Pioneer Global High
Yield Fund
Semiannual Report | April 30, 2021
A: PGHYX | C: PGYCX | Y: GHYYX |
Paper copies of the Fund’s shareholder reports are no longer 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 are 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.
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.
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Pioneer Global High Yield Fund | Semiannual Report | 4/30/21 1
President’s LetterDear Shareholders,
With the first half of 2021 nearly over, we have seen some better news on the COVID-19 pandemic front. In the US, widespread distribution of the COVID-19 vaccines approved for emergency use late last year, and a general decline in both virus cases and related hospitalizations, have had a positive effect on overall market sentiment.
While there may finally be a light visible at the end of the pandemic tunnel, the long-term impact on the global economy from COVID-19, 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.
With that said, so far during 2021, we have seen investments typically associated with a higher degree of risk, such as equities and high-yield bonds, outperform investments regarded as less risky, such as government debt. In addition, cyclical stocks, or stocks of companies with greater exposure to the ebbs and flows of the economic cycle, have rallied this year after slumping during the height of the pandemic, as investors have appeared to embrace the potential for a more widespread reopening of the economy in the coming months. Additional fiscal stimulus from the US government in recent months has also helped provide some market momentum.
Despite the strong rebound from the March 2020 lows and positive market performance so far this year, several factors that could lead to increased volatility and weaker performance bear watching. These include: public-health issues such as potential surges in COVID-19 cases, particularly as “variants” of the virus have continued to arise; macroeconomic concerns (inflation, energy prices, sluggish employment figures); and changes to the US government’s fiscal policies, particularly the possibility of higher income tax rates on both individuals and businesses.
After leaving our offices in March of 2020 due to COVID-19, we have re-opened our US locations and have invited our employees to slowly return to the office. I am proud of the careful planning that has taken place. Our business has continued to operate without any disruption and we all look forward to regaining a bit of normalcy after 15 months of remote working.
Since 1928, Amundi US’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 risks during periods of market volatility.
2 Pioneer Global High Yield Fund | Semiannual Report | 4/30/21
At Amundi US, 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.
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 professional to develop an investment plan that paves the way for you to pursue both your short-term and long-term goals.
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 US
Amundi Asset Management US, Inc.
June 2021
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 High Yield Fund | Semiannual Report | 4/30/21 3
Portfolio Management Discussion |
4/30/21 In the following interview, Andrew Feltus, Ken Monaghan, and Matt Shulkin discuss the factors that influenced the performance of Pioneer Global High Yield Fund during the six-month period ended April 30, 2021. Mr. Feltus, Managing Director, Co-Director of High Yield, and a portfolio manager at Amundi Asset Management US, Inc. (Amundi US), is responsible for the day-to-day management of the Fund, along with Mr. Monaghan, Managing Director, Co-Director of High Yield, and a portfolio manager at Amundi US, and Mr. Shulkin, a senior vice president and a portfolio manager at Amundi US.
Q How did the Fund perform during the six-month period ended April 30, 2021?
A Pioneer Global High Yield Fund’s Class A shares returned 12.72% at net asset value during the six-month period ended April 30, 2021, while the Fund’s benchmarks, the Bloomberg Barclays Global High Yield Index (the Bloomberg Barclays Index) and the ICE Bank of America (ICE BofA) U.S. High Yield Index, returned 8.58% and 8.12%, respectively. During the same period, the average return of the 695 mutual funds in Morningstar’s High Yield Bond Funds category was 7.98%.
Q Could you please describe the market environment for global high-yield investors during the six-month period ended April 30, 2021?
A Entering the period in November 2020, markets had been focused on heightened risks revolving around three key areas: the continuing COVID-19 pandemic, the need for additional fiscal stimulus, and political risks, particularly the US elections. COVID-19 outbreaks at the time were ongoing and the lockdowns enacted earlier in 2020 to help slow the propagation of the virus, while relaxed in some areas, were economically costly nonetheless. After an initial wave of fiscal stimulus packages early on in the pandemic, additional legislation in both the US and Europe were proving difficult to enact. On the political front, arranging the final details of the Brexit deal in the United Kingdom were challenging, and signs had emerged that the US election results would be contested.
In December, the confirmation of November’s US election results helped reduce uncertainty and boosted market sentiment. That same month, the economic outlook received two “shots in the arm,” as a pair of COVID-19 vaccines received emergency-use authorization, and Congress finally reached agreement on a $900 billion COVID-19 relief package. Markets
4 Pioneer Global High Yield Fund | Semiannual Report | 4/30/21
viewed the vaccines as the proverbial “light at the end of the tunnel” for the pandemic, betting that widespread vaccinations would help alleviate public-health uncertainty and bring forward the timing of a return to economic normalcy. The additional fiscal stimulus measures were viewed as offering much needed support for many individuals and businesses.
As 2021 got underway, investors elected to focus their attention on those positive developments and looked beyond regional “surges” in COVID-19 cases, as well as select data that suggested a slowing in the rate of economic recovery. By late January, remaining political uncertainty had been removed as a new administration and Democrat-controlled House and Senate took office and almost immediately began discussions about even more fiscal stimulus, which resulted in passage of another $1.9 trillion COVID-19 relief package soon after. In response, riskier assets rallied and yields on high-quality sovereign debt moved higher in the first quarter of 2021.
US high-yield corporates generated positive returns every month during the six-month period, even as credit spreads tightened and Treasury bond yields rose. (Credit spreads are commonly defined as the differences in yield between Treasuries and other types of fixed-income securities with similar maturities.) European high-yield debt generated similar results in local currencies, but the euro appreciated over the period, due to the easy monetary stance of the US Federal Reserve (Fed), and that helped lift the total returns of non-US dollar (USD) high-yield bonds.
Despite strong performance at the end of 2020, emerging markets high-yield bonds have lagged other high-yield sectors so far in 2021, reflecting their longer duration as well as some idiosyncratic risk; for instance, the performance of Petrobras, a bond the Fund does not hold, weakened on news of the Brazilian government’s interference with company management. (Duration is a measure of the sensitivity of the price, or the value of principal, of a fixed-income investment to a change in interest rates, expressed as a number of years.)
Q What were the principal factors that influenced the Fund’s benchmark-relative performance during the six-month period ended April 30, 2021?
A The Fund’s asset allocations led the positive contributors to benchmark-relative performance for the six-month period, while security selection also aided relative returns.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/21 5
In sector terms, the portfolio’s positioning in energy, transportation, and leisure were the top positive contributors to relative performance for the period. Those sectors have been rebounding as the global economy has gradually reopened. The Fund was overweight versus the benchmark to energy and transportation, and experienced strong security selection results in both sectors as well. The Fund’s relative performance also benefited from overweights to leisure, airlines, and other sectors that bore the brunt of the COVID-19 lockdowns, but that so far have bounced back strongly in 2021.
In terms of credit quality, the Fund benefited from being underweight to issues rated BB, and from an overweight to B-rated issues. Regionally, the portfolio’s overweight to North America and underweights to Europe and the emerging markets also aided the Fund’s relative results.
The largest detractor from relative performance from a positioning standpoint was the Fund’s cash allocation; we hold cash in the portfolio in an effort to ensure adequate liquidity as part of our investment strategy.
At the individual security level, the leading positive contributors to the Fund’s relative returns during the six-month period included positions in AMC Entertainment, the global movie theater chain; Baytex Energy, an exploration-and-production company focused on oil operations in Western Canada and the Eagle Ford field in Texas; and Shelf Drilling, an operator of shallow water jack-up drilling rigs outside of the US.
Leading detractors from the Fund’s relative performance among individual securities included underweights in Occidental Petroleum, the large global exploration-and-production company; Pemex, the Mexican state-owned oil company; and Bombardier, the manufacturer of regional jets for the airline industry.
Q Did the Fund have any exposure to derivative securities during the six-month period ended April 30, 2021? If so, did the derivatives have any effect on the Fund’s performance?
A Yes, we utilized index-based credit-default swaps in order to maintain the desired level of portfolio exposure to the high-yield market, and as a means of seeking to maintain sufficient liquidity to make opportunistic purchases and helping to meet any unanticipated redemption requests. We use the swap positions to increase the Fund’s market exposure at certain times, and to decrease market exposure at other times. During the six-month period, the use of credit-default swaps had a positive effect on the Fund’s performance. We also utilized forward foreign currency
6 Pioneer Global High Yield Fund | Semiannual Report | 4/30/21
contracts (currency forwards) and foreign exchange options during the six-month period, and those positions also had a positive impact on the Fund’s performance as the euro gained ground versus the USD.
Q Did the Fund’s distributions* to shareholders change during the six-month period ended April 30, 2021?
A The Fund’s monthly distributions remained relatively stable over the six months, despite volatility in both Treasury yields and credit spreads.
Q What is your investment outlook?
A The Fed has continued to message that it is willing to keep US monetary policy accommodative for an extended period of time. While “an extended period of time” seems to be a purposefully vague duration, public comments from members of the Federal Open Market Committee (FOMC) have suggested that they could be thinking the “extended period” equals at least one year. If the FOMC, as suggested, waits for a full year with Core PCE (personal consumption) inflation at more than 2% before tightening monetary policy, rate hikes could be off the table until 2023, in our opinion. That would be consistent with the Fed’s own “dot plot” projections. Market pricing, however, has reflected a somewhat faster pace for rate hikes, due in part to the possibility that the markets may not “buy” the Fed’s new operating framework. (The Fed’s “dot” plot/projection is a quarterly chart summarizing the outlook for the federal funds rate for each of the FOMC’s members.)
Given the likelihood of additional fiscal stimulus through a proposed infrastructure spending package and possibly other initiatives, and a more rapid US economic reopening, we have revised upwards our base-case 2021 US gross domestic product growth forecast. Meanwhile, Europe and the emerging markets are “earlier” in their economic recoveries, as vaccination efforts in those regions have been less effective than in the US. However, we believe those areas will eventually reopen and see accelerating expansions.
We think the demand-driven economic growth dynamic could be positive for corporate fundamentals and consumer balance sheets. In turn, solid issuer fundamentals and still-elevated investor cash balances (which are earning close to 0% yield) may support the performance of credit-sensitive securities going forward.
* Distributions are not guaranteed.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/21 7
We currently regard the risk of interest rates moving sharply higher as remote, but we are monitoring conditions closely as strong monthly economic data on the horizon could push Treasury yields higher in the coming months.
