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Pioneer Series Trust X

Filed: 9 Nov 20, 3:53pm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21823

Pioneer Series Trust V
(Exact name of registrant as specified in charter)

60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)

Terrence J. Cullen, Amundi Pioneer Asset Management, Inc.,
60 State Street, Boston, MA 02109

(Name and address of agent for service)


Registrant’s telephone number, including area code:  (617) 742-7825

Date of fiscal year end:  August 31, 2020

Date of reporting period:  September 1, 2019 through August 31, 2020

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).  The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609.  The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.





Pioneer Corporate
High Yield Fund

(Formerly Pioneer Dynamic Credit Fund. See "Note to Shareholders"
on Page 4 for more information)


Annual Report | August 31, 2020
   
A: RCRAX C: RCRCX Y: RCRYX 
 
Beginning in February 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer, bank or insurance company. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications electronically by contacting your financial intermediary or, if you invest directly with the Fund, by calling 1-800-225-6292.
You may elect to receive all future reports in paper free of charge. If you invest directly with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-225-6292. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held within the Pioneer Fund complex if you invest directly.




 

visit us: www.amundipioneer.com/us

 

  
Table of Contents
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
Pioneer Corporate High Yield Fund | Annual Report | 8/31/20 1

Table of Contents


President’s Letter


Dear Shareholders,
The new decade has arrived delivering a half-year (and more) that will go down in the history books. The beginning of 2020 seemed to extend the positive market environment of 2019. Then, March roared in like a lion and the COVID-19 pandemic became a global crisis impacting lives and life as we know it. The long-term impact on the global economy from the COVID-19 virus pandemic, while currently unknown, is likely to be considerable. It is clear that several industries have already felt greater effects than others. And the markets, which do not thrive on uncertainty, have been volatile, delivering significantly negative performance in the first quarter, and then staging a strong rally for most of the second quarter. Our business continuity plan was implemented given the new COVID-19 guidelines, and most of our employees are working remotely. To date, our operating environment has faced no interruption. I am proud of the careful planning that has taken place and confident we can maintain this environment for as long as is prudent. History in the making for a company that first opened its doors way back in 1928.
Since 1928, Amundi Pioneer’s investment process has been built on a foundation of fundamental research and active management, principles which have guided our investment decisions for more than 90 years. We believe active management – that is, making active investment decisions –can help mitigate the potential risks during periods of market volatility. As the first several months of 2020 have reminded us, investment risk can arise from a number of factors in today’s global economy, including slower or stagnating growth, changing U.S. Federal Reserve policy, oil price shocks, political and geopolitical factors and, unfortunately, major public health concerns such as a viral pandemic.
At Amundi Pioneer, active management begins with our own fundamental, bottom-up research process. Our team of dedicated research analysts and portfolio managers analyzes each security under consideration, communicating directly with the management teams of the companies issuing the securities and working together to identify those securities that best meet our investment criteria for our family of funds. Our risk management approach begins with each and every security, as we strive to carefully understand the potential opportunity, while considering any and all risk factors.
2 Pioneer Corporate High Yield Fund | Annual Report | 8/31/20
 

Today, as investors, we have many options. It is our view that active management can serve shareholders well, not only when markets are thriving, but also during periods of market stress. As you consider your long-term investment goals, we encourage you to work with your financial advisor to develop an investment plan that paves the way for you to pursue both your short-term and long-term goals.
We remain confident that the current crisis, like others in human history, will pass, and we greatly appreciate the trust you have placed in us and look forward to continuing to serve you in the future.
Sincerely,
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
August 31, 2020
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 Corporate High Yield Fund | Annual Report | 8/31/20 3
 

Portfolio Management Discussion | 8/31/20*
In the following interview, Matthew Shulkin discusses the factors that influenced the performance of Pioneer Corporate High Yield Fund during the 12-month period ended August 31, 2020. Mr. Shulkin, a vice president and a portfolio manager at Amundi Pioneer Asset Management, Inc. (Amundi Pioneer), and Andrew Feltus, Co-Director of High Yield and a portfolio manager at Amundi Pioneer, are responsible for the day-to-day management of the Fund, along with Kenneth Monaghan, Co-Director of High Yield and a portfolio manager at Amundi Pioneer.
Q    How did the Fund perform during the 12-month period ended August 31, 2020?
A    Pioneer Corporate High Yield Fund’s Class A shares returned 2.25% at net asset value during the 12-month period ended August 31, 2020, while the Fund’s benchmark, the ICE Bank of America U.S. High Yield Index (the ICE BofA Index), returned 3.71%. During the same period, the average return of the 683 mutual funds in Morningstar’s High Yield Bond Funds category was 2.60%.
Q    Could you please describe the market environment for high-yield corporate bonds during the 12-month period ended August 31, 2020?
A    Entering the period in September 2019, in the midst of sluggish global economic indicators, investors were heartened as the impact of the U.S.-China trade war appeared to be less severe in the more domestically oriented U.S. economy than in either China or Europe. In order to ensure that the improving sentiment continued, the U.S. Federal Reserve (Fed) reduced the target range of the federal funds rate by 0.25% at both its September and October 2019 meetings. The high-yield market reacted well to the rate cuts, with credit spreads tightening into the end of the calendar year as investors allocated their money to the asset class. The markets also received a boost in December as the U.S. and China announced a “phase one” trade deal and long-time uncertainty about the Brexit situation in the U.K. finally eased with the country’s general election results. (Credit spreads are commonly defined as the differences in yields between Treasuries and other types of fixed-income securities with similar maturities.)
*     Note to Shareholders: Effective September 25, 2020, after the end of the annual reporting period covered by this report, Pioneer Corporate High Yield Fund (the "predecessor fund") reorganized with Pioneer Dynamic Credit Fund. As a result of the reorganization, Pioneer Dynamic Credit Fund was renamed Pioneer Corporate High Yield Fund. From September 25, 2020, and going forward, the investment strategies, performance and financial history, inception date, fiscal year end, and portfolio management team of the newly combined Fund are that of the predecessor fund.
4 Pioneer Corporate High Yield Fund | Annual Report | 8/31/20
 

After a benign opening to 2020, financial markets experienced historic disruptions beginning mid-February, as the emergence of the COVID-19 virus and the mitigation efforts implemented by governments at various levels to contain the spread of the virus all but shuttered the global economy. Investors fled riskier assets broadly and moved into so-called “safe havens,” such as U.S. Treasuries, driving Treasury yields to all-time lows. The corporate bond market reacted to the dramatically altered environment by widening spreads for businesses negatively affected by the crisis, such as cruise lines, airlines, and energy producers. Credit downgrades on debt issues, from investment grade to high yield, spiked, as the rating agencies adjusted for the economic shutdown.
The policy response to the crisis was swift, as central banks and governments sought to keep businesses and consumers from going under. The Fed slashed the target range of the federal funds rate to near zero in mid-March, resurrected its 2008-2009 financial crisis-era lending facilities, and launched a wide-ranging bond-purchase program. On the fiscal side, the U.S. Congress and the White House agreed upon a $2.2 trillion stimulus package in late-March.
Investors greeted the extraordinary support from policy makers in the wake of the pandemic with enthusiasm entering the second quarter of 2020. Market participants sought to put their money to work at the now much wider spreads, in anticipation that the potential compensation available would outweigh taking on the additional, increased default risk. As the second quarter progressed, investors became increasingly optimistic that steps toward reopening the economy would support something resembling a “V-shaped” recovery (a swift, sharp rise). The resurgence in risk sentiment allowed credit-sensitive areas of the bond market to recover much of their earlier losses over the second quarter, even as rising numbers of positive COVID-19 test cases in a number of states raised concerns about a potential second wave of serious infections.
At the sector level, industries viewed by investors as better positioned to weather the pandemic-induced crisis, such as food & drug retailers, led high-yield corporate bond returns over the 12-month period. In contrast, sectors such as air transportation, which are highly dependent on out-of-the-home consumer spending, finished the 12-month period sharply lower. While energy credits rebounded in the second quarter of 2020 as oil prices approached the $40 per barrel range, the sector remained well underwater for the full 12-month period. In quality terms, higher-rated segments within high yield outperformed lower-rated debt.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/20 5
 

Q    Can you review the Fund’s principal strategies during the 12-month period ended August 31, 2020, and the degree to which the portfolio’s positioning affected benchmark-relative returns?
A    We have based our investment process for the Fund on security and sector selection. We believe that diligent, detailed, fundamental research could uncover mispriced securities, and that actively managing the portfolio to capture those opportunities may produce solid returns over the longer term. We also believe that identifying non-high-yield assets that complement the portfolio’s core high-yield bond holdings can produce better risk-reward profiles. In that vein, we have found what we regard as attractive opportunities within convertible bonds, particularly in the health care and technology sectors.
The Fund underperformed its benchmark for the 12-month period, mainly due to the portfolio’s positioning earlier in the period. Given a positive economic backdrop in the final months of 2019 and the beginning of 2020, we had positioned the Fund with more credit-risk exposure than the ICE BofA Index, and with an overweight to B-rated bonds. With indications that the U.S. economy was accelerating at the end of 2019, we had also attempted to take advantage of strong U.S. consumer sentiment at the time, which had been benefiting from a strong employment backdrop and moderate wage growth. We sought to express the consumer focus within the portfolio by overweighting industries dependent on discretionary consumer spending, such as casinos and airlines. As the magnitude of the economic fallout from the pandemic became apparent in March, the Fund’s holdings in those sectors performed poorly and detracted from benchmark-relative returns.
For the 12-month period, the Fund’s overweight to B-rated bonds relative to higher-quality BB-rated bonds within high yield also had a negative effect on benchmark-relative performance. Other detractors from relative results included the Fund’s overweight exposures to sectors affected by the decline in out-of-the-home consumer spending during the 12-month period. Additionally, positioning in the energy sector constrained the Fund’s relative returns. Although we had concentrated the portfolio’s energy holdings in volume-dependent midstream companies such as pipelines, the extreme decline in oil consumption due to COVID-19 stay-at-home orders, and a Saudi Arabia-Russia oil price war led to steep price declines for all energy bonds.
6 Pioneer Corporate High Yield Fund | Annual Report | 8/31/20
 

In response to the new economic environment, in the second half of the 12-month period we categorized all of the Fund’s holdings based on their relative exposure to the COVID-19 crisis. Sectors we view as “unimpaired by COVID-19” are those minimally affected by the crisis, such as food and drug retailers, which we mentioned earlier. The “wounded by COVID-19” category includes companies that have experienced temporary effects, but that we still believe possess good long-term business models, such as ambulatory surgery centers. In the “impaired by COVID-19” category are sectors we anticipate will experience lasting negative fallout, such as movie theaters. We have found most “unimpaired” bonds to be expensive, and have been considering investments in only the strongest issuers within the “impaired” sectors. Our primary focus has been on the “wounded” sectors, as we believe diligent research can help us to identify the potential “survivors” within that category.
Due to those actions and the overall recovery of the market, the Fund’s benchmark-relative performance improved over the spring and summer, though not enough to make up for the previous underperformance.
Q    Can you discuss the factors that affected the Fund’s income-generation, or distributions* to shareholders, either positively or negatively, during the 12-month period ended August 31, 2020?
A    The Fund’s income-generation remained relatively stable over the 12-month period. Our more “up-in-quality” and higher-rated bias in the portfolio resulted in a marginally lower yield for the Fund versus the benchmark ICE BofA Index, but we view the positioning as appropriate given where we are in the current credit cycle.
Q    Did the Fund have any exposure to derivatives during the 12-month period ended August 31, 2020? If so, did the derivatives have a material effect on the Fund’s performance?
A    We have the ability to utilize derivatives from time to time in order to maintain the desired level of portfolio exposure to the high-yield market, while also seeking to maintain sufficient liquidity to make opportunistic purchases and help meet any unanticipated shareholder redemptions. During the 12-month period, the Fund had light exposure to credit-default-swap index contracts, which had no material impact on performance.
*     Distributions are not guaranteed.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/20 7
 

Q    What is your assessment of the current climate for high-yield investing?
A    Heightened uncertainty in the midst of a global pandemic and an approaching U.S. presidential election has continued to characterize the current economic environment. What is certain, in our opinion, is the magnitude of the efforts by both monetary and fiscal policy makers to soften the blows to the economy caused by the COVID-19 situation. We believe much of the economic outlook depends on the success of the multiple efforts to develop vaccines and therapeutic agents to either eradicate, or at least effectively treat COVID-19. In the last few months, we have become more optimistic that drugs that could render COVID-19 manageable ultimately will become available, and the Fund’s current positioning reflects that view.
The combination of attractive spreads, positive economic momentum, and supportive supply-and-demand dynamics has led us to enter the Fund’s new fiscal year with a constructive stance on the high-yield market. We believe current spreads within high-yield corporate bonds potentially offer attractive long-term value across a number of sectors. We believe security selection remains critical, however, given the partial recovery in high-yield spreads seen in the second quarter of 2020, and the ultimate dialing back of policy support from both governments and central banks.
Please refer to the Schedule of Investments on pages 17–28 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 and heightened uncertainty. The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues or adverse investor sentiment. These conditions may continue, recur, worsen or spread.
8 Pioneer Corporate High Yield Fund | Annual Report | 8/31/20
 

Investments in high-yield or lower rated securities are subject to greater-than-average price volatility, illiquidity and possibility of default.
When interest rates rise, the prices of fixed income securities held by the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed income securities held by the Fund will generally rise.
Investments in the Fund are subject to possible loss due to the financial failure of issuers of underlying securities and their inability to meet their debt obligations.
Prepayment risk is the chance that an issuer may exercise its right to prepay its security, if falling interest rates prompt the issuer to do so. Forced to reinvest the unanticipated proceeds at lower interest rates, the Fund would experience a decline in income and lose the opportunity for additional price appreciation.
The portfolio may invest in mortgage-backed securities, which during times of fluctuating interest rates may increase or decrease more than other fixed-income securities. Mortgage-backed securities are also subject to prepayments.
Investing in foreign and/or emerging market securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions.
The Fund may use derivatives, such as options, futures, inverse floating rate obligations, swaps, and others, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. Derivatives may have a leveraging effect on the Fund.
At times, the Fund’s investments may represent industries or sectors that are interrelated or have common risks, making the Fund 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 Amundi Pioneer Asset Management, Inc., for a prospectus or summary prospectus containing this information. Read it carefully.
Any information in this shareholder report regarding market or economic trends or the factors influencing the Fund’s historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/20 9
 

Portfolio Summary | 8/31/20


Portfolio Diversification

(As a percentage of total investments)*


10 Largest Holdings

(As a percentage of total investments)*
   
1. 
U.S. Treasury Bills, 9/22/20 
2.71% 
2. 
U.S. Treasury Bills, 9/15/20 
2.26 
3. 
Covanta Holding Corp., 6.0%, 1/1/27 
1.30 
4. 
Teva Pharmaceutical Finance Netherlands III BV, 2.8%, 7/21/23 
1.24 
5. 
West Street Merger Sub, Inc., 6.375%, 9/1/25 (144A) 
1.15 
6. 
Beacon Roofing Supply, Inc., 4.875%, 11/1/25 (144A) 
1.12 
7. 
M/I Homes, Inc., 4.95%, 2/1/28 
1.10 
8. 
Provident Funding Associates LP/PFG Finance Corp., 6.375%, 
 
 
6/15/25 (144A) 
1.07 
9. 
American Midstream Partners LP/American Midstream Finance Corp., 
 
 
9.5%, 12/15/21 (144A) 
1.01 
10. 
Gray Television, Inc., 5.125%, 10/15/24 (144A) 
0.99 
 
*  Excludes temporary cash investments and all derivative contracts except for options purchased. The Fund is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any securities.
10 Pioneer Corporate High Yield Fund | Annual Report | 8/31/20
 

Prices and Distributions | 8/31/20


Net Asset Value per Share
   
Class 8/31/20 8/31/19 
$9.83 
$10.15 
$9.90 
$10.14 
$9.83 $10.15 
 
Distributions per Share: 9/1/19–8/31/20
    
 
Net Investment Short-Term Long-Term 
Class Income Capital Gains Capital Gains 
$0.5290 $ — $ — 
$0.4555 $ — $ — 
$0.5556 $ — $ — 
 
Index Definition
The ICE BofA U.S. High Yield Index is an unmanaged, commonly accepted measure of the performance of high-yield securities. Index returns are calculated monthly, assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees, expenses or sales charges. It is not possible to invest directly in an index.
The index defined here pertains to the “Value of $10,000 Investment” and “Value of $5 Million Investment” charts on pages 12–14.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/20 11
 

  
Performance Update | 8/31/20 
Class A Shares 
 
Investment Returns
The mountain chart on the right shows the change in value of a $10,000 investment made in Class A shares of Pioneer Corporate High Yield Fund at public offering price during the periods shown, compared to that of the ICE BofA U.S. High Yield Index.
   
Average Annual Total Returns 
(As of August 31, 2020) 
 
Net Public ICE
 
Asset Offering BofA U.S.
 
Value Price High Yield
Period (NAV) (POP) Index
Life of Class 
 
 
 
(1/3/17) 
4.63% 3.32% 5.29%
1 year 
2.25 
-2.36 
3.71
 
 
Expense Ratio 
 
(Per prospectus dated December 31, 2019) 
Gross Net 
 
2.02% 
0.90% 
 
 

Call 1-800-225-6292 or visit www.amundipioneer.com/us 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. NAV returns would have been lower had sales charges been reflected. POP returns reflect deduction of maximum 4.50% sales charge. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in effect through January 1, 2021, for Class A shares. There can be no assurance that Amundi Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please refer to the financial highlights for more current expense ratios.
12 Pioneer Corporate High Yield Fund | Annual Report | 8/31/20
 

  
Performance Update | 8/31/20 
Class C Shares 
 
Investment Returns
The mountain chart on the right shows the change in value of a $10,000 investment made in Class C shares of Pioneer Corporate High Yield Fund during the periods shown, compared to that of the ICE BofA U.S. High Yield Index.
    
Average Annual Total Returns 
 
(As of August 31, 2020) 
 
 
 
 
ICE 
 
 
 
BofA U.S. 
 
If If High Yield 
Period Held Redeemed Index
Life of Class 
 
 
 
(1/3/17) 
4.07% 
4.07% 
5.29% 
1 year 
2.30 
2.30 
3.71 
 
 
Expense Ratio 
 
 
(Per prospectus dated December 31, 2019) 
Gross Net 
 
 
2.77% 
1.65% 
 
 

Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent deferred sales charge (CDSC). If you paid a 1% sales charge, your returns would be lower than those shown above. “If Held” results represent the percent change in net asset value per share. “If Redeemed” 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, 2021, for Class C shares. There can be no assurance that Amundi Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please refer to the financial highlights for more current expense ratios.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/20 13
 

  
Performance Update | 8/31/20 
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 Corporate High Yield Fund during the periods shown, compared to that of the ICE BofA U.S. High Yield Index.
   
Average Annual Total Returns 
(As of August 31, 2020) 
 
 
Net ICE 
 
Asset BofA U.S. 
 
Value High Yield 
Period (NAV) Index 
Life of Class 
 
 
(1/3/17) 
4.89% 
5.29% 
1 year 
2.53 
3.71 
 
 
Expense Ratio 
 
 
(Per prospectus dated December 31, 2019) 
Gross Net 
 
1.77% 
0.60% 
 
 

Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in effect through January 1, 2021, for Class Y shares. There can be no assurance that Amundi Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please refer to the financial highlights for more current expense ratios.
14 Pioneer Corporate High Yield Fund | Annual Report | 8/31/20
 

Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1)   ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses; and
(2)   transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 at the beginning of the Fund’s latest six-month period and held throughout the six months.
Using the Tables
Actual Expenses
The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period as follows:
(1)   Divide your account value by $1,000
Example: an $8,600 account value ÷ $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 Corporate High Yield Fund
Based on actual returns from March 1, 2020 through August 31, 2020.
    
Share Class 
Beginning Account 
$1,000.00 $1,000.00 $1,000.00 
Value on 3/1/20 
 
 
 
Ending Account Value 
$1,006.79 $1,011.07 $1,008.26 
(after expenses) 8/31/20 
 
 
 
Expenses Paid 
$4.69 $7.58 $3.18 
During Period* 
 
 
 
 
*  Expenses are equal to the Fund’s annualized expense ratio of 0.93%, 1.50%, and 0.63% for classes A, C, and Y shares, respectively, multiplied by the average account value over the period, multiplied by 184/366, (to reflect the partial year period).
Pioneer Corporate High Yield Fund | Annual Report | 8/31/20 15
 

Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Corporate High Yield Fund
Based on a hypothetical 5% per year return before expenses, reflecting the period from March 1, 2020 through August 31, 2020.
    
Share Class 
Beginning Account 
$1,000.00 $1,000.00 $1,000.00 
Value on 3/1/20 
 
 
 
Ending Account Value 
$1,020.46 $1,017.60 $1,021.97 
(after expenses) 8/31/20 
 
 
 
Expenses Paid 
$4.72 $7.61 $3.20 
During Period* 
 
 
 
 
*  Expenses are equal to the Fund’s annualized expense ratio of 0.93%, 1.50%, and 0.63% for classes A, C, and Y shares, respectively, multiplied by the average account value over the period, multiplied by 184/366, (to reflect the partial year period).
16 Pioneer Corporate High Yield Fund | Annual Report | 8/31/20
 

Schedule of Investments | 8/31/20
    
Principal  
 
 
Amount  
 
 
USD ($)  
 
Value 
 
 UNAFFILIATED ISSUERS — 96.8% 
 
 
 CORPORATE BONDS — 91.8% of Net Assets 
 
 
 Advertising — 2.2% 
 
20,000  Lamar Media Corp., 3.75%, 2/15/28 (144A) $ 19,975 
78,000  Lamar Media Corp., 4.0%, 2/15/30 (144A) 79,658 
25,000  Lamar Media Corp., 4.875%, 1/15/29 (144A) 26,094 
225,000  MDC Partners, Inc., 6.5%, 5/1/24 (144A) 214,875 
126,000  Outfront Media Capital LLC/Outfront Media Capital Corp., 
 
 
 5.625%, 2/15/24 127,890 
30,000  Outfront Media Capital LLC/Outfront Media Capital Corp., 
 
 
 6.25%, 6/15/25 (144A) 31,275 
 
 Total Advertising $ 499,767 
 
 Aerospace & Defense — 0.4% 
 
66,000  Bombardier, Inc., 6.0%, 10/15/22 (144A) $ 56,100 
20,000  Bombardier, Inc., 7.875%, 4/15/27 (144A) 14,494 
20,000  Triumph Group, Inc., 8.875%, 6/1/24 (144A) 21,100 
 
 Total Aerospace/Defense $ 91,694 
 
 Airlines — 1.1% 
 
174,000  Delta Air Lines, Inc., 3.75%, 10/28/29 $ 155,168 
10,000  Delta Air Lines, Inc., 7.375%, 1/15/26 10,409 
95,000  Mileage Plus Holdings LLC/Mileage Plus Intellectual 
 
 
 Property Assets, Ltd., 6.5%, 6/20/27 (144A) 98,800 
 
 Total Airlines $ 264,377 
 
 Apparel — 0.2% 
 
45,000  Wolverine World Wide, Inc., 6.375%, 5/15/25 (144A) $ 47,700 
 
 Total Apparel $ 47,700 
 
 Auto Manufacturers — 2.8% 
 
200,000  Ford Motor Credit Co. LLC, 3.815%, 11/2/27 $ 195,500 
200,000  Ford Motor Credit Co. LLC, 4.134%, 8/4/25 200,540 
164,000  JB Poindexter & Co., Inc., 7.125%, 4/15/26 (144A) 174,312 
39,000  Navistar International Corp., 9.5%, 5/1/25 (144A) 44,460 
 
 Total Auto Manufacturers $ 614,812 
 
 Auto Parts & Equipment — 1.7% 
 
204,000  American Axle & Manufacturing, Inc., 6.25%, 3/15/26 $ 207,922 
86,000  Dealer Tire LLC/DT Issuer LLC, 8.0%, 2/1/28 (144A) 85,677 
85,000  Goodyear Tire & Rubber Co., 9.5%, 5/31/25 95,431 
 
 Total Auto Parts & Equipment $ 389,030 
 
 Banks — 1.7% 
 
79,000  Freedom Mortgage Corp., 8.125%, 11/15/24 (144A) $ 80,777 
81,000  Freedom Mortgage Corp., 8.25%, 4/15/25 (144A) 83,228 
242,000  Provident Funding Associates LP/PFG Finance Corp., 
 
 
 6.375%, 6/15/25 (144A) 235,950 
 
 Total Banks $ 399,955 
 
The accompanying notes are an integral part of these financial statements.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/20 17
 

Schedule of Investments | 8/31/20 (continued)
    
Principal  
 
 
Amount  
 
 
USD ($)  
 
Value 
 
 Building Materials — 1.7% 
 
20,000  
Forterra Finance LLC/FRTA Finance Corp., 6.5%, 
 
 
 
7/15/25 (144A) 
$ 21,275 
70,000  
JELD-WEN, Inc., 6.25%, 5/15/25 (144A) 
75,152 
15,000  
Standard Industries, Inc., 4.375%, 7/15/30 (144A) 
15,894 
124,000  
Standard Industries, Inc., 4.75%, 1/15/28 (144A) 
130,510 
15,000  
Standard Industries, Inc., 5.0%, 2/15/27 (144A) 
15,663 
29,000  
Summit Materials LLC/Summit Materials Finance Corp., 
 
 
 
5.125%, 6/1/25 (144A) 
29,290 
5,000  
Summit Materials LLC/Summit Materials Finance Corp., 
 
 
 
5.25%, 1/15/29 (144A) 
5,238 
94,000  
Summit Materials LLC/Summit Materials Finance Corp., 
 
 
 
6.5%, 3/15/27 (144A) 
100,345 
 
 Total Building Materials $ 393,367 
 
 Chemicals — 2.9% 
 
105,000  
Element Solutions, Inc., 3.875%, 9/1/28 (144A) 
$ 107,173 
23,000  
Hexion, Inc., 7.875%, 7/15/27 (144A) 
23,057 
200,000  
OCI NV, 5.25%, 11/1/24 (144A) 
205,500 
71,000  
Olin Corp., 5.0%, 2/1/30 
68,515 
40,000  
Olin Corp., 9.5%, 6/1/25 (144A) 
46,300 
110,000  
Tronox, Inc., 6.5%, 5/1/25 (144A) 
117,975 
100,000  
Tronox, Inc., 6.5%, 4/15/26 (144A) 
102,966 
 
 Total Chemicals $ 671,486 
 
 Coal — 0.7% 
 
185,000  
SunCoke Energy Partners LP/SunCoke Energy Partners 
 
 
 
Finance Corp., 7.5%, 6/15/25 (144A) 
$ 165,806 
 
 Total Coal $ 165,806 
 
 Commercial Services — 6.1% 
 
55,000  
Allied Universal Holdco LLC/Allied Universal Finance 
 
 
 
Corp., 6.625%, 7/15/26 (144A) 
$ 58,987 
95,000  
Allied Universal Holdco LLC/Allied Universal Finance 
 
 
 
Corp., 9.75%, 7/15/27 (144A) 
105,212 
151,000  
APX Group, Inc., 6.75%, 2/15/27 (144A) 
158,550 
30,000  
Ashtead Capital, Inc., 4.0%, 5/1/28 (144A) 
31,125 
20,000  
Ashtead Capital, Inc., 4.25%, 11/1/29 (144A) 
21,076 
80,000  
Brink’s Co., 5.5%, 7/15/25 (144A) 
84,400 
144,000  
Cardtronics, Inc./Cardtronics USA, Inc., 5.5%, 
 
 
 
5/1/25 (144A) 
145,440 
168,000  
Garda World Security Corp., 9.5%, 11/1/27 (144A) 
182,280 
109,000  
Herc Holdings, Inc., 5.5%, 7/15/27 (144A) 
114,177 
35,000  
Prime Security Services Borrower LLC/Prime Finance, Inc., 
 
 
 
5.25%, 4/15/24 (144A) 
37,100 
55,000  
Prime Security Services Borrower LLC/Prime Finance, Inc., 
 
 
 
5.75%, 4/15/26 (144A) 
60,763 
100,000  
Prime Security Services Borrower LLC/Prime Finance, Inc., 
 
 
 
6.25%, 1/15/28 (144A) 
105,000 
 
The accompanying notes are an integral part of these financial statements.
18 Pioneer Corporate High Yield Fund | Annual Report | 8/31/20
 

    
Principal  
 
 
Amount  
 
 
USD ($)  
 
Value 
 
 Commercial Services — (continued) 
 
200,000  
Sotheby’s, 7.375%, 10/15/27 (144A) 
$ 204,000 
35,000  
United Rentals North America, Inc., 3.875%, 11/15/27 
36,488 
44,000  
United Rentals North America, Inc., 5.25%, 1/15/30 
48,866 
 
 Total Commercial Services $ 1,393,464 
 
 Computers — 1.0% 
 
40,000  
Booz Allen Hamilton, Inc., 3.875%, 9/1/28 (144A) 
$ 41,488 
10,000  
Diebold Nixdorf, Inc., 9.375%, 7/15/25 (144A) 
10,775 
45,000  
NCR Corp., 5.0%, 10/1/28 (144A) 
45,363 
25,000  
NCR Corp., 5.25%, 10/1/30 (144A) 
25,325 
10,000  
NCR Corp., 8.125%, 4/15/25 (144A) 
11,187 
103,000  
Western Digital Corp., 4.75%, 2/15/26 
111,460 
 
 Total Computers $ 245,598 
 
 Cosmetics/Personal Care — 0.6% 
 
120,000  
Edgewell Personal Care Co., 5.5%, 6/1/28 (144A) 
$ 128,101 
 
 Total Cosmetics/Personal Care $ 128,101 
 
 Diversified Financial Services — 1.8% 
 
65,000  
Alliance Data Systems Corp., 4.75%, 12/15/24 (144A) 
$ 62,075 
200,000  
Avation Capital S.A., 6.5%, 5/15/21 (144A) 
138,500 
85,000  
Global Aircraft Leasing Co., Ltd., 6.5%, 9/15/24 (144A) 
49,300 
100,000  
Nationstar Mortgage Holdings, Inc., 5.5%, 8/15/28 (144A) 
105,270 
40,000  
OneMain Finance Corp., 8.875%, 6/1/25 
45,100 
 
 Total Diversified Financial Services $ 400,245 
 
 Electric — 2.9% 
 
30,000  
Calpine Corp., 4.625%, 2/1/29 (144A) 
$ 30,673 
30,000  
Calpine Corp., 5.0%, 2/1/31 (144A) 
31,357 
70,000  
Calpine Corp., 5.125%, 3/15/28 (144A) 
73,500 
30,000  
Clearway Energy Operating LLC, 4.75%, 3/15/28 (144A) 
31,425 
84,000  
Clearway Energy Operating LLC, 5.75%, 10/15/25 
89,040 
125,178  
NSG Holdings LLC/NSG Holdings, Inc., 7.75%, 
 
 
 
12/15/25 (144A) 
132,063 
15,000  
Pattern Energy Operations LP/Pattern Energy 
 
 
 
Operations, Inc., 4.5%, 8/15/28 (144A) 
15,788 
110,000  
Talen Energy Supply LLC, 7.625%, 6/1/28 (144A) 
113,673 
124,000  
Vistra Operations Co. LLC, 5.625%, 2/15/27 (144A) 
131,130 
 
 Total Electric $ 648,649 
  Electrical Components & Equipment — 0.6%
 
29,000  
Energizer Holdings, Inc., 4.75%, 6/15/28 (144A) 
$ 30,261 
55,000  
WESCO Distribution, Inc., 7.125%, 6/15/25 (144A) 
60,500 
35,000  
WESCO Distribution, Inc., 7.25%, 6/15/28 (144A) 
39,042 
 
 Total Electrical Components & Equipment $ 129,803 
 
The accompanying notes are an integral part of these financial statements.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/20 19
 

Schedule of Investments | 8/31/20 (continued)
    
Principal  
 
 
Amount  
 
 
USD ($)  
 
Value 
 
 Electronics — 0.1% 
 
30,000  Sensata Technologies, Inc., 3.75%, 2/15/31 (144A) $ 30,083 
 
 Total Electronics $ 30,083 
 
 Energy Alternate Sources — 0.3% 
 
75,000  TerraForm Power Operating LLC, 4.75%, 1/15/30 (144A) $ 80,250 
 
 Total Energy Alternate Sources $ 80,250 
 
 Engineering & Construction — 0.8% 
 
175,000  PowerTeam Services LLC, 9.033%, 12/4/25 (144A) $ 185,719 
 
 Total Engineering & Construction $ 185,719 
 
 Entertainment — 2.1% 
 
75,000  Colt Merger Sub, Inc., 8.125%, 7/1/27 (144A) $ 79,500 
101,000  Enterprise Development Authority, 12.0%, 7/15/24 (144A) 110,595 
15,000  Penn National Gaming, Inc., 5.625%, 1/15/27 (144A) 15,525 
30,000  Scientific Games International, Inc., 7.0%, 5/15/28 (144A) 29,407 
30,000  Scientific Games International, Inc., 7.25%, 
 
 
 11/15/29 (144A) 29,625 
210,000  Scientific Games International, Inc., 8.25%, 3/15/26 (144A) 215,250 
20,000  
SeaWorld Parks & Entertainment, Inc., 9.5%, 8/1/25 (144A) 
21,100 
 
 Total Entertainment $ 501,002 
 
 Environmental Control — 1.8% 
 
275,000  Covanta Holding Corp., 6.0%, 1/1/27 $ 287,375 
142,000  Tervita Corp., 7.625%, 12/1/21 (144A) 119,020 
 
 Total Environmental Control $ 406,395 
 
 Food — 2.6% 
 
70,000  Albertsons Cos, Inc./Safeway, Inc./New Albertsons 
 
 
 LP/Albertsons LLC, 3.5%, 3/15/29 (144A) $ 70,533 
200,000  FAGE International S.A./FAGE USA Dairy Industry, Inc., 
 
 
 5.625%, 8/15/26 (144A) 198,000 
62,000  Ingles Markets, Inc., 5.75%, 6/15/23 62,930 
96,000  JBS USA LUX S.A./JBS USA Finance, Inc., 6.75%, 2/15/28 
 
 
 (144A) 106,320 
65,000  JBS USA LUX S.A./JBS USA Food Co./JBS USA 
 
 
 Finance, Inc., 5.5%, 1/15/30 (144A) 72,210 
60,000  Pilgrim’s Pride Corp., 5.875%, 9/30/27 (144A) 63,750 
 
