fund | Annual Report | 8/31/16 47
Independent Trustees (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (69) Trustee since Founding Director, Vice President and None
Trustee 2005. Corporate Secretary, The Winthrop Group, Inc.
Serves until a (consulting firm) (1982 - present); Desautels
successor trustee Faculty of Management, McGill University
is elected or (1999 - present); and Manager of Research
earlier Operations and Organizational Learning, Xerox
retirement or PARC, Xerox's advance research center (1990 -
removal. 1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (68) Trustee since President and Chief Executive Officer, Director of New America High Income
Trustee 2005. Newbury Piret Company (investment banking Fund, Inc. (closed-end investment
Serves until a firm) (1981 - present) company) (2004 - present); and
successor trustee Member, Board of Governors,
is elected or Investment Company Institute (2000
earlier - 2006)
retirement or
removal.
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (69) Trustee since Consultant (investment company services) None
Trustee 2014. (2012 - present); Executive Vice President,
Serves until a BNY Mellon (financial and investment company
successor trustee services) (1969 - 2012); Director, BNY
is elected or International Financing Corp. (financial
earlier services) (2002 - 2012); and Director, Mellon
retirement or Overseas Investment Corp. (financial
removal. services) (2009 - 2012)
------------------------------------------------------------------------------------------------------------------------------------
48 Pioneer Global Equity Fund | Annual Report | 8/31/16
Interested Trustee
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (58)* Trustee since Director and Executive Vice President (since None
Trustee 2014. 2008) and Chief Investment Officer, U.S.
Serves until a (since 2010) of PIM-USA; Executive Vice
successor trustee President of Pioneer (since 2008); Executive
is elected or Vice President of Pioneer Institutional
earlier Asset Management, Inc. (since 2009); and
retirement or Portfolio Manager of Pioneer (since 1999)
removal.
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Taubes is an Interested Trustee because he is an officer of the Fund's
investment adviser and certain of its affiliates.
Pioneer Global Equity Fund | Annual Report | 8/31/16 49
Advisory Trustee
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Lorraine Monchak (60)** Advisory Trustee Chief Investment Officer, 1199 SEIU Funds Trustee of Pioneer closed-end
Advisory Trustee since 2014. (healthcare workers union pension funds) investment companies (5
(2001 - present); Vice President - portfolios) (Sept. 2015 - present)
International Investments Group, American
International Group, Inc. (insurance
company) (1993 - 2001); Vice President
Corporate Finance and Treasury Group,
Citibank, N.A. (1980 - 1986 and 1990 -
1993); Vice President - Asset/Liability
Management Group, Federal Farm Funding
Corporation (government-sponsored issuer of
debt securities) (1988 - 1990); Mortgage
Strategies Group, Shearson Lehman Hutton,
Inc. (investment bank) (1987 - 1988); and
Mortgage Strategies Group, Drexel Burnham
Lambert, Ltd. (investment bank) (1986 -
1987)
------------------------------------------------------------------------------------------------------------------------------------
** Ms. Monchak is a non-voting advisory trustee.
50 Pioneer Global Equity Fund | Annual Report | 8/31/16
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Lisa M. Jones (54) Since 2014. Serves Chair, Director, CEO and President of Pioneer Trustee of Pioneer closed-end
President and at the discretion Investment Management-USA (since September investment companies (5
Chief Executive Officer of the Board. 2014); Chair, Director, CEO and President of portfolios) (Sept. 2015 - present)
Pioneer Investment Management, Inc. (since
September 2014); Chair, Director, CEO and
President of Pioneer Funds Distributor, Inc.
(since September 2014); Chair, Director, CEO
and President of Pioneer Institutional Asset
Management, Inc. (since September 2014); and
Chair, Director, and CEO of Pioneer
Investment Management Shareholder Services,
Inc. (since September 2014); Managing
Director, Morgan Stanley Investment
Management (2010 - 2013); and Director of
Institutional Business, CEO of International,
Eaton Vance Management (2005 - 2010)
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (51) Since 2005. Serves Vice President and Associate General Counsel None
Secretary and at the discretion of Pioneer since January 2008; Secretary and
Chief Legal Officer of the Board. Chief Legal Officer of all of the Pioneer
Funds since June 2010; Assistant Secretary of
all of the Pioneer Funds from September 2003
to May 2010; and Vice President and Senior
Counsel of Pioneer from July 2002 to December
2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (55) Since 2010. Serves Fund Governance Director of Pioneer since None
Assistant Secretary at the discretion December 2006 and Assistant Secretary of all
of the Board. the Pioneer Funds since June 2010; Manager -
Fund Governance of Pioneer from December 2003
to November 2006; and Senior Paralegal of
Pioneer from January 2000 to November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (53) Since 2010. Serves Senior Counsel of Pioneer since May 2013 and None
Assistant Secretary at the discretion Assistant Secretary of all the Pioneer Funds
of the Board. since June 2010; and Counsel of Pioneer from
June 2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (56) Since 2008. Serves Vice President - Fund Treasury of Pioneer; None
Treasurer and at the discretion Treasurer of all of the Pioneer Funds since
Chief Financial and of the Board. March 2008; Deputy Treasurer of Pioneer from
Accounting Officer March 2004 to February 2008; and Assistant
Treasurer of all of the Pioneer Funds from
March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Global Equity Fund | Annual Report | 8/31/16 51
Fund Officers (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (51) Since 2005. Serves Director - Fund Treasury of Pioneer; and None
Assistant Treasurer at the discretion Assistant Treasurer of all of the Pioneer
of the Board. Funds
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (58) Since 2005. Serves Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer at the discretion Pioneer; and Assistant Treasurer of all of
of the Board. the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (36) Since 2009. Serves Fund Administration Manager - Fund Treasury None
Assistant Treasurer at the discretion of Pioneer since November 2008; Assistant
of the Board. Treasurer of all of the Pioneer Funds since
January 2009; and Client Service Manager -
Institutional Investor Services at State
Street Bank from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (63) Since 2010. Serves Chief Compliance Officer of Pioneer and of None
Chief Compliance Officer at the discretion all the Pioneer Funds since March 2010;
of the Board. Chief Compliance Officer of Pioneer
Institutional Asset Management, Inc. since
January 2012; Chief Compliance Officer of
Vanderbilt Capital Advisors, LLC since July
2012: Director of Adviser and Portfolio
Compliance at Pioneer since October 2005;
and Senior Compliance Officer for Columbia
Management Advisers, Inc. from October 2003
to October 2005
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (45) Since 2006. Serves Director - Transfer Agency Compliance of None
Anti-Money Laundering at the discretion Pioneer and Anti-Money Laundering Officer of
Officer of the Board. all the Pioneer Funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
52 Pioneer Global Equity Fund | Annual Report | 8/31/16
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
Pioneer Funds
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2016 Pioneer Investments 19431-10-1016