All in all, we believe the current backdrop is supportive for high-yield fundamentals. Strong growth and corporate profits have resulted in decreasing default rates. Markets are open and companies have good access to financing, in both the loan and bond markets.
Our main concern heading into the second half of the Fund’s fiscal year is valuations. High-yield spreads, at period-end, were in the lower quartile of historical ranges, but still appear attractive relative to other “spread assets,” such as investment-grade corporate bonds and government-backed mortgage bonds. Our base case is that default losses might be low, but that the level of valuations and rising Treasury yields could constrain total returns, even if high-yield securities continue to outperform other segments of the bond market.
8 Pioneer Global High Yield Fund | Semiannual Report | 4/30/21
Please refer to the Schedule of Investments on pages 18–41 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.
Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, and economic and political conditions.
Prepayment risk is the chance that an issuer may exercise its right to repay 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 Fund may invest in mortgage-backed securities, which during times of fluctuating interest rates may increase or decrease more than other fixed-income securities. Mortgage-backed securities are also subject to pre-payments.
The Fund may use derivatives, such as options, futures, inverse floating rate obligations, swaps, and others, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. Derivatives may have a leveraging effect on the Fund.
At times, the Fund’s investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/21 9
These risks may increase share price volatility.
Before investing, consider the product’s investment objectives, risks, charges and expenses. Contact your advisor or Amundi Asset Management US, 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.
10 Pioneer Global High Yield Fund | Semiannual Report | 4/30/21
Portfolio Summary |
4/30/21 Portfolio Diversification
(As a percentage of total investments)*
Geographical Distribution
(As a percentage of total investments based on country of domicile)
| | |
10 Largest Holdings | |
(As a percentage of total investments)* | |
1. | Ford Motor Credit Co. LLC, 4.125%, 8/17/27 | 1.18% |
2. | Pegasus Hava Tasimaciligi AS, 9.25%, 4/30/26 (144A) | 1.07 |
3. | Metinvest BV, 7.75%, 10/17/29 (144A) | 1.02 |
4. | MDC Partners, Inc., 7.5%, 5/1/24 (144A) | 0.94 |
5. | PowerTeam Services LLC, 9.033%, 12/4/25 (144A) | 0.91 |
6. | Atento Luxco 1 S.A., 8.0%, 2/10/26 (144A) | 0.84 |
7. | Ivory Coast Government International Bond, 4.875%, 1/30/32 (144A) | 0.83 |
8. | Garda World Security Corp., 9.5%, 11/1/27 (144A) | 0.82 |
9. | Mercer International, Inc., 5.125%, 2/1/29 (144A) | 0.78 |
10. | Tronox, Inc., 4.625%, 3/15/29 (144A) | 0.77 |
* 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 Global High Yield Fund | Semiannual Report | 4/30/21 11
Prices and Distributions |
4/30/21 | | |
Net Asset Value per Share | |
|
Class | 4/30/21 | 10/31/20 |
A | $8.66 | $7.88 |
C | $8.65 | $7.87 |
Y | $8.49 | $7.73 |
| | | |
Distributions per Share: 11/1/20–4/30/21 | |
|
| Net Investment | Short-Term | Long-Term |
| Income | Capital Gains | Capital Gains |
A | $0.2148 | $ — | $ — |
C | $0.1761 | $ — | $ — |
Y | $0.2207 | $ — | $ — |
Index Definitions
The Bloomberg Barclays Global High Yield Index is an unmanaged index that provides a broad-based measure of the global high-yield fixed-income markets. The index represents the union of the Barclays U.S. High-Yield, Barclays Pan-European High-Yield, Barclays U.S. Emerging Markets High-Yield, and Barclays Pan-European Emerging Markets High-Yield Indices. 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 indices defined here pertain to the “Value of $10,000 Investment” and “Value of $5 Million Investment” charts appearing on pages 13–15.
12 Pioneer Global High Yield Fund | Semiannual Report | 4/30/21
| |
Performance Update | 4/30/21 | 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 High Yield Fund at public offering price during the periods shown, compared to that of the Bloomberg Barclays Global High Yield Index and the ICE Bank of America (BofA) U.S. High Yield Index.
| | | | |
Average Annual Total Returns | |
(As of April 30, 2021) | | |
| | | BBG | ICE |
| | | Barclays | BofA
|
| Net | Public | Global | U.S. |
| Asset | Offering | High
| High |
| Value | Price | Yield | Yield |
Period | (NAV) | (POP) | Index | Index |
10 years 3.89% | 3.42% | 5.91% | 6.27% |
5 years | 6.10 | 5.13 | 6.45 | 7.33 |
1 year | 30.08 | 24.23 | 21.80 | 20.10 |
Expense Ratio | |
(Per prospectus dated March 1, 2021) |
Gross | Net |
1.23% | 1.14% |
Call 1-800-225-6292 or visit www.amundi.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. POP returns reflect deduction of maximum 4.50% sales charge. NAV returns would have been lower had sales charge 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 in effect through March 1, 2022, for Class A shares. There can be no assurance that Amundi US 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 High Yield Fund | Semiannual Report | 4/30/21 13
Performance Update | 4/30/21 | 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 High Yield Fund during the periods shown, compared to that of the Bloomberg Barclays Global High Yield Index and the ICE Bank of America (BofA) U.S. High Yield Index.
| | | | |
Average Annual Total Returns | |
(As of April 30, 2021) | | |
| | | BBG | ICE |
| | | Barclays | BofA
|
| | | Global | U.S. |
| | | High | High |
| If | If | Yield | Yield |
Period | Held | Redeemed | Index
| Index |
10 years | 3.13% | 3.13% | 5.91% | 6.27% |
5 years | 5.32 | 5.32 | 6.45 | 7.33 |
1 year | 28.95 | 28.95 | 21.80 | 20.10 |
Expense Ratio |
(Per prospectus dated March 1, 2021) |
Gross |
2.02% |
Call 1-800-225-6292 or visit www.amundi.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. NAV 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 Global High Yield Fund | Semiannual Report | 4/30/21
Performance Update | 4/30/21 | 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 High Yield Fund during the periods shown, compared to that of the Bloomberg Barclays Global High Yield Index and the ICE Bank of America (BofA) U.S. High Yield Index.
| | | |
Average Annual Total Returns |
(As of April 30, 2021) | |
|
| | BBG | ICE |
| | Barclays | BofA
|
| Net | Global | U.S. |
| Asset | High | High |
| Value | Yield | Yield |
Period | (NAV) | Index | Index |
10 years | 4.14% | 5.91% | 6.27% |
5 years | 6.36 | 6.45 | 7.33 |
1 year | 30.24 | 21.80 | 20.10 |
| |
Expense Ratio | |
(Per prospectus dated March 1, 2021) |
Gross | Net |
0.96% | 0.90% |
Call 1-800-225-6292 or visit www.amundi.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 in effect through March 1, 2022, for Class Y shares. There can be no assurance that Amundi US 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 High Yield Fund | Semiannual Report | 4/30/21 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 Global High Yield Fund
Based on actual returns from November 1, 2020 through April 30, 2021.
| | | |
Share Class | A
| C
| Y
|
Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
Value on 11/1/20 | | | |
Ending Account Value (after expenses) | $1,127.20 | $1,122.20 | $1,127.80 |
on 4/30/21 | | | |
Expenses Paid | $6.01 | $10.58 | $4.75 |
During Period* | | | |
* Expenses are equal to the Fund’s annualized expense ratio of 1.14%, 2.01%, and 0.90% for Class A, Class C and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the partial year period).
16 Pioneer Global High Yield Fund | Semiannual Report | 4/30/21
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 Global High Yield Fund
Based on a hypothetical 5% return per year before expenses, reflecting the period from November 1, 2020 through April 30, 2021.