 Total Food $ 573,743 
 
 Forest Products & Paper — 1.1% 
 
70,000  Clearwater Paper Corp., 4.75%, 8/15/28 (144A) $ 70,612 
100,000  Mercer International, Inc., 5.5%, 1/15/26 96,625 
90,000  Schweitzer-Mauduit International, Inc., 6.875%, 10/1/26 
 
 
 (144A) 96,750 
 
 Total Forest Products & Paper $ 263,987 
 
The accompanying notes are an integral part of these financial statements.
20 Pioneer Corporate High Yield Fund | Annual Report | 8/31/20
 

    
Principal  
 
 
Amount  
 
 
USD ($)  
 
Value 
 
 Healthcare-Services — 2.8% 
 
40,000  
LifePoint Health, Inc., 6.75%, 4/15/25 (144A) 
$ 43,100 
54,000  
RegionalCare Hospital Partners Holdings, Inc./LifePoint 
 
 
 
Health, Inc., 9.75%, 12/1/26 (144A) 
58,320 
70,000  
Surgery Center Holdings, Inc., 6.75%, 7/1/25 (144A) 
68,950 
97,000  
Surgery Center Holdings, Inc., 10.0%, 4/15/27 (144A) 
105,032 
87,000  
US Renal Care, Inc., 10.625%, 7/15/27 (144A) 
93,742 
249,000  
West Street Merger Sub, Inc., 6.375%, 9/1/25 (144A) 
255,225 
 
 Total Healthcare-Services $ 624,369 
 
 Holding Companies-Diversified — 0.3% 
 
80,000  
VistaJet Malta Finance Plc/XO Management Holding, Inc., 
 
 
 
10.5%, 6/1/24 (144A) 
$ 72,000 
 
 Total Holding Companies-Diversified $ 72,000 
 
 Home Builders — 5.0% 
 
190,000  
Beazer Homes USA, Inc., 6.75%, 3/15/25 
$ 195,225 
30,000  
Beazer Homes USA, Inc., 7.25%, 10/15/29 
32,250 
40,000  
Brookfield Residential Properties, Inc./Brookfield 
 
 
 
Residential US Corp., 4.875%, 2/15/30 (144A) 
37,475 
110,000  
Brookfield Residential Properties, Inc./Brookfield 
 
 
 
Residential US Corp., 6.25%, 9/15/27 (144A) 
111,375 
140,000  
KB Home, 6.875%, 6/15/27 
163,800 
235,000  
M/I Homes, Inc., 4.95%, 2/1/28 
243,813 
40,000  
Shea Homes LP/Shea Homes Funding Corp., 4.75%, 
 
 
 
2/15/28 (144A) 
40,900 
50,000  
Taylor Morrison Communities, Inc., 5.875%, 
 
 
 
6/15/27 (144A) 
56,000 
189,000  
Taylor Morrison Communities, Inc./Taylor Morrison 
 
 
 
Holdings II, Inc., 5.875%, 4/15/23 (144A) 
200,104 
30,000  
Williams Scotsman International, Inc., 4.625%, 
 
 
 
8/15/28 (144A) 
30,363 
15,000  
Winnebago Industries, Inc., 6.25%, 7/15/28 (144A) 
16,046 
 
 Total Home Builders $ 1,127,351 
 
 Household Products/Wares — 0.8% 
 
50,000  
Spectrum Brands, Inc., 5.5%, 7/15/30 (144A) 
$ 52,500 
125,000  
Spectrum Brands, Inc., 5.75%, 7/15/25 
129,063 
 
 Total Household Products/Wares $ 181,563 
 
 Housewares — 0.1% 
 
15,000  
CD&R Smokey Buyer, Inc., 6.75%, 7/15/25 (144A) 
$ 16,050 
 
 Total Housewares $ 16,050 
 
 Insurance — 0.4% 
 
70,000  
CNO Financial Group, Inc., 5.25%, 5/30/29 
$ 81,468 
 
 Total Insurance $ 81,468 
 
The accompanying notes are an integral part of these financial statements.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/20 21
 

Schedule of Investments | 8/31/20 (continued)
    
Principal  
 
 
Amount  
 
 
USD ($)  
 
Value 
 
 Internet — 1.5% 
 
45,000  
ANGI Group LLC, 3.875%, 8/15/28 (144A) 
$ 45,584 
35,000  
Expedia Group, Inc., 6.25%, 5/1/25 (144A) 
38,459 
15,000  
Expedia Group, Inc., 7.0%, 5/1/25 (144A) 
16,308 
60,000  
Netflix, Inc., 4.875%, 4/15/28 
69,450 
136,000  
Netflix, Inc., 5.375%, 11/15/29 (144A) 
163,540 
 
 Total Internet $ 333,341 
 
 Iron & Steel — 1.9% 
 
80,000  
Big River Steel LLC/BRS Finance Corp., 7.25%, 
 
 
 
9/1/25 (144A) 
$ 82,902 
105,000  
Carpenter Technology Corp., 6.375%, 7/15/28 
109,715 
121,000  
Cleveland-Cliffs, Inc., 5.75%, 3/1/25 
112,530 
90,000  
Cleveland-Cliffs, Inc., 6.75%, 3/15/26 (144A) 
91,912 
10,000  
Cleveland-Cliffs, Inc., 9.875%, 10/17/25 (144A) 
11,031 
30,000  
Commercial Metals Co., 5.75%, 4/15/26 
31,200 
 
 Total Iron/Steel $ 439,290 
 
 Leisure Time — 0.7% 
 
20,000  
Carnival Corp., 10.5%, 2/1/26 (144A) 
$ 21,000 
20,000  
Royal Caribbean Cruises, Ltd., 9.125%, 6/15/23 (144A) 
21,050 
46,000  
Royal Caribbean Cruises, Ltd., 11.5%, 6/1/25 (144A) 
53,337 
88,000  
Viking Cruises, Ltd., 6.25%, 5/15/25 (144A) 
63,360 
 
 Total Leisure Time $ 158,747 
 
 Lodging — 1.4% 
 
65,000  
Boyd Gaming Corp., 8.625%, 6/1/25 (144A) 
$ 71,662 
15,000  
Hilton Domestic Operating Co., Inc., 5.375%, 
 
 
 
5/1/25 (144A) 
15,724 
23,000  
Hyatt Hotels Corp., 4.375%, 9/15/28 
23,650 
60,000  
Hyatt Hotels Corp., 5.375%, 4/23/25 
65,615 
105,000  
Station Casinos LLC, 4.5%, 2/15/28 (144A) 
99,813 
45,000  
Wyndham Destinations, Inc., 6.625%, 7/31/26 (144A) 
47,588 
 
 Total Lodging $ 324,052 
 
 Machinery-Diversified — 0.5% 
 
111,000  
Maxim Crane Works Holdings Capital LLC, 10.125%, 
 
 
 
8/1/24 (144A) 
$ 111,178 
 
 Total Machinery-Diversified $ 111,178 
 
 Media — 5.3% 
 
121,000  
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 
 
 
 
3/1/30 (144A) 
$ 129,996 
113,000  
CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 
 
 
 
5/1/27 (144A) 
120,347 
127,000  
Clear Channel Worldwide Holdings, Inc., 9.25%, 2/15/24 
124,460 
200,000  
CSC Holdings LLC, 5.5%, 5/15/26 (144A) 
209,792 
200,000  
CSC Holdings LLC, 5.5%, 4/15/27 (144A) 
213,292 
 
The accompanying notes are an integral part of these financial statements.
22 Pioneer Corporate High Yield Fund | Annual Report | 8/31/20
 

    
Principal  
 
 
Amount  
 
 
USD ($)  
 
Value 
 
 Media — (continued) 
 
213,000  
Diamond Sports Group LLC/Diamond Sports Finance 
 
 
 
Co., 6.625%, 8/15/27 (144A) 
$ 119,812 
214,000  
Gray Television, Inc., 5.125%, 10/15/24 (144A) 
218,770 
105,000  
Sinclair Television Group, Inc., 5.5%, 3/1/30 (144A) 
102,606 
 
 Total Media $ 1,239,075 
 
 Metal Fabricate & Hardware — 0.4% 
 
100,000  
Park-Ohio Industries, Inc., 6.625%, 4/15/27 
$ 90,538 
 
 Total Metal Fabricate/Hardware $ 90,538 
 
 Mining — 3.0% 
 
16,000  
Coeur Mining, Inc., 5.875%, 6/1/24 
$ 16,118 
200,000  
First Quantum Minerals, Ltd., 7.25%, 4/1/23 (144A) 
203,250 
95,000  
Freeport-McMoRan, Inc., 4.25%, 3/1/30 
99,809 
70,000  
Hecla Mining Co., 7.25%, 2/15/28 
77,175 
74,000  
Hudbay Minerals, Inc., 7.25%, 1/15/23 (144A) 
74,925 
70,000  
Joseph T Ryerson & Son, Inc., 8.5%, 8/1/28 (144A) 
76,475 
88,000  
Novelis Corp., 4.75%, 1/30/30 (144A) 
89,185 
57,000  
Novelis Corp., 5.875%, 9/30/26 (144A) 
59,554 
 
 Total Mining $ 696,491 
 
 Miscellaneous Manufacturers — 0.0%† 
 
12,000  
Koppers, Inc., 6.0%, 2/15/25 (144A) 
$ 12,330 
 
 Total Miscellaneous Manufacturers $ 12,330 
 
 Oil & Gas — 6.5% 
 
150,000  
Aker BP ASA, 3.75%, 1/15/30 (144A) 
$ 149,373 
109,000  
Baytex Energy Corp., 8.75%, 4/1/27 (144A) 
53,410 
80,000  
Cenovus Energy, Inc., 5.375%, 7/15/25 
81,429 
100,000  
Cenovus Energy, Inc., 6.75%, 11/15/39 
104,192 
170,000  
Indigo Natural Resources LLC, 6.875%, 2/15/26 (144A) 
173,825 
134,000  
MEG Energy Corp., 7.0%, 3/31/24 (144A) 
132,995 
35,000  
MEG Energy Corp., 7.125%, 2/1/27 (144A) 
33,487 
200,000  
Neptune Energy Bondco Plc, 6.625%, 5/15/25 (144A) 
185,000 
48,000  
Parkland Corp., 5.875%, 7/15/27 (144A) 
51,240 
74,000  
Parsley Energy LLC/Parsley Finance Corp., 4.125%, 
 
 
 
2/15/28 (144A) 
71,595 
150,000  
Parsley Energy LLC/Parsley Finance Corp., 5.625%, 
 
 
 
10/15/27 (144A) 
155,250 
130,000  
PBF Holding Co. LLC/PBF Finance Corp., 6.0%, 
 
 
 
2/15/28 (144A) 
109,623 
60,000  
PBF Holding Co. LLC/PBF Finance Corp., 9.25%, 
 
 
 
5/15/25 (144A) 
65,700 
174,000  
Shelf Drilling Holdings, Ltd., 8.25%, 2/15/25 (144A) 
60,900 
23,000  
Transocean Sentry, Ltd., 5.375%, 5/15/23 (144A) 
18,170 
65,000  
Transocean, Inc., 7.25%, 11/1/25 (144A) 
20,800 
 
The accompanying notes are an integral part of these financial statements.

Pioneer Corporate High Yield Fund | Annual Report | 8/31/20 23
 

Schedule of Investments | 8/31/20 (continued)
    
Principal  
 
 
Amount  
 
 
USD ($)  
 
Value 
 
 Oil & Gas — (continued) 
 
19,000  
Transocean, Inc., 8.0%, 2/1/27 (144A) 
$ 5,819 
96,000  
Whiting Petroleum Corp., 6.25%, 4/1/23 
21,600 
 
 Total Oil & Gas $ 1,494,408 
 
 Oil & Gas Services — 1.4% 
 
30,000  
Archrock Partners LP/Archrock Partners Finance Corp., 
 
 
 
6.25%, 4/1/28 (144A) 
$ 30,144 
100,000  
Archrock Partners LP/Archrock Partners Finance Corp., 
 
 
 
6.875%, 4/1/27 (144A) 
103,000 
70,000  
Exterran Energy Solutions LP/EES Finance Corp., 8.125%, 
 
 
 
5/1/25 
60,200 
213,000  
FTS International, Inc., 6.25%, 5/1/22 
74,550 
55,000  
SESI LLC, 7.75%, 9/15/24 
18,912 
34,000  
USA Compression Partners LP/USA Compression Finance 
 
 
 
Corp., 6.875%, 9/1/27 
35,190 
 
 Total Oil & Gas Services $ 321,996 
 
 Packaging & Containers — 2.1% 
 
125,000  
Crown Cork & Seal Co., Inc., 7.375%, 12/15/26 
$ 147,812 
166,000  
Greif, Inc., 6.5%, 3/1/27 (144A) 
176,790 
160,000  
Owens-Brockway Glass Container, Inc., 5.375%, 
 
 
 
1/15/25 (144A) 
168,800 
 
 Total Packaging & Containers $ 493,402 
 
 Pharmaceuticals — 3.9% 
 
137,000  
Bausch Health Americas, Inc., 8.5%, 1/31/27 (144A) 
$ 150,700 
20,000  
Bausch Health Cos., Inc., 5.0%, 1/30/28 (144A) 
19,750 
15,000  
Bausch Health Cos., Inc., 5.25%, 1/30/30 (144A) 
14,910 
70,000  
Bausch Health Cos., Inc., 5.5%, 11/1/25 (144A) 
72,254 
9,000  
Bausch Health Cos., Inc., 5.875%, 5/15/23 (144A) 
8,978 
36,000  
Bausch Health Cos., Inc., 7.0%, 1/15/28 (144A) 
38,340 
36,000  
Bausch Health Cos., Inc., 7.25%, 5/30/29 (144A) 
39,510 
105,000  
Endo Dac/Endo Finance LLC/Endo Finco, Inc., 6.0%, 
 
 
 
6/30/28 (144A) 
81,375 
68,000  
Endo Dac/Endo Finance LLC/Endo Finco, Inc., 9.5%, 
 
 
 
7/31/27 (144A) 
73,610 
105,000  
Par Pharmaceutical, Inc., 7.5%, 4/1/27 (144A) 
112,088 
285,000  
Teva Pharmaceutical Finance Netherlands III BV, 2.8%, 
 
 
 
7/21/23 
273,600 
 
 Total Pharmaceuticals $ 885,115 
 
 Pipelines — 5.4% 
 
242,000  
American Midstream Partners LP/American Midstream 
 
 
 
Finance Corp., 9.5%, 12/15/21 (144A) 
$ 223,850 
101,000  
DCP Midstream Operating LP, 3.875%, 3/15/23 
102,263 
20,000  
DCP Midstream Operating LP, 5.375%, 7/15/25 
21,486 
100,000  
DCP Midstream Operating LP, 5.6%, 4/1/44 
95,000 
 
The accompanying notes are an integral part of these financial statements.
24 Pioneer Corporate High Yield Fund | Annual Report | 8/31/20
 

    
Principal  
 
 
Amount  
 
 
USD ($)  
 
Value 
 
 Pipelines — (continued) 
 
100,000(a)(b)  
Energy Transfer Operating LP, 7.125% (5 Year CMT 
 
 
 
Index + 531 bps) 
$ 87,290 
6,000  
EnLink Midstream LLC, 5.375%, 6/1/29 
5,289 
90,000  
EnLink Midstream Partners LP, 4.15%, 6/1/25 
80,100 
167,000  
Global Partners LP/GLP Finance Corp., 7.0%, 6/15/23 
167,000 
29,000  
Global Partners LP/GLP Finance Corp., 7.0%, 8/1/27 
29,145 
100,000  
Harvest Midstream I LP, 7.5%, 9/1/28 (144A) 
103,570 
75,000  
Hess Midstream Operations LP, 5.625%, 2/15/26 (144A) 
78,033 
200,000  
PBF Logistics LP/PBF Logistics Finance Corp., 
 
 
 
6.875%, 5/15/23 
198,378 
62,000  
Tallgrass Energy Partners LP/Tallgrass Energy Finance 
 
 
 
Corp., 6.0%, 3/1/27 (144A) 
57,970 
 
 Total Pipelines $ 1,249,374 
 
 REITs — 1.5% 
 
22,000  
Iron Mountain, Inc., 4.5%, 2/15/31 (144A) 
$ 22,580 
100,000  
Iron Mountain, Inc., 4.875%, 9/15/27 (144A) 
103,750 
50,000  
iStar, Inc., 4.25%, 8/1/25 
48,625 
85,000  
iStar, Inc., 4.75%, 10/1/24 
84,787 
60,000  
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital 
 
 
 
LLC, 7.875%, 2/15/25 (144A) 
63,415 
 
 Total REITs $ 323,157 
 
 Retail — 3.8% 
 
80,000  
AAG FH LP/AAG FH Finco, Inc., 9.75%, 7/15/24 (144A) 
$ 75,200 
32,000  
Asbury Automotive Group, Inc., 4.5%, 3/1/28 (144A) 
32,720 
35,000  
Asbury Automotive Group, Inc., 4.75%, 3/1/30 (144A) 
36,273 
250,000  
Beacon Roofing Supply, Inc., 4.875%, 11/1/25 (144A) 
247,842 
15,000  
Group 1 Automotive, Inc., 4.0%, 8/15/28 (144A) 
14,966 
35,000  
IRB Holding Corp., 7.0%, 6/15/25 (144A) 
37,362 
140,000  
Michaels Stores, Inc., 8.0%, 7/15/27 (144A) 
141,400 
45,000  
Penske Automotive Group, Inc., 3.5%, 9/1/25 
45,325 
35,000  
QVC, Inc., 4.375%, 9/1/28 
36,439 
126,000  
QVC, Inc., 4.75%, 2/15/27 
134,073 
56,000  
Staples, Inc., 7.5%, 4/15/26 (144A) 
49,560 
 
 Total Retail $ 851,160 
 
 Software — 0.5% 
 
35,000  
Black Knight InfoServ LLC, 3.625%, 9/1/28 (144A) 
$ 35,449 
70,000  
Logan Merger Sub, Inc., 5.5%, 9/1/27 (144A) 
71,378 
 
 Total Software $ 106,827 
 
 Telecommunications — 4.2% 
 
200,000  
Altice France Holding S.A., 6.0%, 2/15/28 (144A) 
$ 200,000 
25,000  
CenturyLink, Inc., 4.0%, 2/15/27 (144A) 
25,387 
100,000  
CenturyLink, Inc., 6.45%, 6/15/21 
103,413 
140,000  
CenturyLink, Inc., 6.875%, 1/15/28 
154,000 
 
The accompanying notes are an integral part of these financial statements.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/20 25
 

Schedule of Investments | 8/31/20 (continued)
    
Principal  
 
 
Amount  
 
 
USD ($)  
 
Value 
  Telecommunications — (continued) 
 
130,000  CommScope Technologies LLC, 6.0%, 6/15/25 (144A) $ 133,277 
35,000  CommScope, Inc., 8.25%, 3/1/27 (144A) 37,842 
40,000  Level 3 Financing, Inc., 4.625%, 9/15/27 (144A) 41,900 
125,000  Sprint Corp., 7.625%, 3/1/26 153,727 
95,000  Windstream Escrow LLC/Windstream Escrow Finance 
 
  Corp., 7.75%, 8/15/28 (144A) 95,119 
  Total Telecommunications $ 944,665 
  Transportation — 1.0% 
 
90,000  Watco Cos LLC/Watco Finance Corp., 6.5%, 
 
  6/15/27 (144A) $ 94,838 
125,000  Western Global Airlines LLC, 10.375%, 8/15/25 (144A) 127,031 
  Total Transportation $ 221,869 
  Trucking & Leasing — 0.2% 
 
45,000  Fortress Transportation & Infrastructure Investors LLC, 
 
  9.75%, 8/1/27 (144A) $ 47,982 
  Total Trucking & Leasing $ 47,982 
  TOTAL CORPORATE BONDS 
 
  
(Cost $20,938,477) 
$20,972,831 
  SENIOR SECURED FLOATING RATE LOAN 
 
  INTEREST — 0.2% of Net Assets* 
 
  Utilities — 0.2% 
 
35,000  
PG&E Corp., Term Loan, 5.5%, (LIBOR + 450 bps), 6/23/25 
$ 34,497 
  Total Utilities $ 34,497 
  TOTAL SENIOR SECURED FLOATING RATE LOAN INTEREST 
 
  
(Cost $34,494) 
$ 34,497 
  U.S. GOVERNMENT AND AGENCY OBLIGATIONS — 
 
  4.8% of Net Assets 
 
500,000(c)  U.S. Treasury Bills, 9/15/20 $ 499,982 
600,000(c)  
U.S. Treasury Bills, 9/22/20 
599,968 
  TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS 
 
  
(Cost $1,099,961) 
$ 1,099,950 
  TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 96.8% 
 
  
(Cost $22,072,932) 
$22,107,278 
  OTHER ASSETS AND LIABILITIES — 3.2% $ 731,813 
  NET ASSETS — 100.0% $22,839,091 
 
  
bps 
Basis Points. 
LIBOR 
London Interbank Offered Rate. 
REIT 
Real Estate Investment Trust. 
 
The accompanying notes are an integral part of these financial statements.
26 Pioneer Corporate High Yield Fund | Annual Report | 8/31/20
 

  
(144A) 
Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At August 31, 2020, the value of these securities amounted to $15,103,868, or 66.1% of net assets. 
† 
Amount rounds to less than 0.1%. 
Senior secured floating rate loan interests in which the Fund invests generally pay interest at rates that are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR, (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certificate of deposit or (iv) other base lending rates used by commercial lenders. The interest rate shown is the rate accruing at August 31, 2020. 
(a) 
The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at August 31, 2020. 
(b) 
Security is perpetual in nature and has no stated maturity date. 
(c) 
Security issued with a zero coupon. Income is recognized through accretion of discount. 
 
SWAP CONTRACTS
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS — SELL PROTECTION
        
 
 
 
Annual 
 
Premiums 
 
 
Notional Reference Pay/ Fixed Expiration Paid/ Unrealized Market 
Amount ($)(1) 
Obligation/Index 
Receive(2) 
Rate
Date (Received) Appreciation
Value 
195,800 
Markit CDX North Receive 5.00% 
6/20/24 
$(1,877) 
$16,272 
$14,395 
 
America High Yield 
 
 
 
 
 
 
 
Index Series 32 
 
 
 
 
 
 
234,000 
Markit CDX North Receive 5.00% 
12/20/24 
  5,347 
  10,369 
15,716 
 
America High Yield 
 
 
 
 
 
 
 
Index Series 33 
 
 
 
 
 
 
TOTAL CENTRALLY CLEARED CREDIT DEFAULT 
 
 
 
 
SWAP CONTRACTS — SELL PROTECTION 
 
 
$ 3,470 $26,641 $30,111 
TOTAL SWAP CONTRACTS 
 
 
 
$ 3,470 $26,641 $30,111 
 
(1)   The notional amount is the maximum amount that a seller of credit protection would be obligated to pay upon occurrence of a credit event.
(2)   Receives quarterly.
Purchases and sales of securities (excluding temporary cash investments) for the year ended August 31, 2020 were as follows:
       
 
 Purchases  Sales 
Long-Term U.S. Government Securities 
 
$
1,002,038
  
$
1,003,241
 
Other Long-Term Securities 
 
$
21,183,744
  
$
18,291,642
 
 
The Fund is permitted to engage in purchase and sale transactions (“cross trades”) with certain funds and accounts for which Amundi Pioneer Asset Management, Inc. (the “Adviser”) serves as the Fund’s investment adviser, as set forth in Rule 17a-7 under the Investment Company Act of 1940, pursuant to procedures adopted by the Board of Trustees. Under these procedures, cross trades are effected at current market prices. During the year ended August 31, 2020, the Fund engaged in purchases of $193,932 and sales of $1,457,141 pursuant to these procedures, which resulted in a net realized gain/(loss) of $38,119.
The accompanying notes are an integral part of these financial statements.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/20 27
 

Schedule of Investments | 8/31/20 (continued)
At August 31, 2020, the net unrealized appreciation on investments based on cost for federal tax purposes of $22,107,689 was as follows:
    
Aggregate gross unrealized appreciation for all investments in which    
there is an excess of value over tax cost  
$
932,348
 
Aggregate gross unrealized depreciation for all investments in which     
there is an excess of tax cost over value   
(902,648
)
Net unrealized appreciation  
$
$29,700
 
 
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels 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 risks, etc.). See Notes to Financial Statements —Note 1A.
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments). See Notes to Financial Statements — Note 1A.
The following is a summary of the inputs used as of August 31, 2020, in valuing the Fund’s investments:
             
 
 Level 1  Level 2  Level 3  Total 
Corporate Bonds 
 
$
  
$
20,972,831
  
$
  
$
20,972,831
 
Senior Secured Floating 
                
Rate Loan Interest   
   
34,497
   
   
34,497
 
U.S. Government and 
                
Agency Obligations 
  
   
1,099,950
   
   
1,099,950
 
Total Investments in Securities  $  $22,107,278  $  $22,107,278 
Other Financial Instruments                 
Swap contracts, at value  
$
  
$
30,111
  
$
  
$
30,111
 
Total Other Financial Instruments  $  $30,111  $  $30,111 
 
During the year ended August 31, 2020, there were no transfers between Levels 1, 2 and 3.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Corporate High Yield Fund | Annual Report | 8/31/20
 

Statement of Assets and Liabilities | 8/31/20
  
ASSETS: 
 
Investments in unaffiliated issuers, at value (cost $22,072,932) $22,107,278 
Cash 460,271 
Swaps collateral 43,255 
Variation margin for centrally cleared swap contracts 543 
Swap contracts, at value (net premiums paid $3,470) 30,111 
Receivables — 
 
Interest 338,694 
Due from the Adviser 50,375 
Other assets 33,933 
Total assets $23,064,460 
LIABILITIES: 
 
Payables — 
 
Investment securities purchased $ 23,346 
Fund shares repurchased 1,508 
Distributions 67,099 
Trustees’ fees 1,490 
Administrative fees 4,877 
Professional fees 44,027 
Transfer agent fees 203 
Registration fees 813 
Shareowner communications expense 70 
Printing expense 3,538 
Pricing fees 5,085 
Custodian fees 3,299 
Due to broker for swaps 29,570 
Due to affiliates 10,981 
Accrued expenses 29,463 
Total liabilities $ 225,369 
NET ASSETS: 
 
Paid-in capital $23,914,444 
Distributable earnings (loss) (1,075,353) 
Net assets $22,839,091 
NET ASSET VALUE PER SHARE: 
 
No par value (unlimited number of shares authorized) 
 
Class A (based on $9,052,067/920,840 shares) $ 9.83 
Class C (based on $852,643/86,143 shares) $ 9.90 
Class Y (based on $12,934,381/1,316,412 shares) $ 9.83 
MAXIMUM OFFERING PRICE PER SHARE: 
 
Class A (based on $9.83 net asset value per share/100%-4.50% 
 
maximum sales charge) $ 10.29 
 
The accompanying notes are an integral part of these financial statements.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/20 29
 

Statement of Operations
FOR THE YEAR ENDED 8/31/20
       
INVESTMENT INCOME:       
Interest from unaffiliated issuers  
$
1,389,044
    
Total investment income      $1,389,044 
EXPENSES:         
Management fees  
$
117,217
     
Administrative expense   
51,994
     
Transfer agent fees         
Class A   
482
     
Class C   
105
     
Class Y   
82
     
Distribution fees         
Class A   
21,052
     
Class C   
34,050
     
Shareowner communications expense   
1,243
     
Custodian fees   
11,552
     
Registration fees   
61,864
     
Professional fees   
54,156
     
Printing expense   
33,180
     
Pricing fees   
16,250
     
Trustees’ fees   
7,996
     
Miscellaneous   
33,813
     
Total expenses      
$
445,036
 
Less fees waived and expenses reimbursed         
by the Adviser       
(249,501
)
Net expenses      
$
195,535
 
Net investment income      $1,193,509 
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:     
Net realized gain (loss) on:         
Investments in unaffiliated issuers  
$
(741,934
)
    
Swap contracts   
(43,029
)
 
$
(784,963
)
Change in net unrealized appreciation (depreciation) on:         
Investments in unaffiliated issuers  
$
(152,999
)
    
Swap contracts   
13,963
  
$
(139,036
)
Net realized and unrealized gain (loss) on investments      $(923,999)
Net increase in net assets resulting from operations      $269,510 
 
The accompanying notes are an integral part of these financial statements.
30 Pioneer Corporate High Yield Fund | Annual Report | 8/31/20
 

Statements of Changes in Net Assets
       
 
 Year  Year 
 
 Ended  Ended 
 
 8/31/20  8/31/19 
FROM OPERATIONS:       
Net investment income (loss) 
 
$
1,193,509
  
$
1,005,903
 
Net realized gain (loss) on investments 
  
(784,963
)
  
(242,284
)
Change in net unrealized appreciation (depreciation) 
        
on investments   
(139,036
)
  
601,581
 
Net increase in net assets resulting from operations  $269,510  $1,365,200 
DISTRIBUTIONS TO SHAREOWNERS:         
Class A ($0.53 and $0.50 per share, respectively)  
$
(456,580
)
 
$
(407,169
)
Class C ($0.46 and $0.43 per share, respectively)   
(162,272
)
  
(174,094
)
Class Y ($0.56 and $0.53 per share, respectively)   
(592,086
)
  
(426,817
)
Total distributions to shareowners  
$
(1,210,938
)
 
$
(1,008,080
)
FROM FUND SHARE TRANSACTIONS:         
Net proceeds from sales of shares 
 
$
6,941,361
  
$
322,953
 
Reinvestment of distributions 
  
178,356
   
3,515
 
Cost of shares repurchased 
  
(3,965,129
)
  
(71,105
)
Net increase in net assets resulting from Fund         
share transactions  
$
3,154,588
  
$
255,363
 
Net increase in net assets  $2,213,160  $612,483 
NET ASSETS:         
Beginning of year 
 
$
20,625,931
  
$
20,013,448
 
End of year 
 $22,839,091  $20,625,931 
 
The accompanying notes are an integral part of these financial statements.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/20 31
 

Statements of Changes in Net Assets
(continued)
             
 
 Year Ended  Year Ended  Year Ended  Year Ended 
 
 8/31/20  8/31/20  8/31/19  8/31/19 
 
 Shares  Amount  Shares  Amount 
Class A             
Shares sold 
  
199,318
  
$
1,828,563
   
27,056
  
$
271,209
 
Reinvestment of 
                
distributions   
3,273
   
31,239
   
180
   
1,815
 
Less shares repurchased 
  
(106,975
)
  
(957,820
)
  
(5,310
)
  
(52,361
)
Net increase   
95,616
  
$
901,982
   
21,926
  
$
220,663
 
Class C                 
Shares sold 
  
2,178
  
$
21,799
   
5,155
  
$
51,744
 
Reinvestment of 
                
distributions   
186
   
1,804
   
154
   
1,508
 
Less shares repurchased 
  
(319,512
)
  
(3,000,212
)
  
(1,878
)
  
(18,744
)
Net increase                 
(decrease)   
(317,148
)
 
$
(2,976,609
)
  
3,431
  
$
34,508
 
Class Y                 
Shares sold 
  
497,125
  
$
5,090,999
   
  
$
 
Reinvestment of 
                
distributions   
15,542
   
145,313
   
20
   
192
 
Less shares repurchased 
  
(729
)
  
(7,097
)
  
   
 
Net increase   
511,938
  
$
5,229,215
   
20
  
$
192
 
 
The accompanying notes are an integral part of these financial statements.
32 Pioneer Corporate High Yield Fund | Annual Report | 8/31/20
 

Financial Highlights
             
 
 Year  Year  Year    
 
 Ended  Ended  Ended  1/3/17* to 
 
 8/31/20  8/31/19  8/31/18  8/31/17 
Class A             
Net asset value, beginning of period 
 
$
10.15
  
$
9.97
  
$
10.22
  
$
10.00
 
Increase (decrease) from investment operations: 
                
Net investment income (loss) (a)  
$
0.51
  
$
0.50
  
$
0.47
  
$
0.29
 
Net realized and unrealized gain (loss) on investments   
(0.30
)
  
0.18
   
(0.21
)
  
0.21
 
Net increase (decrease) from investment operations  $0.21  $0.68  $0.26  $0.50 
Distributions to shareowners: 
                
Net investment income  
$
(0.53
)
 
$
(0.50
)
 
$
(0.46
)
 
$
(0.28
)
Net realized gain   
   
   
(0.05
)
  
 
Total distributions  $(0.53) $(0.50) $(0.51) $(0.28)
Net increase (decrease) in net asset value  $(0.32) $0.18  $(0.25) $0.22 
Net asset value, end of period 
 
$
9.83
  
$
10.15
  
$
9.97
  
$
10.22
 
Total return (b)   2.25%  7.13%  2.60%  5.00%(c)
Ratio of net expenses to average net assets 
  
0.93
%
  
1.00
%
  
1.01
%
  
1.02
%(d)
Ratio of net investment income (loss) to average net assets 
  
5.27
%
  
5.10
%
  
4.68
%
  
4.40
%(d)
Portfolio turnover rate 
  
92
%
  
60
%
  
114
%
  
113
%(c)
Net assets, end of period (in thousands) 
 
$
9,052
  
$
8,374
  
$
8,009
  
$
8,076
 
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   
2.03
%
  
2.12
%
  
1.91
%
  
3.89
%(d)
Net investment income (loss) to average net assets   
4.17
%
  
3.98
%
  
3.78
%
  
1.53
%(d)
 
*     Class A shares commenced operations on January 3, 2017.
(a)   The per-share data presented above is based on the average shares outstanding for the period presented.
(b)   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.
(c)   Not annualized.
(d)   Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/20 33
 

Financial Highlights (continued)
             
 
 Year  Year  Year    
 
 Ended  Ended  Ended  1/3/17* to 
 
 8/31/20  8/31/19  8/31/18  8/31/17 
Class C             
Net asset value, beginning of period 
 
$
10.14
  
$
9.96
  
$
10.21
  
$
10.00
 
Increase (decrease) from investment operations: 
                
Net investment income (loss) (a)  
$
0.46
  
$
0.43
  
$
0.40
  
$
0.24
 
Net realized and unrealized gain (loss) on investments   
(0.24
)
  
0.18
   
(0.22
)
  
0.20
 
Net increase (decrease) from investment operations  $0.22  $0.61  $0.18  $0.44 
Distributions to shareowners: 
                
Net investment income  
$
(0.46
)
 
$
(0.43
)
 
$
(0.38
)
 
$
(0.23
)
Net realized gain   
   
   
(0.05
)
  
 
Total distributions  $(0.46) $(0.43) $(0.43) $(0.23)
Net increase (decrease) in net asset value  $(0.24) $0.18  $(0.25) $0.21 
Net asset value, end of period 
 