| | | |
Share Class | A
| C
| Y
|
Beginning Account | $1,000.00 | $1,000.00 | $1,000.00 |
Value on 11/1/20 | | | |
Ending Account Value (after expenses) | $1,019.14 | $1,014.83 | $1,020.33 |
on 4/30/21 | | | |
Expenses Paid | $5.71 | $10.04 | $4.51 |
During Period* | | | |
* Expenses are equal to the Fund’s annualized expense ratio of 1.14%, 2.01%, and 0.90% for Class A, |
Class C and Class Y shares, respectively, multiplied by the average account value over the period, |
multiplied by 181/365 (to reflect the partial year period). |
Pioneer Global High Yield Fund | Semiannual Report | 4/30/21 17
Schedule of Investments |
4/30/21 (unaudited)
| | | |
Shares | | | Value |
| | UNAFFILIATED ISSUERS — 94.4% | |
| | COMMON STOCKS — 0.7% of Net Assets
| |
| | Energy Equipment & Services — 0.6% | |
44,927(a) | | FTS International, Inc. | $ 1,155,522 |
11,730^(a) | | Superior Energy Services, Inc. | 372,428 |
| | Total Energy Equipment & Services | $ 1,527,950 |
| | Household Durables — 0.0%† | |
1,443,476(a) | | Desarrolladora Homex SAB de CV | $ 1,853 |
| | Total Household Durables | $ 1,853 |
| | Oil, Gas & Consumable Fuels — 0.1% | |
25(a) | | Amplify Energy Corp. | $ 67 |
5,735,146^(a) | | Ascent CNR Corp. | 172,054 |
| | Total Oil, Gas & Consumable Fuels | $ 172,121 |
| | Paper & Forest Products — 0.0%† | |
459,481 | | Emerald Plantation Holdings, Ltd. | $ 7,352 |
| | Total Paper & Forest Products | $ 7,352 |
| | TOTAL COMMON STOCKS | |
| | (Cost $2,250,290) | $ 1,709,276 |
Principal | | | |
Amount | | | |
USD ($) | | | |
| | CONVERTIBLE CORPORATE BONDS — 4.1% | |
| | of Net Assets | |
| | Airlines — 1.0% | |
513,000 | | Air Canada, 4.0%, 7/1/25 (144A) | $ 786,942 |
700,000 | | GOL Equity Finance SA, 3.75%, 7/15/24 (144A) | 592,945 |
999,000 | | Spirit Airlines, Inc., 1.0%, 5/15/26 | 1,025,126 |
| | Total Airlines | $ 2,405,013 |
| | Banks — 0.1% | |
IDR 11,178,198,000^ | | PT Bakrie & Brothers Tbk, 0.0%, 12/22/22 | $ 77,385 |
| | Total Banks | $ 77,385 |
| | Biotechnology — 0.3% | |
631,000 | | Insmed, Inc., 1.75%, 1/15/25 | $ 703,565 |
| | Total Biotechnology | $ 703,565 |
| | Entertainment — 0.5% | |
735,000(b) | | DraftKings, Inc., 3/15/28 (144A) | $ 701,558 |
520,000 | | IMAX Corp., 0.5%, 4/1/26 (144A) | 539,119 |
| | Total Entertainment | $ 1,240,677 |
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global High Yield Fund | Semiannual Report | 4/30/21
| | | |
Principal | | | |
Amount | | | |
USD ($) | | | Value |
| | Healthcare-Products — 0.1% | |
230,000 | | Integra LifeSciences Holdings Corp., 0.5%, 8/15/25 | $ 264,799 |
| | Total Healthcare-Products | $ 264,799 |
| | Leisure Time — 0.2% | |
315,000 | | Royal Caribbean Cruises, Ltd., 4.25%, 6/15/23 (144A) | $ 442,102 |
| | Total Leisure Time | $ 442,102 |
| | Media — 0.1% | |
237,000 | | DISH Network Corp., 3.375%, 8/15/26 | $ 249,442 |
| | Total Media | $ 249,442 |
| | Mining — 0.3% | |
510,000 | | Ivanhoe Mines, Ltd., 2.5%, 4/15/26 (144A) | $ 608,838 |
| | Total Mining | $ 608,838 |
| | Pharmaceuticals — 0.3% | |
455,000 | | Revance Therapeutics, Inc., 1.75%, 2/15/27 | $ 522,397 |
523,000 | | Tricida, Inc., 3.5%, 5/15/27 (144A) | 202,597 |
| | Total Pharmaceuticals | $ 724,994 |
| | REITs — 0.1% | |
274,000 | | Summit Hotel Properties, Inc., 1.5%, 2/15/26 | $ 296,742 |
| | Total REITs | $ 296,742 |
| | Software — 0.8% | |
1,005,000 | | Ceridian HCM Holding, Inc., 0.25%, 3/15/26 (144A) | $ 999,975 |
410,000(b) | | Everbridge, Inc., 3/15/26 (144A) | 416,150 |
540,000 | | Verint Systems, Inc., 0.25%, 4/15/26 (144A) | 544,551 |
| | Total Software | $ 1,960,676 |
| | Transportation — 0.3% | |
725,000 | | Golar LNG, Ltd., 2.75%, 2/15/22 | $ 707,122 |
| | Total Transportation | $ 707,122 |
| | TOTAL CONVERTIBLE CORPORATE BONDS | |
| | (Cost $10,007,101) | $ 9,681,355 |
| | CORPORATE BONDS — 82.1% of Net Assets | |
| | Advertising — 1.6% | |
200,000 | | Clear Channel International BV, 6.625%, 8/1/25 (144A) | $ 209,000 |
465,000 | | Clear Channel Outdoor Holdings, Inc., 7.75%, | |
| | 4/15/28 (144A) | 478,745 |
2,082,000(c) | | MDC Partners, Inc., 7.5%, 5/1/24 (144A) | 2,118,269 |
325,000 | | Outfront Media Capital LLC/Outfront Media Capital | |
| | Corp., 4.25%, 1/15/29 (144A) | 322,891 |
720,000 | | Outfront Media Capital LLC/Outfront Media Capital | |
| | Corp., 6.25%, 6/15/25 (144A) | 764,100 |
| | Total Advertising | $ 3,893,005 |
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/21 19
Schedule of Investments | 4/30/21
(unaudited) (continued)
| | | |
Principal | | | |
Amount | | | |
USD ($) | | | Value |
| | Agriculture — 0.3% | |
770,000 | | Kernel Holding SA, 6.5%, 10/17/24 (144A) | $ 806,575 |
| | Total Agriculture | $ 806,575 |
| | Airlines — 2.9% | |
765,000 | | Aerovias de Mexico SA de CV, 7.0%, 2/5/25 (144A) | $ 424,582 |
360,000 | | American Airlines, Inc./AAdvantage Loyalty IP, Ltd., | |
| | 5.5%, 4/20/26 (144A) | 378,000 |
300,000 | | American Airlines, Inc./AAdvantage Loyalty IP, Ltd., | |
| | 5.75%, 4/20/29 (144A) | 321,450 |
675,000 | | Gol Finance SA, 7.0%, 1/31/25 (144A) | 615,600 |
540,000 | | Gol Finance SA, 8.0%, 6/30/26 (144A) | 535,043 |
654,519 | | Mileage Plus Holdings LLC/Mileage Plus Intellectual | |
| | Property Assets, Ltd., 6.5%, 6/20/27 (144A) | 716,895 |
2,375,000 | | Pegasus Hava Tasimaciligi AS, 9.25%, 4/30/26 (144A) | 2,410,625 |
EUR 1,300,000 | | Transportes Aereos Portugueses SA, 5.625%, | |
| | 12/2/24 (144A) | 1,293,925 |
225,000 | | United Airlines, Inc., 4.625%, 4/15/29 (144A) | 233,820 |
| | Total Airlines | $ 6,929,940 |
| | Auto Manufacturers — 2.2% | |
595,000 | | Ford Motor Credit Co. LLC, 3.815%, 11/2/27 | $ 610,006 |
2,545,000 | | Ford Motor Credit Co. LLC, 4.125%, 8/17/27 | 2,659,805 |
240,000 | | Ford Motor Credit Co. LLC, 5.113%, 5/3/29 | 262,128 |
1,545,000 | | JB Poindexter & Co., Inc., 7.125%, 4/15/26 (144A) | 1,631,906 |
| | Total Auto Manufacturers | $ 5,163,845 |
| | Auto Parts & Equipment — 1.7% | |
809,000 | | American Axle & Manufacturing, Inc., 6.25%, 3/15/26 | $ 830,742 |
515,000 | | Dana, Inc., 4.25%, 9/1/30 | 522,081 |
1,243,000 | | Dealer Tire LLC/DT Issuer LLC, 8.0%, 2/1/28 (144A) | 1,312,919 |
1,415,000 | | Iochpe-Maxion Austria GmbH/Maxion Wheels de | |
| | Mexico S de RL de CV, 5.0%, 5/7/28 (144A) | 1,384,153 |
| | Total Auto Parts & Equipment | $ 4,049,895 |
| | Banks — 3.1% | |
700,000 | | Akbank T.A.S., 5.125%, 3/31/25 | $ 695,086 |
420,000 | | Akbank T.A.S., 6.8%, 2/6/26 (144A) | 434,162 |
ARS 8,000,000(d) | | Banco de la Ciudad de Buenos Aires, 38.071% | |
| | (BADLARPP + 399 bps), 12/5/22 | 75,177 |
1,180,000(e) | | Banco GNB Sudameris SA, 7.5% (5 Year CMT Index + | |
| | 666 bps), 4/16/31 (144A) | 1,217,170 |
1,026,000(e)(f) | | Banco Mercantil del Norte SA, 6.75% (5 Year CMT | |
| | Index + 497 bps) (144A) | 1,079,865 |
380,000(e)(f) | | Banco Mercantil del Norte SA, 8.375% (5 Year CMT | |
| | Index + 776 bps) (144A) | 451,586 |
1,392,000 | | Freedom Mortgage Corp., 8.25%, 4/15/25 (144A) | 1,444,270 |
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global High Yield Fund | Semiannual Report | 4/30/21
| | | |
Principal | | | |
Amount | | | |
USD ($) | | | Value |
| | Banks — (continued) | |
1,122,000 | | Provident Funding Associates LP/PFG Finance Corp., | |
| | 6.375%, 6/15/25 (144A) | $ 1,122,000 |
750,000(e)(f) | | Sovcombank Via SovCom Capital DAC, 7.75% (5 Year | |
| | CMT Index + 638 bps) (144A) | 764,370 |
9,000(e) | | Turkiye Vakiflar Bankasi TAO, 8.0% (5 Year USD Swap | |
| | Rate + 585 bps), 11/1/27 (144A) | 9,001 |
| | Total Banks | $ 7,292,687 |
| | Biotechnology — 0.5% | |
EUR 790,000 | | Cidron Aida Finco S.a.r.l., 5.0%, 4/1/28 (144A) | $ 967,863 |
GBP 220,000 | | Cidron Aida Finco S.a.r.l., 6.25%, 4/1/28 (144A) | 306,997 |
| | Total Biotechnology | $ 1,274,860 |