$
9.90
  
$
10.14
  
$
9.96
  
$
10.21
 
Total return (b)   2.30%  6.34%  1.84%  4.44%(s)
Ratio of net expenses to average net assets 
  
1.50
%
  
1.75
%
  
1.75
%
  
1.75
%(d)
Ratio of net investment income (loss) to average net assets 
  
4.67
%
  
4.35
%
  
3.94
%
  
3.67
%(d)
Portfolio turnover rate 
  
92
%
  
60
%
  
114
%
  
113
%(c)
Net assets, end of period (in thousands) 
 
$
853
  
$
4,089
  
$
3,983
  
$
4,032
 
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   
2.58
%
  
2.87
%
  
2.65
%
  
4.63
%(d)
Net investment income (loss) to average net assets   
3.59
%
  
3.23
%
  
3.04
%
  
0.79
%(d)
 
*     Class C shares commenced operations on January 3, 2017.
(a)   The per-share data presented above is based on the average shares outstanding for the period presented.
(b)   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.
(c)   Not annualized.
(d)   Annualized.
The accompanying notes are an integral part of these financial statements.
34 Pioneer Corporate High Yield Fund | Annual Report | 8/31/20
 


             
 
 Year  Year  Year    
 
 Ended  Ended  Ended  1/3/17* to 
 
 8/31/20  8/31/19  8/31/18  8/31/17 
Class Y             
Net asset value, beginning of period 
 
$
10.15
  
$
9.97
  
$
10.22
  
$
10.00
 
Increase (decrease) from investment operations: 
                
Net investment income (loss) (a)  
$
0.54
  
$
0.53
  
$
0.50
  
$
0.31
 
Net realized and unrealized gain (loss) on investments   
(0.30
)
  
0.18
   
(0.22
)
  
0.20
 
Net increase (decrease) from investment operations  $0.24  $0.71  $0.28  $0.51 
Distributions to shareowners: 
                
Net investment income  
$
(0.56
)
 
$
(0.53
)
 
$
(0.48
)
 
$
(0.29
)
Net realized gain   
   
   
(0.05
)
  
 
Total distributions  $(0.56) $(0.53) $(0.53) $(0.29)
Net increase (decrease) in net asset value  $(0.32) $0.18  $(0.25) $0.22 
Net asset value, end of period 
 
$
9.83
  
$
10.15
  
$
9.97
  
$
10.22
 
Total return (b)   2.53%  7.41%  2.86%  5.14%(c)
Ratio of net expenses to average net assets 
  
0.63
%
  
0.75
%
  
0.75
%
  
0.75
%(d)
Ratio of net investment income (loss) to average net assets 
  
5.58
%
  
5.35
%
  
4.94
%
  
4.67
%(d)
Portfolio turnover rate 
  
92
%
  
60
%
  
114
%
  
113
%(c)
Net assets, end of period (in thousands) 
 
$
12,934
  
$
8,163
  
$
8,021
  
$
8,081
 
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   
1.76
%
  
1.87
%
  
1.66
%
  
3.63
%(d)
Net investment income (loss) to average net assets   
4.45
%
  
4.23
%
  
4.03
%
  
1.79
%(d)
 
*     Class Y shares commenced operations on January 3, 2017.
(a)   The per-share data presented above is based on the average shares outstanding for the period presented.
(b)   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.
(c)   Not annualized.
(d)   Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/20 35
 

Notes to Financial Statements | 8/31/20
1. Organization and Significant Accounting Policies
Pioneer Corporate High Yield Fund (the “Fund”) is one of three portfolios comprising Pioneer Series Trust V, a Delaware statutory trust. The Fund is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The investment objective of the Fund is to achieve a high level of current income and long-term capital appreciation.
The Fund offers four classes of shares designated as Class A, Class C, Class K and Class Y shares. Class K shares had not commenced operations as of August 31, 2020. 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.
Amundi Pioneer Asset Management, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi’s wholly owned subsidiary, Amundi USA, Inc., serves as the Fund’s investment adviser (the “Adviser”). Amundi Pioneer Distributor, Inc., an affiliate of Amundi Pioneer Asset Management, Inc., serves as the Fund’s distributor (the “Distributor”).
During March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standard Update, ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”), which shortens the amortization period for purchased non-contingently callable debt securities held at a premium. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for certain purchased non-contingently callable debt securities. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The
36 Pioneer Corporate High Yield Fund | Annual Report | 8/31/20
 

Fund has adopted ASU 2017-08 as of January 1, 2019. The implementation of ASU 2017-08 did not have a material impact on the Fund’s financial statements.
The Fund is an investment company and follows investment company accounting and reporting guidance under U.S. GAAP. U.S. GAAP requires the management of the Fund to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income, expenses and gain or loss on investments during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements:
A.   Security Valuation
The net asset value of the Fund is computed once daily, on each day the New York Stock Exchange (“NYSE”) is open, as of the close of regular trading on the NYSE.
Fixed-income securities are valued by using prices supplied by independent pricing services, which consider such factors as market prices, market events, quotations from one or more brokers, Treasury spreads, yields, maturities and ratings, or may use a pricing matrix or other fair value methods or techniques to provide an estimated value of the security or instrument. A pricing matrix is a means of valuing a debt security on the basis of current market prices for other debt securities, historical trading patterns in the market for fixed-income securities and/or other factors. Non-U.S. debt securities that are listed on an exchange will be valued at the bid price obtained from an independent third party pricing service.
When independent third party pricing services are unable to supply prices, or when prices or market quotations are considered to be unreliable, the value of that security may be determined using quotations from one or more broker-dealers.
Loan interests are valued in accordance with guidelines established by the Board of Trustees at the mean between the last available bid and asked prices from one or more brokers or dealers as obtained from Loan Pricing Corporation, an independent third party pricing service. If price information is not available from Loan Pricing Corporation, or if the price information is deemed to be unreliable, price information will be obtained from an alternative loan interest pricing service. If no reliable price quotes are available from either the primary or alternative pricing service, broker quotes will be solicited.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/20 37
 

Swap contracts, including interest rate swaps, caps and floors (other than centrally cleared swap contracts), are valued at the dealer quotations obtained from reputable International Swap Dealers Association members. Centrally cleared swaps are valued at the daily settlement price provided by the central clearing counterparty.
Securities or loan interests for which independent pricing services or broker-dealers are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of the Adviser pursuant to procedures adopted by the Fund’s Board of Trustees. The Adviser’s fair valuation team uses fair value methods approved by the Valuation Committee of the Board of Trustees. The Adviser’s fair valuation team is responsible for monitoring developments that may impact fair valued securities and for discussing and assessing fair values on an ongoing basis, and at least quarterly, with the Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Fund may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Fund’s net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Fund’s securities may differ significantly from exchange prices, and such differences could be material.
At August 31, 2020, no securities were valued using fair value methods (other than securities valued using prices supplied by independent pricing services, broker-dealers or using a third party insurance industry pricing model).
B.   Investment Income and Transactions
Interest income, including interest on income-bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates and net of income accrued on defaulted securities.
Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interest and dividend income, respectively.
38 Pioneer Corporate High Yield Fund | Annual Report | 8/31/20
 

Security transactions are recorded as of trade date. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes.
C.   Federal Income Taxes
It is the Fund’s policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income and net realized capital gains, if any, to its shareowners. Therefore, no provision for federal income taxes is required. As of August 31, 2020, 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 on the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities.
The amount and character of income and capital gain distributions to shareowners are determined in accordance with federal income tax rules, which may differ from U.S. GAAP. Distributions in excess of net investment income or net realized gains are temporary over distributions 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, 2020, the Fund was permitted to carry forward indefinitely $632,762 of short-term losses and $542,823 of long-term losses.
The tax character of distributions paid during the years ended August 31, 2020 and August 31, 2019, were as follows:
       
 
 2020  2019 
Distributions paid from:       
Ordinary income  
$
1,210,938
  
$
1,008,080
 
Total  $1,210,938  $1,008,080 
 
The following shows the components of distributable earnings (losses) on a federal income tax-basis at August 31, 2020:
    
 
 2020 
Distributable earnings/(loss):    
Undistributed ordinary income  
$
137,631
 
Capital loss carryforward   
(1,175,585
)
Current year dividend payable   
(67,099
)
Net unrealized appreciation   
29,700
 
Total  $(1,075,353)
 
Pioneer Corporate High Yield Fund | Annual Report | 8/31/20 39
 

The difference between book basis and tax basis unrealized appreciation is attributable to the tax deferral of losses on wash sales, the mark to market of credit default swaps and adjustments relating to credit default swaps.
D.    Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The Distributor earned $0 in underwriting commissions on the sale of Class A shares during the year ended August 31, 2020.
E.    Class Allocations
Income, common expenses and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day.
Distribution fees are calculated based on the average daily net asset value attributable to Class A and Class C shares of the Fund, respectively (see Note 4). Class Y shares do not pay distribution fees. All expenses and fees paid to the Fund’s transfer agent for its services are allocated among the classes of shares based on the number of accounts in each class and the ratable allocation of related out-of-pocket expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net investment income. All dividends are paid on a monthly basis. Short-term capital gain distributions, if any, may be declared with the daily dividends. Distributions to shareowners are recorded as of the ex-dividend date. Distributions paid by the Fund with respect to each class of shares are calculated in the same manner and at the same time, except that net investment income dividends to Class A, Class C and Class Y shares can reflect different transfer agent and distribution expense rates.
F.    Risks
The value of securities held by the Fund may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, recessions, the spread of infectious illness or other public health issues, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, financial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. A general rise in interest rates could adversely affect the price and liquidity of fixed-income securities and could also result in increased redemptions from the Fund.
40 Pioneer Corporate High Yield Fund | Annual Report | 8/31/20
 

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 investments in foreign markets and countries with limited developing markets may subject the Fund to a greater degree of risk than investments in a developed market. These risks include disruptive political or economic conditions and the imposition of adverse governmental laws or currency exchange restrictions.
The Fund invests in below-investment-grade (high-yield) debt securities and preferred stocks. Some of these high-yield securities may be convertible into equity securities of the issuer. Debt securities rated below-investment-grade are commonly referred to as “junk bonds” and are considered speculative. These securities involve greater risk of loss, are subject to greater price volatility, and are less liquid, especially during periods of economic uncertainty or change, than higher rated debt securities.
With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security and related risks. While the Fund’s Adviser has established business continuity plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by service providers to the Fund such as Brown Brothers Harriman & Co., the Fund’s custodian and accounting agent, and DST Asset Manager Solutions, Inc., the Fund’s transfer agent. In addition, many beneficial owners of Fund shares hold them through accounts at broker-dealers, retirement platforms and other financial market participants over which neither the Fund nor Amundi Pioneer exercises control. Each of these may in turn rely on service providers to them, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at Amundi Pioneer or the Fund’s service providers or intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of Fund shareowners to effect share purchases, redemptions or exchanges or receive distributions, loss of or unauthorized access to private shareowner information and violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/20 41
 

COVID-19
The respiratory illness COVID-19 caused by a novel coronavirus has resulted in a global pandemic and major disruption to economies and markets around the world, including the United States. Global financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Some sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the Fund’s investments. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. Governments and central banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. The consequences of high public debt, including its future impact on the economy and securities markets, likewise may not be known for some time.
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.
G.   Credit Default Swap Contracts
A credit default swap is a contract between a buyer of protection and a seller of protection against a pre-defined credit event or an underlying reference obligation, which may be a single security or a basket or index of securities. The Fund may buy or sell credit default swap contracts to seek to increase the Fund’s income, or to attempt to hedge the risk of default on portfolio securities. A credit default swap index is used to hedge risk or take a position on a basket of credit entities or indices.
As a seller of protection, the Fund would be required to pay the notional (or other agreed-upon) value of the referenced debt obligation to the counterparty in the event of a default by a U.S. or foreign corporate issuer of a debt obligation, which would likely result in a loss to the Fund. In return, the Fund would receive from the counterparty a periodic stream of payments during the term of the contract, provided that no event of default occurred. The maximum exposure of loss to the seller would be the notional value of the credit default swaps outstanding. If no default occurs, the
42 Pioneer Corporate High Yield Fund | Annual Report | 8/31/20
 

Fund would keep the stream of payments and would have no payment obligation. The Fund may also buy credit default swap contracts in order to hedge against the risk of default of debt securities, in which case the Fund would function as the counterparty referenced above.
As a buyer of protection, the Fund makes an upfront or periodic payment to the protection seller in exchange for the right to receive a contingent payment. An upfront payment made by the Fund, as the protection buyer, is recorded within the “Swap contracts, at value” line item on the Statement of Assets and Liabilities. Periodic payments received or paid by the Fund are recorded as realized gains or losses on the Statement of Operations.
Credit default swap contracts are marked-to-market daily using valuations supplied by independent sources, and the change in value, if any, is recorded within the “Swap contracts, at value” line item on the Statement of Assets and Liabilities. Payments received or made as a result of a credit event or upon termination of the contract are recognized, net of the appropriate amount of the upfront payment, as realized gains or losses on the Statement of Operations.
Credit default swap contracts involving the sale of protection may involve greater risks than if the Fund had invested in the referenced debt instrument directly. Credit default swap contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Fund is a protection buyer and no credit event occurs, it will lose its investment. If the Fund is a protection seller and a credit event occurs, the value of the referenced debt instrument received by the Fund, together with the periodic payments received, may be less than the amount the Fund pays to the protection buyer, resulting in a loss to the Fund. In addition, obligations under sell protection credit default swaps may be partially offset by net amounts received from settlement of buy protection credit default swaps entered into by the Fund for the same reference obligation with the same counterparty.
Certain swap contracts that are cleared through a central clearinghouse are referred to as centrally cleared swaps. All payments made or received by the Fund are pursuant to a centrally cleared swap contract with the central clearing party rather than the original counterparty. Upon entering into a centrally cleared swap contract, the Fund is required to make an initial margin deposit, either in cash or in securities. The daily change in value on open centrally cleared contracts is recorded as “Variation margin for centrally cleared swap contracts” on the Statement of Assets and Liabilities. Cash received from or paid to the broker related to previous margin movement is held in a segregated account at the broker and is
Pioneer Corporate High Yield Fund | Annual Report | 8/31/20 43
 

recorded as either “Due from broker for swaps” or “Due to broker for swaps” on the Statement of Assets and Liabilities. The amount of cash deposited with a broker as collateral at August 31, 2020, is recorded as “Swaps collateral” on the Statement of Assets and Liabilities.
The average market value of credit default swap contracts open during the year ended August 31, 2020, was $12,452. Open credit default swap contracts at August 31, 2020, are listed in the Schedule of Investments.
2. Management Agreement
The Adviser manages the Fund’s portfolio. Management fees are calculated daily at the annual rate of 0.50% of the Fund’s average daily net assets up to $1 billion and 0.45% of the Fund’s average daily net assets over $1 billion. For the year ended August 31, 2020, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.52% of the Fund’s average daily net assets.
Prior to December 2, 2019, The Adviser 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 1.05%, 1.80% and 0.75% of the average daily net assets attributable to Class A, Class C and Class Y shares, respectively. Effective December 2, 2019, the Adviser contractually agreed to limit ordinary expenses to the extent required to reduce expenses to 0.90%, 1.65%, 0.60% and 0.60% of the average daily net assets attributable to Class A, Class C, Class K and Class Y shares, respectively. These expense limitations are in effect through January 1, 2021. Fees waived and expenses reimbursed during the year ended are reflected on the Statement of Operations. There can be no assurance that the Adviser 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 $10,556 in management fees, administrative costs and certain other reimbursements payable to the Adviser at August 31, 2020.
3. Transfer Agent
DST Asset Manager Solutions, 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.
44 Pioneer Corporate High Yield Fund | Annual Report | 8/31/20
 

In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses incurred by the transfer agent related to shareowner communications activities such as proxy and statement mailings, and outgoing phone calls. For the year ended August 31, 2020, such out-of-pocket expenses by class of shares were as follows:
    
Shareowner Communications:    
Class A 
 
$
942
 
Class C 
  
254
 
Class Y 
  
47
 
Total  $1,243 
 
4. Distribution and Service Plans
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 and Class C shares. Pursuant to the Plan, the Fund pays the Distributor 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 the Distributor 1.00% of the average daily net assets attributable to Class C shares. The fee for Class C shares consists of a 0.25% service fee and a 0.75% distribution fee paid as compensation for personal services and/or account maintenance services or distribution services with regard to Class C shares. Included in “Due to affiliates” reflected on the Statement of Assets and Liabilities is $425 in distribution fees payable to the Distributor at August 31, 2020.
In addition, redemptions of each class of shares (except Class Y shares) may be subject to a contingent deferred sales charge (“CDSC”). A CDSC of 1.00% may be imposed on redemptions of certain net asset value purchases of Class A shares within 12 months of purchase. Redemptions of Class C shares within 12 months of purchase are subject to a CDSC of 1.00% based on the lower of cost or market value of shares being redeemed. Shares purchased as part of an exchange remain subject to any CDSC that applied to the original purchase of those shares. There is no CDSC for Class Y shares. Proceeds from the CDSCs are paid to the Distributor. For the year ended August 31, 2020, $0 CDSCs were paid to Distributor.
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 credit facility or the limits set for borrowing by the Fund’s prospectus and
Pioneer Corporate High Yield Fund | Annual Report | 8/31/20 45
 

the 1940 Act. Effective February 5, 2020, the Fund participated in a facility that is in the amount of $250 million. Effective March 11, 2020, the Fund participates in a facility in the amount of $300 million. Under such facility, depending on the type of loan, interest on borrowings is payable at the London Interbank Offered Rate (“LIBOR”) plus a credit spread. The Fund also pays an annual commitment fee to participate in a credit facility. The commitment fee is allocated among participating Funds based on an allocation schedule set forth in the credit agreement. For the year ended August 31, 2020, the Fund had no borrowings under the credit facility.
6. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund’s use of derivatives may enhance or mitigate the Fund’s exposure 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 rate 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 fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at August 31, 2020, was as follows:
      
 
 
 
Foreign 
 
 
Statement of Assets Interest Credit Exchange Equity Commodity 
and Liabilities Rate Risk Risk Rate Risk Risk Risk 
Assets 
 
 
 
 
 
Swap contracts, 
 
 
 
 
 
at value 
$ — 
$30,111 
$ — 
$ — 
$ — 
Total Value $ — $30,111 $ — $ — $ — 
 
46 Pioneer Corporate High Yield Fund | Annual Report | 8/31/20
 

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, 2020, was as follows:
      
 
 
 
Foreign 
 
 
 
Interest Credit Exchange Equity Commodity 
Statement of Operations Rate Risk Risk Rate Risk Risk Risk 
Net realized gain 
 
 
 
 
 
(loss) on: 
 
 
 
 
 
Swap contracts 
$ — 
$(43,029) 
$ — 
$ — 
$ — 
Total Value $ — $(43,029) $ — $ — $ — 
Change in net 
 
 
 
 
 
unrealized appreciation 
 
 
 
 
 
(depreciation) on: 
 
 
 
 
 
Swap contracts 
$ — 
$ 13,963 
$ — 
$ — 
$ — 
Total Value $ — $ 13,963 $ — $ — $ — 
 
7. Subsequent Event
Effective September 25, 2020, Pioneer Corporate High Yield Fund (the “predecessor Fund”) reorganized with Pioneer Dynamic Credit Fund to form the combined Fund (the “Reorganization”). The investment strategies, performance, financial history, inception date, fiscal year end and portfolio management team of the combined Fund are that of the predecessor Fund. The purpose of this Reorganization was to combine two funds (managed by the Adviser) with similar investment objectives and strategies. As a result of the Reorganization, the combined Fund was renamed Pioneer Corporate High Yield Fund.
This tax-free reorganization was accomplished by exchanging the assets and liabilities of the predecessor Fund for shares of Pioneer Dynamic Credit Fund. Shareowners holding Class A, Class C and Class Y shares of the predecessor Fund received Class A, Class C and Class Y shares of Pioneer Dynamic Credit Fund, respectively, in the Reorganization. The investment portfolio of the predecessor Fund, with an aggregate value of $20,416,891 and an identified cost of $20,754,014 at September 25, 2020, was the principal asset acquired by the combined Fund.
Pioneer Dynamic Credit Fund was the legal survivor of the Reorganization. The predecessor Fund was the accounting survivor of the Reorganization. Accordingly, the predecessor Fund’s performance and financial history have become the performance and financial history of the combined Fund.
As of August 31, 2020, the Fund has accrued expenses related to the reorganization in the amount of $31,250, which are included in miscellaneous expenses on the Statement of Operations.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/20 47
 

Report of Independent Registered Public
Accounting Firm


To the Board of Trustees of Pioneer Series Trust V and the Shareholders of
Pioneer Corporate High Yield Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pioneer Corporate High Yield Fund (the “Fund”) (one of the funds constituting Pioneer Series Trust V (the “Trust”)), including the schedule of investments, as of August 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of Pioneer Corporate High Yield Fund (one of the funds constituting Pioneer Series Trust V) at August 31, 2020, 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 its financial highlights for each of the four years in the period then ended in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
48 Pioneer Corporate High Yield Fund | Annual Report | 8/31/20
 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more Amundi Pioneer investment companies since 2017.
Boston, Massachusetts
October 30, 2020
Pioneer Corporate High Yield Fund | Annual Report | 8/31/20 49
 

Statement Regarding Liquidity Risk Management Program
As required by law, the Fund has adopted and implemented a liquidity risk management program (the “Program”) that is designed to assess and manage liquidity risk. Liquidity risk is the risk that the Fund could not meet requests to redeem its shares without significant dilution of remaining investors’ interests in the Fund. The Fund’s Board of Trustees designated a liquidity risk management committee (the “Committee”) consisting of employees of Amundi Pioneer Asset Management, Inc. (the “Adviser”) to administer the Program.
The Committee provided the Board of Trustees with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through March 31, 2020 (the “Reporting Period”).
The Report confirmed that, throughout the Reporting Period, the Committee had monitored the Fund’s portfolio liquidity and liquidity risk on an ongoing basis, as described in the Program and in Board reporting throughout the Reporting Period.
The Report discussed the Committee’s annual review of the Program, which addressed, among other things, the following elements of the Program:
The Committee reviewed the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. The Committee noted that the Fund’s investment strategy continues to be appropriate for an open-end fund, taking into account, among other things, whether and to what extent the Fund held less liquid and illiquid assets and the extent to which any such investments affected the Fund’s ability to meet redemption requests. In managing and reviewing the Fund’s liquidity risk, the Committee also considered the extent to which the Fund’s investment strategy involves a relatively concentrated portfolio or large positions in particular issuers, the extent to which the Fund uses borrowing for investment purposes, and the extent to which the Fund uses derivatives (including for hedging purposes). The Committee also reviewed the Fund’s short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. In assessing the Fund’s cash flow projections, the Committee considered, among other factors, historical net redemption activity, redemption policies, ownership concentration, distribution channels, and the degree of certainty associated with the Fund’s short-term and long-term cash flow projections. The Committee also considered the Fund’s holdings of cash and cash equivalents, as well as borrowing arrangements
50 Pioneer Corporate High Yield Fund | Annual Report | 8/31/20
 

and other funding sources, including, if applicable, the Fund’s participation in a credit facility, as components of the Fund’s ability to meet redemption requests. The Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests.
The Committee reviewed the Program’s liquidity classification methodology for categorizing the Fund’s investments into one of four liquidity buckets. In reviewing the Fund’s investments, the Committee considered, among other factors, whether trading varying portions of a position in a particular portfolio investment or asset class in sizes the Fund would reasonably anticipate trading, would be reasonably expected to significantly affect liquidity.
The Committee performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum, and determined that no such minimum is required because the Fund primarily holds highly liquid investments.
The Report stated that the Committee concluded the Program operates adequately and effectively, in all material respects, to assess and manage the Fund’s liquidity risk throughout the Reporting Period.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/20 51
 

Additional Information (unaudited)
Qualified interest income is exempt from nonresident alien (NRA) tax withholding. The percentage of the Fund’s ordinary income distributions derived from qualified interest income was 74.81%.

52 Pioneer Corporate High Yield Fund | Annual Report | 8/31/20
 

Trustees, Officers and Service Providers


Investment Adviser and Administrator
Amundi Pioneer Asset Management, Inc.


Custodian and Sub-Administrator
Brown Brothers Harriman & Co.


Independent Registered Public Accounting Firm
Ernst & Young LLP


Principal Underwriter
Amundi Pioneer Distributor, Inc.


Legal Counsel
Morgan, Lewis & Bockius LLP


Transfer Agent
DST Asset Manager Solutions, 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 www.amundipioneer.com/us. 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 and other directorships they have held 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 Amundi Pioneer serves as investment adviser (the “Pioneer Funds”). The address for all Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-225-6292.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/20 53
 

Independent Trustees
    
Name, Age and Position Term of Office and 
 
Other Directorships 
Held With the Fund Length of Service Principal Occupation Held by Trustee 
Thomas J. Perna (69) 
Chairman of the Board 
and Trustee 
 
Trustee since 2016. 
Serves until a successor 
trustee is elected or 
earlier retirement 
or removal. 
Private investor (2004 – 2008 and 2013 – present); Chairman (2008 – 2013) 
and Chief Executive Officer (2008 – 2012), Quadriserv, Inc. (technology 
products for securities lending industry); and Senior Executive Vice 
President, The Bank of New York (financial and securities services) 
(1986 – 2004) 
 
Director, Broadridge Financial 
Solutions, Inc. (investor 
communications and securities 
processing provider for financial 
services industry) (2009 – present); 
Director, Quadriserv, Inc. (2005 – 
2013); and Commissioner, New 
Jersey State Civil Service 
Commission (2011 – 2015) 
John E. Baumgardner, 
Jr. (69) 
Trustee 
Trustee since 2019. 
Serves until a successor 
trustee is elected or 
earlier retirement 
or removal. 
Of Counsel (2019 – present), Partner (1983-2018), Sullivan & Cromwell LLP 
(law firm). 
Chairman, The Lakeville Journal 
Company, LLC, (privately-held 
community newspaper group) 
(2015-present) 
Diane Durnin (63) 
Trustee 
 
Trustee since 2019. 
Serves until a successor 
trustee is elected or 
earlier retirement 
or removal. 
 
Managing Director - Head of Product Strategy and Development, BNY 
Mellon Investment Management (investment management firm) 
(2012-2018); Vice Chairman – The Dreyfus Corporation (2005 – 2018): 
Executive Vice President Head of Product, BNY Mellon Investment 
Management (2007-2012); Executive Director- Product Strategy, Mellon 
Asset Management (2005-2007); Executive Vice President Head of 
Products, Marketing and Client Service, Dreyfus Corporation (investment 
management firm) (2000-2005); and Senior Vice President Strategic 
Product and Business Development, Dreyfus Corporation (1994-2000) 
None 
 
 
 
54 Pioneer Corporate High Yield Fund | Annual Report | 8/31/20
 

    
Name, Age and Position Term of Office and 
 
Other Directorships 
Held With the Fund Length of Service Principal Occupation Held by Trustee 
Benjamin M. Friedman (76
Trustee 
Trustee since 2016. 
Serves until a successor 
trustee is elected or 
earlier retirement 
or removal. 
William Joseph Maier Professor of Political Economy, Harvard University 
(1972 – present) 
Trustee, Mellon Institutional Funds 
Investment Trust and Mellon 
Institutional Funds Master Portfolio 
(oversaw 17 portfolios in fund 
complex) (1989 - 2008) 
Lorraine H. Monchak (64) 
Trustee 
 
Trustee since 2017. 
(Advisory Trustee from 
2014 - 2017). Serves 
until a successor trustee 
is elected or earlier 
retirement or removal. 
 
Chief Investment Officer, 1199 SEIU Funds (healthcare workers union 
pension funds) (2001 – present); Vice President – 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) 
None 
 
 
Marguerite A. Piret (72) 
Trustee 
 
Trustee since 2016. 
Serves until a successor 
trustee is elected or 
earlier retirement 
or removal. 
Chief Financial Officer, American Ag Energy, Inc. (controlled environment 
and agriculture company) (2016 – present); and President and Chief 
Executive Officer, Metric Financial Inc. (formerly known as Newbury Piret 
Company) (investment banking firm) (1981 – 2019) 
Director of New America High 
Income Fund, Inc. (closed-end 
investment company) (2004 – 
present); and Member, Board of 
Governors, Investment Company 
Institute (2000 – 2006) 
 
Pioneer Corporate High Yield Fund | Annual Report | 8/31/20 55
 

Independent Trustees (continued)
    
Name, Age and Position Term of Office and 
 
Other Directorships 
Held With the Fund Length of Service Principal Occupation Held by Trustee 
Fred J. Ricciardi (73) 
Trustee 
 
Trustee since 2016. 
Serves until a successor 
trustee is elected or 
earlier retirement 
or removal. 
Private investor (2020 – present); Consultant (investment company 
services) (2012 – 2020); Executive Vice President, BNY Mellon (financial 
and investment company services) (1969 – 2012); Director, BNY 
International Financing Corp. (financial services) (2002 – 2012); Director, 
Mellon Overseas Investment Corp. (financial services) (2009 – 2012); 
Director, Financial Models (technology) (2005-2007); Director, BNY 
Hamilton Funds, Ireland (offshore investment companies) (2004-2007); 
Chairman/Director, AIB/BNY Securities Services, Ltd., Ireland (financial 
services) (1999-2006); and Chairman, BNY Alternative Investment Services, 
Inc. (financial services) (2005-2007) 
None 
 
56 Pioneer Corporate High Yield Fund | Annual Report | 8/31/20
 

Interested Trustees
    
Name, Age and Position Term of Office and 
 
Other Directorships 
Held With the Fund Length of Service Principal Occupation Held by Trustee 
Lisa M. Jones (58)* 
Trustee, President and 
Chief Executive Officer 
 
 
Trustee since 2017. 
Serves until a successor 
trustee is elected or 
earlier retirement 
or removal 
 
Director, CEO and President of Amundi Pioneer Asset Management USA, 
Inc. (investment management firm) (since September 2014); Director, 
CEO and President of Amundi Pioneer Asset Management, Inc. (since 
September 2014); Director, CEO and President of Amundi Pioneer 
Distributor, Inc. (since September 2014); Director, CEO and President of 
Amundi Pioneer Institutional Asset Management, Inc. (since September 
2014); Chair, Amundi Pioneer Asset Management USA, Inc., Amundi Pioneer 
Distributor, Inc. and Amundi Pioneer Institutional Asset Management, Inc. 
(September 2014 – 2018); Managing Director, Morgan Stanley Investment 
Management (investment management firm) (2010 – 2013); Director of 
Institutional Business, CEO of International, Eaton Vance Management 
(investment management firm) (2005 – 2010); and Director of Amundi 
USA, Inc. (since 2017) 
None 
 
Kenneth J. Taubes (62)* 
Trustee 
 
Trustee since 2016. 
Serves until a successor 
trustee is elected or 
earlier retirement 
or removal 
 
Director and Executive Vice President (since 2008) and Chief Investment 
Officer, U.S. (since 2010) of Amundi Pioneer Asset Management USA, Inc. 
(investment management firm); Director and Executive Vice President and 
Chief Investment Officer, U.S. of Amundi Pioneer (since 2008); Executive 
Vice President and Chief Investment Officer, U.S. of Amundi Pioneer 
Institutional Asset Management, Inc. (since 2009); Portfolio Manager of 
Amundi Pioneer (since 1999); and Director of Amundi USA, Inc. 
(since 2017) 
None 
 
 
 
*  Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Fund’s investment adviser and certain of its affiliates.
Pioneer Corporate High Yield Fund | Annual Report | 8/31/20 57
 

Fund Officers
    
Name, Age and Position Term of Office and 
 
Other Directorships 
Held With the Fund Length of Service Principal Occupation Held by Officer 
Christopher J. Kelley (55) 
Secretary and Chief 
Legal Officer 
Since 2016. Serves at 
the discretion of 
the Board 
Vice President and Associate General Counsel of Amundi Pioneer since 
January 2008; Secretary and 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 
Amundi Pioneer from July 2002 to December 2007 
None 
Carol B. Hannigan (59) 
Assistant Secretary 
Since 2016. Serves at 
the discretion of 
the Board 
Fund Governance Director of Amundi Pioneer since December 2006 and 
Assistant Secretary of all the Pioneer Funds since June 2010; Manager – 
Fund Governance of Amundi Pioneer from December 2003 to November 
2006; and Senior Paralegal of Amundi Pioneer from January 2000 to 
November 2003 
None 
 
Thomas Reyes (57) 
Assistant Secretary 
Since 2016. Serves at 
the discretion of 
the Board 
Assistant General Counsel of Amundi Pioneer since May 2013 and Assistant 
Secretary of all the Pioneer Funds since June 2010; and Counsel of Amundi 
Pioneer from June 2007 to May 2013 
None
Mark E. Bradley (60) 
Treasurer and Chief 
Financial and 
Accounting Officer 
Since 2016. Serves at 
the discretion of 
the Board 
Vice President – Fund Treasury of Amundi Pioneer; Treasurer of all of the 
Pioneer Funds since March 2008; Deputy Treasurer of Amundi Pioneer from 
March 2004 to February 2008; and Assistant Treasurer of all of the Pioneer 
Funds from March 2004 to February 2008 
None 
Luis I. Presutti (55) 
Assistant Treasurer 
Since 2016. Serves at 
the discretion of 
the Board 
Director – Fund Treasury of Amundi Pioneer; and Assistant Treasurer of all 
of the Pioneer Funds 
None 
Gary Sullivan (62) 
Assistant Treasurer 
Since 2016. Serves at 
the discretion of 
the Board 
Senior Manager – Fund Treasury of Amundi Pioneer; and Assistant 
Treasurer of all of the Pioneer Funds 
None 
 
58 Pioneer Corporate High Yield Fund | Annual Report | 8/31/20
 

    
Name, Age and Position Term of Office and 
 
Other Directorships 
Held With the Fund Length of Service Principal Occupation Held by Officer 
Antonio Furtado (38) 
Assistant Treasurer 
Since 2020. Serves at 
the discretion of 
the Board 
Fund Oversight Manager – Fund Treasury of Amundi Pioneer; and 
Assistant Treasurer of all of the Pioneer Funds 
None 
John Malone (48) 
Chief Compliance Officer 
Since 2018. Serves at 
the discretion of 
the Board 
Managing Director, Chief Compliance Officer of Amundi Pioneer Asset 
Management; Amundi Pioneer Institutional Asset Management, Inc.; and 
the Pioneer Funds since September 2018; and Chief Compliance Officer 
of Amundi Pioneer Distributor, Inc. since January 2014. 
None 
Kelly O’Donnell (49) 
Anti-Money Laundering 
Officer 
Since 2016. Serves at 
the discretion of 
the Board 
Vice President – Amundi Pioneer Asset Management; and Anti-Money 
Laundering Officer of all the Pioneer Funds since 2006 
None 
 
Pioneer Corporate High Yield Fund | Annual Report | 8/31/20 59
 

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60 Pioneer Corporate High Yield Fund | Annual Report | 8/31/20
 

How to Contact Amundi 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 
   
FactFoneSM for automated fund yields, prices, 
 
account information and transactions 
1-800-225-4321 
  
Retirement plans information 
 
1-800-622-0176 
 
Write to us: 
 
 
Amundi Pioneer 
 
 
P.O. Box 219427 
 
 
Kansas City, MO 64121-9427 
 
 
   
Our toll-free fax 
 
1-800-225-4240 
   
Our internet e-mail address us.askamundipioneer@amundipioneer.com 
(for general questions about Amundi Pioneer only) 
 
 
Visit our web site: www.amundipioneer.com/us 
 
 
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the Commission’s web site at https://www.sec.gov.
 

Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com/us


Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
© 2020 Amundi Pioneer Asset Management 30494-03-1020


Table of Contents



Pioneer Global Equity Fund
Annual Report | August 31, 2020
     
A: GLOSX C: GCSLX K: PGEKX R: PRGEX Y: PGSYX 
 
Beginning in February 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer, bank or insurance company. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications electronically by contacting your financial intermediary or, if you invest directly with the Fund, by calling 1-800-225-6292.
You may elect to receive all future reports in paper free of charge. If you invest directly with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-225-6292. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held within the Pioneer Fund complex if you invest directly.


 

visit us: www.amundipioneer.com/us

 

  
Table of Contents 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
Pioneer Global Equity Fund | Annual Report | 8/31/20 1

Table of Contents


President’s Letter


Dear Shareholders,
The new decade has arrived delivering a half-year (and more) that will go down in the history books. The beginning of 2020 seemed to extend the positive market environment of 2019. Then, March roared in like a lion and the COVID-19 pandemic became a global crisis impacting lives and life as we know it. The long-term impact on the global economy from the COVID-19 virus pandemic, while currently unknown, is likely to be considerable. It is clear that several industries have already felt greater effects than others. And the markets, which do not thrive on uncertainty, have been volatile, delivering significantly negative performance in the first quarter, and then staging a strong rally for most of the second quarter. Our business continuity plan was implemented given the new COVID-19 guidelines, and most of our employees are working remotely. To date, our operating environment has faced no interruption. I am proud of the careful planning that has taken place and confident we can maintain this environment for as long as is prudent. History in the making for a company that first opened its doors way back in 1928.
Since 1928, Amundi Pioneer’s investment process has been built on a foundation of fundamental research and active management, principles which have guided our investment decisions for more than 90 years. We believe active management – that is, making active investment decisions –can help mitigate the potential risks during periods of market volatility. As the first several months of 2020 have reminded us, investment risk can arise from a number of factors in today’s global economy, including slower or stagnating growth, changing U.S. Federal Reserve policy, oil price shocks, political and geopolitical factors and, unfortunately, major public health concerns such as a viral pandemic.
At Amundi Pioneer, active management begins with our own fundamental, bottom-up research process. Our team of dedicated research analysts and portfolio managers analyzes each security under consideration, communicating directly with the management teams of the companies issuing the securities and working together to identify those securities that best meet our investment criteria for our family of funds. Our risk management approach begins with each and every security, as we strive to carefully understand the potential opportunity, while considering any and all risk factors.
2 Pioneer Global Equity Fund | Annual Report | 8/31/20
 

Today, as investors, we have many options. It is our view that active management can serve shareholders well, not only when markets are thriving, but also during periods of market stress. As you consider your long-term investment goals, we encourage you to work with your financial advisor to develop an investment plan that paves the way for you to pursue both your short-term and long-term goals.
We remain confident that the current crisis, like others in human history, will pass, and we greatly appreciate the trust you have placed in us and look forward to continuing to serve you in the future.
Sincerely,
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
August 31, 2020
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 | 8/31/20 3
 

Portfolio Management Discussion | 8/31/20
In the following interview, portfolio managers Marco Pirondini, John Peckham*, and Brian Chen* discuss the factors that influenced the performance of Pioneer Global Equity Fund during the 12-month period ended August 31, 2020. Mr. Pirondini, Senior Managing Director, Head of Equities, U.S., and a portfolio manager at Amundi Pioneer Asset Management, Inc. (Amundi Pioneer); Mr. Peckham, a Senior Vice President and a portfolio manager at Amundi Pioneer; and Mr. Chen, a Vice President and a portfolio manager at Amundi Pioneer, are responsible for the day-today management of the Fund.
Q    How did the Fund perform over the 12-month period ended August 31, 2020?
A    Pioneer Global Equity Fund’s Class A shares returned 16.78% at net asset value during the 12-month period ended August 31, 2020, while the Fund’s benchmarks, the Morgan Stanley Capital International (MSCI) World NR Index and the MSCI All Country World NR Index1, returned 16.79% and 16.52%, respectively. During the same period, the average return of the 825 mutual funds in Morningstar’s World Large Stock Funds category was 15.20%.
Q    How would you characterize the investment environment in the global equity markets during the 12-month period ended August 31, 2020?
A    At the start of the 12-month period in September 2019, global stocks traded within a range, with moves either up or down driven mainly by headlines pertaining to global trade issues, economic prospects, and interest rates. As previously signaled, the U.S. Federal Reserve (Fed) enacted interest-rate cuts in August and September of 2019, while corporate earnings generally came in at or above analysts’ forecasts.
*     Mr. Peckham and Mr. Chen became portfolio managers on the Fund effective December 9, 2019.
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 disclaim all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages.
4 Pioneer Global Equity Fund | Annual Report | 8/31/20
 

Stocks then moved higher over the fourth quarter of 2019 as investors became encouraged by data suggesting improving global economic growth. In the United States, the economy continued to receive support from a strong consumer amid low unemployment numbers. In addition, December 2019 saw the United States and China reach a much anticipated “phase one” trade agreement, where the U.S. agreed to eliminate some tariffs and China pledged to boost its purchases of U.S. agricultural products. Those factors contributed to provide solid support for market/investor sentiment all the way into February of 2020.
Late February and early March 2020 saw severe disruptions in both fixed-income and equity markets with the emergence of COVID-19, which all but shut down the global economy as governments around the world implemented severe limitations on individual and business activities in an attempt to control the spread of the virus. In the U.S., the Standard & Poor’s 500 Index (the S&P 500) lost more than one-third of its value between February 19 and March 23, 2020, as many investors fled stocks and moved into so-called “safe havens,” such as U.S. Treasuries.
In response to the onset of the pandemic, global central banks and governments acted swiftly, seeking to keep businesses and consumers afloat. The Fed slashed the federal funds rate’s target range to near zero in March, restarted its 2008-2009 financial crisis-era lending facilities, and created new bond-purchase programs. In addition, the U.S. Congress and the White House agreed on a $2.2 trillion financial aid package, providing significant economic stimulus. In the wake of the stimulus efforts, market participants grew more optimistic that steps taken toward reopening the domestic and global economies as the spring and summer of 2020 progressed would support a longer-term economic recovery.
Global equities, in particular, rebounded strongly over the remainder of the 12-month period, despite occasional market disruptions stemming from uncertainties driven by intense political debates that delayed passage of additional fiscal stimulus legislation in the U.S., and the country’s upcoming presidential election in November.
Q    Would you review the Fund’s overall investment approach?
A    When picking investments for the Fund, 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.
**    Diversification does not assure a profit nor protect against loss.
Pioneer Global Equity Fund | Annual Report | 8/31/20 5
 

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, as that has tended to provide companies with the flexibility to do share buybacks, reinvest in their businesses, make acquisitions, and raise dividends***. We also look for stocks with attractive dividend yields as well as those trading at below-market valuations.
Finally, we attempt to assess not only the potential price gains for each stock, but also the potential for a decline in price if circumstances become unfavorable. We prefer stocks that we believe have 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 benchmark-relative performance during the 12-month period ended August 31, 2020?
A    During the 12-month period, the Fund’s sector allocations and security selection results contributed positively to benchmark-relative returns. With regard to asset allocation, a portfolio underweight to real estate and an overweight to the consumer discretionary sector aided the Fund’s relative performance, while overweights to the struggling energy and financials sectors detracted from benchmark-relative results. With regard to stock selection, results within consumer discretionary, materials, and industrials boosted the Fund’s benchmark-relative performance, while selection results in health care and financials detracted from relative returns.
In terms of individual portfolio holdings, the top positive contributors to the Fund’s benchmark-relative performance during the 12-month period included Amazon.com, Alibaba, eBay, LG Chem, and Generac Holdings. In the case of Amazon, Alibaba (China’s version of Amazon.com), and eBay, all three companies have been benefiting significantly from favorable positioning within online retail, particularly in light of the retail store shutdowns caused by the COVID-19 pandemic. In addition, eBay’s shares rallied in the wake of a recent, successful restructuring of the company, and from a profitable sale of one of its former subsidiaries.
LG Chem (materials), based in South Korea, is one of the world’s largest manufacturers of batteries for electric vehicles. Solidly positive trends in the market for electric cars have helped to boost the performance of the company’s shares. Within the industrials sector, the Fund’s position in Generac, a leading manufacturer of home standby generators, has been
*** Dividends are not guaranteed.
6 Pioneer Global Equity Fund | Annual Report | 8/31/20
 

benefiting from strong demand, driven in part by the decreased reliability of an aging U.S. electrical grid as well as investors’ optimism about a recent acquisition the company made within the home battery/solar panel electric-storage market.
The portfolio positions that detracted the most from the Fund’s relative returns over the 12-month period included Marathon Petroleum, PBF Energy, KB Financial Group, Ping An Insurance, and Grupo Financiero Banorte. Shares of both Marathon Petroleum and PBF Energy struggled during the 12-month period, as a sharp downturn in demand for gasoline and diesel fuel ravaged nearly the entire energy sector. We have retained the Fund’s position in Marathon Petroleum because of our confidence in the eventual recovery of energy demand. However, we sold PBF Energy from the portfolio, based on our view that the company’s rebound from the drop in energy prices could be significantly more difficult.
Within financials, shares of South Korean bank KB Financial underperformed over the 12-month period, as stocks of emerging markets financials firms faced a difficult environment due to the pandemic situation. China-based Ping An Insurance was another detractor from the Fund’s relative performance as the company dealt with the negative fallout from COVID-19, which made it difficult for Ping An’s employees to conduct in-person insurance sales meetings. Lastly, COVID-19 also had a detrimental effect on the performance of Grupo Financiero, a Mexican bank, as the Mexican economy contracted in the wake of the pandemic-induced lockdowns. We have retained the Fund’s positions in all three of the emerging markets financials stocks discussed here, based on our belief that each has the potential to recover when the current difficulties related to COVID-19 eventually ease.
Q    Did the Fund have any exposure to derivatives during the 12-month period ended August 31, 2020, and did those investments have an effect on performance?
A    During portions of the 12-month period, we employed derivative securities in the portfolio at a minimal level, including forward foreign currency exchange contracts (currency forwards). The use of derivatives had a negligible effect on the Fund’s performance.
Q    What is your outlook, and how have you positioned the Fund heading into its new fiscal year?
A    With the risk of COVID-19 still present across the globe, investors have reacted by reducing exposure to riskier assets in favor of assets perceived to be safer, including U.S. Treasuries and gold. We expect the pandemic
Pioneer Global Equity Fund | Annual Report | 8/31/20 7
 

to continue to have a significant effect on global economic growth, particularly in Europe and Asia, which have tended to be more reliant on exports. The U.S. economy is more consumer driven, and so we believe U.S. consumers could benefit from lower interest rates and discounted energy prices. However, we also expect that the pandemic may continue to exert pressure on the earnings of S&P 500 companies, as those firms typically have had exposure to the global economy.
While the full, final effects of the pandemic remain unknown, we believe they are likely to be temporary in nature, and that markets may normalize, eventually. As for positioning, given the continued lack of certainty regarding the timing of a global recovery from the effects of COVID-19, we have essentially taken a neutral-weighted stance in the Fund across both benchmark sectors and macroeconomic market segments.
Please refer to the Schedule of Investments on pages 19–25 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 and heightened uncertainty. The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues or adverse investor sentiment. 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 investments in larger, more established companies.
When interest rates rise, the prices of fixed-income securities held by the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed-income securities held by 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.
8 Pioneer Global Equity Fund | Annual Report | 8/31/20
 

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.
These risks may increase share price volatility.
Before investing, consider the product’s investment objectives, risks, charges and expenses. Contact your advisor or Amundi Pioneer Asset Management, Inc., for a prospectus or summary prospectus containing this information. Read it carefully.
Any information in this shareholder report regarding market or economic trends or the factors influencing the Fund’s historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results.
Pioneer Global Equity Fund | Annual Report | 8/31/20 9
 

Portfolio Summary | 8/31/20


Sector Distribution

(As a percentage of total investments)*

Amount rounds to less than 0.1%.


Geographical Distribution

(As a percentage of total investments based on country of domicile)*


10 Largest Holdings

(As a percentage of total investments)*
   
1. 
Apple, Inc. 
5.09% 
2. 
Microsoft Corp. 
4.21 
3. 
Alphabet, Inc. 
3.78 
4. 
Amazon.com, Inc. 
2.60 
5. 
KB Financial Group, Inc. 
2.48 
6. 
Pfizer, Inc. 
2.46 
7. 
Unilever NV 
2.38 
8. 
Medtronic Plc 
2.22 
9. 
Verizon Communications, Inc. 
2.20 
10. 
Cognizant Technology Solutions Corp. 
2.19 
 
*  Excludes temporary cash investments and all derivative contracts except for options purchased. The Fund is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any securities.
10 Pioneer Global Equity Fund | Annual Report | 8/31/20
 

Prices and Distributions | 8/31/20


Net Asset Value per Share
   
Class 8/31/20 8/31/19 
$15.69 $13.56 
$15.29 $13.20 
$15.70 $13.56 
$15.60 $13.47 
$15.74 $13.61 
 
Distributions per Share: 9/1/19–8/31/20
    
 
Net Investment Short-Term Long-Term 
Class Income Capital Gains Capital Gains 
$0.1416 $ — $ — 
$ — $ — $ — 
$0.2080 $ — $ — 
$0.0747 $ — $ — 
$0.2168 $ — $ — 
 
Index Definitions
The Morgan Stanley Capital International (MSCI) World NR† Index is an unmanaged measure of the performance of stock markets in the developed world. The MSCI All Country World NR 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, and 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 either index.
The indices defined here pertain to the “Value of $10,000 Investment” and “Value of $5 Million Investment” charts on pages 12–16.
  NR (Net Return), which indicates that the returns for these indices approximate the minimum possible dividend reinvestment.
Pioneer Global Equity Fund | Annual Report | 8/31/20 11
 

  
Performance Update | 8/31/20 
Class A Shares 
 
Investment Returns
The mountain chart on the right shows the change in value of a $10,000 investment made in Class A shares of Pioneer Global Equity Fund at public offering price during the periods shown, compared to that of the Morgan Stanley Capital International (MSCI) World NR Index and the MSCI All Country World NR Index.
     
Average Annual Total Returns 
 
(As of August 31, 2020) 
 
 
 
 
 
 
MSCI 
 
Net Public MSCI All 
 
Asset OfferingWorld
Country
 
Value Price NR World 
Period (NAV) (POP) Index NR Index 
10 years 
  9.23% 
  8.58 
10.74% 
9.90% 
5 years 
  7.72 
  6.45 
10.42 10.21 
1 year 
16.78 
10.07 
16.79 
16.52 
 
 
Expense Ratio 
 
 
 
(Per prospectus dated December 31, 2019, 
as revised February 1, 2020) 
 
 
Gross 
Net

 
 
1.35% 
1.15%

 
 
 
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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. NAV 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 in effect through January 1, 2021, for Class A shares. There can be no assurance that Amundi Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please refer to the financial highlights for more current expense ratios.
12 Pioneer Global Equity Fund | Annual Report | 8/31/20
 

  
Performance Update | 8/31/20 
Class C Shares 
 
Investment Returns
The mountain chart on the right shows the change in value of a $10,000 investment made in Class C shares of Pioneer Global Equity Fund during the periods shown, compared to that of the Morgan Stanley Capital International (MSCI) World NR Index and the MSCI All Country World NR Index.
     
Average Annual Total Returns 
 
(As of August 31, 2020) 
 
 
 
 
 
 
MSCI 
 
 
 
MSCI All 
 
 
 
World Country 
 
If If NR World 
Period Held Redeemed Index
NR Index 
10 years 
 8.33%  8.33% 10.74%  9.90% 
5 years 
 6.90  6.90 10.42 
10.21 
1 year 
15.83 
15.83 
16.79 
16.52 
 
 
Expense Ratio 
 
 
 
(Per prospectus dated December 31, 2019, 
as revised February 1, 2020) 
 
 
Gross 
 
 
 
 
2.05% 
 
 
 
 
 
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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. “If Redeemed” returns would have been lower had sales charges been reflected. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Global Equity Fund | Annual Report | 8/31/20 13
 

  
Performance Update | 8/31/20 
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 NR Index and the MSCI All Country World NR Index.
    
Average Annual Total Returns 
 
(As of August 31, 2020) 
 
 
 
 
MSCI 
 
Net MSCI All 
 
Asset World Country 
 
Value NR World 
Period (NAV) Index NR Index 
10 years 
 9.51% 
10.74% 
  9.90% 
5 years 
 8.23 
10.42 
10.21 
1 year 
17.36 
16.79 
16.52 
 
 
Expense Ratio 
 
 
(Per prospectus dated December 31, 2019, 
as revised February 1, 2020) 
 
Gross Net 
 
 
0.84% 
0.70% 
 
 
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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 in effect through January 1, 2021, for Class K shares. There can be no assurance that Amundi Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please refer to the financial highlights for more current expense ratios.
14 Pioneer Global Equity Fund | Annual Report | 8/31/20
 

  
Performance Update | 8/31/20 
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 NR Index and the MSCI All Country World NR Index.
    
Average Annual Total Returns 
 
(As of August 31, 2020) 
 
 
 
 
MSCI 
 
Net MSCI All 
 
Asset World Country 
 
Value NR World 
Period (NAV) Index NR Index 
10 years 
 9.06% 10.74% 
  9.90% 
5 years 
  7.41 
10.42 10.21 
1 year 
16.38 
16.79 
16.52 
 
 
Expense Ratio 
 
 
(Per prospectus dated December 31, 2019, 
as revised February 1, 2020) 
 
Gross Net 
 
 
1.72% 
1.55% 
 
 
Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class R shares for the period prior to the commencement of operations of Class R shares on July 1, 2015, is the net asset value performance of the Fund’s Class A shares, which has not been restated to reflect any differences in expenses, including Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares generally are higher than those of Class R shares, the performance of Class R shares prior to their inception would have been higher than the performance shown. For the period beginning July 1, 2015, the actual performance of Class R shares is reflected. Class R shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in effect through January 1, 2021, for Class R shares. There can be no assurance that Amundi Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please refer to the financial highlights for more current expense ratios.
Pioneer Global Equity Fund | Annual Report | 8/31/20 15
 

  
Performance Update | 8/31/20 
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 NR Index and the MSCI All Country World NR Index.
    
Average Annual Total Returns 
 
(As of August 31, 2020) 
 
 
 
 
MSCI 
 
Net MSCI All 
 
Asset World Country 
 
Value NR World 
Period (NAV) Index NR Index 
10 years 
 9.74% 10.74% 
  9.90% 
5 years 
  8.23 
10.42 10.21 
1 year 
17.29 
16.79 
16.52 
 

Expense Ratio 
 
 
(Per prospectus dated December 31, 2019, 
as revised February 1, 2020) 
 
Gross Net 
 
 
0.97% 
0.70% 
 
 
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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, 2021, for Class Y shares. There can be no assurance that Amundi Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please refer to the financial highlights for more current expense ratios.
16 Pioneer Global Equity Fund | Annual Report | 8/31/20
 

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 ÷ $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, 2020 through August 31, 2020.
      
Share Class 
Beginning Account 
$1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 
Value on 3/1/20 
 
 
 
 
 
Ending Account 
$1,128.75 $1,124.24 $1,131.94 $1,127.17 $1,131.49 
Value on 8/31/20 
 
 
 
 
 
Expenses Paid 
$6.15 $10.20 $3.75 $7.97 $3.75 
During Period* 
 
 
 
 
 
 
*  Expenses are equal to the Fund’s annualized expense ratio of 1.15%, 1.91%, 0.70%, 1.49% and 0.70% 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 | 8/31/20 17
 

Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Global Equity Fund
Based on a hypothetical 5% return per year before expenses, reflecting the period from March 1, 2020 through August 31, 2020.
      
Share Class 
Beginning Account 
$1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 
Value on 3/1/20 
 
 
 
 
 
Ending Account 
$1,019.36 $1,015.53 $1,021.62 $1,017.65 $1,021.62 
Value on 8/31/20 
 
 
 
 
 
Expenses Paid 
$5.84 $9.68 $3.56 $7.56 $3.56 
During Period* 
 
 
 
 
 
 
*  Expenses are equal to the Fund’s annualized expense ratio of 1.15%, 1.91%, 0.70%, 1.49% and 0.70% 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).
18 Pioneer Global Equity Fund | Annual Report | 8/31/20
 

Schedule of Investments | 8/31/20
    
Shares  
 
Value 
 
 UNAFFILIATED ISSUERS — 98.3% 
 
 
 COMMON STOCKS — 98.3% of Net Assets 
 
 
 Automobiles — 1.0% 
 
201,854  Fiat Chrysler Automobiles NV $ 2,225,116 
4,814(a)  XPeng, Inc. (A.D.R.) 98,687 
 
 Total Automobiles $ 2,323,803 
 
 Banks — 5.8% 
 
235,086(a)  ABN AMRO Bank NV (144A) $ 2,238,988 
46,705  BNP Paribas S.A. 2,035,255 
979,824(a)  Grupo Financiero Banorte S.A.B de CV, Class O 3,365,816 
178,892  KB Financial Group, Inc. 5,540,506 
 
 Total Banks $ 13,180,565 
 
 Biotechnology — 2.2% 
 
36,151  AbbVie, Inc. $ 3,462,181 
2,583(a)  Regeneron Pharmaceuticals, Inc. 1,601,279 
 
 Total Biotechnology $ 5,063,460 
 
 Capital Markets — 3.0% 
 
56,546  AllianceBernstein Holding LP, Class Miscella $ 1,610,996 
7,547  Cboe Global Markets, Inc. 692,739 
15,121  Euronext NV (144A) 1,838,111 
228,415  UBS Group AG 2,782,161 
 
 Total Capital Markets $ 6,924,007 
 
 Chemicals — 1.3% 
 
4,602  LG Chem, Ltd. $ 2,849,807 
 
 Total Chemicals $ 2,849,807 
 
 Construction Materials — 2.0% 
 
121,817  CRH Plc $ 4,610,408 
 
 Total Construction Materials $ 4,610,408 
 
 Diversified Telecommunication Services — 3.5% 
 
277,913  CenturyLink, Inc. $ 2,987,565 
82,952  Verizon Communications, Inc. 4,916,565 
 
 Total Diversified Telecommunication Services $ 7,904,130 
 
 Electric Utilities — 1.0% 
 
82,455  PPL Corp. $ 2,278,232 
 
 Total Electric Utilities $ 2,278,232 
 
 Electrical Equipment — 4.7% 
 
12,227  Eaton Corp. Plc $ 1,248,377 
12,651(a)  Generac Holdings, Inc. 2,403,437 
185,900  Mitsubishi Electric Corp. 2,553,395 
122,777  Prysmian S.p.A. 3,431,747 
5,266  Rockwell Automation, Inc. 1,213,971 
 
 Total Electrical Equipment $ 10,850,927 
 
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/20 19
 

Schedule of Investments | 8/31/20 (continued)
    
Shares  
 
Value 
 
 Electronic Equipment, Instruments & 
 
 
 Components — 2.2% 
 
12,053  
CDW Corp. 
$ 1,369,823 
9,643  
Samsung SDI Co., Ltd. 
3,665,677 
  Total Electronic Equipment, Instruments & 
 
 Components $ 5,035,500 
 
 Financials — 1.4% 
 
8,492  
Allianz SE 
$ 1,839,231 
36,812  
Charles Schwab Corp. 
1,307,930 
 
 Total Financials $ 3,147,161 
 
 Food & Staples Retailing — 2.3% 
 
16,832  
Magnit PJSC 
$ 1,005,528 
82,305  
Magnit PJSC (G.D.R.) 
1,207,965 
99,600  
Seven & I Holdings Co., Ltd. 
3,223,633 
 
 Total Food & Staples Retailing $ 5,437,126 
 
 Food Products — 0.5% 
 
31,506  
Kraft Heinz Co. 
$ 1,103,970 
 
 Total Food Products $ 1,103,970 
 
 Health Care — 1.9% 
 
28,318  
Johnson & Johnson 
$ 4,344,264 
 
 Total Health Care $ 4,344,264 

 Health Care Equipment & Supplies — 3.7% 
46,156  
Medtronic Plc 
$ 4,960,385 
24,236  
Zimmer Biomet Holdings, Inc. 
3,414,368 
 
 Total Health Care Equipment & Supplies $ 8,374,753 
 
 Hotels, Restaurants & Leisure — 2.1% 
 
55,359  
Darden Restaurants, Inc. 
$ 4,797,965 
 
 Total Hotels, Restaurants & Leisure $ 4,797,965 
 
 Household Durables — 3.0% 
 
76,905  
Persimmon Plc 
$ 2,692,499 
52,800  
Sony Corp. 
4,133,279 
 
 Total Household Durables $ 6,825,778 
 
 Household Products — 1.3% 
 
21,592  
Procter & Gamble Co. 
$ 2,986,821 
 
 Total Household Products $ 2,986,821 
 
 Insurance — 6.2% 
 
84,688  
Hartford Financial Services Group, Inc. 
$ 3,425,630 
404,000  
Ping An Insurance Group Co. of China, Ltd., Class H 
4,280,826 
37,350  
Progressive Corp. 
3,549,744 
13,906  
Willis Towers Watson Plc 
2,858,100 
 
 Total Insurance $ 14,114,300 
 
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global Equity Fund | Annual Report | 8/31/20
 

    
Shares  
 
Value 
 
 Interactive Media & Services — 4.5% 
 
5,179(a)  
Alphabet, Inc. 
$ 8,439,336 
5,842(a)  
Facebook, Inc. 
1,712,874 
 
 Total Interactive Media & Services $ 10,152,210 

 Internet & Direct Marketing Retail — 6.2% 
100,400(a)  
Alibaba Group Holding, Ltd. 
$ 3,612,209 
1,685(a)  
Amazon.com, Inc. 
5,814,868 
81,377  
eBay, Inc. 
4,457,832 
 
 Total Internet & Direct Marketing Retail $ 13,884,909 
 
 IT Services — 2.1% 
 
73,152  
Cognizant Technology Solutions Corp. 
$ 4,890,943 
 
 Total IT Services $ 4,890,943 
 
 Machinery — 1.4% 
 
21,636  
Caterpillar, Inc. 
$ 3,079,019 
 
 Total Machinery $ 3,079,019 
 
 Metals & Mining — 1.2% 
 
45,249  
Rio Tinto Plc 
$ 2,776,178 
 
 Total Metals & Mining $ 2,776,178 
 
 Multi-Utilities — 2.0% 
 
223,189  
CenterPoint Energy, Inc. 
$ 4,479,403 
 
 Total Multi-Utilities $ 4,479,403 
 
 Oil, Gas & Consumable Fuels — 3.5% 
 
13,599  
LUKOIL PJSC (A.D.R.) 
$ 914,261 
91,700  
Marathon Petroleum Corp. 
3,251,682 
745,329  
Rosneft Oil Co. PJSC (G.D.R.) 
3,772,857 
 
 Total Oil, Gas & Consumable Fuels $ 7,938,800 
 
 Pharmaceuticals — 6.2% 
 
26,200  
Eisai Co., Ltd. 
$ 2,287,163 
83,700  
KDDI Corp. 
2,428,152 
145,353  
Pfizer, Inc. 
5,492,890 
10,844  
Roche Holding AG 
3,792,046 
 
 Total Pharmaceuticals $ 14,000,251 
 
 Real Estate Management & Development — 0.0%† 
 
6(a)  
Vinhomes JSC (144A) 
$ 20 
 
 Total Real Estate Management & Development $ 20 
 
 Road & Rail — 1.2% 
 
14,831  
Kansas City Southern 
$ 2,699,835 
 
 Total Road & Rail $ 2,699,835 
 
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/20 21
 

Schedule of Investments | 8/31/20 (continued)
    
Shares  
 
Value 
  Semiconductors & Semiconductor Equipment — 4.3% 
 
67,702(a)  Micron Technology, Inc. $ 3,081,118 
25,334  QUALCOMM, Inc. 3,017,279 
257,000  Taiwan Semiconductor Manufacturing Co., Ltd. 3,734,767 
  Total Semiconductors & Semiconductor Equipment $ 9,833,164 
  Software — 6.0% 
 
41,710  Microsoft Corp. $ 9,406,856 
75,714  Oracle Corp. 4,332,355 
  Total Software $ 13,739,211 
  Specialty Retail — 0.5% 
 
6,956  Lowe’s Cos., Inc. $ 1,145,584 
  Total Specialty Retail $ 1,145,584 
  Technology Hardware, Storage & Peripherals — 6.4% 
 
88,180  Apple, Inc. $ 11,378,747 
69,202  Samsung Electronics Co., Ltd. 3,147,709 
  Total Technology Hardware, Storage & Peripherals $ 14,526,456 

 Trading Companies & Distributors — 1.4% 
12,705  Ferguson Plc $ 1,253,258 
9,349(a)  United Rentals, Inc. 1,655,241 
  Total Trading Companies & Distributors $ 2,908,499 

 Wireless Telecommunication Services — 2.3% 
91,575  Unilever NV $ 5,311,470 
  Total Wireless Telecommunication Services $ 5,311,470 
  TOTAL COMMON STOCKS 
 
  
(Cost $185,450,437) 
$223,518,929 
  TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 98.3% 
 
  
(Cost $185,450,437) (b) 
$223,518,929 
  OTHER ASSETS AND LIABILITIES — 1.7% $ 3,965,542 
  NET ASSETS — 100.0% $227,484,471 
 
  
(144A) 
Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At August 31, 2020, the value of these securities amounted to $4,077,119, or 1.8% of net assets. 
(A.D.R.) 
American Depositary Receipts. 
(G.D.R.) 
Global Depositary Receipts. 
† 
Amount rounds to less than 0.1%. 
(a) 
Non-income producing security. 
 