| | Building Materials — 0.8% | |
1,201,000 | | Koppers, Inc., 6.0%, 2/15/25 (144A) | $ 1,234,028 |
570,000 | | Patrick Industries, Inc., 4.75%, 5/1/29 (144A) | 571,596 |
| | Total Building Materials | $ 1,805,624 |
| | Chemicals — 2.8% | |
537,000 | | Hexion, Inc., 7.875%, 7/15/27 (144A) | $ 578,056 |
275,000 | | Kraton Polymers LLC/Kraton Polymers Capital Corp., | |
| | 4.25%, 12/15/25 (144A) | 279,125 |
794,000 | | OCI NV, 4.625%, 10/15/25 (144A) | 829,524 |
1,108,000 | | Rain CII Carbon LLC/CII Carbon Corp., 7.25%, | |
| | 4/1/25 (144A) | 1,142,647 |
1,280,000 | | Sasol Financing USA LLC, 5.5%, 3/18/31 | 1,311,616 |
815,000 | | Trinseo Materials Operating SCA/Trinseo Materials | |
| | Finance, Inc., 5.125%, 4/1/29 (144A) | 827,225 |
1,705,000 | | Tronox, Inc., 4.625%, 3/15/29 (144A) | 1,741,231 |
| | Total Chemicals | $ 6,709,424 |
| | Coal — 0.4% | |
895,000 | | SunCoke Energy Partners LP/SunCoke Energy | |
| | Partners Finance Corp., 7.5%, 6/15/25 (144A) | $ 932,160 |
| | Total Coal | $ 932,160 |
| | Commercial Services — 5.2% | |
505,000 | | Allied Universal Holdco LLC/Allied Universal Finance | |
| | Corp., 6.625%, 7/15/26 (144A) | $ 534,038 |
1,345,000 | | Allied Universal Holdco LLC/Allied Universal Finance | |
| | Corp., 9.75%, 7/15/27 (144A) | 1,476,137 |
680,000 | | APX Group, Inc., 6.75%, 2/15/27 (144A) | 731,224 |
1,746,000 | | Atento Luxco 1 SA, 8.0%, 2/10/26 (144A) | 1,895,361 |
1,435,000 | | Celestial-Saturn Merger Sub, Inc., 4.5%, 5/1/28 (144A) | 1,432,891 |
1,666,000 | | Garda World Security Corp., 9.5%, 11/1/27 (144A) | 1,836,765 |
EUR 705,000 | | Loxam SAS, 6.0%, 4/15/25 (144A) | 856,906 |
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/21 21
Schedule of Investments | 4/30/21
(unaudited) (continued)
| | | |
Principal | | | |
Amount | | | |
USD ($) | | | Value |
| | Commercial Services — (continued) | |
915,000 | | Prime Security Services Borrower LLC/Prime | |
| | Finance, Inc., 5.75%, 4/15/26 (144A) | $ 1,000,095 |
1,330,000 | | Prime Security Services Borrower LLC/Prime | |
| | Finance, Inc., 6.25%, 1/15/28 (144A) | 1,389,850 |
525,000 | | Sotheby’s, 7.375%, 10/15/27 (144A) | 565,845 |
EUR 605,000 | | Verisure Holding AB, 3.25%, 2/15/27 (144A) | 729,694 |
| | Total Commercial Services | $ 12,448,806 |
| | Computers — 0.6% | |
595,000 | | Diebold Nixdorf, Inc., 8.5%, 4/15/24 | $ 607,644 |
110,000 | | Diebold Nixdorf, Inc., 9.375%, 7/15/25 (144A) | 122,512 |
455,000 | | NCR Corp., 5.0%, 10/1/28 (144A) | 468,650 |
225,000 | | NCR Corp., 5.25%, 10/1/30 (144A) | 232,875 |
110,000 | | NCR Corp., 8.125%, 4/15/25 (144A) | 119,900 |
| | Total Computers | $ 1,551,581 |
| | Diversified Financial Services — 5.6% | |
1,018,000 | | Alliance Data Systems Corp., 7.0%, 1/15/26 (144A) | $ 1,094,350 |
1,765,000 | | ASG Finance Designated Activity Co., 7.875%, | |
| | 12/3/24 (144A) | 1,693,848 |
400,000(g) | | Avation Capital SA, 8.25% (9.0% PIK 8.25% Cash), | |
| | 10/31/26 (144A) | 324,000 |
1,381,000 | | Credito Real SAB de CV SOFOM ER, 8.0%, | |
| | 1/21/28 (144A) | 1,341,296 |
665,000 | | Financiera Independencia SAB de CV SOFOM ENR, | |
| | 8.0%, 7/19/24 (144A) | 582,872 |
EUR 300,000 | | Garfunkelux Holdco 3 SA, 6.75%, 11/1/25 (144A) | 374,216 |
GBP 510,000 | | Garfunkelux Holdco 3 SA, 7.75%, 11/1/25 (144A) | 730,734 |
1,374,482(g) | | Global Aircraft Leasing Co., Ltd., 6.5% (7.25% PIK 6.5% | |
| | Cash), 9/15/24 (144A) | 1,374,482 |
GBP 785,000 | | Jerrold Finco Plc, 5.25%, 1/15/27 (144A) | 1,112,583 |
680,000 | | Nationstar Mortgage Holdings, Inc., 5.5%, | |
| | 8/15/28 (144A) | 686,800 |
445,000 | | PHH Mortgage Corp., 7.875%, 3/15/26 (144A) | 453,887 |
1,416,000 | | Unifin Financiera SAB de CV, 8.375%, 1/27/28 (144A) | 1,333,900 |
740,000 | | United Wholesale Mortgage LLC, 5.5%, 4/15/29 (144A) | 727,257 |
1,535,000 | | VistaJet Malta Finance Plc/XO Management | |
| | Holding, Inc., 10.5%, 6/1/24 (144A) | 1,653,963 |
| | Total Diversified Financial Services | $ 13,484,188 |
| | Electric — 2.1% | |
470,000 | | Calpine Corp., 4.625%, 2/1/29 (144A) | $ 462,950 |
850,000 | | Cemig Geracao e Transmissao SA, 9.25%, | |
| | 12/5/24 (144A) | 980,475 |
610,000 | | Clearway Energy Operating LLC, 3.75%, | |
| | 2/15/31 (144A) | 601,271 |
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global High Yield Fund | Semiannual Report | 4/30/21
| | | |
Principal | | | |
Amount | | | |
USD ($) | | | Value |
| | Electric — (continued) | |
EUR 560,000 | | ContourGlobal Power Holdings SA, 2.75%, | |
| | 1/1/26 (144A) | $ 676,237 |
EUR 280,000 | | ContourGlobal Power Holdings SA, 3.125%, | |
| | 1/1/28 (144A) | 339,482 |
1,120,000 | | Pampa Energia SA, 7.5%, 1/24/27 (144A) | 915,723 |
970,000 | | Talen Energy Supply LLC, 7.625%, 6/1/28 (144A) | 1,005,453 |
| | Total Electric | $ 4,981,591 |
| | Electrical Components & Equipment — 0.6%
| |
EUR 802,000 | | Belden, Inc., 3.875%, 3/15/28 (144A) | $ 1,002,072 |
335,000 | | WESCO Distribution, Inc., 7.25%, 6/15/28 (144A) | 371,850 |
| | Total Electrical Components & Equipment | $ 1,373,922 |
| | Engineering & Construction — 1.6% | |
967,000 | | Dycom Industries, Inc., 4.5%, 4/15/29 (144A) | $ 981,505 |
543,000 | | IHS Netherlands Holdco BV, 8.0%, 9/18/27 (144A) | 589,155 |
1,845,000 | | PowerTeam Services LLC, 9.033%, 12/4/25 (144A) | 2,045,644 |
1,000,709(h) | | Stoneway Capital Corp., 10.0%, 3/1/27 (144A) | 295,209 |
| | Total Engineering & Construction | $ 3,911,513 |
| | Entertainment — 3.4% | |
609,000 | | AMC Entertainment Holdings, Inc., 10.5%, | |
| | 4/24/26 (144A) | $ 640,790 |
556,935(g) | | AMC Entertainment Holdings, Inc., 12.0% | |
| | (12.0% PIK 10.0% | |
| | Cash), 6/15/26 (144A) | 477,572 |
840,000 | | Caesars Entertainment, Inc., 8.125%, 7/1/27 (144A) | 933,391 |
EUR 800,000 | | Gamma Bidco S.p.A., 5.125%, 7/15/25 (144A) | 972,901 |
EUR 516,000 | | International Game Technology Plc, 2.375%, | |
| | 4/15/28 (144A) | 603,016 |
245,000 | | International Game Technology Plc, 4.125%, | |
| | 4/15/26 (144A) | 252,450 |
770,000 | | Lions Gate Capital Holdings LLC, 5.5%, 4/15/29 (144A) | 771,925 |
1,145,000 | | Mohegan Gaming & Entertainment, 8.0%, 2/1/26 (144A) | 1,162,060 |
EUR 712,000 | | Scientific Games International, Inc., 5.5%, | |
| | 2/15/26 (144A) | 860,318 |
955,000 | | Scientific Games International, Inc., 7.25%, | |
| | 11/15/29 (144A) | 1,050,424 |
344,000 | | Scientific Games International, Inc., 8.25%, | |
| | 3/15/26 (144A) | 370,660 |
| | Total Entertainment | $ 8,095,507 |
| | Environmental Control — 0.9% | |
965,000 | | Covanta Holding Corp., 5.0%, 9/1/30 | $ 990,331 |
310,000 | | GFL Environmental, Inc., 4.0%, 8/1/28 (144A) | 296,651 |
785,000 | | Tervita Corp., 11.0%, 12/1/25 (144A) | 889,013 |
| | Total Environmental Control | $ 2,175,995 |
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/21 23
Schedule of Investments | 4/30/21
(unaudited) (continued)
| | | |
Principal | | | |
Amount | | | |
USD ($) | | | Value |
| | Food — 2.6% | |
710,000 | | Aragvi Finance International DAC, 8.45%, | |
| | 4/29/26 (144A) | $ 730,015 |
GBP 410,000 | | Bellis Acquisition Co. Plc, 3.25%, 2/16/26 (144A) | 567,689 |
GBP 490,000 | | Boparan Finance Plc, 7.625%, 11/30/25 (144A) | 667,134 |
875,000 | | FAGE International SA/FAGE USA Dairy Industry, | |
| | Inc., 5.625%, 8/15/26 (144A) | 900,156 |
1,030,000 | | Minerva Luxembourg SA, 4.375%, 3/18/31 (144A) | 1,003,230 |
563,000 | | Minerva Luxembourg SA, 5.875%, 1/19/28 (144A) | 598,469 |
EUR 655,000 | | Quatrim SASU, 5.875%, 1/15/24 (144A) | 820,976 |
321,000 | | Simmons Foods, Inc./Simmons Prepared Foods, | |
| | Inc./Simmons Pet Food, Inc./Simmons Feed,
| |
| | 4.625%, 3/1/29 (144A) | 323,475 |
675,000 | | US Foods, Inc., 4.75%, 2/15/29 (144A) | 680,906 |
| | Total Food | $ 6,292,050 |
| | Forest Products & Paper — 1.6% | |
725,000 | | Clearwater Paper Corp., 4.75%, 8/15/28 (144A) | $ 730,488 |
1,690,000 | | Mercer International, Inc., 5.125%, 2/1/29 (144A) | 1,747,038 |
809,000 | | Schweitzer-Mauduit International, Inc., 6.875%, | |
| | 10/1/26 (144A) | 855,517 |
EUR 350,000 | | Spa Holdings, 3.625%, 2/4/28 (144A) | 426,566 |
| | Total Forest Products & Paper | $ 3,759,609 |
| | Healthcare-Products — 0.2% | |
375,000 | | Varex Imaging Corp., 7.875%, 10/15/27 (144A) | $ 418,538 |
| | Total Healthcare-Products | $ 418,538 |
| | Healthcare-Services — 2.5% | |
860,000 | | Auna SAA, 6.5%, 11/20/25 (144A) | $ 866,459 |
EUR 420,000 | | CAB SELAS, 3.375%, 2/1/28 (144A) | 502,234 |
1,145,000 | | LifePoint Health, Inc., 5.375%, 1/15/29 (144A) | 1,145,229 |
690,000 | | Prime Healthcare Services, Inc., 7.25%, 11/1/25 (144A) | 742,219 |
1,484,000 | | Surgery Center Holdings, Inc., 10.0%, 4/15/27 (144A) | 1,627,290 |
250,000 | | US Acute Care Solutions LLC, 6.375%, 3/1/26 (144A) | 261,000 |
786,000 | | US Renal Care, Inc., 10.625%, 7/15/27 (144A) | 831,195 |
| | Total Healthcare-Services | $ 5,975,626 |
| | Home Builders — 1.7% | |
575,000 | | Beazer Homes USA, Inc., 5.875%, 10/15/27 | $ 606,625 |
579,000 | | Beazer Homes USA, Inc., 6.75%, 3/15/25 | 596,370 |
155,000 | | Beazer Homes USA, Inc., 7.25%, 10/15/29 | 172,050 |
659,000 | | Brookfield Residential Properties, Inc./Brookfield | |
| | Residential US Corp., 6.25%, 9/15/27 (144A) | 698,540 |
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global High Yield Fund | Semiannual Report | 4/30/21
Principal | | | |
Amount | | | |
USD ($) | | | Value |
| | Home Builders — (continued) | |
550,000 | | M/I Homes, Inc., 4.95%, 2/1/28 | $ 578,353 |
1,259,000 | | Taylor Morrison Communities, Inc., 5.875%, | |
| | 6/15/27 (144A) | 1,428,965 |
| | Total Home Builders | $ 4,080,903 |
| | Home Furnishings — 0.8% | |
EUR 985,000 | | International Design Group S.p.A., 6.5%, 11/15/25 (144A) $ | 1,235,103 |
690,000 | | Tempur Sealy International, Inc., 4.0%, 4/15/29 (144A) | 698,853 |
| | Total Home Furnishings | $ 1,933,956 |
| | Housewares — 0.3% | |
790,000 | | Scotts Miracle-Gro Co., 4.0%, 4/1/31 (144A) | $ 782,100 |
| | Total Housewares | $ 782,100 |
| | Insurance — 0.4% | |
GBP 585,000 | | Galaxy Bidco, Ltd., 6.5%, 7/31/26 (144A) | $ 855,379 |
| | Total Insurance | $ 855,379 |
| | Iron & Steel — 2.2% | |
1,050,000 | | Carpenter Technology Corp., 6.375%, 7/15/28 | $ 1,151,363 |
1,097,000 | | Cleveland-Cliffs, Inc., 6.75%, 3/15/26 (144A) | 1,190,245 |
670,000 | | Commercial Metals Co., 3.875%, 2/15/31 | 670,000 |
2,165,000 | | Metinvest BV, 7.75%, 10/17/29 (144A) | 2,305,076 |
| | Total Iron & Steel | $ 5,316,684 |
| | Leisure Time — 1.8% | |
130,000 | | Carnival Corp., 7.625%, 3/1/26 (144A) | $ 142,350 |
EUR 170,000 | | Carnival Corp., 7.625%, 3/1/26 (144A) | 226,316 |
180,000 | | Carnival Corp., 10.5%, 2/1/26 (144A) | 212,157 |
780,000 | | NCL Corp., Ltd., 5.875%, 3/15/26 (144A) | 815,100 |
220,000 | | NCL Finance, Ltd., 6.125%, 3/15/28 (144A) | 231,730 |
EUR 225,000 | | Pinnacle Bidco Plc, 5.5%, 2/15/25 (144A) | 274,378 |
410,000 | | Royal Caribbean Cruises, Ltd., 5.5%, 4/1/28 (144A) | 429,967 |
175,000 | | Royal Caribbean Cruises, Ltd., 9.125%, 6/15/23 (144A) | 193,193 |
407,000 | | Royal Caribbean Cruises, Ltd., 11.5%, 6/1/25 (144A) | 471,485 |
817,000 | | Viking Cruises, Ltd., 5.875%, 9/15/27 (144A) | 800,660 |
520,000 | | Viking Ocean Cruises Ship VII, Ltd., 5.625%, | |
| | 2/15/29 (144A) | 528,450 |
| | Total Leisure Time | $ 4,325,786 |
| | Lodging — 0.4% | |
590,000 | | Grupo Posadas SAB de CV, 7.875%, 6/30/22 (144A) | $ 321,792 |
550,000 | | Hilton Domestic Operating Co., Inc., 4.0%, 5/1/31 (144A) | 555,500 |
| | Total Lodging | $ 877,292 |
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/21 25
Schedule of Investments | 4/30/21
(unaudited) (continued)
| | | |
Principal | | | |
Amount | | | |
USD ($) | | | Value |
| | Machinery-Construction & Mining — 0.2%
| |
580,000 | | Terex Corp., 5.0%, 5/15/29 (144A) | $ 603,200 |
| | Total Machinery-Construction & Mining | $ 603,200 |
| | Machinery-Diversified — 0.4% | |
EUR 790,000 | | Sofima Holding SPA, 3.75%, 1/15/28 (144A) | $ 953,662 |
| | Total Machinery-Diversified | $ 953,662 |
| | Media — 2.9% | |
735,000 | | CCO Holdings LLC/CCO Holdings Capital Corp., | |
| | 4.5%, 6/1/33 (144A) | $ 740,748 |
1,125,000 | | Clear Channel Worldwide Holdings, Inc., 9.25%, 2/15/24 | 1,174,219 |
1,000,000 | | CSC Holdings LLC, 4.625%, 12/1/30 (144A) | 977,500 |
560,000 | | CSC Holdings LLC, 5.0%, 11/15/31 (144A) | 561,050 |
749,000 | | Diamond Sports Group LLC/Diamond Sports | |
| | Finance Co., 6.625%, 8/15/27 (144A) | 406,332 |
290,000 | | Entercom Media Corp., 6.75%, 3/31/29 (144A) | 298,700 |
425,000 | | News Corp., 3.875%, 5/15/29 (144A) | 433,279 |
EUR 575,000 | | Virgin Media Finance Plc, 3.75%, 7/15/30 (144A) | 693,569 |
GBP 425,000 | | Virgin Media Vendor Financing Notes III DAC, | |
| | 4.875%, 7/15/28 (144A) | 602,031 |
EUR 855,000 | | Ziggo Bond Co. BV, 3.375%, 2/28/30 (144A) | 1,016,402 |
| | Total Media | $ 6,903,830 |
| | Mining — 2.1% | |
730,000 | | Coeur Mining, Inc., 5.125%, 2/15/29 (144A) | $ 707,888 |
705,000 | | First Quantum Minerals, Ltd., 6.875%, 3/1/26 (144A) | 740,250 |
665,000 | | First Quantum Minerals, Ltd., 6.875%, 10/15/27 (144A) | 730,469 |
200,000 | | First Quantum Minerals, Ltd., 7.5%, 4/1/25 (144A) | 207,750 |
675,000 | | FMG Resources August 2006 Pty, Ltd., 4.375%, | |
| | 4/1/31 (144A) | 701,156 |
424,000 | | Hudbay Minerals, Inc., 6.125%, 4/1/29 (144A) | 450,845 |
811,000 | | IAMGOLD Corp., 5.75%, 10/15/28 (144A) | 843,440 |
549,000 | | Joseph T Ryerson & Son, Inc., 8.5%, 8/1/28 (144A) | 606,618 |
| | Total Mining | $ 4,988,416 |
| | Oil & Gas — 7.4% | |
1,475,000 | | Aethon United BR LP/Aethon United Finance | |
| | Corp., 8.25%, 2/15/26 (144A) | $ 1,568,028 |
1,800,000 | | Baytex Energy Corp., 8.75%, 4/1/27 (144A) | 1,665,000 |
905,000 | | Cenovus Energy, Inc., 6.75%, 11/15/39 | 1,145,220 |
1,265,000 | | Colgate Energy Partners III LLC, 7.75%, 2/15/26 (144A) | 1,261,838 |
490,000 | | Hilcorp Energy I LP/Hilcorp Finance Co., 6.0%, | |
| | 2/1/31 (144A) | 504,700 |
735,000 | | Indigo Natural Resources LLC, 5.375%, 2/1/29 (144A) | 729,487 |
590,000 | | MEG Energy Corp., 5.875%, 2/1/29 (144A) | 604,750 |
1,100,000 | | MEG Energy Corp., 7.125%, 2/1/27 (144A) | 1,174,558 |
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global High Yield Fund | Semiannual Report | 4/30/21
| | | |
Principal | | | |
Amount | | | |
USD ($) | | | Value |
| | Oil & Gas — (continued) | |
575,000 | | Murphy Oil Corp., 6.375%, 7/15/28 | $ 583,625 |
1,260,000 | | Neptune Energy Bondco Plc, 6.625%, 5/15/25 (144A) | 1,277,640 |
1,255,000 | | Occidental Petroleum Corp., 4.4%, 4/15/46 | 1,104,400 |
200,000 | | Occidental Petroleum Corp., 5.5%, 12/1/25 | 215,000 |
805,000 | | PBF Holding Co. LLC/PBF Finance Corp., 6.0%, 2/15/28 | 607,441 |
486,000 | | PBF Holding Co. LLC/PBF Finance Corp., 9.25%, | |
| | 5/15/25 (144A) | 509,085 |
760,000 | | Petroleos Mexicanos, 6.875%, 10/16/25 (144A) | 830,832 |
781,000 | | Shelf Drilling Holdings, Ltd., 8.25%, 2/15/25 (144A) | 593,560 |
615,000 | | Shelf Drilling Holdings, Ltd., 8.875%, 11/15/24 (144A) | 631,913 |
220,952 | | Transocean Sentry, Ltd., 5.375%, 5/15/23 (144A) | 209,352 |
1,220,000 | | Vine Energy Holdings LLC, 6.75%, 4/15/29 (144A) | 1,221,525 |
1,800,000 | | YPF SA, 6.95%, 7/21/27 (144A) | 1,107,000 |
ARS 22,125,000 | | YPF SA, 16.5%, 5/9/22 (144A) | 193,923 |
| | Total Oil & Gas | $ 17,738,877 |
| | Oil & Gas Services — 1.0% | |
875,000 | | Archrock Partners LP/Archrock Partners Finance Corp., | |
| | 6.875%, 4/1/27 (144A) | $ 930,781 |
788,000 | | Exterran Energy Solutions LP/EES Finance Corp., 8.125%, | |