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global Equity Fund | Annual Report | 8/31/20
 

   
(b) 
Distribution of investments by country of domicile (excluding temporary cash investments) as a percentage of total investments in securities, is as follows: 
 

 
United States 
56.9% 
 
United Kingdom 
7.7% 
 
South Korea 
6.8% 
 
Japan 
6.5% 
 
Ireland 
4.3% 
 
China 
3.6% 
 
Russia 
3.1% 
 
Switzerland 
2.9% 
 
Netherlands 
1.8% 
 
Taiwan 
1.7% 
 
Italy 
1.5% 
 
Mexico 
1.5% 
 
Other (individually less than 1%) 
1.7% 
 
 
100.0% 
 
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
        
 
 
 
 
 
 
 
Unrealized 
Currency In Currency 
 
 
 
Settlement Appreciation
Purchased Exchange for
Sold Deliver  Counterparty Date (Depreciation) 
CNH 
36,436,064 
USD (5,227,556)  Goldman 
10/30/20 
$ 70,692 
 
 
 
 
 
Sachs 
 
 
 
 
 
 
 
International 
 
 
USD 
5,075,000 
CNH 
(36,436,064)  Goldman 
10/30/20 
(223,248) 
 
 
 
 
 
Sachs 
 
 
 
 
 
 
 
International 
 
 
TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS  
$ (152,556)
 
Principal amounts are denominated in U.S. dollars (“USD”) unless otherwise noted.
CNH — China yuan
Purchases and sales of securities (excluding temporary cash investments) for the year ended August 31, 2020, aggregated $237,600,928 and $258,202,579, respectively.
The Fund is permitted to engage in purchase and sale transactions (“cross trades”) with certain funds and accounts for which Amundi Pioneer Asset Management, Inc. (the “Adviser”) serves as the Fund’s investment adviser, as set forth in Rule 17a-7 under the Investment Company Act of 1940, pursuant to procedures adopted by the Board of Trustees. Under these procedures, cross trades are effected at current market prices. During the year ended August 31, 2020, the Fund did not engage in any cross trade activity.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/20 23
 

Schedule of Investments | 8/31/20 (continued)
At August 31, 2020, the net unrealized appreciation on investments based on cost for federal tax purposes of $187,025,667 was as follows:
    
Aggregate gross unrealized appreciation for all investments in which    
there is an excess of value over tax cost  
$
44,186,634
 
Aggregate gross unrealized depreciation for all investments in which     
there is an excess of tax cost over value   
(7,693,372
)
Net unrealized appreciation  
$
36,493,262
 
 
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels 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 risks, etc.). See Notes to Financial Statements —Note 1A.
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments). See Notes to Financial Statements — Note 1A.
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global Equity Fund | Annual Report | 8/31/20
 

The following is a summary of the inputs used as of August 31, 2020, in valuing the Fund’s investments:
             
 
 Level 1  Level 2  Level 3  Total 
Common Stocks 
            
Automobiles  
$
98,687
  
$
2,225,116
  
$
  
$
2,323,803
 
Banks   
   
13,180,565
   
   
13,180,565
 
Capital Markets   
2,303,735
   
4,620,272
   
   
6,924,007
 
Chemicals   
   
2,849,807
   
   
2,849,807
 
Construction Materials   
   
4,610,408
   
   
4,610,408
 
Electrical Equipment   
4,865,785
   
5,985,142
   
   
10,850,927
 
Electronic Equipment,                 
Instruments & Components   
1,369,823
   
3,665,677
   
   
5,035,500
 
Financials   
1,307,930
   
1,839,231
   
   
3,147,161
 
Food & Staples Retailing   
   
5,437,126
   
   
5,437,126
 
Household Durables   
   
6,825,778
   
   
6,825,778
 
Insurance   
9,833,474
   
4,280,826
   
   
14,114,300
 
Internet & Direct                 
Marketing Retail   
10,272,700
   
3,612,209
   
   
13,884,909
 
Metals & Mining   
   
2,776,178
   
   
2,776,178
 
Oil, Gas & Consumable Fuels   
4,165,943
   
3,772,857
   
   
7,938,800
 
Pharmaceuticals   
5,492,890
   
8,507,361
   
   
14,000,251
 
Real Estate Management &                 
Development   
   
20
   
   
20
 
Semiconductors &                 
Semiconductor Equipment   
6,098,397
   
3,734,767
   
   
9,833,164
 
Technology Hardware,                 
Storage & Peripherals   
11,378,747
   
3,147,709
   
   
14,526,456
 
Trading Companies &                 
Distributors   
1,655,241
   
1,253,258
   
   
2,908,499
 
Wireless Telecommunication                 
Services   
   
5,311,470
   
   
5,311,470
 
All Other Common Stocks   
77,039,800
   
   
   
77,039,800
 
Total Investments in Securities  $135,883,152  $87,635,777  $  $223,518,929 
Other Financial Instruments                 
Net unrealized depreciation                 
on forward foreign currency                 
exchange contracts  
$
  
$
(152,556
)
 
$
  
$
(152,556
)
Total Other Financial Instruments
 $  $(152,556) $  $(152,556)
 
During the year ended August 31, 2020, there were no transfers between Levels 1, 2 and 3.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/20 25
 

Statement of Assets and Liabilities | 8/31/20
    
ASSETS:    
Investments in unaffiliated issuers, at value (cost $185,450,437)  
$
223,518,929
 
Cash   
2,722,760
 
Foreign currencies, at value (cost $196,786)   
199,664
 
Due from broker for futures   
809,956
 
Receivables —     
Investment securities sold   
1,230,651
 
Fund shares sold   
29,555
 
Dividends   
812,049
 
Due from the Adviser   
66,989
 
Other assets   
19,182
 
Total assets  $229,409,735 
LIABILITIES:     
Payables —     
Investment securities purchased  
$
1,288,259
 
Fund shares repurchased   
223,570
 
Distributions   
2,285
 
Trustees’ fees   
1,173
 
Professional fees   
49,762
 
Transfer agent fees   
67,132
 
Net unrealized depreciation on forward foreign     
currency exchange contracts   
152,556
 
Due to affiliates   
79,768
 
Accrued expenses   
60,759
 
Total liabilities  $1,925,264 
NET ASSETS:     
Paid-in capital  
$
209,737,427
 
Distributable earnings   
17,747,044
 
Net assets  $227,484,471 
NET ASSET VALUE PER SHARE:     
No par value (unlimited number of shares authorized) 
    
Class A (based on $135,174,632/8,616,918 shares)  
$
15.69
 
Class C (based on $9,969,511/651,923 shares)  
$
15.29
 
Class K (based on $53,826,090/3,429,402 shares)  
$
15.70
 
Class R (based on $14,090,443/903,386 shares)  
$
15.60
 
Class Y (based on $14,423,795/916,498 shares)  
$
15.74
 
MAXIMUM OFFERING PRICE PER SHARE:     
Class A (based on $15.69 net asset value per share/100%-5.75%     
maximum sales charge)  
$
16.65
 
 
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global Equity Fund | Annual Report | 8/31/20
 

Statement of Operations
FOR THE YEAR ENDED 8/31/20
       
INVESTMENT INCOME:       
Dividends from unaffiliated issuers (net of foreign taxes       
withheld $280,184)  
$
4,784,834
    
Interest from unaffiliated issuers   
28,607
    
Total investment income      $4,813,441 
EXPENSES:         
Management fees  
$
1,421,204
     
Administrative expense   
142,196
     
Transfer agent fees         
Class A   
249,742
     
Class C   
16,476
     
Class K   
55
     
Class R   
39,110
     
Class Y   
16,794
     
Distribution fees         
Class A   
325,678
     
Class C   
105,498
     
Class R   
72,865
     
Shareowner communications expense   
95,520
     
Custodian fees   
65,670
     
Registration fees   
139,450
     
Professional fees   
72,882
     
Printing expense   
42,922
     
Pricing fees   
10,266
     
Trustees’ fees   
7,834
     
Insurance expense   
2,828
     
Miscellaneous   
37,205
     
Total expenses      
$
2,864,195
 
Less fees waived and expenses reimbursed by the Adviser       
(504,427
)
Net expenses      
$
2,359,768
 
Net investment income      $2,453,673 
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:     
Net realized gain (loss) on:         
Investments in unaffiliated issuers  
$
626,627
     
Forward foreign currency exchange contracts   
73,733
     
Futures contracts   
404,019
     
Other assets and liabilities denominated in         
foreign currencies   
(124,102
)
 
$
980,277
 
Change in net unrealized appreciation (depreciation) on:         
Investments in unaffiliated issuers  
$
30,709,893
     
Forward foreign currency exchange contracts   
(152,556
)
    
Other assets and liabilities denominated in         
foreign currencies   
22,324
  
$
30,579,661
 
Net realized and unrealized gain (loss) on investments      $31,559,938 
Net increase in net assets resulting from operations      $34,013,611 
 
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/20 27
 

Statements of Changes in Net Assets
       
 
 Year  Year 
 
 Ended  Ended 
 
 8/31/20  8/31/19 
FROM OPERATIONS:       
Net investment income (loss) 
 
$
2,453,673
  
$
4,086,251
 
Net realized gain (loss) on investments 
  
980,277
   
(12,028,599
)
Change in net unrealized appreciation (depreciation) 
        
on investments   
30,579,661
   
(16,112,274
)
Net increase (decrease) in net assets resulting         
from operations  $34,013,611  $(24,054,622)
DISTRIBUTIONS TO SHAREOWNERS:         
Class A ($0.14 and $1.30 per share, respectively)  
$
(1,320,406
)
 
$
(12,915,380
)
Class C ($0.00 and $1.22 per share, respectively)   
   
(1,347,514
)
Class K ($0.21 and $1.37 per share, respectively)   
(717,116
)
  
(4,568,270
)
Class R ($0.07 and $1.24 per share, respectively)   
(79,764
)
  
(1,525,758
)
Class Y ($0.22 and $1.37 per share, respectively)   
(216,766
)
  
(2,058,755
)
Total distributions to shareowners  
$
(2,334,052
)
 
$
(22,415,677
)
FROM FUND SHARE TRANSACTIONS:         
Net proceeds from sales of shares 
 
$
15,662,134
  
$
34,933,052
 
Reinvestment of distributions 
  
2,253,177
   
17,500,339
 
Cost of shares repurchased 
  
(41,107,889
)
  
(73,385,407
)
Net decrease in net assets resulting from Fund         
share transactions  
$
(23,192,578
)
 
$
(20,952,016
)
Net increase (decrease) in net assets  $8,486,981  $(67,422,315)
NET ASSETS:         
Beginning of year 
 
$
218,997,490
  
$
286,419,805
 
End of year 
 $227,484,471  $218,997,490 
 
The accompanying notes are an integral part of these financial statements.
28 Pioneer Global Equity Fund | Annual Report | 8/31/20
 

             
 
 Year Ended  Year Ended  Year Ended  Year Ended 
 
 8/31/20  8/31/20  8/31/19  8/31/19 
 
 Shares  Amount  Shares  Amount 
Class A             
Shares sold 
  
485,808
  
$
6,875,088
   
1,140,285
  
$
16,998,266
 
Reinvestment of distributions 
  
84,364
   
1,287,390
   
918,073
   
12,547,192
 
Less shares repurchased 
  
(1,599,722
)
  
(22,568,993
)
  
(2,108,652
)
  
(29,563,378
)
Net decrease   
(1,029,550
)
 
$
(14,406,515
)
  
(50,294
)
 
$
(17,920
)
Class C                 
Shares sold 
  
85,794
  
$
1,190,523
   
123,492
  
$
1,687,615
 
Reinvestment of distributions 
  
   
   
97,824
   
1,310,828
 
Less shares repurchased 
  
(338,294
)
  
(4,676,495
)
  
(982,330
)
  
(14,421,995
)
Net decrease   
(252,500
)
 
$
(3,485,972
)
  
(761,014
)
 
$
(11,423,552
)
Class K                 
Shares sold 
  
230,598
  
$
3,356,288
   
127,758
  
$
1,663,010
 
Reinvestment of distributions 
  
47,107
   
716,965
   
42,557
   
522,646
 
Less shares repurchased 
  
(78,845
)
  
(1,095,392
)
  
(355,473
)
  
(4,932,597
)
Net increase (decrease)   
198,860
  
$
2,977,861
   
(185,158
)
 
$
(2,746,941
)
Class R                 
Shares sold 
  
129,808
  
$
1,798,714
   
424,192
  
$
5,662,055
 
Reinvestment of distributions 
  
5,131
   
77,983
   
88,826
   
1,210,213
 
Less shares repurchased 
  
(397,831
)
  
(5,522,574
)
  
(630,827
)
  
(8,548,684
)
Net decrease   
(262,892
)
 
$
(3,645,877
)
  
(117,809
)
 
$
(1,676,416
)
Class Y                 
Shares sold 
  
173,878
  
$
2,441,521
   
634,370
  
$
8,922,106
 
Reinvestment of distributions 
  
11,195
   
170,839
   
139,785
   
1,909,460
 
Less shares repurchased 
  
(500,751
)
  
(7,244,435
)
  
(1,134,777
)
  
(15,918,753
)
Net decrease   
(315,678
)
 
$
(4,632,075
)
  
(360,622
)
 
$
(5,087,187
)
 
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/20 29
 

Financial Highlights
                
 
 Year  Year  Year  Year  Year 
 
 Ended  Ended  Ended  Ended  Ended 
 
 8/31/20  8/31/19  8/31/18  8/31/17  8/31/16* 
Class A                
Net asset value, beginning of period 
 
$
13.56
  
$
16.26
  
$
15.77
  
$
13.43
  
$
13.00
 
Increase (decrease) from investment operations: 
                    
Net investment income (loss) (a)  
$
0.15
  
$
0.23
  
$
0.16
  
$
0.11
  
$
0.14
 
Net realized and unrealized gain (loss) on investments   
2.12
   
(1.63
)
  
1.38
   
2.40
   
0.37
 
Net increase (decrease) from investment operations  $2.27  $(1.40) $1.54  $2.51  $0.51 
Distributions to shareowners: 
                    
Net investment income  
$
(0.14
)
 
$
(0.08
)
 
$
(0.21
)
 
$
(0.17
)
 
$
(0.08
)
Net realized gain   
   
(1.22
)
  
(0.84
)
  
   
 
Total distributions  $(0.14) $(1.30) $(1.05) $(0.17) $(0.08)
Net increase (decrease) in net asset value  $2.13  $(2.70) $0.49  $2.34  $0.43 
Net asset value, end of period 
 
$
15.69
  
$
13.56
  
$
16.26
  
$
15.77
  
$
13.43
 
Total return (b)   16.78%  (8.62)%(c)  10.01%  18.89%  3.92%
Ratio of net expenses to average net assets 
  
1.15
%
  
1.16
%
  
1.24
%
  
1.27
%
  
1.30
%
Ratio of net investment income (loss) to average net assets 
  
1.05
%
  
1.64
%
  
0.99
%
  
0.79
%
  
1.08
%
Portfolio turnover rate 
  
112
%
  
87
%
  
98
%
  
85
%
  
88
%
Net assets, end of period (in thousands) 
 
$
135,175
  
$
130,777
  
$
157,633
  
$
78,417
  
$
74,333
 
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   
1.39
%
  
1.36
%
  
1.40
%
  
1.46
%
  
1.45
%
Net investment income (loss) to average net assets   
0.81
%
  
1.44
%
  
0.83
%
  
0.60
%
  
0.94
%
 
*     The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP.
(a)   The per-share data presented above is based on the average shares outstanding for the period presented.
(b)   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.
(c)   If the Fund had not recognized gains in settlement of class action lawsuits during the year ended August 31, 2019, the total return would have been (8.69)%.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Global Equity Fund | Annual Report | 8/31/20
 

                
 
 Year  Year  Year  Year  Year 
 
 Ended  Ended  Ended  Ended  Ended 
 
 8/31/20  8/31/19  8/31/18  8/31/17  8/31/16* 
Class C                
Net asset value, beginning of period 
 
$
13.20
  
$
15.88
  
$
15.42
  
$
13.13
  
$
12.72
 
Increase (decrease) from investment operations: 
                    
Net investment income (loss) (a)  
$
0.04
  
$
0.12
  
$
0.04
  
$
0.01
  
$
0.04
 
Net realized and unrealized gain (loss) on investments   
2.05
   
(1.58
)
  
1.34
   
2.34
   
0.37
 
Net increase (decrease) from investment operations  $2.09  $(1.46) $1.38  $2.35  $0.41 
Distributions to shareowners: 
                    
Net investment income  
$
  
$
  
$
(0.08
)
 
$
(0.06
)
 
$
 
Net realized gain   
   
(1.22
)
  
(0.84
)
  
   
 
Total distributions  $  $(1.22) $(0.92) $(0.06) $ 
Net increase (decrease) in net asset value  $2.09  $(2.68) $0.46  $2.29  $0.41 
Net asset value, end of period 
 
$
15.29
  
$
13.20
  
$
15.88
  
$
15.42
  
$
13.13
 
Total return (b)   15.83%  (9.34)%(c)  9.15%  18.00%  3.22%
Ratio of net expenses to average net assets 
  
1.91
%
  
1.92
%
  
1.97
%
  
2.00
%
  
2.03
%
Ratio of net investment income (loss) to average net assets 
  
0.28
%
  
0.85
%
  
0.28
%
  
0.07
%
  
0.35
%
Portfolio turnover rate 
  
112
%
  
87
%
  
98
%
  
85
%
  
88
%
Net assets, end of period (in thousands) 
 
$
9,970
  
$
11,938
  
$
26,444
  
$
12,056
  
$
12,170
 
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   
2.10
%
  
2.06
%
  
2.13
%
  
2.19
%
  
2.16
%
Net investment income (loss) to average net assets   
0.09
%
  
0.71
%
  
0.12
%
  
(0.12
)%
  
0.22
%
 
*     The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP.
(a)   The per-share data presented above is based on the average shares outstanding for the period presented.
(b)   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.
(c)   If the Fund had not recognized gains in settlement of class action lawsuits during the year ended August 31, 2019, the total return would have been (9.41)%.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/20 31
 

Financial Highlights (continued)
                
 
 Year  Year  Year  Year  Year 
 
 Ended  Ended  Ended  Ended  Ended 
 
 8/31/20  8/31/19  8/31/18  8/31/17  8/31/16* 
Class K                
Net asset value, beginning of period 
 
$
13.56
  
$
16.28
  
$
15.81
  
$
13.47
  
$
13.03
 
Increase (decrease) from investment operations: 
                    
Net investment income (loss) (a)  
$
0.21
  
$
0.29
  
$
0.22
  
$
0.18
  
$
0.21
 
Net realized and unrealized gain (loss) on investments   
2.14
   
(1.64
)
  
1.39
   
2.40
   
0.38
 
Net increase (decrease) from investment operations  $2.35  $(1.35) $1.61  $2.58  $0.59 
Distributions to shareowners: 
                    
Net investment income  
$
(0.21
)
 
$
(0.15
)
 
$
(0.30
)
 
$
(0.24
)
 
$
(0.15
)
Net realized gain   
   
(1.22
)
  
(0.84
)
  
   
 
Total distributions  $(0.21) $(1.37) $(1.14) $(0.24) $(0.15)
Net increase (decrease) in net asset value  $2.14  $(2.72) $0.47  $2.34  $0.44 
Net asset value, end of period 
 
$
15.70
  
$
13.56
  
$
16.28
  
$
15.81
  
$
13.47
 
Total return (b)   17.36%  (8.24)%(c)  10.47%  19.44%  4.51%
Ratio of net expenses to average net assets 
  
0.70
%
  
0.71
%
  
0.80
%
  
0.79
%
  
0.79
%
Ratio of net investment income (loss) to average net assets 
  
1.50
%
  
2.09
%
  
1.35
%
  
1.26
%
  
1.58
%
Portfolio turnover rate 
  
112
%
  
87
%
  
98
%
  
85
%
  
88
%
Net assets, end of period (in thousands) 
 
$
53,826
  
$
43,813
  
$
55,602
  
$
56,693
  
$
52,222
 
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   
0.89
%
  
0.85
%
  
0.96
%
  
0.98
%
  
0.92
%
Net investment income (loss) to average net assets   
1.31
%
  
1.95
%
  
1.19
%
  
1.07
%
  
1.45
%
 
*      The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP.
(a)   The per-share data presented above is based on the average shares outstanding for the period presented.
(b)   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.
(c)   If the Fund had not recognized gains in settlement of class action lawsuits during the year ended August 31, 2019, the total return would have been (8.31)%.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Global Equity Fund | Annual Report | 8/31/20
 

                
 
 Year  Year  Year  Year  Year 
 
 Ended  Ended  Ended  Ended  Ended 
 
 8/31/20  8/31/19  8/31/18  8/31/17  8/31/16* 
Class R                
Net asset value, beginning of period 
 
$
13.47
  
$
16.15
  
$
15.65
  
$
13.36
  
$
12.99
 
Increase (decrease) from investment operations: 
                    
Net investment income (loss) (a)  
$
0.10
  
$
0.17
  
$
0.09
  
$
0.08
  
$
0.13
 
Net realized and unrealized gain (loss) on investments   
2.10
   
(1.60
)
  
1.39
   
2.36
   
0.37
 
Net increase (decrease) from investment operations  $2.20  $(1.43) $1.48  $2.44  $0.50 
Distributions to shareowners: 
                    
Net investment income  
$
(0.07
)
 
$
(0.03
)
 
$
(0.14
)
 
$
(0.15
)
 
$
(0.13
)
Net realized gain   
   
(1.22
)
  
(0.84
)
  
   
 
Total distributions  $(0.07) $(1.25) $(0.98) $(0.15) $(0.13)
Net increase (decrease) in net asset value  $2.13  $(2.68) $0.50  $2.29  $0.37 
Net asset value, end of period 
 
$
15.60
  
$
13.47
  
$
16.15
  
$
15.65
  
$
13.36
 
Total return (b)   16.38%  (8.98)%(c)  9.68%  18.47%  3.85%
Ratio of net expenses to average net assets 
  
1.49
%
  
1.55
%
  
1.55
%
  
1.55
%
  
1.55
%
Ratio of net investment income (loss) to average net assets 
  
0.71
%
  
1.24
%
  
0.58
%
  
0.54
%
  
1.04
%
Portfolio turnover rate 
  
112
%
  
87
%
  
98
%
  
85
%
  
88
%
Net assets, end of period (in thousands) 
 
$
14,090
  
$
15,706
  
$
20,733
  
$
17,587
  
$
14,562
 
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   
1.67
%
  
1.73
%
  
1.75
%
  
1.75
%
  
1.68
%
Net investment income (loss) to average net assets   
0.53
%
  
1.06
%
  
0.38
%
  
0.34
%
  
0.91
%
 
*     The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP.
(a)   The per-share data presented above is based on the average shares outstanding for the period presented.
(b)   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.
(c)   If the Fund had not recognized gains in settlement of class action lawsuits during the year ended August 31, 2019, the total return would have been (9.04)%.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Equity Fund | Annual Report | 8/31/20 33
 

Financial Highlights (continued)
                
 
 Year  Year  Year  Year  Year 
 
 Ended  Ended  Ended  Ended  Ended 
 
 8/31/20  8/31/19  8/31/18  8/31/17  8/31/16* 
Class Y                
Net asset value, beginning of period 
 
$
13.61
  
$
16.33
  
$
15.83
  
$
13.50
  
$
13.06
 
Increase (decrease) from investment operations: 
                    
Net investment income (loss) (a)  
$
0.21
  
$
0.29
  
$
0.22
  
$
0.18
  
$
0.20
 
Net realized and unrealized gain (loss) on investments   
2.14
   
(1.63
)
  
1.39
   
2.40
   
0.39
 
Net increase (decrease) from investment operations  $2.35  $(1.34) $1.61  $2.58  $0.59 
Distributions to shareowners: 
                    
Net investment income  
$
(0.22
)
 
$
(0.16
)
 
$
(0.27
)
 
$
(0.25
)
 
$
(0.15
)
Net realized gain   
   
(1.22
)
  
(0.84
)
  
   
 
Total distributions  $(0.22) $(1.38) $(1.11) $(0.25) $(0.15)
Net increase (decrease) in net asset value  $2.13  $(2.72) $0.50  $2.33  $0.44 
Net asset value, end of period 
 
$
15.74
  
$
13.61
  
$
16.33
  
$
15.83
  
$
13.50
 
Total return (b)   17.29%  (8.19)%(c)  10.50%  19.45%  4.50%
Ratio of net expenses to average net assets 
  
0.70
%
  
0.72
%
  
0.80
%
  
0.80
%
  
0.80
%
Ratio of net investment income (loss) to average net assets 
  
1.50
%
  
2.06
%
  
1.36
%
  
1.22
%
  
1.55
%
Portfolio turnover rate 
  
112
%
  
87
%
  
98
%
  
85
%
  
88
%
Net assets, end of period (in thousands) 
 
$
14,424
  
$
16,765
  
$
26,007
  
$
12,947
  
$
7,450
 
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   
1.01
%
  
0.98
%
  
1.07
%
  
1.10
%
  
1.08
%
Net investment income (loss) to average net assets   
1.19
%
  
1.80
%
  
1.09
%
  
0.92
%
  
1.27
%
 
*      The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP.
(a)   The per-share data presented above is based on the average shares outstanding for the period presented.
(b)   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.
(c)   If the Fund had not recognized gains in settlement of class action lawsuits during the year ended August 31, 2019, the total return would have been (8.25)%.
The accompanying notes are an integral part of these financial statements.
34 Pioneer Global Equity Fund | Annual Report | 8/31/20
 

Notes to Financial Statements | 8/31/20
1. Organization and Significant Accounting Policies
Pioneer Global Equity Fund (the “Fund”) is one of three portfolios comprising Pioneer Series Trust V, a Delaware statutory trust. The Fund is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Fund’s investment objective is to seek long-term capital growth.
The Fund offers five classes of shares designated as Class A, Class C, Class K, Class R and Class Y shares. Each class of shares represents an interest in the same portfolio of investments of the Fund and has identical rights (based on relative net asset values) to assets and liquidation proceeds. Share classes can bear different rates of class-specific fees and expenses such as transfer agent and distribution fees. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different dividends from net investment income earned by each class. The Amended and Restated Declaration of Trust of the Fund gives the Board of Trustees the flexibility to specify either per-share voting or dollar-weighted voting when submitting matters for shareowner approval. Under per-share voting, each share of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a shareowner’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 K and Class Y shares.
Amundi Pioneer Asset Management, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi’s wholly owned subsidiary, Amundi USA, Inc., serves as the Fund’s investment adviser (the “Adviser”). Amundi Pioneer Distributor, Inc., an affiliate of Amundi Pioneer Asset Management, Inc., serves as the Fund’s distributor (the “Distributor”).
The Fund is an investment company and follows investment company accounting and reporting guidance under U.S. GAAP. U.S. GAAP requires the management of the Fund to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income, expenses and gain or loss on investments during the reporting period. Actual results could differ from those estimates.
Pioneer Global Equity Fund | Annual Report | 8/31/20 35
 

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements:
A.   Security Valuation
The net asset value of the Fund is computed once daily, on each day the New York Stock Exchange (“NYSE”) is open, as of the close of regular trading on the NYSE.
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.
Forward foreign currency exchange contracts are valued daily using the foreign exchange rate or, for longer-term forward contract positions, the spot currency rate and the forward points on a daily basis, in each case provided by a third party pricing service. Contracts whose forward settlement date falls between two quoted days are valued by interpolation.
Futures contracts are generally valued at the closing settlement price established by the exchange on which they are traded.
Cash may include overnight deposits at approved financial institutions.
Securities for which independent pricing services or broker-dealers are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of the Adviser pursuant to
36 Pioneer Global Equity Fund | Annual Report | 8/31/20
 

procedures adopted by the Fund’s Board of Trustees. The Adviser’s fair valuation team uses fair value methods approved by the Valuation Committee of the Board of Trustees. The Adviser’s fair valuation team is responsible for monitoring developments that may impact fair valued securities and for discussing and assessing fair values on an ongoing basis, and at least quarterly, with the Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Fund may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Fund’s net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Fund’s securities may differ significantly from exchange prices, and such differences could be material.
At August 31, 2020, no securities were valued using fair value methods (other than securities valued using prices supplied by independent pricing services, broker-dealers or using a third party insurance industry pricing model).
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, including interest on income-bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates and net of income accrued on defaulted securities.
Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interest and dividend income, respectively.
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.   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.
Pioneer Global Equity Fund | Annual Report | 8/31/20 37
 

Net realized gains and losses on foreign currency transactions, if any, represent, among other things, the net realized gains and losses on foreign currency exchange 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 on the Statement of Operations from the effects of changes in the market prices of those securities, but are included with the net realized and unrealized gain or loss on investments.
D.   Federal Income Taxes
It is the Fund’s policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income and net realized capital gains, if any, to its shareowners. Therefore, no provision for federal income taxes is required. As of August 31, 2020, 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 on the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities.
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 over distributions 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, 2020, the Fund was permitted to carry forward indefinitely $16,681,108 of short-term and $4,410,196 of long-term losses.
38 Pioneer Global Equity Fund | Annual Report | 8/31/20
 

The tax character of distributions paid during the years ended August 31, 2020 and August 31, 2019, was as follows:
       
 
 2020  2019 
Distributions paid from:       
Ordinary income  
$
2,334,052
  
$
1,695,088
 
Long-term capital gain   
   
20,720,589
 
Total  $2,334,052  $22,415,677 
 
The following shows the components of distributable earnings (losses) on a federal income tax basis at August 31, 2020:
    
 
 2020 
Distributable earnings:    
Undistributed ordinary income  
$
2,328,384
 
Capital loss carryforward   
(21,091,304
)
Net unrealized appreciation   
36,509,964
 
Total  $17,747,044 
 
The difference between book-basis and tax-basis net unrealized appreciation is attributable to the tax deferral of losses on wash sales, the mark to market of forward currency, and tax basis adjustments on partnerships.
E.   Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The Distributor earned $11,248 in underwriting commissions on the sale of Class A shares during the year ended August 31, 2020.
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
Pioneer Global Equity Fund | Annual Report | 8/31/20 39
 

investment income dividends to Class A, Class C, Class K, Class R and Class Y shares can reflect different transfer agent and distribution expense rates.
G.   Risks
The value of securities held by the Fund may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, recessions, the spread of infectious illness or other public health issues, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, financial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. A general rise in interest rates could adversely affect the price and liquidity of fixed-income securities and could also result in increased redemptions from the Fund.
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 investments in foreign markets and countries with limited developing markets may subject the Fund to a greater degree of risk than investments in a developed market. These risks include disruptive political or economic conditions and the imposition of adverse governmental laws or currency exchange restrictions.
With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security and related risks. While the Fund’s Adviser has established business continuity plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by service providers to the Fund such as Brown Brothers Harriman & Co., the Fund’s custodian and accounting agent, and DST Asset Manager Solutions, Inc., the Fund’s transfer agent. In addition, many beneficial owners of Fund shares hold them through accounts at broker-dealers, retirement platforms and other financial market participants over which neither the Fund nor Amundi Pioneer exercises control. Each of these may in turn rely on service providers to them, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at Amundi Pioneer or the Fund’s service providers or
40 Pioneer Global Equity Fund | Annual Report | 8/31/20
 

intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of Fund shareowners to effect share purchases, redemptions or exchanges or receive distributions, loss of or unauthorized access to private shareowner information and violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks.
COVID-19
The respiratory illness COVID-19 caused by a novel coronavirus has resulted in a global pandemic and major disruption to economies and markets around the world, including the United States. Global financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Some sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the Fund’s investments. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. Governments and central banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. The consequences of high public debt, including its future impact on the economy and securities markets, likewise may not be known for some time.
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.   Forward Foreign Currency Exchange Contracts
The Fund may enter into forward foreign currency exchange contracts (“contracts”) for the purchase or sale of a specific foreign currency at a fixed price on a future date. All contracts are marked-to-market daily at
Pioneer Global Equity Fund | Annual Report | 8/31/20 41
 

the applicable exchange rates, and any resulting unrealized appreciation or depreciation is recorded in the Fund’s financial statements. The Fund records realized gains and losses at the time a contract is offset by entry into a closing transaction or extinguished by delivery of the currency.
Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of the contract and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar (see Note 7).
During the year ended August 31, 2020, the Fund had entered into various forward foreign currency exchange contracts that obligated 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 exchange contract, the Fund may close out such contract by entering into an offsetting contract.
The average market value of forward foreign currency exchange contracts open during the year ended August 31, 2020, was $(3,037,811). Open forward foreign currency exchange contracts outstanding at August 31, 2020, are listed in the Schedule of Investments.
2. Management Agreement
The Adviser manages the Fund’s portfolio. Management fees are calculated daily and paid monthly at the annual rate of 0.65% of the Fund’s average daily net assets up to $1 billion and 0.60% of the Fund’s average daily net assets over $1 billion. For the year ended August 31, 2020, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.65% of the Fund’s average daily net assets.
Prior to January 1, 2020, the Adviser 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 1.15%, 2.15%, 0.80%, 1.55% and 0.70% of the average daily net assets attributable to Class A, Class C, Class K, Class R and Class Y shares, respectively. Effective January 1, 2020, the Adviser contractually agreed to limit ordinary operating expenses to the extent required to reduce fund expenses to 1.15%, 2.15%, 0.70%, 1.55% and 0.70% of the average daily net assets attributable to Class A, Class C, Class K, Class R and Class Y shares, respectively. These expense limitations are in effect through January 1, 2022. Fees waived and expenses reimbursed during the year ended August 31, 2020, are reflected on the Statement of Operations. There can be no assurance that the Adviser will extend the expense limitation agreement for a class of shares beyond the date referred to above.
42 Pioneer Global Equity Fund | Annual Report | 8/31/20
 

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 $72,757 in management fees, administrative costs and certain other reimbursements payable to the Adviser at August 31, 2020.
3. Transfer Agent
DST Asset Manager Solutions, Inc. serves as the transfer agent to the Fund at negotiated rates. Transfer agent fees and payables shown on the Statement of Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Fund’s omnibus relationship contracts.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses incurred by the transfer agent related to shareowner communications activities such as proxy and statement mailings, and outgoing phone calls. For the year ended August 31, 2020, such out-of-pocket expenses by class of shares were as follows:
    
Shareowner Communications:    
Class A 
 
$
84,124
 
Class C 
  
6,398
 
Class K 
  
195
 
Class R 
  
2,955
 
Class Y 
  
1,848
 
Total  $95,520 
 
4. Distribution and Service Plans
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 the Distributor 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 the Distributor 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 the Distributor 0.50% of the average daily net assets attributable to Class R shares for distribution services. Included in “Due to affiliates” reflected on the Statement of Assets and Liabilities is $7,011 in distribution fees payable to the Distributor at August 31, 2020.
Pioneer Global Equity Fund | Annual Report | 8/31/20 43
 

The Fund also has adopted a separate service plan for Class R shares (the “Service Plan”). The Service Plan authorizes the Fund to pay securities dealers, plan administrators or other service organizations that agree to provide certain services to retirement plans or plan participants holding shares of the Fund a service fee of up to 0.25% of the Fund’s average daily net assets attributable to Class R shares held by such plans.
In addition, redemptions of Class A and Class C 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 K, Class R and Class Y shares. Proceeds from the CDSCs are paid to the Distributor. For the year ended August 31, 2020, CDSCs in the amount of $1,445 were paid to the Distributor.
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 credit facility or the limits set for borrowing by the Fund’s prospectus and the 1940 Act. Effective March 11, 2020, the Fund participates in a facility in the amount of $300 million. Prior to March 11, 2020, the Fund participated in a facility in the amount of $25 million. Under such facility, depending on the type of loan, interest on borrowings is payable at the London Interbank Offered Rate (“LIBOR”) plus a credit spread. The Fund also pays an annual commitment fee to participate in a credit facility. The commitment fee is allocated among participating Funds based on an allocation schedule set forth in the credit agreement. For the year ended August 31, 2020, the Fund had no borrowings under the credit facility.
6. Master Netting Agreements
The Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs the trading of certain Over the Counter (“OTC”) derivatives and typically contains, among other things, close-out and set-off provisions which apply upon the occurrence of an event of default
44 Pioneer Global Equity Fund | Annual Report | 8/31/20
 

and/or a termination event as defined under the relevant ISDA Master Agreement. The ISDA Master Agreement may also give a party the right to terminate all transactions traded under such agreement if, among other things, there is deterioration in the credit quality of the other party.
Upon an event of default or a termination of the ISDA Master Agreement, the non-defaulting party has the right to close out all transactions under such agreement and to net amounts owed under each transaction to determine one net amount payable by one party to the other. The right to close out and net payments across all transactions under the ISDA Master Agreement could result in a reduction of the Fund’s credit risk to its counterparty equal to any amounts payable by the Fund under the applicable transactions, if any. However, the Fund’s right to set off may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which each specific ISDA Master Agreement of each counterparty is subject.
The collateral requirements for derivatives transactions under an ISDA Master Agreement are governed by a credit support annex to the ISDA Master Agreement. Collateral requirements are generally determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to threshold (a “minimum transfer amount”) before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. Cash that has been segregated to cover the Fund’s collateral obligations, if any, will be reported separately on the Statement of Assets and Liabilities as “Swaps collateral.” Securities pledged by the Fund as collateral, if any, are identified as such in the Schedule of Investments.
Financial instruments subject to an enforceable master netting agreement, such as an ISDA Master Agreement, have been offset on the Statement of Assets and Liabilities. The following charts show gross assets and liabilities of the Fund as of August 31, 2020.
      
 
Derivative Assets Derivatives Non-Cash Cash Net Amount 
 
Subject to Master Available for Collateral Collateral of Derivative 
Counterparty Netting Agreement Offset
Received (a) Received (a) Assets (b) 
Goldman Sachs 
 
 
 
 
 
International 
$ 70,692 
$(70,692) 
$ — 
$ — 
$      — 
Total $ 70,692 $(70,692) $ — $ — $      — 
 
Pioneer Global Equity Fund | Annual Report | 8/31/20 45
 

      
 
Derivative Liabilities Derivatives
Non-Cash Cash Net Amount 
 
Subject to Master Available for Collateral Collateral of Derivative 
Counterparty Netting Agreement Offset
Pledged (a) Pledged (a) Liabilities (c) 
Goldman Sachs 
 
 
 
 
 
International 
$223,248 
$(70,692) 
$ — 
$ — 
$152,556 
Total $223,248 $(70,692) $ — $ — $152,556 
 
(a)   The amount presented here may be less than the total amount of collateral received/pledged, as the net amount of derivative assets and liabilities cannot be less than $0.
(b)   Represents the net amount due from the counterparty in the event of default.
(c)   Represents the net amount payable to the counterparty in the event of default.
7. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund’s use of derivatives may enhance or mitigate the Fund’s exposure 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 rate 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 fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at August 31, 2020, was as follows:
      
 
 
 
Foreign 
 
 
Statement of Interest Credit Exchange Equity Commodity 
Assets and Liabilities Rate Risk Risk Rate Risk Risk Risk 
Liabilities: 
 
 
 
 
 
Forwards foreign 
 
 
 
 
 
currency exchange 
 
 
 
 
 
contracts 
$ — 
$ — 
$ (152,556) 
$ — 
$ — 
Total Value $ — $ — $ (152,556) $ — $ — 
 
46 Pioneer Global Equity Fund | Annual Report | 8/31/20
 

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the year ended August 31, 2020, was as follows:
      
 
 
 
Foreign 
 
 
Statement of Interest Credit Exchange Equity Commodity 
Operations Rate Risk Risk Rate Risk Risk Risk 
Net realized gain 
 
 
 
 
 
(loss) on: 
 
 
 
 
 
Forwards foreign 
 
 
 
 
 
currency exchange 
 
 
 
 
 
contracts 
$        — 
$ — 
$ 73,733 
$ — 
$ — 
Futures contracts 
  404,019 
   — 
         — 
   — 
   — 
Total Value $404,019 $ — $ 73,733 $ — $ — 
Change in net 
 
 
 
 
 
unrealized 
 
 
 
 
 
appreciation 
 
 
 
 
 
(depreciation) on: 
 
 
 
 
 
Forward foreign 
 
 
 
 
 
currency exchange 
 
 
 
 
 
contracts 
$        — 
$ — 
$(152,556) 
$ — 
$ — 
Total Value $        — $ — $(152,556) $ — $ — 
 
Pioneer Global Equity Fund | Annual Report | 8/31/20 47
 

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:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pioneer Global Equity Fund (the “Fund”) (one of the funds constituting Pioneer Series Trust V (the “Trust”)), including the schedule of investments, as of August 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and the related notes (collectively referred to as the “financial statements”). The financial highlights for the period ended August 31, 2016 were audited by another independent registered public accounting firm whose report, dated October 24, 2016, expressed an unqualified opinion on those financial highlights. In our opinion, the financial statements present fairly, in all material respects, the financial position of Pioneer Global Equity Fund (one of the funds constituting Pioneer Series Trust V) at August 31, 2020, 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 its financial highlights for each of the four years in the period then ended in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
48 Pioneer Global Equity Fund | Annual Report | 8/31/20
 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more Amundi Pioneer investment companies since 2017.
Boston, Massachusetts
October 30, 2020
Pioneer Global Equity Fund | Annual Report | 8/31/20 49
 

Statement Regarding Liquidity Risk Management Program
As required by law, the Fund has adopted and implemented a liquidity risk management program (the “Program”) that is designed to assess and manage liquidity risk. Liquidity risk is the risk that the Fund could not meet requests to redeem its shares without significant dilution of remaining investors’ interests in the Fund. The Fund’s Board of Trustees designated a liquidity risk management committee (the “Committee”) consisting of employees of Amundi Pioneer Asset Management, Inc. (the “Adviser”) to administer the Program.
The Committee provided the Board of Trustees with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through March 31, 2020 (the “Reporting Period”).
The Report confirmed that, throughout the Reporting Period, the Committee had monitored the Fund’s portfolio liquidity and liquidity risk on an ongoing basis, as described in the Program and in Board reporting throughout the Reporting Period.
The Report discussed the Committee’s annual review of the Program, which addressed, among other things, the following elements of the Program:
The Committee reviewed the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. The Committee noted that the Fund’s investment strategy continues to be appropriate for an open-end fund, taking into account, among other things, whether and to what extent the Fund held less liquid and illiquid assets and the extent to which any such investments affected the Fund’s ability to meet redemption requests. In managing and reviewing the Fund’s liquidity risk, the Committee also considered the extent to which the Fund’s investment strategy involves a relatively concentrated portfolio or large positions in particular issuers, the extent to which the Fund uses borrowing for investment purposes, and the extent to which the Fund uses derivatives (including for hedging purposes). The Committee also reviewed the Fund’s short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. In assessing the Fund’s cash flow projections, the Committee considered, among other factors, historical net redemption activity, redemption policies, ownership concentration, distribution channels, and the degree of certainty associated with the Fund’s short-term and long-term cash flow projections. The Committee also considered the Fund’s
50 Pioneer Global Equity Fund | Annual Report | 8/31/20
 

holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources, including, if applicable, the Fund’s participation in a credit facility, as components of the Fund’s ability to meet redemption requests. The Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests.
The Committee reviewed the Program’s liquidity classification methodology for categorizing the Fund’s investments into one of four liquidity buckets. In reviewing the Fund’s investments, the Committee considered, among other factors, whether trading varying portions of a position in a particular portfolio investment or asset class in sizes the Fund would reasonably anticipate trading, would be reasonably expected to significantly affect liquidity.
The Committee performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum, and determined that no such minimum is required because the Fund primarily holds highly liquid investments.
The Report stated that the Committee concluded the Program operates adequately and effectively, in all material respects, to assess and manage the Fund’s liquidity risk throughout the Reporting Period.
Pioneer Global Equity Fund | Annual Report | 8/31/20 51
 

Additional Information (unaudited)
For the year ended August 31, 2020, certain dividends paid by the Fund may be subject to a maximum tax rate of 20%, 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 20%. Complete information will be computed and reported in conjunction with your 2020 Form 1099-DIV. The qualifying percentage of the Fund’s ordinary income dividends for the purpose of the corporate dividends received deduction was 100%.

52 Pioneer Global Equity Fund | Annual Report | 8/31/20
 

Trustees, Officers and Service Providers


Investment Adviser and Administrator
Amundi Pioneer Asset Management, Inc.


Custodian and Sub-Administrator
Brown Brothers Harriman & Co.


Independent Registered Public Accounting Firm
Ernst & Young LLP


Principal Underwriter
Amundi Pioneer Distributor, Inc.


Legal Counsel
Morgan, Lewis & Bockius LLP


Transfer Agent
DST Asset Manager Solutions, 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 www.amundipioneer.com/us. 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 and other directorships they have held 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 Amundi Pioneer serves as investment adviser (the “Pioneer Funds”). The address for all Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-225-6292.
Pioneer Global Equity Fund | Annual Report | 8/31/20 53
 

Independent Trustees
    
Name, Age and Position Term of Office and 
 
Other Directorships 
Held With the Fund Length of Service Principal Occupation Held by Trustee 
Thomas J. Perna (69) 
Chairman of the Board 
and Trustee
Trustee since 2006. 
Serves until a successor trustee is elected or earlier retirement or removal. 
Private investor (2004 – 2008 and 2013 – present); Chairman (2008 – 2013) and Chief Executive Officer (2008 – 2012), Quadriserv, Inc. (technology products for securities lending industry); and Senior Executive Vice President, The Bank of New York (financial and securities services) (1986 – 2004)
Director, Broadridge Financial Solutions, Inc. (investor communications and securities processing provider for financial services industry) (2009 – present); Director, Quadriserv, Inc. (2005 – 2013); and Commissioner, New Jersey State Civil Service Commission (2011 – 2015) 
John E. Baumgardner, 
Jr. (69) 
Trustee 
Trustee since 2019. 
Serves until a successor trustee is elected or earlier retirement or removal. 
Of Counsel (2019 – present), Partner (1983-2018), Sullivan & Cromwell LLP (law firm). 
Chairman, The Lakeville Journal Company, LLC, (privately-held community newspaper group) (2015-present) 
Diane Durnin (63) 
Trustee 
 
Trustee since 2019. 
Serves until a successor trustee is elected or earlier retirement or removal. 
Managing Director - Head of Product Strategy and Development, BNY Mellon Investment Management (investment management firm) (2012-2018); Vice Chairman – The Dreyfus Corporation (2005 – 2018): Executive Vice President Head of Product, BNY Mellon Investment Management (2007-2012); Executive Director- Product Strategy, Mellon Asset Management (2005-2007); Executive Vice President Head of Products, Marketing and Client Service, Dreyfus Corporation (investment management firm) (2000-2005); and Senior Vice President Strategic Product and Business Development, Dreyfus Corporation (1994-2000) 
None 
 

54 Pioneer Global Equity Fund | Annual Report | 8/31/20
 

    
Name, Age and Position Term of Office and 
 
Other Directorships 
Held With the Fund Length of Service Principal Occupation Held by Trustee 
Benjamin M. Friedman (76
Trustee 
Trustee since 2008. 
Serves until a successor 
trustee is elected or 
earlier retirement 
or removal. 
William Joseph Maier Professor of Political Economy, Harvard University (1972 – present) 
Trustee, Mellon Institutional Funds Investment Trust and Mellon Institutional Funds Master Portfolio (oversaw 17 portfolios in fund complex) (1989 - 2008) 
Lorraine H. Monchak (64) 
Trustee
Trustee since 2017. 
(Advisory Trustee from 
2014 - 2017). Serves 
until a successor trustee 
is elected or earlier 
retirement or removal. 
 
Chief Investment Officer, 1199 SEIU Funds (healthcare workers union pension funds) (2001 – present); Vice President – 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 ManagementGroup, 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) 
None 
 
Marguerite A. Piret (72) 
Trustee
Trustee since 2005. 
Serves until a successor 
trustee is elected or 
earlier retirement 
or removal. 
Chief Financial Officer, American Ag Energy, Inc. (controlled environment and agriculture company) (2016 – present); and President and Chief Executive Officer, Metric Financial Inc. (formerly known as Newbury Piret Company) (investment banking firm) (1981 – 2019) 
 
Director of New America High Income Fund, Inc. (closed-end investment company) (2004 – 
present); and

Member, Board of Governors, Investment Company Institute (2000 – 2006) 
 
Pioneer Global Equity Fund | Annual Report | 8/31/20 55
 

Independent Trustees (continued)
    
Name, Age and Position Term of Office and 
 
Other Directorships 
Held With the Fund Length of Service Principal Occupation Held by Trustee 
Fred J. Ricciardi (73) 
Trustee
Trustee since 2014. 
Serves until a successor 
trustee is elected or 
earlier retirement 
or removal. 
 
Private investor (2020 – present); Consultant (investment company 
services) (2012 – 2020); Executive Vice President, BNY Mellon (financial 
and investment company services) (1969 – 2012); Director, BNY 
International Financing Corp. (financial services) (2002 – 2012); Director, 
Mellon Overseas Investment Corp. (financial services) (2009 – 2012); 
Director, Financial Models (technology) (2005-2007); Director, BNY 
Hamilton Funds, Ireland (offshore investment companies) (2004-2007); 
Chairman/Director, AIB/BNY Securities Services, Ltd., Ireland (financial 
services) (1999-2006); and Chairman, BNY Alternative Investment Services, 
Inc. (financial services) (2005-2007) 
None 
 
 
56 Pioneer Global Equity Fund | Annual Report | 8/31/20
 

Interested Trustees
    
Name, Age and Position Term of Office and 
 
Other Directorships 
Held With the Fund Length of Service Principal Occupation Held by Trustee 
Lisa M. Jones (58)* 
Trustee, President and 
Chief Executive Officer 
 
Trustee since 2017. 
Serves until a successor 
trustee is elected or 
earlier retirement 
or removal 
 
Director, CEO and President of Amundi Pioneer Asset Management USA, 
Inc. (investment management firm) (since September 2014); Director, 
CEO and President of Amundi Pioneer Asset Management, Inc. (since 
September 2014); Director, CEO and President of Amundi Pioneer 
Distributor, Inc. (since September 2014); Director, CEO and President of 
Amundi Pioneer Institutional Asset Management, Inc. (since September 
2014); Chair, Amundi Pioneer Asset Management USA, Inc., Amundi Pioneer 
Distributor, Inc. and Amundi Pioneer Institutional Asset Management, Inc. 
(September 2014 – 2018); Managing Director, Morgan Stanley Investment 
Management (investment management firm) (2010 – 2013); Director of 
Institutional Business, CEO of International, Eaton Vance Management 
(investment management firm) (2005 – 2010); and Director of Amundi 
USA, Inc. (since 2017) 
None
Kenneth J. Taubes (62)* 
Trustee 
 
Trustee since 2014. 
Serves until a successor 
trustee is elected or 
earlier retirement 
or removal 
 
Director and Executive Vice President (since 2008) and Chief Investment 
Officer, U.S. (since 2010) of Amundi Pioneer Asset Management USA, Inc. 
(investment management firm); Director and Executive Vice President and 
Chief Investment Officer, U.S. of Amundi Pioneer (since 2008); Executive 
Vice President and Chief Investment Officer, U.S. of Amundi Pioneer 
Institutional Asset Management, Inc. (since 2009); Portfolio Manager of 
Amundi Pioneer (since 1999); and Director of Amundi USA, Inc. 
(since 2017) 
None 
 
 
*  Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Fund’s investment adviser and certain of its affiliates.
Pioneer Global Equity Fund | Annual Report | 8/31/20 57
 

Fund Officers
    
Name, Age and Position Term of Office and 
 
Other Directorships 
Held With the Fund Length of Service Principal Occupation Held by Officer 
Christopher J. Kelley (55) 
Secretary and Chief 
Legal Officer 
 
Since 2005. Serves at 
the discretion of 
the Board 
Vice President and Associate General Counsel of Amundi Pioneer since 
January 2008; Secretary and 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 
Amundi Pioneer from July 2002 to December 2007 
None 
Carol B. Hannigan (59) 
Assistant Secretary 
 
Since 2010. Serves at 
the discretion of 
the Board 
 
Fund Governance Director of Amundi Pioneer since December 2006 and 
Assistant Secretary of all the Pioneer Funds since June 2010; Manager – 
Fund Governance of Amundi Pioneer from December 2003 to November 
2006; and Senior Paralegal of Amundi Pioneer from January 2000 to 
November 2003 
None
Thomas Reyes (57) 
Assistant Secretary 
Since 2010. Serves at 
the discretion of 
the Board 
Assistant General Counsel of Amundi Pioneer since May 2013 and Assistant 
Secretary of all the Pioneer Funds since June 2010; and Counsel of Amundi 
Pioneer from June 2007 to May 2013 
None
Mark E. Bradley (60) 
Treasurer and Chief 
Financial and 
Accounting Officer 
Since 2008. Serves at 
the discretion of 
the Board 
Vice President – Fund Treasury of Amundi Pioneer; Treasurer of all of the 
Pioneer Funds since March 2008; Deputy Treasurer of Amundi Pioneer from 
March 2004 to February 2008; and Assistant Treasurer of all of the Pioneer 
Funds from March 2004 to February 2008 
None 
Luis I. Presutti (55) 
Assistant Treasurer 
Since 2005. Serves at 
the discretion of 
the Board 
Director – Fund Treasury of Amundi Pioneer; and Assistant Treasurer of all 
of the Pioneer Funds 
None 
Gary Sullivan (62) 
Assistant Treasurer 
Since 2005. Serves at 
the discretion of 
the Board 
Senior Manager – Fund Treasury of Amundi Pioneer; and Assistant 
Treasurer of all of the Pioneer Funds 
None 
 
58 Pioneer Global Equity Fund | Annual Report | 8/31/20
 

    
Name, Age and Position Term of Office and 
 
Other Directorships 
Held With the Fund Length of Service Principal Occupation Held by Officer 
Antonio Furtado (38) 
Assistant Treasurer 
Since 2020. Serves at 
the discretion of 
the Board 
Fund Oversight Manager – Fund Treasury of Amundi Pioneer; and 
Assistant Treasurer of all of the Pioneer Funds 
None 
John Malone (48) 
Chief Compliance Officer 
 
Since 2018. Serves at 
the discretion of 
the Board 
Managing Director, Chief Compliance Officer of Amundi Pioneer Asset 
Management; Amundi Pioneer Institutional Asset Management, Inc.; and 
the Pioneer Funds since September 2018; and Chief Compliance Officer 
of Amundi Pioneer Distributor, Inc. since January 2014. 
None 
 
Kelly O’Donnell (49) 
Anti-Money Laundering 
Officer 
Since 2006. Serves at 
the discretion of 
the Board 
Vice President – Amundi Pioneer Asset Management; and Anti-Money 
Laundering Officer of all the Pioneer Funds since 2006 
None 
 
Pioneer Global Equity Fund | Annual Report | 8/31/20 59
 

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60 Pioneer Global Equity Fund | Annual Report | 8/31/20
 

How to Contact Amundi 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 
   
FactFoneSM for automated fund yields, prices, 
 
account information and transactions 
1-800-225-4321 
  
Retirement plans information 
 
1-800-622-0176 
 
Write to us: 
 
 
Amundi Pioneer 
 
 
P.O. Box 219427 
 
 
Kansas City, MO 64121-9427 
 
 
   
Our toll-free fax 
 
1-800-225-4240 
   
Our internet e-mail address us.askamundipioneer@amundipioneer.com 
(for general questions about Amundi Pioneer only) 
 
 
Visit our web site: www.amundipioneer.com/us 
 
 
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the Commission’s web site at https://www.sec.gov.
 

Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com/us


Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
© 2020 Amundi Pioneer Asset Management 19431-14-1020



Pioneer High Income Municipal Fund
Annual Report | August 31, 2020
   
A: PIMAX C: HICMX Y: HIMYX 
 
Beginning in February 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer, bank or insurance company. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications electronically by contacting your financial intermediary or, if you invest directly with the Fund, by calling 1-800-225-6292.
You may elect to receive all future reports in paper free of charge. If you invest directly with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-225-6292. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held within the Pioneer Fund complex if you invest directly.




 

visit us: www.amundipioneer.com/us

 

  
Table of Contents 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
Pioneer High Income Municipal Fund | Annual Report | 8/31/20 1


President’s Letter


Dear Shareholders,
The new decade has arrived delivering a half-year (and more) that will go down in the history books. The beginning of 2020 seemed to extend the positive market environment of 2019. Then, March roared in like a lion and the COVID-19 pandemic became a global crisis impacting lives and life as we know it. The long-term impact on the global economy from the COVID-19 virus pandemic, while currently unknown, is likely to be considerable. It is clear that several industries have already felt greater effects than others. And the markets, which do not thrive on uncertainty, have been volatile, delivering significantly negative performance in the first quarter, and then staging a strong rally for most of the second quarter. Our business continuity plan was implemented given the new COVID-19 guidelines, and most of our employees are working remotely. To date, our operating environment has faced no interruption. I am proud of the careful planning that has taken place and confident we can maintain this environment for as long as is prudent. History in the making for a company that first opened its doors way back in 1928.
Since 1928, Amundi Pioneer’s investment process has been built on a foundation of fundamental research and active management, principles which have guided our investment decisions for more than 90 years. We believe active management – that is, making active investment decisions –can help mitigate the potential risks during periods of market volatility. As the first several months of 2020 have reminded us, investment risk can arise from a number of factors in today’s global economy, including slower or stagnating growth, changing U.S. Federal Reserve policy, oil price shocks, political and geopolitical factors and, unfortunately, major public health concerns such as a viral pandemic.
At Amundi Pioneer, active management begins with our own fundamental, bottom-up research process. Our team of dedicated research analysts and portfolio managers analyzes each security under consideration, communicating directly with the management teams of the companies issuing the securities and working together to identify those securities that best meet our investment criteria for our family of funds. Our risk management approach begins with each and every security, as we strive to carefully understand the potential opportunity, while considering any and all risk factors.
2 Pioneer High Income Municipal Fund | Annual Report | 8/31/20
 

Today, as investors, we have many options. It is our view that active management can serve shareholders well, not only when markets are thriving, but also during periods of market stress. As you consider your long-term investment goals, we encourage you to work with your financial advisor to develop an investment plan that paves the way for you to pursue both your short-term and long-term goals.
We remain confident that the current crisis, like others in human history, will pass, and we greatly appreciate the trust you have placed in us and look forward to continuing to serve you in the future.
Sincerely,
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
August 31, 2020
Any information in this shareowner report regarding market or economic trends or the factors influencing the Fund’s historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results.
Pioneer High Income Municipal Fund | Annual Report | 8/31/20 3
 

Portfolio Management Discussion | 8/31/20
Municipal bonds endured significant volatility in February and March of 2020, due to the disruptive effects on the economy of the COVID-19 pandemic, but aside from that brief setback, the asset class performed positively for much of the 12-month period ended August 31, 2020. In the following interview, Jonathan Chirunga and David Eurkus discuss the factors that influenced the performance of Pioneer High Income Municipal Fund during the 12-month period. Mr. Chirunga, Managing Director, Deputy Director of Municipals, and a portfolio manager at Amundi Pioneer Asset Management, Inc. (Amundi Pioneer), is responsible for the day-to-day management of the Fund, along with Mr. Eurkus, Managing Director, Director of Municipals, and a portfolio manager at Amundi Pioneer.
Q    How did the Fund perform during the 12-month period ended August 31, 2020?
A     Pioneer High Income Municipal Fund’s Class A shares returned -0.41% at net asset value during the 12-month period ended August 31, 2020, while the Fund’s benchmark, the Bloomberg Barclays U.S. Municipal High Yield Bond Index (the Bloomberg Barclays Index), returned 0.96%. During the same period, the average return of the 194 mutual funds in Morningstar’s High-Yield Municipal Funds category was -0.10%.
Q    How would you describe the investment environment in the municipal bond market during the 12-month period ended August 31, 2020?
A    The environment for investing in municipal bonds was largely favorable during the first half of the Fund’s fiscal year ended August 31, 2020, with positive market sentiment driven by declines in medium- and longer-term U.S. Treasury rates. In addition, the Federal Reserve’s (Fed’s) accommodative stance on monetary policy, healthy demand for tax-free bonds combined with limited supply, and the longer-term effects on the municipal market from the U.S. tax legislation passed in late 2017 contributed to solid performance for municipals. Fixed-income yields declined during the first half of the 12-month period on investor concerns over lingering U.S.-China trade tensions and the potential effects the tensions would have on an already slowing global economy. Central banks also reacted to the trade concerns, as the Fed reduced the target range of the federal funds rate in both September and October 2019.
The municipal bond market has benefited from steady investor demand, as inflows to tax-free municipal funds were strong. As we have noted previously, the U.S. tax overhaul law passed in 2017 has boosted the
4 Pioneer High Income Municipal Fund | Annual Report | 8/31/20
 

performance of tax-free bonds in general, given that, under the law, income earned by investors on advance refunding bonds, formerly treated as tax-exempt, is now treated as taxable income. (An advance refunding bond is issued to retire, or pre-refund, another outstanding bond more than 90 days in advance of the original bond’s maturity date.) The revamped tax laws have effectively removed approximately one-quarter of the prior municipal supply from the tax-exempt marketplace, which in turn has helped to boost tax-free bond prices. In addition, the concurrently enacted federal limits on state and local tax deductions have significantly increased demand for municipal investments in higher-tax states.
Near the end of the first half of the 12-month period in the final days of February 2020, the investment environment for tax-exempt bonds as well as in the financial markets in general turned swiftly and dramatically negative. News of a number of emerging “hot spots” for the spread of the COVID-19 virus, which had emerged in China, then spread through Asia and Europe before eventually landing in the United States, roiled the markets as Americans began focusing on the serious public health implications of what quickly became a global pandemic. In fact, the COVID-19 outbreak had already begun to have a negative impact on U.S. economic activity as early as the middle of February. While public health officials provided guidance on how to deal with the outbreak, many governors and mayors in U.S. states and cities shut down businesses deemed non-essential and directed “shelter-in-place” and other quarantine-like efforts for individuals. Those measures, along with swift public recognition of the need for staying at home, working from home, and social distancing, dramatically curtailed activities in the U.S. transportation, retail sales, manufacturing, and services industries. At the same time, financial markets, including the municipal bond market, experienced sometimes-intense volatility as investors looked for so-called “safe havens” such as U.S. Treasuries, and tried to ascertain some levels of certainty regarding the near-term and medium-term paths for the U.S. economy during a very uncertain time.
In an attempt to mitigate the very serious economic effects from COVID-19 on individuals, states, municipalities, and the United States overall, the Fed as well as Congress and the White House undertook a large number of monetary and fiscal measures. In short order, the Fed reduced the federal funds rate’s target range to near zero, reintroduced lending facilities from the 2008-2009 financial crisis-era, instituted new lending facilities, and rebooted quantitative easing (that is, injecting massive liquidity into the economy by purchasing Treasury, agency, mortgage, and taxable high-yield bonds in significant quantities). Federal lawmakers also approved two large aid packages in the form of loans and grants to individuals, small
Pioneer High Income Municipal Fund | Annual Report | 8/31/20 5
 

businesses, medical systems, and higher-education institutions in light of the sudden freeze-up in economic activity and continuously rising unemployment figures. Over the course of March, those measures helped to calm financial markets, including the municipal bond market, to some degree. However, investments considered higher risk, including high-yield municipal bonds, continued to weather persistent market volatility.
Near the end of March, following significant forced selling and tax-free fund outflows industry-wide, tax-equivalent yields for investment-grade municipal bonds rose to as much as 200 basis points (bps) higher than yields available on Treasury securities of similar maturity, triggering significant tax-exempt bond purchases from domestic and global investors and providing substantial relief to the municipal bond market. (A basis point is equal to 1/100th of a percentage point.)
Through the remainder of the 12-month period (April through August), the tax-exempt bond market continued its recovery, as domestic and global investors were aggressive purchasers, and the recent yield increases reversed themselves as municipal bond prices rose. At the same time, the stunning contraction in economic activity nationwide especially within the tourism, transportation, retail, and service industries as well as dramatic reductions in federal, state, and local tax revenues, continued to overshadow the municipal bond market.
Throughout much of the 12-month period, the tax-exempt high-yield bond market received significant support from demand from not only traditional investors, but also from non-traditional buyers looking for relative safety, a lower default rate, and attractive bond valuations versus taxable bonds.
Q    Which of your investment decisions drove the Fund’s performance relative to the Bloomberg Barclays Index during the 12-month period ended August 31, 2020?
A    During the 12-month period, we made no significant changes to the portfolio’s sector weightings, as we continued to maintain a strong balance between holdings in tobacco bonds and the charter school sector, as well as allocations to a diverse range of other municipal sectors.
With regard to benchmark-relative performance, individual portfolio holdings that detracted the most from the Fund’s returns were Maryland revenue bonds, Michigan tobacco bonds, and New York transit bonds. Holdings that were the biggest positive contributors to the Fund’s relative performance during the 12-month period included tobacco settlement bonds from Ohio and New York, and revenue bonds issued by Puerto Rico.
6 Pioneer High Income Municipal Fund | Annual Report | 8/31/20
 

Q    Did the Fund have any exposure to derivative securities during the 12-month period ended August 31, 2020?
A    No, the Fund had no material exposure to derivatives during the 12-month period.
Q    Did the Fund’s distributions* to shareholders change during the 12-month period ended August 31, 2020?
A    The Fund’s monthly distribution levels remained stable, and trended up slightly over the 12-month period.
Q    What is your investment outlook?
A    Because of the lack of any resurgence in U.S. inflation, as well as the clear pronouncements from the Fed that it plans to keep short-term interest rates at or near zero for the next few years, at least, we are optimistic regarding the path of interest rates going forward.
Additionally, in light of the continued low default rate for the municipal bond asset class, and a favorable supply/demand technical environment, given the ongoing shrinking of supply and persistently strong demand from various categories of investors, we believe that current prospects for the tax-exempt bond market are favorable. Lastly, given the enormous and continued need for economic assistance of all sorts in order to help businesses and individuals cope with the effects of the COVID-19 situation, the U.S. government may eventually need to face the reality of its rising debt levels, in part by raising taxes, which would likely further increase demand for municipal bonds.
With regard to the Fund’s positioning, as the high-yield municipal market has typically consisted of much smaller issuance than the investment-grade municipal universe, many issues are tightly held and trade less frequently. Given the need for liquidity in the market arising from the recent sell-off this past spring, we have been fortunate to be able to purchase additional bonds of deals with which we had familiarity. That scenario has played out especially within the charter school and affordable care sectors. We also have continued to identify opportunities created by large investors having to sell strong credit bonds out of their portfolios, particularly sales related to weak-credit purchases of bonds issued in the summer of 2017.
*     Distributions are not guaranteed.
Pioneer High Income Municipal Fund | Annual Report | 8/31/20 7
 

We believe there are large high-yield issuers that may exhibit weakness in the near future. While we have avoided investing the Fund in many of the large venture-capital type issues that have come to the market, we would look to take advantage of any dislocations that may arise within the high-yield municipal market should those issuers exhibit stress in their coupon paying abilities.
Consistent with our investment discipline in managing the Fund, we intend to continue to focus on intensive, fundamental research into individual bond issues, while maintaining a close watch on any economic factors that could influence the high-yield municipal market. Based on these factors, we do not anticipate making any significant changes to the portfolio’s positioning and structure in the near future.
Please refer to the Schedule of Investments on pages 18–34 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 and heightened uncertainty. The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues or adverse investor sentiment. These conditions may continue, recur, worsen or spread.
Investments in high-yield or lower-rated securities are subject to greater-than-average price volatility, illiquidity and possibility of default.
When interest rates rise, the prices of fixed-income securities held by the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed-income securities held by the Fund will generally rise.
Investments in the Fund are subject to possible loss due to the financial failure of issuers of underlying securities and their inability to meet their debt obligations.
Prepayment risk is the chance that an issuer may exercise its right to prepay its security, if falling interest rates prompt the issuer to do so. Forced to reinvest the unanticipated proceeds at lower interest rates, the Fund would experience a decline in income and lose the opportunity for additional price appreciation.
The value of municipal securities can be adversely affected by changes in financial condition of municipal issuers, lower revenues, and regulatory and political developments.
8 Pioneer High Income Municipal Fund | Annual Report | 8/31/20
 

The Fund may use derivatives, such as options, futures, inverse floating rate obligations, swaps, and others, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. Derivatives may have a leveraging effect on the Fund.
A portion of income may be subject to local, state, federal, and/or alternative minimum tax. Capital gains, if any, are subject to a capital gains tax.
At times, the Fund’s investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund 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 Amundi Pioneer Asset Management, Inc., for a prospectus or summary prospectus containing this information. Read it carefully.
Any information in this shareholder report regarding market or economic trends or the factors influencing the Fund’s historical or future performance are statements of opinion as of the date of this report. Past performance is not a guarantee of future results.
Pioneer High Income Municipal Fund | Annual Report | 8/31/20 9
 

Portfolio Summary | 8/31/20


Portfolio Diversification

(As a percentage of total investments)*

State Distribution

(As a percentage of total investments)*
   Amount rounds to less than 0.1%.


10 Pioneer High Income Municipal Fund | Annual Report | 8/31/20
 

10 Largest Holdings

(As a percentage of total investments)*
   
1. 
Buckeye Tobacco Settlement Financing Authority, 5.0%, 6/1/55 
2.80% 
2. 
Tobacco Settlement Financing Corp., Series B-1, 5.0%, 6/1/47 
2.61 
3. 
Northern Tobacco Securitization Corp., Asset-Backed, Series A, 5.0%, 6/1/46 
1.89 
4. 
Golden State Tobacco Securitization Corp., Series A-1, 5.0%, 6/1/47 
1.86 
5. 
Arkansas Development Finance Authority, Big River Steel Project, 
 
 
4.5%, 9/1/49 (144A) 
1.74 
6. 
Metropolitan Pier & Exposition Authority, 5.0%, 6/15/50 
1.63 
7. 
Michigan Tobacco Settlement Finance Authority, Series A, 6.0%, 6/1/48 
1.58 
8. 
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, 5.0%, 7/1/58 
1.53 
9. 
Metropolitan Pier & Exposition Authority, Mccormick Place Expansion Project, 
 
 
Series A, 5.0%, 6/15/57 
1.48 
10. 
City of Hammond, Custodial Receipts Cabelas Project, 7.5%, 2/1/29 (144A) 
1.47 
 
*  Excludes temporary cash investments and all derivative contracts except for options purchased. The Fund is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any securities.
Pioneer High Income Municipal Fund | Annual Report | 8/31/20 11
 

Prices and Distributions | 8/31/20


Net Asset Value per Share
   
Class 8/31/20 8/31/19 
$7.23 $7.56 
$7.24 $7.56 
$7.14 $7.46 
 
Distributions per Share: 9/1/19–8/31/20
    
 
Net Investment Short-Term Long-Term 
Class Income Capital Gains Capital Gains 
$0.2960 $ — $ — 
$0.2405 $ — $ — 
$0.3106 $ — $ — 
 
Index Definitions
The Bloomberg Barclays U.S. Municipal High Yield Bond Index is an unmanaged measure of the performance of the high-yield municipal bond market. Index returns are calculated monthly, assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees, expenses or sales charges. It is not possible to invest directly in an index.
The index defined here pertains to the “Value of $10,000 Investment” and “Value of $5 Million Investment” charts shown on pages 13–15.
12 Pioneer High Income Municipal Fund | Annual Report | 8/31/20
 

  
Performance Update | 8/31/20 
Class A Shares 
 
Investment Returns
The mountain chart on the right shows the change in value of a $10,000 investment made in Class A shares of Pioneer High Income Municipal Fund at public offering price during the periods shown, compared to that of the Bloomberg Barclays U.S. Municipal High Yield Bond Index.
    
Average Annual Total Returns 
 
(As of August 31, 2020) 
 
 
 
 
Bloomberg 
 
Net Public Barclays U.S. 
 
Asset Offering Municipal 
 
Value Price High Yield 
Period (NAV) (POP) Bond Index 
10 years 
4.54% 4.06% 6.03% 
5 years 
4.98 4.01 6.42 
1 year 
-0.41 
-4.90 
0.96 
 
 
Expense Ratio 
 
 
(Per prospectus dated December 31, 2019) 
Gross Net 
 
 
0.85% 
0.83% 
 
 
 
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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. NAV returns would have been lower had sales charges been reflected. POP returns reflect deduction of maximum 4.50% sales charge. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in effect through January 1, 2021 for Class A shares. There can be no assurance that Amundi Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please refer to the financial highlights for more current expense ratios.
Pioneer High Income Municipal Fund | Annual Report | 8/31/20 13
 

  
Performance Update | 8/31/20 
Class C Shares 
 
Investment Returns
The mountain chart on the right shows the change in value of a $10,000 investment made in Class C shares of Pioneer High Income Municipal Fund during the periods shown, compared to that of the Bloomberg Barclays U.S. Municipal High Yield Bond Index.
    