| | 5/1/25 | 709,200 |
715,000 | | TechnipFMC Plc, 6.5%, 2/1/26 (144A) | 763,201 |
| | Total Oil & Gas Services | $ 2,403,182 |
| | Packaging & Containers — 0.4% | |
EUR 340,000 | | Ardagh Packaging Finance Plc/Ardagh Holdings USA, Inc., | |
| | 2.125%, 8/15/26 (144A) | $ 408,972 |
619,000 | | Greif, Inc., 6.5%, 3/1/27 (144A) | 654,552 |
| | Total Packaging & Containers | $ 1,063,524 |
| | Pharmaceuticals — 3.8% | |
368,000 | | Endo Dac/Endo Finance LLC/Endo Finco, Inc., | |
| | 6.0%, 6/30/28 (144A) | $ 279,680 |
391,000 | | Endo Dac/Endo Finance LLC/Endo Finco, Inc., | |
| | 9.5%, 7/31/27 (144A) | 414,460 |
EUR 1,285,000 | | Gruenenthal GmbH, 3.625%, 11/15/26 (144A) | 1,572,966 |
EUR 455,000 | | Gruenenthal GmbH, 4.125%, 5/15/28 (144A) | 557,714 |
600,000 | | Jazz Securities DAC, 4.375%, 1/15/29 (144A) | 613,500 |
EUR 480,000 | | Organon Finance 1 LLC, 2.875%, 4/30/28 (144A) | 589,852 |
345,000 | | Organon Finance 1 LLC, 4.125%, 4/30/28 (144A) | 353,449 |
600,000 | | P&L Development LLC/PLD Finance Corp., | |
| | 7.75%, 11/15/25 (144A) | 637,500 |
1,008,000 | | Par Pharmaceutical, Inc., 7.5%, 4/1/27 (144A) | 1,060,920 |
EUR 1,315,000 | | Rossini S.a.r.l., 6.75%, 10/30/25 (144A) | 1,669,957 |
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/21 27
Schedule of Investments | 4/30/21
(unaudited) (continued)
| | | |
Principal | | | |
Amount | | | |
USD ($) | | | Value |
| | Pharmaceuticals — (continued) | |
EUR 895,000 | | Teva Pharmaceutical Finance Netherlands II BV, | |
| | 1.625%, 10/15/28 | $ 959,037 |
EUR 255,000 | | Teva Pharmaceutical Finance Netherlands II BV, | |
| | 6.0%, 1/31/25 | 333,802 |
| | Total Pharmaceuticals | $ 9,042,837 |
| | Pipelines — 2.9% | |
1,500,000 | | Delek Logistics Partners LP/Delek Logistics Finance | |
| | Corp., 6.75%, 5/15/25 | $ 1,526,250 |
1,165,000(e)(f) | | Energy Transfer LP, 7.125% (5 Year CMT Index + 531 bps) | 1,188,300 |
810,000 | | EnLink Midstream Partners LP, 4.15%, 6/1/25 | 816,990 |
665,000 | | EnLink Midstream Partners LP, 5.45%, 6/1/47 | 560,263 |
460,000 | | Genesis Energy LP/Genesis Energy Finance Corp., | |
| | 8.0%, 1/15/27 | 473,901 |
1,040,000 | | Harvest Midstream I LP, 7.5%, 9/1/28 (144A) | 1,120,600 |
1,130,000 | | Northriver Midstream Finance LP, 5.625%, | |
| | 2/15/26 (144A) | 1,165,313 |
| | Total Pipelines | $ 6,851,617 |
| | Real Estate — 0.5% | |
EUR 270,000 | | Neinor Homes SA, 4.5%, 10/15/26 (144A) | $ 330,539 |
EUR 610,000 | | Via Celere Desarrollos Inmobiliarios SA, 5.25%, 4/1/26 | |
| | (144A) | 767,352 |
| | Total Real Estate | $ 1,097,891 |
| | REITs — 1.7% | |
735,000 | | iStar, Inc., 4.25%, 8/1/25 | $ 744,849 |
741,000 | | iStar, Inc., 4.75%, 10/1/24 | 772,492 |
1,155,000 | | MPT Operating Partnership LP/MPT Finance Corp., | |
| | 3.5%, 3/15/31 | 1,152,367 |
531,000 | | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL | |
| | Capital LLC, 7.875%, 2/15/25 (144A) | 572,153 |
780,000 | | Uniti Group LP/Uniti Group Finance, Inc./CSL | |
| | Capital LLC, 6.5%, 2/15/29 (144A) | 775,347 |
| | Total REITs | $ 4,017,208 |
| | Retail — 1.6% | |
970,000 | | AAG FH LP/AAG FH Finco, Inc., 9.75%, 7/15/24 (144A) | $ 945,782 |
670,000 | | Beacon Roofing Supply, Inc., 4.125%, 5/15/29 (144A) | 668,325 |
310,000 | | Ken Garff Automotive LLC, 4.875%, 9/15/28 (144A) | 312,712 |
325,000 | | L Brands, Inc., 6.625%, 10/1/30 (144A) | 374,550 |
527,000 | | Party City Holdings, Inc., 8.75%, 2/15/26 (144A) | 540,138 |
285,000 | | Petsmart, Inc., 7.75%, 2/15/29 (144A) | 308,997 |
557,000 | | Staples, Inc., 7.5%, 4/15/26 (144A) | 576,495 |
| | Total Retail | $ 3,726,999 |
The accompanying notes are an integral part of these financial statements.
28 Pioneer Global High Yield Fund | Semiannual Report | 4/30/21
| | | |
Principal | | | |
Amount | | | |
USD ($) | | | Value |
| | Semiconductors — 0.4% | |
845,000 | | Entegris, Inc., 3.625%, 5/1/29 (144A) | $ 857,675 |
| | Total Semiconductors | $ 857,675 |
| | Telecommunications — 3.7% | |
1,065,000 | | Altice France Holding SA, 6.0%, 2/15/28 (144A) | $ 1,057,805 |
280,000 | | Altice France SA, 5.125%, 1/15/29 (144A) | 280,703 |
1,165,000 | | Altice France SA, 5.125%, 7/15/29 (144A) | 1,166,584 |
724,079(g) | | Digicel International Finance, Ltd./Digicel international | |
| | Holdings, Ltd., 13.0% (7.0% PIK 6.0% Cash),
| |
| | 12/31/25 (144A) | 733,130 |
1,090,000 | | LogMeIn, Inc., 5.5%, 9/1/27 (144A) | 1,136,064 |
1,055,000 | | Lumen Technologies, Inc., 4.5%, 1/15/29 (144A) | 1,039,175 |
765,000 | | Plantronics, Inc., 4.75%, 3/1/29 (144A) | 753,525 |
1,585,000 | | Total Play Telecomunicaciones SA de CV, 7.5%, | |
| | 11/12/25 (144A) | 1,585,000 |
970,000 | | Windstream Escrow LLC/Windstream Escrow | |
| | Finance Corp., 7.75%, 8/15/28 (144A) | 1,011,225 |
| | Total Telecommunications | $ 8,763,211 |
| | Transportation — 2.1% | |
825,000 | | Danaos Corp., 8.5%, 3/1/28 (144A) | $ 880,692 |
620,000 | | Hidrovias International Finance S.a.r.l., 4.95%, 2/8/31 | |
| | (144A) | 629,300 |
900,000 | | Seaspan Corp., 6.5%, 4/29/26 | 906,750 |
1,115,000 | | Simpar Europe SA, 5.2%, 1/26/31 (144A) | 1,124,767 |
1,285,000 | | Western Global Airlines LLC, 10.375%, 8/15/25 (144A) | 1,456,869 |
| | Total Transportation | $ 4,998,378 |
| | Trucking & Leasing — 0.2% | |
435,000 | | Fortress Transportation & Infrastructure Investors LLC, | |
| | 9.75%, 8/1/27 (144A) | $ 502,425 |
| | Total Trucking & Leasing | $ 502,425 |
| | TOTAL CORPORATE BONDS | |
| | (Cost $192,422,679) | $196,011,973 |
| | FOREIGN GOVERNMENT BONDS — 4.2%
| |
| | of Net Assets | |
| | Argentina — 1.0% | |
1,794,500(c) | | Argentine Republic Government International Bond, | |
| | 0.125%, 7/9/35 | $ 565,286 |
118,980 | | Argentine Republic Government International Bond, | |
| | 1.0%, 7/9/29 | 44,822 |
2,000,000 | | Ciudad Autonoma De Buenos Aires, 7.5%, | |
| | 6/1/27 (144A) | 1,540,020 |
167,560 | | Province of Salta Argentina, 9.5%, 3/16/22 (144A) | 149,128 |
| | Total Argentina | $ 2,299,256 |
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/21 29
Schedule of Investments | 4/30/21
(unaudited) (continued)
| | | |
Principal | | | |
Amount | | | |
USD ($) | | | Value |
| | Bahrain — 0.4% | |
780,000 | | Bahrain Government International Bond, 7.0%, | |
| | 10/12/28 (144A) | $ 874,988 |
| | Total Bahrain | $ 874,988 |
| | Egypt — 0.4% | |
1,095,000 | | Egypt Government International Bond, 5.875%, | |
| | 2/16/31 (144A) | $ 1,055,339 |
| | Total Egypt | $ 1,055,339 |
| | Ghana — 0.6% | |
385,000 | | Ghana Government International Bond, 7.875%, | |
| | 2/11/35 (144A) | $ 378,671 |
1,000,000 | | Ghana Government International Bond, 8.627%, 6/16/49 | 970,000 |
| | Total Ghana | $ 1,348,671 |
| | Ivory Coast — 0.8% | |
EUR 1,555,000 | | Ivory Coast Government International Bond, | |
| | 4.875%, 1/30/32 (144A) | $ 1,876,419 |
| | Total Ivory Coast | $ 1,876,419 |
| | Oman — 0.2% | |
555,000 | | Oman Government International Bond, 6.25%, | |
| | 1/25/31 (144A) | $ 596,625 |
| | Total Oman | $ 596,625 |
| | Ukraine — 0.8% | |
EUR 855,000 | | Ukraine Government International Bond, | |
| | 4.375%, 1/27/30 (144A) | $ 941,926 |
875,000 | | Ukraine Government International Bond, 8.994%, | |
| | 2/1/24 (144A) | 961,362 |
| | Total Ukraine | $ 1,903,288 |
| | TOTAL FOREIGN GOVERNMENT BONDS | |
| | (Cost $10,734,967) | $ 9,954,586 |
| | INSURANCE-LINKED SECURITIES — 0.7% | |
| | of Net Assets# | |
| | Event Linked Bonds — 0.0%† | |
| | Multiperil – U.S. — 0.0%† | |
500,000+(d) | | Caelus Re V, 0.508% (1 Month U.S. Treasury Bill + | |
| | 50 bps), 6/5/24 (144A) | $ 44 |
250,000(d) | | Caelus Re V, 7.248% (3 Month U.S. Treasury Bill + | |
| | 724 bps), 6/7/21 (144A) | 25 |
| | | $ 69 |
| | Total Event Linked Bonds | $ 69 |
The accompanying notes are an integral part of these financial statements.
30 Pioneer Global High Yield Fund | Semiannual Report | 4/30/21
Face | | | |
Amount | | | |
USD ($) | | | Value |
| | Collateralized Reinsurance — 0.3% | |
| | Multiperil – U.S. — 0.0%† | |
250,000+(i) | | Dingle Re 2019, 2/1/22 | $ 5,132 |
| | Multiperil – Worldwide — 0.2% | |
600,000+(a)(i) | | Cypress Re 2017, 1/31/22 | $ 60 |
462,359+(a)(i) | | Dartmouth Re 2018, 1/31/22 | 97,604 |
389,876+(a)(i) | | Gloucester Re 2018, 2/28/22 | 68,618 |
12,000+(i) | | Limestone Re 2016-1, 8/31/21 | 1,000 |
12,000+(i) | | Limestone Re 2016-1, 8/31/21 | 1,000 |
277,770+(a)(i) | | Oyster Bay Re 2018, 1/31/22 | 252,104 |
400,000+(a)(i) | | Resilience Re, 10/6/21 | 40 |
283,700+(a)(i) | | Seminole Re 2018, 1/31/22 | 7,010 |
276,582+(a)(i) | | Walton Health Re 2018, 6/15/21 | 86,881 |
| | | $ 514,317 |
| | Windstorm – Florida — 0.1% | |
250,000+(a)(i) | | Formby Re 2018, 2/28/22 | $ 34,798 |
300,000+(a)(i) | | Portrush Re 2017, 6/15/21 | 191,430 |
| | | $ 226,228 |
| | Windstorm – U.S. Regional — 0.0%† | |
250,000+(a)(i) | | Oakmont Re 2017, 4/30/22 | $ 7,350 |
| | Total Collateralized Reinsurance | $ 753,027 |
| | Reinsurance Sidecars — 0.4% | |
| | Multiperil – U.S. — 0.1% | |
800,000+(a)(i) | | Carnoustie Re 2017, 11/30/21 | $ 105,440 |
1,000,000+(a)(j) | | Harambee Re 2018, 12/31/21 | 3,500 |
695,349+(j) | | Harambee Re 2019, 12/31/22 | 5,841 |
| | | $ 114,781 |
| | Multiperil – Worldwide — 0.3% | |
3,037+(j) | | Alturas Re 2019-2, 3/10/22 | $ 8,066 |
490,000+(a)(i) | | Bantry Re 2016, 3/31/22 | 39,494 |
300,000+(a)(i) | | Bantry Re 2017, 3/31/22 | 17,532 |
250,000+(a)(i) | | Bantry Re 2018, 12/31/21 | 2,850 |
250,000+(a)(i) | | Bantry Re 2019, 12/31/22 | 8,491 |
1,422,258+(a)(i) | | Berwick Re 2018-1, 12/31/21 | 136,654 |
556,791+(a)(i) | | Berwick Re 2019-1, 12/31/22 | 66,537 |
250,000+(j) | | Blue Lotus Re 2018, 12/31/21 | 7,675 |
12,500+(i) | | Eden Re II, 3/22/22 (144A) | 10,188 |
22,500+(i) | | Eden Re II, 3/22/22 (144A) | 17,771 |
1,600,000+(a)(i) | | Gleneagles Re 2016, 11/30/21 | 49,920 |
250,000+(a)(i) | | Gleneagles Re 2018, 12/31/21 | 29,575 |
450,000+(a)(j) | | Lorenz Re 2018, 7/1/21 | 4,815 |
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/21 31
Schedule of Investments | 4/30/21
(unaudited) (continued)
| | | |
Face | | | |
Amount | | | |
USD ($) | | | Value |
| | Multiperil – Worldwide — (continued) | |
231,508+(a)(j) | | Lorenz Re 2019, 6/30/22 | $ 10,881 |
600,000+(a)(i) | | Merion Re 2018-2, 12/31/21 | 99,300 |
1,000,000+(i) | | Pangaea Re 2016-2, 11/30/21 | 1,783 |
300,000+(a)(i) | | Pangaea Re 2018-1, 12/31/21 | 6,316 |
300,000+(a)(i) | | Pangaea Re 2018-3, 7/1/22 | 6,223 |
245,774+(a)(i) | | Pangaea Re 2019-1, 2/1/23 | 5,121 |
220,594+(a)(i) | | Pangaea Re 2019-3, 7/1/23 | 7,935 |
500,000+(a)(i) | | St. Andrews Re 2017-1, 2/1/22 | 33,900 |
521,395+(a)(i) | | St. Andrews Re 2017-4, 6/1/21 | 51,305 |
250,000+(a)(j) | | Thopas Re 2018, 12/31/21 | 1,575 |
250,000+(a)(j) | | Thopas Re 2019, 12/31/22 | 10,450 |
300,000+(a)(i) | | Versutus Re 2018, 12/31/21 | 990 |
264,763+(i) | | Versutus Re 2019-A, 12/31/21 | 4,660 |
35,236+(i) | | Versutus Re 2019-B, 12/31/21 | 578 |
250,000+(a)(j) | | Viribus Re 2018, 12/31/21 | — |
106,153+(a)(j) | | Viribus Re 2019, 12/31/22 | 4,405 |
253,645+(a)(i) | | Woburn Re 2018, 12/31/21 | 18,618 |
244,914+(a)(i) | | Woburn Re 2019, 12/31/22 | 72,421 |
| | | $ 736,029 |
| | Total Reinsurance Sidecars | $ 850,810 |
| | TOTAL INSURANCE-LINKED SECURITIES | |
| | (Cost $2,901,279) | $ 1,603,906 |
Principal | | | |
Amount | | | |
USD ($) | | | |
| | SENIOR SECURED FLOATING RATE LOAN | |
| | INTERESTS — 2.6% of Net Assets*(d)
| |
| | Aerospace & Defense — 0.4% | |
715,000 | | Grupo Aeromexico, SAB de CV, DIP Tranche 1 | |
| | Term Loan, 15.5% (LIBOR + 1,450 bps), 12/31/21 | $ 720,363 |
313,620 | | Grupo Aeromexico, SAB de CV, DIP Tranche 2 | |
| | Term Loan, 11.0% (LIBOR + 900 bps), 12/31/21 | 321,852 |
| | Total Aerospace & Defense | $ 1,042,215 |
| | Diversified & Conglomerate Service — 0.6%
| |
508,799 | | First Brands Group LLC, 2021 First Lien Term Loan, | |
| | 9.0% (LIBOR + 800 bps), 3/30/27 | $ 516,431 |
1,070,067 | | Team Health Holdings, Inc., Initial Term Loan, 3.75% | |
| | (LIBOR + 275 bps), 2/6/24 | 1,001,850 |
| | Total Diversified & Conglomerate Service | $ 1,518,281 |
The accompanying notes are an integral part of these financial statements.
32 Pioneer Global High Yield Fund | Semiannual Report | 4/30/21
| | | |
Principal | | | |
Amount | | | |
USD ($) | | | Value |
| | Entertainment & Leisure — 0.7% | |
1,605,000 | | Enterprise Development Authority, Term B Loan, | |
| | 6.0% (LIBOR + 500 bps), 2/28/28 | $ 1,611,019 |
| | Total Entertainment & Leisure | $ 1,611,019 |
| | Healthcare, Education & Childcare — 0.4%
| |
609,020 | | Alliance HealthCare Services, Inc., First Lien Initial Term | |
| | Loan, 5.0% (LIBOR + 425 bps), 10/24/23 | $ 577,332 |
316,800 | | Surgery Center Holdings, Inc., 2020 Incremental Term | |
| | Loan, 3.75% (LIBOR + 275 bps), 9/3/24 | 324,456 |
| | Total Healthcare, Education & Childcare | $ 901,788 |
| | Hotel, Gaming & Leisure — 0.0%† | |
74,600 | | Spectacle Gary Holdings LLC, Delayed Draw Term | |
| | Loan, 9.0% (LIBOR + 800 bps), 12/23/25 | $ 81,438 |
| | Total Hotel, Gaming & Leisure | $ 81,438 |
| | Securities & Trusts — 0.5% | |
1,030,100 | | Spectacle Gary Holdings LLC, Closing Date Term Loan, | |
| | 11.0% (LIBOR + 900 bps), 12/23/25 | $ 1,124,526 |
| | Total Securities & Trusts | $ 1,124,526 |
| | TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS | |
| | (Cost $6,030,078) | $ 6,279,267 |
Shares | | | |
| | RIGHTS/WARRANTS — 0.0%† of Net Assets | |
| | Metals & Mining — 0.0%† | |
318,254(k) | | ANR, Inc., 3/31/23 | $ 1,750 |
| | Total Metals & Mining | $ 1,750 |
| | Oil, Gas & Consumable Fuels — 0.0%† | |
61(a)(l) | | Alpha Metallurgical Resources, Inc., 7/26/23 | $ 162 |
| | Total Oil, Gas & Consumable Fuels | $ 162 |
| | TOTAL RIGHTS/WARRANTS | |
| | (Cost $36,831) | $ 1,912 |
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/21 33
Schedule of Investments | 4/30/21
(unaudited) (continued)
| | | | | | | | |
Number of | | | | | Strike | Expiration | | |
Contracts | | Description | Counterparty | Amount
| Price | Date |
| Value
|
| | OVER THE COUNTER (OTC) CALL OPTIONS | | |
| | PURCHASED — 0.0% | | | | |
297,012^(m) | | Desarrolladora
| Bank of
| | | | | |
| | Homex | New York | | | | | |
| | SAB de CV | Mellon Corp. | MXN — | MXN —(o)
| 10/23/22
| $
| —
|
297,012^(n) | | Desarrolladora
| Bank of
| | | | | |
| | Homex | New York | | | | | |
| | SAB de CV | Mellon Corp. | MXN — | MXN —(o)
| 10/23/22
| | — |
| | | | | | | $ | —
|
| | TOTAL OVER THE COUNTER (OTC) CALL | | | |
| | OPTIONS PURCHASED | | | | | |
| | (Premiums paid $0) | | | | $ — |
| | OVER THE COUNTER (OTC) CURRENCY PUT | | |
| | OPTIONS PURCHASED — 0.0%† | | | |
1,973,500 | | Put EUR | Bank of | | | | | |
| | Call USD | America NA | EUR 32,660 | EUR 1.11 | 6/4/21 | $ — |
3,850,000 | | Put EUR | JPMorgan | | | | | |
| | Call USD | Chase Bank NA
| EUR 24,986
| EUR 1.15 | 5/17/21 | | 4 |
2,000,000 | | Put EUR | JPMorgan | | | | | |
| | Call USD | Chase Bank NA
| EUR 28,370
| EUR 1.17 | 2/4/22 | | 17,869 |
| | | | | | | $ | 17,873
|
| | TOTAL OVER THE COUNTER (OTC) CURRENCY PUT | | |
| | OPTIONS PURCHASED | | | | | |
| | (Premiums paid $86,016) | | | $ | 17,873
|
| | TOTAL OPTIONS PURCHASED | | | | |
| | (Premiums paid $86,016) | | | $ | 17,873
|
| | TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 94.4% | | |
| | (Cost $224,469,241) | | | | $ | 225,260,148
|
The accompanying notes are an integral part of these financial statements.