Average Annual Total Returns 
 
(As of August 31, 2020) 
 
 
 
 
Bloomberg 
 
 
 
Barclays U.S. 
 
 
 
Municipal 
 
If If High Yield 
Period Held Redeemed Bond Index
10 years 
3.78% 3.78% 6.03% 
5 years 
4.21 4.21 6.42 
1 year 
-1.03 
-1.03 
0.96 
 
 
Expense Ratio 
 
 
(Per prospectus dated December 31, 2019) 
Gross 
 
 
 
1.61% 
 
 
 
 
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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. “If Redeemed” returns would have been lower had sales charges been reflected. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please refer to the financial highlights for a more current expense ratio.
14 Pioneer High Income Municipal Fund | Annual Report | 8/31/20
 

  
Performance Update | 8/31/20 
Class Y Shares 
 
Investment Returns
The mountain chart on the right shows the change in value of a $5 million investment made in Class Y shares of Pioneer High Income Municipal Fund during the periods shown, compared to that of the Bloomberg Barclays U.S. Municipal High Yield Bond Index.
   
Average Annual Total Returns 
(As of August 31, 2020) 
 
 
 
Bloomberg 
 
Net Barclays U.S. 
 
Asset Municipal 
 
Value High Yield 
Period (NAV) Bond Index 
10 years 
4.74% 6.03% 
5 years 
5.22 6.42 
1 year 
-0.08 
0.96 
 
 
Expense Ratio 
 
(Per prospectus dated December 31, 2019) 
Gross Net 
 
0.66% 
0.55% 
 
 
Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in effect through January 1, 2021 for Class Y shares. There can be no assurance that Amundi Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please refer to the financial highlights for more current expense ratios.
Pioneer High Income Municipal Fund | Annual Report | 8/31/20 15
 

Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1)    ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses; and
(2)    transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 at the beginning of the Fund’s latest six-month period and held throughout the six months.
Using the Tables
Actual Expenses
The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period as follows:
1.    Divide your account value by $1,000
Example: an $8,600 account value ÷ $1,000 = 8.6
2.    Multiply the result in (1) above by the corresponding share class’s number in the third row under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer High Income Municipal Fund
Based on actual returns from March 1, 2020 through August 31, 2020.
    
Share Class 
Beginning Account 
$1,000.00 $1,000.00 $1,000.00 
Value on 3/1/20 
 
 
 
Ending Account Value 
$954.57 $952.28 $956.26 
(after expenses) on 8/31/20 
 
 
 
Expenses Paid 
$4.03 $7.80 $2.70 
During Period* 
 
 
 
 
*  Expenses are equal to the Fund’s annualized expense ratio of 0.82%, 1.59% and 0.55% for Class A, Class C, and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the partial year period).
16 Pioneer High Income Municipal Fund | Annual Report | 8/31/20
 

Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer High Income Municipal Fund
Based on a hypothetical 5% return per year before expenses, reflecting the period from March 1, 2020 through August 31, 2020.
    
Share Class 
Beginning Account 
$1,000.00 $1,000.00 $1,000.00 
Value on 3/1/20 
 
 
 
Ending Account Value 
$1,021.01 $1,017.14 $1,022.37 
(after expenses) on 8/31/20 
 
 
 
Expenses Paid 
$4.17 $8.06 $2.80 
During Period* 
 
 
 
 
*  Expenses are equal to the Fund’s annualized expense ratio of 0.82%, 1.59% and 0.55% for Class A, Class C, and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the partial year period).
Pioneer High Income Municipal Fund | Annual Report | 8/31/20 17
 

Schedule of Investments | 8/31/20
    
Principal  
 
 
Amount  
 
 
USD ($)  
 
Value 
  UNAFFILIATED ISSUERS — 96.3% 
 
  DEBTORS IN POSSESSION FINANCING — 0.5% 
 
  of Net Assets(a) 
 
  Entertainment — 0.3% 
 
5,000,000  Enterprise Development Authority, 12.0%, 
 
  7/15/24 (144A) $ 5,475,000 
  Total Entertainment $ 5,475,000 
  Iron & Steel — 0.2% 
 
4,500,000  United States Steel Corp., 6.25%, 3/15/26 $ 3,003,750 
  Total Iron & Steel $ 3,003,750 

 TOTAL DEBTORS IN POSSESSION FINANCING 
  
(Cost $8,174,806) 
$ 8,478,750 
  MUNICIPAL BONDS — 95.8% of Net Assets(b) 
 
  Alabama — 1.3% 
 
3,500,000  Tuscaloosa County Industrial Development Authority, 
 
  Hunt Refining Project, Series A, 4.5%, 5/1/32 (144A) $ 3,729,880 
17,500,000  Tuscaloosa County Industrial Development Authority, 
 
  Hunt Refining Project, Series A, 5.25%, 5/1/44 (144A) 19,283,250 
  Total Alabama $ 23,013,130 
  Alaska — 2.1% 
 
5,420,000  Northern Tobacco Securitization Corp., 5.0%, 6/1/32 $ 5,447,100 
31,985,000  Northern Tobacco Securitization Corp., Asset-Backed, 
 
  Series A, 5.0%, 6/1/46 32,144,925 
  Total Alaska $ 37,592,025 
  Arizona — 2.3% 
 
1,675,000  Arizona Industrial Development Authority, Doral 
 

 
Academy Nevada Fire Mesa, Series A, 5.0%,
 
  7/15/49 (144A) $ 1,756,020 
5,000,000  
City of Phoenix Civic Improvement Corp., 5.0%, 7/1/44 
6,519,950 
13,000,000  City of Phoenix, Industrial Development Authority, 
 

 
3rd & Indian School Assisted Living Project,
 
  5.4%, 10/1/36 13,489,190 
9,400,000  City of Phoenix, Industrial Development Authority, 
 

 
Deer Valley Veterans Assisted Living Project,
 
  5.125%, 7/1/36 9,517,594 
1,000,000  County of Pima, Industrial Development Authority, 
 
  Facility Desert Heights Charter, 7.0%, 5/1/34 1,085,880 
3,000,000  County of Pima, Industrial Development Authority, 
 
  Facility Desert Heights Charter, 7.25%, 5/1/44 3,261,600 
1,700,000  Tempe Industrial Development Authority, Revenue 
 

 
Mirabella At ASU Project, Series A, 6.125%,
 
  10/1/47 (144A) 1,754,383 
2,400,000  Tempe Industrial Development Authority, Revenue 
 

 
Mirabella At ASU Project, Series A, 6.125%,
 
  10/1/52 (144A) 2,469,720 
  Total Arizona $ 39,854,337 
 
The accompanying notes are an integral part of these financial statements.
18 Pioneer High Income Municipal Fund | Annual Report | 8/31/20
 

    
Principal  
 
 
Amount  
 
 
USD ($)  
 
Value 
  Arkansas — 1.7% 
 
29,265,000  
Arkansas Development Finance Authority, Big River 
 
  
Steel Project, 4.5%, 9/1/49 (144A) 
$ 29,576,087 
  Total Arkansas $ 29,576,087 
  California — 13.0% 
 
5,165,000  
California County Tobacco Securitization Agency, 
 

 
Asset-Backed, Gold Country Funding Corp.,
 
  
5.25%, 6/1/46 
$ 5,165,413 
5,880,000  
California County Tobacco Securitization Agency, 
 
  
Asset-Backed, Merced County, Series A, 
 
  
5.25%, 6/1/45 
6,115,200 
4,835,000  
California County Tobacco Securitization Agency, 
 
  
Asset-Backed, Sonoma County Corp., 5.125%, 6/1/38 
4,998,181 
2,600,000  
California County Tobacco Securitization Agency, 
 
  
Asset-Backed, Sonoma County Corp., 5.25%, 6/1/45 
2,687,750 
12,025,000  
California Educational Facilities Authority, 5.0%, 5/1/45 
19,178,672 
9,545,000  
California Educational Facilities Authority, Stanford 
 
  
University, Series U-7, 5.0%, 6/1/46 
15,389,499 
11,020,000  
California Educational Facilities Authority, Stanford 
 
  
University, Series V-1, 5.0%, 5/1/49 
18,072,800 
2,000,000  
California Municipal Finance Authority, 5.0%, 
 
  
11/1/49 (144A) 
2,119,620 
1,600,000  
California Municipal Finance Authority, 5.5%, 
 
  
11/1/45 (144A) 
1,689,936 
250,000  
California Municipal Finance Authority, John Adams 
 
  
Academics Project, Series A, 5.0%, 10/1/35 
257,678 
1,550,000  
California Municipal Finance Authority, John Adams 
 
  
Academics Project, Series A, 5.25%, 10/1/45 
1,595,570 
500,000  
California Municipal Finance Authority, Santa Rosa 
 
  
Academy Project, 5.125%, 7/1/35 (144A) 
539,225 
1,575,000  
California Municipal Finance Authority, Santa Rosa 
 
  
Academy Project, 5.375%, 7/1/45 (144A) 
1,694,133 
6,300,000  
California Municipal Finance Authority, Santa Rosa 
 
  
Academy Project, Series A, 6.0%, 7/1/42 
6,576,318 
2,900,000(c)  
California School Finance Authority, Classical 
 
  
Academies Project, Series A, 7.375%, 10/1/43 
3,333,028 
305,000  
California School Finance Authority, View Park 
 
  
Elementary & Middle School, Series A, 4.75%, 10/1/24 
325,334 
830,000  
California School Finance Authority, View Park 
 
  
Elementary & Middle School, Series A, 5.625%, 10/1/34 
906,036 
2,175,000  
California School Finance Authority, View Park 
 
  
Elementary & Middle School, Series A, 5.875%, 10/1/44 
2,364,486 
1,000,000  
California School Finance Authority, View Park 
 
  
Elementary & Middle School, Series A, 6.0%, 10/1/49 
1,089,560 
3,230,000  
California School Finance Authority, View Park 
 
  
High School, Series A, 7.125%, 10/1/48 (144A) 
3,563,950 
1,875,000  
California Statewide Communities Development 
 
  
Authority, 5.0%, 11/1/41 (144A) 
2,065,369 
 
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/20 19
 

Schedule of Investments | 8/31/20 (continued)
    
Principal  
 
 
Amount  
 
 
USD ($)  
 
Value 
  California — (continued) 
 
1,560,000  California Statewide Communities Development 
 
  Authority, Baptist University, Series A, 
 
  6.125%, 11/1/33 $ 1,690,260 
4,030,000  California Statewide Communities Development 
 
  Authority, Baptist University, Series A, 
 
  6.375%, 11/1/43 4,386,413 
1,000,000  California Statewide Communities Development 
 
  Authority, Loma Linda University Medical 
 
  Center, Series A, 5.25%, 12/1/43 (144A) 1,130,840 
13,095,000  California Statewide Communities Development 
 
  Authority, Loma Linda University Medical 
 
  Center, Series A, 5.25%, 12/1/56 (144A) 14,306,418 
10,000,000  California Statewide Communities Development 
 
  Authority, Loma Linda University Medical 
 
  Center, Series A, 5.5%, 12/1/58 (144A) 11,360,800 
700,000  City of Oroville CA, 5.25%, 4/1/34 781,417 
2,230,000  City of Oroville CA, 5.25%, 4/1/39 2,447,849 
8,415,000  City of Oroville CA, 5.25%, 4/1/49 9,083,572 
10,700,000  City of Oroville, Oroville Hospital, 5.25%, 4/1/54 11,510,097 
9,825,000  Golden State Tobacco Securitization Corp., 
 
  Asset-Backed, Series A-2, 5.3%, 6/1/37 10,193,438 
30,830,000  Golden State Tobacco Securitization Corp., 
 
  Series A-1, 5.0%, 6/1/47 31,677,825 
11,815,000  Golden State Tobacco Securitization Corp., 
 
  Series A-1, 5.25%, 6/1/47 12,169,450 
2,600,000  Metropolitan Water District of Southern California, 
 
  5.0%, 7/1/38 3,513,536 
2,000,000  Metropolitan Water District of Southern California, 
 
  5.0%, 7/1/39 2,696,120 
2,000,000  Metropolitan Water District of Southern California, 
 
  5.0%, 7/1/40 2,670,760 
2,500,000(d)  Pittsburg Unified School District Financing Authority, 
 
  9/1/41 (AGM Insured) 1,524,375 
1,925,000(d)  Pittsburg Unified School District Financing Authority, 
 
  9/1/42 (AGM Insured) 1,136,501 
8,000,000  Tobacco Securitization Authority of Northern 
 
  California, 5.5%, 6/1/45 8,280,000 
  Total California $ 230,287,429 
  Colorado — 3.2% 
 
865,000  Belleview Village Metropolitan District, 4.95%, 
 
  12/1/50 (144A) $ 851,463 
2,345,000(c)  Castle Oaks Metropolitan District No. 3, 5.5%, 12/1/45 2,466,940 
2,860,000(c)  
Castle Oaks Metropolitan District No. 3, 6.25%, 12/1/44 
2,988,786 
2,000,000(c)  Colorado Educational & Cultural Facilities Authority, 
 

 
Rocky Mountain Classical Academy Project,
 
  8.0%, 9/1/43 2,462,880 
5,000,000(c)  Colorado Educational & Cultural Facilities Authority, 
 

 
Rocky Mountain Classical Academy Project,
 
  8.125%, 9/1/48 6,175,850 
 
The accompanying notes are an integral part of these financial statements.
20 Pioneer High Income Municipal Fund | Annual Report | 8/31/20
 

    
Principal  
 
 
Amount  
 
 
USD ($)  
 
Value 
  Colorado — (continued) 
 
2,000,000  
Copperleaf Metropolitan District No. 2, 5.75%, 12/1/45 
$ 2,038,900 
1,250,000  
Cottonwood Highlands Metropolitan District No. 1, 
 
  
Series A, 5.0%, 12/1/49 
1,265,613 
2,090,000  
Cottonwood Highlands Metropolitan District No. 1, 
 
  
Series B, 8.75%, 12/15/49 
2,122,019 
2,840,000  
Crystal Crossing Metropolitan District, 5.25%, 12/1/40 
2,898,476 
3,430,000  
Dominion Water & Sanitation District, 6.0%, 12/1/46 
3,582,704 
3,550,000  
Green Valley Ranch East Metropolitan District No 6, 
 
  
5.875%, 12/1/50 
3,642,158 
1,380,000  
Lanterns Metropolitan District No 1, 5.0%, 12/1/39 
1,420,199 
2,835,000  
Lanterns Metropolitan District No 1, 5.0%, 12/1/49 
2,875,115 
683,000  
Lanterns Metropolitan District No 1, 7.75%, 12/15/49 
684,079 
7,635,000  
Larkridge Metropolitan District No. 2, 5.25%, 12/1/48 
7,764,413 
3,372,000  
Littleton Village Metropolitan District No. 2, 
 
  
5.375%, 12/1/45 
3,427,604 
1,000,000  
Settler’s Crossing Metropolitan District No 1, 
 
  
5.0%, 12/1/40 (144A) 
1,007,210 
2,130,000  
Settler’s Crossing Metropolitan District No 1, 
 
  
5.125%, 12/1/50 (144A) 
2,145,421 
597,000  
Settler’s Crossing Metropolitan District No 1, 
 
  
7.625%, 12/15/50 
593,525 
1,875,000  
Village at Dry Creek Metropolitan District No 2, 
 
  
4.375%, 12/1/44 
1,703,906 
1,250,000  
Villas Metropolitan District, Series A, 5.125%, 12/1/48 
1,340,375 
1,240,000  
Willow Bend Metropolitan District, 5.0%, 12/1/39 
1,266,276 
1,460,000  
Willow Bend Metropolitan District, 5.0%, 12/1/49 
1,469,256 
755,000  
Willow Bend Metropolitan District, 7.625%, 12/15/49 
756,397 
  Total Colorado $ 56,949,565 
  District of Columbia — 0.8% 
 
735,000  
District of Columbia Tobacco Settlement Financing 
 
  
Corp., Asset-Backed, 6.75%, 5/15/40 
$ 757,050 
10,000,000(e)  
District of Columbia, Series A, 5.0%, 10/15/44 
12,774,300 
  Total District of Columbia $ 13,531,350 
  Florida — 0.5% 
 
5,000,000  
Alachua County Health Facilities Authority, Terraces 
 
  
Bonita Springs Project, Series A, 8.125%, 11/15/46 
$ 3,932,200 
500,000  
Capital Trust Agency, Inc., H Bay Ministries, Inc., 
 
  
5.0%, 7/1/43 
428,280 
750,000  
Capital Trust Agency, Inc., H Bay Ministries, Inc., 
 
  
5.0%, 7/1/53 
615,367 
500,000  
Capital Trust Agency, Inc., H Bay Ministries, Inc., 
 
  
5.25%, 7/1/48 
434,385 
700,000  
County of Lake FL, 5.0%, 1/15/39 (144A) 
738,878 
1,525,000  
County of Lake FL, 5.0%, 1/15/49 (144A) 
1,575,478 
850,000  
County of Lake FL, 5.0%, 1/15/54 (144A) 
875,007 
  Total Florida $ 8,599,595 
 
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/20 21
 

Schedule of Investments | 8/31/20 (continued)
    
Principal  
 
 
Amount  
 
 
USD ($)  
 
Value 
  Georgia — 0.4% 
 
5,500,000(e)  
Forsyth County School District, 5.0%, 2/1/36 
$ 7,325,725 
  Total Georgia $ 7,325,725 
  Guam — 0.1% 
 
1,100,000  
Guam Economic Development & Commerce 
 
  
Authority, 5.625%, 6/1/47 
$ 1,099,923 
  Total Guam $ 1,099,923 
  Illinois — 8.7% 
 
1,305,000(e)  
Chicago Board of Education, 5.0%, 12/1/44 
$ 1,425,686 
4,275,000(e)  
Chicago Board of Education, 5.0%, 12/1/46 
4,670,352 
15,000,000(e)  
Chicago Board of Education, 5.0%, 12/1/46 
16,518,750 
35,000(e)  
Chicago Board of Education, 5.25%, 12/1/41 
35,673 
1,000,000  
Chicago Board of Education, 5.75%, 4/1/35 
1,154,950 
8,010,000  
Chicago Board of Education, 6.0%, 4/1/46 
9,135,245 
1,520,000(e)  
Chicago Board of Education Project, Series C, 
 
  
5.25%, 12/1/39 
1,606,716 
2,035,000(e)  
Chicago Board of Education, Series A, 5.0%, 12/1/33 
2,292,163 
925,000(e)  
Chicago Board of Education, Series A, 5.0%, 12/1/41 
937,932 
12,075,000(e)  
Chicago Board of Education, Series A, 5.0%, 12/1/42 
12,259,868 
1,425,000(e)  
Chicago Board of Education, Series A, 5.5%, 12/1/39 
1,455,281 
1,000,000(e)  
Chicago Board of Education, Series A, 7.0%, 
 
  
12/1/46 (144A) 
1,259,470 
8,000,000(e)  
Chicago Board of Education, Series B, 6.5%, 12/1/46 
9,537,920 
3,250,000(e)  
Chicago Board of Education, Series D, 5.0%, 12/1/31 
3,688,393 
10,000,000(e)  
City of Chicago IL, 5.5%, 1/1/49 
11,333,800 
4,695,000  
City of Plano IL Special Service Area No 3 & No 4, 
 
  
4.0%, 3/1/35 
4,669,459 
4,713,653(f)(g)  
Illinois Finance Authority, Clare Oaks Project, Series B, 
 
  
4.0%, 11/15/52 
3,299,557 
2,634,795(d)  
Illinois Finance Authority, Clare Oaks Project, 
 
  
Series C-1, 11/15/52 
13,174 
526,959(g)  
Illinois Finance Authority, Clare Oaks Project, 
 
  
Series C-2, 4.0%, 11/15/52 
2,635 
526,959  
Illinois Finance Authority, Clare Oaks Project, 
 
  
Series C-3, 0.0%, 11/15/52 
7,246 
865,000  
Illinois Finance Authority, Norwegian American 
 
  
Hospital, Inc., 7.625%, 9/15/28 
867,439 
4,700,000  
Illinois Finance Authority, Norwegian American 
 
  
Hospital, Inc., 7.75%, 9/15/38 
4,805,092 
25,000,000  
Metropolitan Pier & Exposition Authority, 
 
  
5.0%, 6/15/50 
27,824,750 
23,000,000  
Metropolitan Pier & Exposition Authority, Mccormick 
 
  
Place Expansion Project, Series A, 5.0%, 6/15/57 
25,170,510 
2,830,000  
Metropolitan Pier & Exposition Authority, McCormick 
 
  
Place, Series B, 5.0%, 6/15/52 (ST APPROP Insured) 
2,925,739 
7,690,000(g)  
Southwestern Illinois Development Authority, 
 
  
Comprehensive Mental Health Center, 6.625%, 6/1/37 
5,306,100 
 
The accompanying notes are an integral part of these financial statements.
22 Pioneer High Income Municipal Fund | Annual Report | 8/31/20
 

    
Principal  
 
 
Amount  
 
 
USD ($)  
 
Value 
  Illinois — (continued) 
 
1,415,000  
Southwestern Illinois Development Authority, 
 
  
Village of Sauget Project, 5.625%, 11/1/26 
$ 1,344,278 
  Total Illinois $ 153,548,178 
  Indiana — 7.9% 
 
2,745,000  
City of Anderson IN, 5.375%, 1/1/40 
$ 2,750,051 
1,750,000(g)  
City of Carmel, Barrington Carmel Project, Series A, 
 
  
7.0%, 11/15/32 
50,312 
2,000,000(g)  
City of Carmel, Barrington Carmel Project, Series A, 
 
  
7.125%, 11/15/42 
57,500 
2,000,000(g)  
City of Carmel, Barrington Carmel Project, Series A, 
 
  
7.125%, 11/15/47 
57,500 
775,000  
City of Evansville IN, 4.8%, 1/1/28 
737,637 
6,475,000  
City of Evansville, Silver Birch Evansville Project, 
 
  
5.45%, 1/1/38 
6,156,818 
700,000  
City of Fort Wayne, Silver Birch Fort Wayne Project, 
 
  
5.125%, 1/1/32 
710,199 
4,565,000  
City of Fort Wayne, Silver Birch Fort Wayne Project, 
 
  
5.35%, 1/1/38 
4,630,964 
24,990,000  
City of Hammond, Custodial Receipts Cabelas Project, 
 
  
7.5%, 2/1/29 (144A) 
25,023,737 
1,275,000  
City of Kokomo, Silver Birch of Kokomo, 5.75%, 1/1/34 
1,337,169 
7,825,000  
City of Kokomo, Silver Birch of Kokomo, 
 
  
5.875%, 1/1/37 
8,207,251 
1,230,000  
City of Lafayette, Glasswater Creek Lafayette Project, 
 
  
5.6%, 1/1/33 
1,287,367 
6,000,000  
City of Lafayette, Glasswater Creek Lafayette Project, 
 
  
5.8%, 1/1/37 
6,311,220 
1,000,000  
City of Mishawaka, Silver Birch Mishawaka Project, 
 
  
5.1%, 1/1/32 (144A) 
991,450 
5,890,000  
City of Mishawaka, Silver Birch Mishawaka Project, 
 
  
5.375%, 1/1/38 (144A) 
5,916,093 
2,050,000  
City of Muncie, Silver Birch Muncie Project, 
 
  
5.05%, 1/1/31 
2,106,068 
5,510,000  
City of Muncie, Silver Birch Muncie Project, 
 
  
5.25%, 1/1/37 
5,637,226 
4,560,000  
City of Terre Haute, Silver Birch Terre Haute Project, 
 
  
5.35%, 1/1/38 
4,617,547 
4,000,000(c)  
County of Vigo, Hospital Authority, Union Hospitals, Inc., 
 
  
8.0%, 9/1/41 
4,310,400 
7,500,000  
Indiana Finance Authority, 5.0%, 7/1/44 
7,988,325 
1,405,000  
Indiana Finance Authority, 5.0%, 7/1/48 
1,494,737 
1,705,000  
Indiana Finance Authority, 5.25%, 1/1/51 
1,824,214 
5,190,000  
Indiana Finance Authority, Multipurpose Educational 
 
  
Facilities, Avondale Meadows Academy Project, 
 
  
5.125%, 7/1/37 
5,381,096 
330,000  
Indiana Finance Authority, Multipurpose Educational 
 
  
Facilities, Avondale Meadows Academy Project, 
 
  
5.375%, 7/1/47 
342,042 
 
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/20 23
 

Schedule of Investments | 8/31/20 (continued)
    
Principal  
 
 
Amount  
 
 
USD ($)  
 
Value 
  Indiana — (continued) 
 
1,940,000  
Indiana Finance Authority, Sanders Glen Project, 
 
  
Series A, 4.25%, 7/1/43 
$ 1,831,961 
1,795,000  
Indiana Finance Authority, Sanders Glen Project, 
 
  
Series A, 4.5%, 7/1/53 
1,712,053 
11,985,000  
Indiana Housing & Community Development 
 
  
Authority, 5.0%, 1/1/39 (144A) 
11,417,271 
8,580,000  
Indiana Housing & Community Development 
 
  
Authority, Evergreen Village Bloomington Project, 
 
  
5.5%, 1/1/37 
8,652,158 
7,765,000  
Indianapolis Local Public Improvement Bond Bank, 
 
  
5.0%, 2/1/54 
9,479,900 
8,000,000  
Town of Plainfield Multifamily Housing Revenue, 
 
  
Glasswater Creek Project, 5.375%, 9/1/38 
8,061,520 
  Total Indiana $ 139,081,786 
  Iowa — 1.5% 
 
8,000,000  
Iowa Finance Authority, 4.75%, 8/1/42 
$ 8,128,640 
4,255,000  
Iowa Tobacco Settlement Authority, 5.6%, 6/1/34 
4,281,594 
2,500,000  
Iowa Tobacco Settlement Authority, Asset-Backed, 
 
  
Series C, 5.375%, 6/1/38 
2,515,625 
4,960,000  
Iowa Tobacco Settlement Authority, Asset-Backed, 
 
  
Series C, 5.5%, 6/1/42 
4,991,000 
6,385,000  
Iowa Tobacco Settlement Authority, Asset-Backed, 
 
  
Series C, 5.625%, 6/1/46 
6,424,906 
  Total Iowa $ 26,341,765 
  Kansas — 0.6% 
 
400,000  
Kansas Development Finance Authority, Village 
 
  
Shalom Project, Series A, 5.25%, 11/15/33 
$ 402,352 
9,215,000  
Kansas Development Finance Authority, Village 
 
  
Shalom Project, Series A, 5.25%, 11/15/53 
9,057,792 
2,000,000  
Kansas Development Finance Authority, Village 
 
  
Shalom Project, Series A, 5.5%, 11/15/38 
2,031,480 
  Total Kansas $ 11,491,624 
  Maryland — 1.3% 
 
7,005,000(e)  
County of Prince George’s MD, 5.0%, 7/15/37 
$ 8,973,265 
2,300,000(e)  
County of Prince George’s MD, 5.0%, 7/15/38 
2,938,135 
4,160,000  
Maryland Economic Development Corp., 
 
  
5.0%, 3/31/41 
4,080,170 
915,000  
Maryland Health & Higher Educational Facilities 
 
  
Authority, City Neighbors, Series A, 6.75%, 7/1/44 
975,774 
4,795,000  
Washington Suburban Sanitary Commission, 5.0%, 
 
  
6/1/33 (CNTY GTD Insured) 
6,210,148 
  Total Maryland $ 23,177,492 
 
The accompanying notes are an integral part of these financial statements.
24 Pioneer High Income Municipal Fund | Annual Report | 8/31/20
 

    
Principal  
 
 
Amount  
 
 
USD ($)  
 
Value 
  Massachusetts — 1.6% 
 
11,500,000  
Massachusetts Development Finance Agency, 
 
  
5.0%, 7/1/50 
$ 19,042,390 
765,000  
Massachusetts Development Finance Agency, 
 
  
Adventcare Project, 7.625%, 10/15/37 
553,952 
2,000,000  
Massachusetts Development Finance Agency, 
 
  
Adventcare Project, Series A, 6.75%, 10/15/37 
1,899,220 
1,250,000  
Massachusetts Development Finance Agency, 
 
  
International Charter School, 5.0%, 4/15/40 
1,383,750 
4,500,000  
Massachusetts Development Finance Agency, 
 
  
Linden Ponds, Inc. Facility, 5.125%, 11/15/46 (144A) 
4,655,250 
917,706(d)  
Massachusetts Development Finance Agency, 
 
  
Linden Ponds, Inc., Series B, 11/15/56 
180,283 
  Total Massachusetts $ 27,714,845 
  Michigan — 4.1% 
 
1,250,000  
Flint Michigan Hospital Building Authority, Hurley 
 
  
Medical Center, Series A, 5.25%, 7/1/39 
$ 1,308,062 
5,485,000  
Flint Michigan International Academy, Public School 
 
  
Academy, 5.75%, 10/1/37 
5,490,979 
5,720,000  
Michigan Finance Authority, 5.75%, 4/1/40 
6,329,809 
3,840,000  
Michigan Public Educational Facilities Authority, David 
 
  
Ellis-West Project, 5.875%, 6/1/37 
4,057,613 
7,135,000(f)  
Michigan Strategic Fund, Michigan Department 
 
  
Offices Lease, Series B, 7.75%, 3/1/40 
7,856,491 
4,000,000(f)  
Michigan Strategic Fund, Series B, 6.625%, 11/1/41 
4,653,840 
5,615,000  
Michigan Tobacco Settlement Finance Authority, 
 
  
Series A, 6.0%, 6/1/34 
5,671,262 
26,795,000  
Michigan Tobacco Settlement Finance Authority, 
 
  
Series A, 6.0%, 6/1/48 
26,928,975 
1,250,000  
Michigan Tobacco Settlement Finance Authority, 
 
  
Series A, 6.875%, 6/1/42 
1,278,138 
7,550,000  
University of Michigan, 5.0%, 4/1/50 
9,776,571 
  Total Michigan $ 73,351,740 
  Minnesota — 2.9% 
 
1,935,000  
Bloomington Port Authority, Radisson Blu Mall of 
 
  
America LLC, 9.0%, 12/1/35 
$ 1,936,393 
4,210,000  
City of Bethel, Partnership Academy Project, Series A, 
 
  
5.0%, 7/1/48 
4,288,390 
1,000,000  
City of Bethel, Partnership Academy Project, Series A, 
 
  
5.0%, 7/1/53 
1,015,340 
2,600,000  
City of Brooklyn Park, Prairie Seeds Academy Project, 
 
  
Series A, 5.0%, 3/1/34 
2,671,292 
2,000,000  
City of Brooklyn Park, Prairie Seeds Academy Project, 
 
  
Series A, 5.0%, 3/1/39 
2,036,800 
3,515,000  
City of Deephaven MN, 5.0%, 7/1/55 
3,782,000 
400,000  
City of Deephaven, Eagle Ridge Academy Project, 
 
  
Series A, 5.25%, 7/1/37 
432,296 
 
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/20 25
 

Schedule of Investments | 8/31/20 (continued)
    
Principal  
 
 
Amount  
 
 
USD ($)  
 
Value 
  Minnesota — (continued) 
 
1,500,000  
City of Deephaven, Eagle Ridge Academy Project, 
 
  
Series A, 5.5%, 7/1/50 
$ 1,614,120 
2,000,000  
City of Paul Minnesota, Housing & Redevelopment 
 
  
Authority, Great River School Project, Series A, 5.5%, 
 
  
7/1/52 (144A) 
2,129,460 
1,500,000  
City of Rochester MN, 5.125%, 9/1/38 
1,578,675 
3,145,000  
City of Rochester, Math & Science Academy Project, 
 
  
Series A, 5.25%, 9/1/43 
3,305,898 
6,080,000  
City of Rochester, Math & Science Academy Project, 
 
  
Series A, 5.375%, 9/1/50 
6,416,163 
1,415,000  
Housing & Redevelopment Authority of The City of 
 
  
St. Paul Minnesota, Higher Ground Academy Project, 
 
  
Series A, 5.125%, 12/1/38 
1,475,732 
1,300,000  
Housing & Redevelopment Authority of The City of 
 

 
St. Paul Minnesota, St. Paul City School Project,
 
  
Series A, 5.0%, 7/1/36 
1,339,910 
13,245,000(e)  
State of Minnesota, 5.0%, 8/1/37 
17,255,983 
  Total Minnesota $ 51,278,452 
  Mississippi — 0.4% 
 
2,950,000(f)  
Mississippi Business Finance Corp., Chevron USA, 
 
  
Inc., Project, Series E, 0.03%, 12/1/30 
$ 2,950,000 
4,000,000(f)  
Mississippi Business Finance Corp., Chevron USA, 
 
  
Inc., Project, Series F, 0.03%, 12/1/30 
4,000,000 
  Total Mississippi $ 6,950,000 
  Missouri — 0.5% 
 
4,700,000  
Community Memorial Hospital District, Missouri 
 
  
Hospital, 6.68%, 12/1/34 
$ 4,708,883 
400,000  
Kansas City Industrial Development Authority, 
 
  
Series A, 4.25%, 4/1/26 (144A) 
393,548 
1,000,000  
Kansas City Industrial Development Authority, 
 
  
Series A, 5.0%, 4/1/36 (144A) 
986,120 
2,300,000  
Kansas City Industrial Development Authority, 
 
  
Series A, 5.0%, 4/1/46 (144A) 
2,164,001 
  Total Missouri $ 8,252,552 
  Nevada — 0.0%† 
 
4,000,000(d)  
City of Reno, Reno Transportation Rail Access, 
 
  
Series C, 7/1/58 (144A) 
$ 531,240 
  Total Nevada $ 531,240 
  New Jersey — 2.7% 
 
975,000  
New Jersey Economic Development Authority, 
 
  
4.7%, 9/1/28 (144A) 
$ 978,100 
565,000  
New Jersey Economic Development Authority, 
 
  
5.375%, 9/1/33 (144A) 
565,718 
1,140,000  
New Jersey Economic Development Authority, 
 
  
5.625%, 9/1/38 (144A) 
1,151,879 
 
The accompanying notes are an integral part of these financial statements.
26 Pioneer High Income Municipal Fund | Annual Report | 8/31/20
 

    
Principal  
 
 
Amount  
 
 
USD ($)  
 
Value 
  New Jersey — (continued) 
 
1,255,000  
New Jersey Economic Development Authority, 
 

 
Charity Marion P. Thomas Charter School,
 
  
5.25%, 10/1/38 (144A) 
$ 1,295,637 
7,205,000  
New Jersey Economic Development Authority, 
 
  
Charity Marion P. 
 
  
Thomas Charter School, 5.375%, 10/1/50 (144A) 
7,449,249 
1,215,000  
New Jersey Economic Development Authority, 
 
  
Charter Hatikvah International Academy, 
 
  
5.25%, 7/1/37 (144A) 
1,287,220 
2,500,000  
New Jersey Economic Development Authority, 
 
  
Charter Hatikvah International Academy, 
 
  
5.375%, 7/1/47 (144A) 
2,617,825 
6,125,000  
New Jersey Economic Development Authority, 
 

 
University Heights Charitable Schools Project,
 
  
Series A, 5.75%, 9/1/50 (144A) 
6,195,989 
4,500,000  
New Jersey Health Care Facilities Financing 
 
  
Authority, St. Peters University Hospital, 
 
  
6.25%, 7/1/35 
4,644,360 
18,605,000  
Tobacco Settlement Financing Corp., Series B, 
 
  
5.0%, 6/1/46 
21,070,162 
  Total New Jersey $ 47,256,139 
  New Mexico — 0.8% 
 
1,255,000  
County of Otero, Mexico Jail Project, 9.0%, 4/1/23 
$ 1,135,762 
12,970,000(f)  
County of Otero, Mexico Jail Project, 9.0%, 4/1/28 
11,737,980 
1,750,000  
Lower Petroglyphs Public Improvement District, 
 
  
Refunding, 5.0%, 10/1/48 
1,793,960 
  Total New Mexico $ 14,667,702 
  New York — 8.6% 
 
525,000  
Buffalo & Erie County Industrial Land Development 
 
  
Corp., Medaille College Project, 5.0%, 10/1/28 (144A) 
$ 563,687 
4,150,000  
Buffalo & Erie County Industrial Land Development 
 
  
Corp., Medaille College Project, 5.0%, 10/1/38 (144A) 
4,436,557 
8,755,000  
Erie Country New York Tobacco Asset Securitization 
 
  
Corp., Asset-Backed, Series A, 5.0%, 6/1/45 
8,756,488 
10,000,000(g)  
Erie County Industrial Development Agency, 
 
  
Galvstar LLC Project, Series A, 9.25%, 10/1/30 
1,250,000 
8,000,000(g)  
Erie County Industrial Development Agency, 
 
  
Galvstar LLC Project, Series B, 9.25%, 10/1/30 
1,890,000 
1,795,000(g)  
Erie County Industrial Development Agency, 
 
  
Galvstar LLC Project, Series C, 9.25%, 10/1/30 
424,069 
7,000,000  
Metropolitan Transportation Authority, 
 
  
5.25%, 11/15/55 
8,011,220 
21,410,000  
Nassau County Tobacco Settlement Corp., 
 
  
Asset-Backed, Series A-3, 5.0%, 6/1/35 
21,543,813 
4,740,000  
Nassau County Tobacco Settlement Corp., 
 
  
Asset-Backed, Series A-3, 5.125%, 6/1/46 
4,769,625 
10,410,000  
New York City Water & Sewer System, 5.0%, 6/15/50 
13,247,141 
 
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/20 27
 

Schedule of Investments | 8/31/20 (continued)
    
Principal  
 
 
Amount  
 
 
USD ($)  
 
Value 
  New York — (continued) 
 
605,000  
New York Counties Tobacco Trust IV, 5.0%, 6/1/42 
$ 616,344 
18,800,000  
New York Counties Tobacco Trust IV, 6.25%, 
 
  
6/1/41 (144A) 
20,264,520 
13,120,000  
New York Counties Tobacco Trust IV, Settlement 
 
  
Pass Through, Series A, 5.0%, 6/1/45 
13,349,600 
51,600,000(d)  
New York Counties Tobacco Trust V, Capital 
 
  
Appreciation Pass Through, Sub Series S-4A, 6/1/60 
2,040,780 
3,210,000  
Riverhead Industrial Development Agency, 
 
  
7.65%, 8/1/34 
3,292,914 
15,050,000  
Suffolk Tobacco Asset Securitization Corp., Capital 
 
  
Appreciation, Series C, 6.625%, 6/1/44 
15,708,438 
9,030,000  
Suffolk Tobacco Asset Securitization Corp., 
 
  
Series B, 6.0%, 6/1/48 
9,040,114 
3,000,000  
TSASC, Inc., 5.0%, 6/1/45 
3,116,250 
19,500,000  
TSASC, Inc., 5.0%, 6/1/48 
20,158,125 
  Total New York $ 152,479,685 
  Ohio — 3.2% 
 
43,500,000  
Buckeye Tobacco Settlement Financing Authority, 
 
  
5.0%, 6/1/55 
$ 47,795,625 
715,000  
Ohio Housing Finance Agency, Sanctuary 
 
  
Springboro Project, 5.125%, 1/1/32 (144A) 
700,815 
5,275,000  
Ohio Housing Finance Agency, Sanctuary 
 
  
Springboro Project, 5.45%, 1/1/38 (144A) 
5,257,012 
2,900,000  
Southeastern Ohio Port Authority, Refunding & 
 
  
Improvement Memorial Health System, 6.0%, 12/1/42 
3,013,332 
  Total Ohio $ 56,766,784 
  Pennsylvania — 4.2% 
 
200,000  
Chester County Industrial Development Authority, 
 
  
5.25%, 10/15/32 
$ 204,474 
1,000,000  
Chester County Industrial Development Authority, 
 
  
Collegium Charter School, Series A, 5.125%, 10/15/37 
1,074,350 
2,435,000  
Chester County Industrial Development Authority, 
 
  
Collegium Charter School, Series A, 5.25%, 10/15/47 
2,609,857 
8,425,000  
Delaware County Industrial Development Authority, 
 
  
Chester Charter School Arts Project, Series A, 5.125%, 
 
  
6/1/46 (144A) 
8,946,086 
4,000,000  
Hospitals & Higher Education Facilities Authority of 
 

 
Philadelphia, Temple University Health System,
 
  
Series A, 5.625%, 7/1/42 
4,169,480 
8,445,000  
Pennsylvania Economic Development Financing 
 
  
Authority, US Airways Group, Series B, 8.0%, 5/1/29 
8,484,438 
9,435,000  
Philadelphia Authority for Industrial Development, 
 
  
5.5%, 6/1/49 (144A) 
9,727,863 
4,055,000  
Philadelphia Authority for Industrial Development, 2800 
 

 
American Street Co. Project, Series A, 5.625%,
 
  
7/1/48 (144A) 
4,311,763 
 
The accompanying notes are an integral part of these financial statements.
28 Pioneer High Income Municipal Fund | Annual Report | 8/31/20
 

    
Principal  
 
 
Amount  
 
 
USD ($)  
 
Value 
  Pennsylvania — (continued) 
 
2,200,000  
Philadelphia Authority for Industrial Development, 
 

 
Greater Philadelphia Health Action, Inc. Project,
 
  
Series A, 6.5%, 6/1/45 
$ 2,269,300 
2,940,000  
Philadelphia Authority for Industrial Development, 
 

 
Greater Philadelphia Health Action, Inc. Project,
 
  
Series A, 6.625%, 6/1/50 
3,041,518 
2,500,000  
Philadelphia Authority for Industrial Development, 
 
  
Green Woods Charter School Project, Series A, 5.5%, 
 
  
6/15/32 
2,576,775 
5,200,000  
Philadelphia Authority for Industrial Development, 
 
  
Green Woods Charter School Project, Series A, 5.75%, 
 
  
6/15/42 
5,363,748 
6,000,000  
Philadelphia Authority for Industrial Development, 
 
  
Nueva Esperanze, Inc., 8.2%, 12/1/43 
6,490,680 
1,000,000  
Philadelphia Authority for Industrial Development, 
 

 
Performing Arts Charter School Project, 6.5%,
 
  
6/15/33 (144A) 
1,002,390 
3,000,000  
Philadelphia Authority for Industrial Development, 
 

 
Performing Arts Charter School Project, 6.75%,
 
  
6/15/43 (144A) 
3,006,840 
1,660,000  
Philadelphia Authority for Industrial Development, 
 

 
Revenue International Education & Community
 
  
Initiatives, 5.125%, 6/1/38 (144A) 
1,748,461 
3,500,000  
Philadelphia Authority for Industrial Development, 
 

 
Revenue International Education & Community
 
  
Initiatives, 5.25%, 6/1/48 (144A) 
3,664,780 
4,370,000  
Philadelphia Authority for Industrial Development, 
 

 
Revenue International Education & Community
 
  
Initiatives, 5.375%, 6/1/53 (144A) 
4,608,165 
1,570,000  
Philadelphia Authority for Industrial Development, 
 
  
University of the Arts, 5.0%, 3/15/45 (144A) 
1,598,370 
  Total Pennsylvania $ 74,899,338 
  Puerto Rico — 2.9% 
 
40,400,000(e)(g)  
Commonwealth of Puerto Rico, Series A, 
 
  
8.0%, 7/1/35 
$ 24,644,000 
24,500,000  
Puerto Rico Sales Tax Financing Corp. Sales Tax 
 
  
Revenue, 5.0%, 7/1/58 
26,097,890 
  Total Puerto Rico $ 50,741,890 
  Rhode Island — 0.4% 
 
2,065,000(g)  
Central Falls Detention Facility Corp., 
 
  
7.25%, 7/15/35 
$ 371,700 
2,000,000(f)  
Tender Option Bond Trust Receipts/Certificates, 
 
  
RIB, 0.0%, 9/1/47 (144A) 
3,051,600 
4,250,000  
Tobacco Settlement Financing Corp., Series B, 
 
  
5.0%, 6/1/50 
4,470,150 
  Total Rhode Island $ 7,893,450 
 
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/20 29
 

Schedule of Investments | 8/31/20 (continued)
    
Principal  
 
 
Amount  
 
 
USD ($)  
 
Value 
 
 Tennessee — 0.0%† 
 
5,000  
Johnson City Health & Educational Facilities Board, 
 
 
 
Appalachian Christian Village, 5.0%, 2/15/43 
$ 3,500 
 
 Total Tennessee $ 3,500 
 
 Texas — 6.3% 
 
640,000  
Arlington Higher Education Finance Corp., 
 
 
 
3.5%, 3/1/24 (144A) 
$ 655,219 
16,875,000  
Arlington Higher Education Finance Corp., 
 
 
 
5.45%, 3/1/49 (144A) 
17,993,306 
170,000  
Arlington Higher Education Finance Corp., Universal 
 
 
 
Academy, Series A, 5.875%, 3/1/24 
183,874 
525,000  
Arlington Higher Education Finance Corp., Universal 
 
 
 
Academy, Series A, 6.625%, 3/1/29 
572,575 
375,000  
Arlington Higher Education Finance Corp., Universal 
 
 
 
Academy, Series A, 7.0%, 3/1/34 
408,544 
7,030,000  
Arlington Higher Education Finance Corp., Universal 
 
 
 
Academy, Series A, 7.125%, 3/1/44 
7,592,119 
300,000  
City of Celina, 5.375%, 9/1/28 
309,000 
575,000  
City of Celina, 5.5%, 9/1/24 
589,490 
250,000  
City of Celina, 5.5%, 9/1/32 
257,500 
650,000  
City of Celina, 5.875%, 9/1/40 
669,500 
1,075,000  
City of Celina, 6.0%, 9/1/30 
1,107,680 
2,700,000  
City of Celina, 6.25%, 9/1/40 
2,781,540 
100,000  
La Vernia Higher Education Finance Corp., 5.25%, 
 
 
 
8/15/35 (144A) 
105,217 
2,000,000  
La Vernia Higher Education Finance Corp., Meridian 
 
 
 
World School, Series A, 5.5%, 8/15/45 (144A) 
2,119,000 
11,435,000(f)  
Lower Neches Valley Authority Industrial Development 
 
 
 
Corp., Exxonmobil Corp., 0.03%, 11/1/38 
11,435,000 
1,700,000  
Newark Higher Education Finance Corp., Austin 
 
 
 
Achieve Public Schools, Inc., 5.0%, 6/15/48 
1,719,176 
17,350,000(g)  
Sanger Industrial Development Corp., Texas Pellets 
 
 
 
Project, Series B, 8.0%, 7/1/38 
4,272,437 
8,142,447  
Tarrant County Cultural Education Facilities Finance 
 
 
 
Corp., 5.75%, 12/1/54 
7,939,456 
2,250,000(g)  
Tarrant County Cultural Education Facilities Finance 
 
 
 
Corp., Mirador Project, Series A, 4.625%, 11/15/41 
225 
5,000,000(g)  
Tarrant County Cultural Education Facilities Finance 
 
 
 
Corp., Mirador Project, Series A, 4.875%, 11/15/48 
500 
120,000(c)  
Tarrant County Cultural Education Facilities Finance 
 
 
 
Corp., MRC Crestview Project, 8.0%, 11/15/34 
121,913 
6,850,000(c)  
Tarrant County Cultural Education Facilities Finance 
 
 
 
Corp., MRC Crestview Project, 8.125%, 11/15/44 
6,959,326 
1,000,000(g)  
Texas Midwest Public Facility Corp., Secure Treatment 
 
 
 
Facility Project, 9.0%, 10/1/30 
659,000 
450,000  
Texas Private Activity Bond Surface Transportation 
 
 
 
Corp., 7.0%, 6/30/40 
452,362 
8,520,000  
Texas Water Development Board, 5.0%, 8/1/29 
11,603,218 
 
The accompanying notes are an integral part of these financial statements.
30 Pioneer High Income Municipal Fund | Annual Report | 8/31/20
 

    
Principal  
 
 
Amount  
 
 
USD ($)  
 
Value 
  Texas — (continued) 
 
5,000,000  
Texas Water Development Board, 5.0%, 10/15/43 
$ 6,247,350 
16,770,000  
Texas Water Development Board, State Water 
 
  
Implementation Fund, Series B, 5.0%, 4/15/49 
21,145,964 
1,250,000  
Village on the Park, New Hope Cultural Education 
 

 
Facilities Finance Corp., Cardinal Bay, Inc.,
 
  
5.5%, 7/1/46 
1,148,425 
1,000,000  
Village on the Park, New Hope Cultural Education 
 

 
Facilities Finance Corp., Cardinal Bay, Inc.,
 
  
5.75%, 7/1/51 
925,500 
90,000  
Village on the Park, New Hope Cultural Education 
 

 
Facilities Finance Corp., Cardinal Bay, Inc.,
 
  
6.0%, 7/1/26 
88,437 
1,350,000  
Village on the Park, New Hope Cultural Education 
 

 
Facilities Finance Corp., Cardinal Bay, Inc.,
 
  
7.0%, 7/1/51 
1,318,504 
  Total Texas $ 111,381,357 
  Utah — 0.4% 
 
255,000(h)  
Utah Charter School Finance Authority, Summit 
 
  
Academy High School, Series A, 7.25%, 5/15/21 
$ 267,605 
1,985,000(c)  
Utah Charter School Finance Authority, Summit 
 
  
Academy High School, Series A, 8.125%, 5/15/31 
2,095,406 
5,145,000(c)  
Utah Charter School Finance Authority, Summit 
 
  
Academy High School, Series A, 8.5%, 5/15/41 
5,444,696 
  Total Utah $ 7,807,707 
  Virginia — 7.7% 
 
3,000,000  
Ballston Quarter Community Development Authority, 
 
  
Series A, 5.5%, 3/1/46 
$ 2,609,760 
2,100,000  
Cherry Hill Community Development Authority, 
 
  
Potomac Shores Project, 5.4%, 3/1/45 (144A) 
2,127,573 
9,075,000(e)  
County of Fairfax VA, 5.0%, 10/1/29 (ST AID 
 
  
WITHHLDG Insured) 
12,447,814 
6,485,000(e)  
County of Loudoun VA, 5.0%, 12/1/30 (ST AID 
 
  
WITHHLDG Insured) 
8,854,100 
7,475,000(e)  
County of Loudoun VA, 5.0%, 12/1/31 (ST AID 
 
  
WITHHLDG Insured) 
10,148,882 
815,000  
Embrey Mill Community Development Authority, 
 
  
5.3%, 3/1/35 (144A) 
831,650 
4,655,000  
Embrey Mill Community Development Authority, 
 
  
5.6%, 3/1/45 (144A) 
4,790,833 
44,310,000  
Tobacco Settlement Financing Corp., Series B-1, 
 
  
5.0%, 6/1/47 
44,531,550 
4,605,000  
Tobacco Settlement Financing Corp., Series B-2, 
 
  
5.2%, 6/1/46 
4,760,419 
19,475,000  
Tobacco Settlement Financing Corp./VA, 
 
  
6.706%, 6/1/46 
20,180,969 
13,225,000  
Virginia Small Business Financing Authority, 
 
  
5.0%, 1/1/40 
13,600,590 
925,000  
Virginia Small Business Financing Authority, 
 
  
5.0%, 1/1/44 
957,209 
 
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/20 31
 

Schedule of Investments | 8/31/20 (continued)
    
Principal  
 
 
Amount  
 
 
USD ($)  
 
Value 
  Virginia — (continued) 
 
10,000,000  
Virginia Small Business Financing Authority, 
 
  
5.0%, 7/1/49 
$ 10,343,800 
  Total Virginia $ 136,185,149 
  Washington — 0.7% 
 
5,000,000(e)  
State of Washington, 5.0%, 2/1/38 
$ 6,549,450 
5,000,000(e)  
State of Washington, 5.0%, 8/1/38 
6,474,800 
  Total Washington $ 13,024,250 
  Wisconsin — 3.0% 
 
2,660,000  
Public Finance Authority, 5.0%, 6/1/50 (144A) 
$ 2,700,538 
775,000  
Public Finance Authority, Community School of 
 
  
Davidson Project, 5.0%, 10/1/33 
828,901 
5,905,000  
Public Finance Authority, Community School of 
 
  
Davidson Project, 5.0%, 10/1/48 
6,109,136 
1,590,000  
Public Finance Authority, Coral Academy Science 
 
  
Las Vegas, 5.625%, 7/1/44 
1,755,773 
9,310,000  
Public Finance Authority, Gardner Webb University, 
 
  
5.0%, 7/1/31 (144A) 
10,042,883 
5,325,000  
Public Finance Authority, Glenridge Palmer Ranch, 
 
  
Series A, 8.25%, 6/1/46 (144A) 
5,623,733 
5,057,500  
Public Finance Authority, Las Ventanas Retirement 
 
  
Community, 7.0%, 10/1/42 
5,134,273 
400,000  
Public Finance Authority, Lead Academy Project, 
 
  
Series A, 4.25%, 8/1/26 (144A) 
403,612 
2,000,000  
Public Finance Authority, Lead Academy Project, 
 
  
Series A, 5.0%, 8/1/36 (144A) 
2,078,500 
2,500,000  
Public Finance Authority, Lead Academy Project, 
 
  
Series A, 5.125%, 8/1/46 (144A) 
2,568,200 
500,000  
Public Finance Authority, SearStone CCRC Project, 
 
  
Series A, 5.3%, 6/1/47 
502,490 
2,500,000  
Public Finance Authority, SearStone CCRC Project, 
 
  
Series A, 5.375%, 6/1/52 
2,514,950 
8,615,000(d)(g)  
Public Finance Authority, Springshire Pre Development 
 
  
Project, 12/1/20 (144A) 
8,365,079 
1,245,000(c)  
Public Finance Authority, Voyager Foundation, Inc., 
 
  
Project, Series A, 5.125%, 10/1/45 
1,372,762 
2,815,000(c)  
Public Finance Authority, Voyager Foundation, Inc., 
 
  
Project, Series A, 6.2%, 10/1/42 
3,163,666 
  Total Wisconsin $ 53,164,496 
  TOTAL MUNICIPAL BONDS 
 
  
(Cost $1,669,846,294) 
$ 1,695,820,287 
  TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 96.3% 
 
  
(Cost $1,678,021,100) (i) 
$ 1,704,299,037 
  OTHER ASSETS AND LIABILITIES — 3.7% $ 65,021,482 
  NET ASSETS — 100.0% $ 1,769,320,519 
 
The accompanying notes are an integral part of these financial statements.
32 Pioneer High Income Municipal Fund | Annual Report | 8/31/20
 

     
AGM 
Assured Guaranty Corp. 
CNTY GTD 
County Guaranteed. 
RIB 
Residual Interest Bond is purchased in a secondary market. The interest rate is subject to change periodically and inversely based upon prevailing market rates. The interest rate shown is the rate at August 31, 2020. 
ST AID 
 
 
 
 
WITHHLDG 
State Aid Withholding. 
ST APPROP 
State Appropriations. 
(144A) 
Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At August 31, 2020, the value of these securities amounted to $320,011,597, or 18.1% of net assets. 
† 
Amount rounds to less than 0.1%. 
(a) 
Securities are restricted as to resale. 
 
 
Acquisition 
 
 
 
Restricted Securities Date Cost Value 
 
Enterprise Development Authority 
6/6/2019 $5,269,015 $5,475,000 
 
United States Steel Corp. 
4/6/2020 2,905,792 3,003,750 
 
Total Restricted Securities 
 
 
$8,478,750 
 
% of Net Assets 
 
 
0.5% 
   
(b) 
Consists of Revenue Bonds unless otherwise indicated. 
 
(c) 
Pre-refunded bonds have been collateralized by U.S. Treasury or U.S. Government Agency securities which are held in escrow to pay interest and principal on the tax-exempt issue and to retire the bonds in full at the earliest refunding date. 
(d) 
Security issued with a zero coupon. Income is recognized through accretion of discount. 
(e) 
Represents a General Obligation Bond. 
(f) 
The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at August 31, 2020. 
(g) 
Security is in default. 
(h) 
Escrow to maturity. 
(i) 
The concentration of investments by type of obligation/market sector is as follows: 
   
 
Revenue Bonds: 
 
 
Tobacco Revenue 25.5% 
 
Education Revenue 23.4% 
 
Development Revenue 14.7% 
 
General Obligation 14.4% 
 
Health Revenue 13.3% 
 
Water Revenue 4.2% 
 
Transportation Revenue 2.1% 
 
Facilities Revenue 1.3% 
 
Other Revenue 1.1% 
 
Pollution Control Revenue  0.0%†
 
 
100.0% 
 
  Amount rounds to less than 0.1%. 
 
 
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/20 33
 

Schedule of Investments | 8/31/20 (continued)
Purchases and sales of securities (excluding temporary cash investments) for the year ended August 31, 2020, aggregated $1,511,932,468 and $1,211,033,763, respectively.
The Fund is permitted to engage in purchase and sale transactions (“cross trades”) with certain funds and accounts for which Amundi Pioneer Asset Management, Inc. (the “Adviser”) serves as the Fund’s investment adviser, as set forth in Rule 17a-7 under the Investment Company Act of 1940, pursuant to procedures adopted by the Board of Trustees. Under these procedures, cross trades are effected at current market prices. During the year ended August 31, 2020, the Fund engaged in sales of $5,062,500, which resulted in a net realized gain/(loss) of $(359,345). During the year ended August 31, 2020, the Fund did not engage in purchases pursuant to these procedures.
At August 31, 2020, the net unrealized appreciation on investments based on cost for federal tax purposes of $1,687,454,545 was as follows:
    
Aggregate gross unrealized appreciation for all investments in which    
there is an excess of value over tax cost  
$
82,484,480
 
Aggregate gross unrealized depreciation for all investments in which     
there is an excess of tax cost over value   
(65,639,988
)
Net unrealized appreciation  
$
16,844,492
 
 
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels 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 risks, etc.). See Notes to Financial Statements — Note 1A.
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments). See Notes to Financial Statements — Note 1A.
The following is a summary of the inputs used as of August 31, 2020, in valuing the Fund’s investments:
             
 
 Level 1  Level 2  Level 3  Total 
Debtors in Possession Financing 
 
$
  
$
8,478,750
  
$
  
$
8,478,750
 
Municipal Bonds 
  
   
1,695,820,287
   
   
1,695,820,287
 
Total Investments in Securities  $  $1,704,299,037  $  $1,704,299,037 
 
During the year ended August 31, 2020, there were no transfers between Levels 1, 2 and 3.
The accompanying notes are an integral part of these financial statements.
34 Pioneer High Income Municipal Fund | Annual Report | 8/31/20
 

Statement of Assets and Liabilities | 8/31/20
    
ASSETS:    
Investments in unaffiliated issuers, at value (cost $1,678,021,100)  
$
1,704,299,037
 
Cash   
38,510,295
 
Receivables —     
Investment securities sold   
280,000
 
Fund shares sold   
10,484,055
 
Interest   
23,157,946
 
Due from the Adviser   
268,476
 
Other assets   
1,210,657
 
Total assets  $1,778,210,466 
LIABILITIES:     
Payables —     
Investment securities purchased  
$
3,095,127
 
Fund shares repurchased   
4,253,803
 
Distributions   
1,001,377
 
Trustees’ fees   
16,867
 
Due to affiliates   
164,711
 
Accrued expenses   
358,062
 
Total liabilities  $8,889,947 
NET ASSETS:     
Paid-in capital  
$
1,854,282,621
 
Distributable earnings (loss)   
(84,962,102
)
Net assets  $1,769,320,519 
NET ASSET VALUE PER SHARE:     
No par value (unlimited number of shares authorized) 
    
Class A (based on $631,922,311/87,363,946 shares)  
$
7.23
 
Class C (based on $190,278,924/26,280,336 shares)  
$
7.24
 
Class Y (based on $947,119,284/132,678,044 shares)  
$
7.14
 
MAXIMUM OFFERING PRICE PER SHARE:     
Class A (based on $7.23 net asset value per share/100%-4.50%     
maximum sales charge)  
$
7.57
 
 
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/20 35
 

Statement of Operations
FOR THE YEAR ENDED 8/31/20
       
INVESTMENT INCOME:       
Interest from unaffiliated issuers  
$
77,090,704
    
Total investment income      $77,090,704 
EXPENSES:         
Management fees  
$
8,047,024
     
Administrative expense   
418,459
     
Transfer agent fees         
Class A   
113,974
     
Class C   
72,815
     
Class Y   
812,460
     
Distribution fees         
Class A   
1,544,241
     
Class C   
1,962,890
     
Shareowner communications expense   
33,414
     
Custodian fees   
24,000
     
Registration fees   
181,874
     
Professional fees   
346,155
     
Printing expense   
38,360
     
Pricing fees   
7,840
     
Trustees’ fees   
93,051
     
Insurance expense   
15,853
     
Interest expense   
26,931
     
Miscellaneous   
115,211
     
Total expenses      
$
13,854,552
 
Less fees waived and expenses reimbursed by the Adviser       
(796,904
)
Net expenses      
$
13,057,648
 
Net investment income      $64,033,056 
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:     
Net realized gain (loss) on:         
Investments in unaffiliated issuers      
$
(59,320,919
)
Change in net unrealized appreciation (depreciation) on:         
Investments in unaffiliated issuers      
$
(21,611,905
)
Net realized and unrealized gain (loss) on investments      $(80,932,824)
Net decrease in net assets resulting from operations      $(16,899,768)
 
The accompanying notes are an integral part of these financial statements.
36 Pioneer High Income Municipal Fund | Annual Report | 8/31/20
 

Statements of Changes in Net Assets
       
 
 Year  Year 
 
 Ended  Ended 
 
 8/31/20  8/31/19 
FROM OPERATIONS:       
Net investment income (loss) 
 
$
64,033,056
  
$
47,716,302
 
Net realized gain (loss) on investments 
  
(59,320,919
)
  
(12,225,940
)
Change in net unrealized appreciation (depreciation) 
        
on investments   
(21,611,905
)
  
53,070,334
 
Net increase (decrease) in net assets resulting         
from operations  $(16,899,768) $88,560,696 
DISTRIBUTIONS TO SHAREOWNERS:         
Class A ($0.30 and $0.36 per share, respectively)  
$
(24,841,976
)
 
$
(18,724,370
)
Class C ($0.24 and $0.30 per share, respectively)   
(6,402,827
)
  
(5,836,784
)
Class Y ($0.31 and $0.37 per share, respectively)   
(38,090,971
)
  
(24,327,680
)
Total distributions to shareowners  
$
(69,335,774
)
 
$
(48,888,834
)
FROM FUND SHARE TRANSACTIONS:         
Net proceeds from sales of shares 
 
$
1,095,332,906
  
$
949,147,827
 
Reinvestment of distributions 
  
56,598,939
   
38,986,797
 
Cost of shares repurchased 
  
(804,346,001
)
  
(258,632,356
)
Net increase in net assets resulting from Fund         
share transactions  
$
347,585,844
  
$
729,502,268
 
Net increase in net assets  $261,350,302  $769,174,130 
NET ASSETS:         
Beginning of year 
 
$
1,507,970,217
  
$
738,796,087
 
End of year 
 $1,769,320,519  $1,507,970,217 
 
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/20 37
 

Statements of Changes in Net Assets
(continued)
             
 
 Year Ended  Year Ended  
Year Ended
  Year Ended 
 
 8/31/20  8/31/20  8/31/19  8/31/19 
 
 Shares  Amounts  Shares  Amount 
Class A             
Shares sold 
  
42,422,453
  
$
313,402,243
   
36,705,562
  
$
270,650,777
 
Reinvestment of distributions 
  
3,017,200
   
22,098,332
   
2,220,234
   
16,324,158
 
Less shares repurchased 
  
(30,167,966
)
  
(216,677,996
)
  
(9,468,986
)
  
(69,140,984
)
Net increase   
15,271,687
  
$
118,822,579
   
29,456,810
  
$
217,833,951
 
Class C                 
Shares sold 
  
9,914,054
  
$
73,707,281
   
10,768,411
  
$
79,442,533
 
Reinvestment of distributions 
  
739,548
   
5,415,934
   
647,485
   
4,758,598
 
Less shares repurchased 
  
(7,534,554
)
  
(54,546,485
)
  
(6,550,358
)
  
(48,218,972
)
Net increase   
3,119,048
  
$
24,576,730
   
4,865,538
  
$
35,982,159
 
Class Y                 
Shares sold 
  
98,135,027
  
$
708,223,382
   
82,646,665
  
$
599,054,517
 
Reinvestment of distributions 
  
4,018,802
   
29,084,673
   
2,459,607
   
17,904,041
 
Less shares repurchased 
  
(75,051,914
)
  
(533,121,520
)
  
(19,523,426
)
  
(141,272,400
)
Net increase   
27,101,915
  
$
204,186,535
   
65,582,846
  
$
475,686,158
 
 
The accompanying notes are an integral part of these financial statements.
38 Pioneer High Income Municipal Fund | Annual Report | 8/31/20
 

Financial Highlights
                
 
 Year  Year  Year  Year  Year 
 
 Ended  Ended  Ended  Ended  Ended 
 
 8/31/20  8/31/19  8/31/18  8/31/17  8/31/16* 
Class A                
Net asset value, beginning of period 
 
$
7.56
  
$
7.36
  
$
7.32
  
$
7.59
  
$
7.22
 
Increase (decrease) from investment operations: 
                    
Net investment income (loss) (a)  
$
0.27
  
$
0.35
  
$
0.38
  
$
0.35
  
$
0.36
 
Net realized and unrealized gain (loss) on investments   
(0.30
)
  
0.21
   
0.02
   
(0.26
)
  
0.41
 
Net increase (decrease) from investment operations  $(0.03) $0.56  $0.40  $0.09  $0.77 
Distributions to shareowners: 
                    
Net investment income  
$
(0.30
)
 
$
(0.36
)
 
$
(0.36
)
 
$
(0.36
)
 
$
(0.40
)
Net increase (decrease) in net asset value  $(0.33) $0.20  $0.04  $(0.27) $0.37 
Net asset value, end of period 
 
$
7.23
  
$
7.56
  
$
7.36
  
$
7.32
  
$
7.59
 
Total return (b)   (0.41)%  7.87%  5.60%  1.32%  10.90%
Ratio of net expenses to average net assets 
  
0.82
%
  
0.83
%
  
0.86
%
  
0.88
%
  
0.87
%
Ratio of net investment income (loss) to average net assets 
  
3.71
%
  
4.81
%
  
5.16
%
  
4.85
%
  
4.86
%
Portfolio turnover rate 
  
73
%
  
20
%
  
22
%
  
35
%
  
20
%
Net assets, end of period (in thousands) 
 
$
631,922
  
$
545,014
  
$
313,695
  
$
267,618
  
$
292,019
 
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   
0.82
%
  
0.85
%
  
0.86
%
  
0.88
%
  
0.87
%
Net investment income (loss) to average net assets   
3.71
%
  
4.79
%
  
5.16
%
  
4.85
%
  
4.86
%
 
*     The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP.
(a)   The per-share data presented above is based on the average shares outstanding for the period presented.
(b)   Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account.
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Municipal Fund | Annual Report | 8/31/20 39
 

Financial Highlights (continued)
                
 
 Year  Year  Year  Year  Year 
 
 Ended  Ended  Ended  Ended  Ended 
 
 8/31/20  8/31/19  8/31/18  8/31/17  8/31/16* 
Class C                
Net asset value, beginning of period 
 
$
7.56
  
$
7.36
  
$
7.32
  
$
7.59
  
$
7.22
 
Increase (decrease) from investment operations: 
                    
Net investment income (loss) (a)  
$
0.22
  
$
0.35
  
$
0.32
  
$
0.30
  
$
0.30
 
Net realized and unrealized gain (loss) on investments   
(0.30
)
  
0.15
   
0.02
   
(0.27
)
  
0.41
 
Net increase (decrease) from investment operations  $(0.08) $0.50  $0.34  $0.03  $0.71 
Distributions to shareowners: 
                    
Net investment income  
$
(0.24
)
 
$
(0.30
)
 
$
(0.30
)
 
$
(0.30
)
 
$
(0.34
)
Net increase (decrease) in net asset value  $(0.32) $0.20  $0.04  $(0.27) $0.37 
Net asset value, end of period 
 
$
7.24
  
$
7.56
  
$
7.36
  
$
7.32
  
$
7.59
 
Total return (b)   (1.03)%  7.05%  4.81%  0.55%  10.07%
Ratio of net expenses to average net assets 
  
1.59
%
  
1.60
%
  
1.63
%
  
1.65
%
  
1.63
%
Ratio of net investment income (loss) to average net assets 
  
2.95
%
  
4.07
%
  
4.42
%
  
4.10
%
  
4.10
%
Portfolio turnover rate 
  
73
%
  
20
%
  
22
%
  
35
%
  
20
%
Net assets, end of period (in thousands) 
 
$
190,279
  
$
175,156
  
$
134,670
  
$
143,846
  
$
165,883
 
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   
1.59
%
  
1.61
%
  
1.63
%
  
1.65
%
  
1.63
%
Net investment income (loss) to average net assets