34 Pioneer Global High Yield Fund | Semiannual Report | 4/30/21
| | | | | | |
Number of | | | | Strike | Expiration | |
Contracts | | Description | Counterparty | Amount
| Price | Date | Value |
| | OVER THE COUNTER (OTC) CURRENCY CALL | |
| | OPTIONS WRITTEN – (0.1%) | | | |
(1,973,500) | | Call EUR | Bank of | | | |
| | Put USD | America NA
| EUR 32,660
| EUR 1.17 | 6/4/21 | $ (62,664) |
(3,850,000) | | Call EUR | JPMorgan | | | |
| | Put USD | Chase Bank NA
| EUR 24,986 | EUR 1.24 | 5/17/21 | (167) |
(2,000,000) | | Call EUR | JPMorgan | | | |
| | Put USD | Chase Bank NA
| EUR 28,370
| EUR 1.25 | 2/4/22 | (20,699) |
| | | | | | $ (83,530) |
| | TOTAL OVER THE COUNTER (OTC) CURRENCY CALL | |
| | OPTIONS WRITTEN | | | |
| | (Premiums received $(86,016)) | | | $ (83,530) |
| | OTHER ASSETS AND LIABILITIES — 5.7% | | $ 13,502,482 |
| | NET ASSETS — 100.0% | | | $238,679,100 |
BADLARPP | Argentine Deposit Rate Badlar Private Banks 30 – 35 Days. bps Basis Points. |
CMT
| Constant Maturity Treasury Index. LIBOR London Interbank Offered Rate. REIT Real Estate Investment Trust. |
(144A)
| Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At April 30, 2021, the value of these securities amounted to $182,935,773, or 76.6% 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 April 30, 2021. |
+
| Security that used significant unobservable inputs to determine its value. |
^
| Security is valued using fair value methods (other than supplied by independent pricing services). |
(a)
| Non-income producing security. |
(b)
| Security issued with a zero coupon. Income is recognized through accretion of discount. |
(c)
| Debt obligation initially issued at one coupon which converts to a higher coupon at a specific date. The rate shown is the rate at April 30, 2021. |
(d)
| Floating rate note. Coupon rate, reference index and spread shown at April 30, 2021. |
(e)
| The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at April 30, 2021. |
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/21 35
Schedule of Investments | 4/30/21
(unaudited) (continued)
(f) | Security is perpetual in nature and has no stated maturity date. |
(g) | Payment-in-kind (PIK) security which may pay interest in the form of additional principal amount. |
(h) | Security is in default. |
(i) | Issued as participation notes. |
(j) | Issued as preference shares. |
(k) | ANR, Inc. warrants are exercisable into 318,254 shares. |
(l) | Alpha Metallurgical Resources, Inc. warrants are exercisable into 61 shares. |
(m) | Option does not become effective until underlying company’s outstanding common shares reach a market capitalization of MXN 12.5 Billion. |
(n) | Option does not become effective until underlying company’s outstanding common shares reach a market capitalization of MXN 15.0 Billion. |
(o) | Strike price is 1 Mexican Peso (MXN). |
# | Securities are restricted as to resale. |
| | | |
Restricted Securities | Acquisition date | Cost | Value |
Alturas Re 2019-2 | 12/19/2018 | $ 3,037 | $ 8,066 |
Bantry Re 2016 | 2/6/2019 | 39,494 | 39,494 |
Bantry Re 2017 | 2/6/2019 | 17,539 | 17,532 |
Bantry Re 2018 | 2/6/2019 | 2,845 | 2,850 |
Bantry Re 2019 | 2/1/2019 | — | 8,491 |
Berwick Re 2018-1 | 1/10/2018 | 234,526 | 136,654 |
Berwick Re 2019-1 | 12/31/2018 | 66,532 | 66,537 |
Blue Lotus Re 2018 | 12/20/2017 | — | 7,675 |
Caelus Re V | 5/4/2018 | 250,000 | 25 |
Caelus Re V | 4/27/2017 | 500,000 | 44 |
Carnoustie Re 2017 | 1/5/2017 | 190,205 | 105,440 |
Cypress Re 2017 | 1/24/2017 | 2,017 | 60 |
Dartmouth Re 2018 | 1/18/2018 | 187,807 | 97,604 |
Dingle Re 2019 | 3/4/2019 | — | 5,132 |
Eden Re II | 12/15/2017 | 747 | 10,188 |
Eden Re II | 1/23/2018 | 520 | 17,771 |
Formby Re 2018 | 7/9/2018 | 27,581 | 34,798 |
Gleneagles Re 2016 | 1/14/2016 | — | 49,920 |
Gleneagles Re 2018 | 12/27/2017 | 20,068 | 29,575 |
Gloucester Re 2018 | 1/2/2018 | 63,180 | 68,618 |
Harambee Re 2018 | 12/19/2017 | 50,862 | 3,500 |
Harambee Re 2019 | 4/24/2019 | — | 5,841 |
Limestone Re 2016-1 | 12/15/2016 | 990 | 1,000 |
Limestone Re 2016-1 | 12/15/2016 | 990 | 1,000 |
Lorenz Re 2018 | 6/26/2018 | 102,101 | 4,815 |
Lorenz Re 2019 | 7/10/2019 | 73,820 | 10,881 |
Merion Re 2018-2 | 12/28/2017 | 24,691 | 99,300 |
Oakmont Re 2017 | 5/10/2017 | — | 7,350 |
Oyster Bay Re 2018 | 1/17/2018 | 247,921 | 252,104 |
Pangaea Re 2016-2 | 5/31/2016 | — | 1,783 |
Pangaea Re 2018-1 | 12/26/2017 | 42,903 | 6,316 |
The accompanying notes are an integral part of these financial statements.
36 Pioneer Global High Yield Fund | Semiannual Report | 4/30/21
Restricted Securities | Acquisition date | Cost | Value |
Pangaea Re 2018-3 | 5/31/2018 | $ 72,258 | $ 6,223 |
Pangaea Re 2019-1 | 1/9/2019 | 2,580 | 5,121 |
Pangaea Re 2019-3 | 7/25/2019 | 6,618 | 7,935 |
Portrush Re 2017 | 6/12/2017 | 230,096 | 191,430 |
Resilience Re | 4/13/2017 | 1,307 | 40 |
Seminole Re 2018 | 1/2/2018 | 2,466 | 7,010 |
St. Andrews Re 2017-1 | 1/5/2017 | 33,874 | 33,900 |
St. Andrews Re 2017-4 | 3/31/2017 | — | 51,305 |
Thopas Re 2018 | 12/12/2017 | 33,941 | 1,575 |
Thopas Re 2019 | 12/21/2018 | 9,473 | 10,450 |
Versutus Re 2018 | 1/31/2018 | 1,905 | 990 |
Versutus Re 2019-A | 1/28/2019 | — | 4,660 |
Versutus Re 2019-B | 12/24/2018 | — | 578 |
Viribus Re 2018 | 12/22/2017 | 20,388 | — |
Viribus Re 2019 | 3/25/2019 | — | 4,405 |
Walton Health Re 2018 | 6/25/2018 | 182,302 | 86,881 |
Woburn Re 2018 | 3/20/2018 | 89,763 | 18,618 |
Woburn Re 2019 | 1/30/2019 | 63,932 | 72,421 |
Total Restricted Securities | | | $ 1,603,906 |
% of Net assets | | | 0.7% |
| | | | | | |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | | |
| In | | | | | Unrealized |
Currency | Exchange | Currency | | | Settlement | Appreciation |
Purchased | for | Sold | Deliver | Counterparty | Date | (Depreciation) |
USD | 1,757,054
| GBP | (1,245,000)
| Bank of | 5/24/21 | $ 37,576 |
| | | | America NA | | |
EUR | 525,000
| USD | (625,311)
| Citibank NA | 6/25/21 | 6,598 |
NOK | 11,638
| EUR | (1,156)
| Goldman Sachs | 7/6/21 | 8 |
| | | | International | | |
EUR | 520,000
| USD | (620,190)
| HSBC Bank | 5/24/21 | 5,256 |
| | | | USA NA | | |
NOK | 20,938,362
| EUR | (2,080,004)
| HSBC Bank | 7/6/21 | 14,548 |
| | | | USA NA | | |
EUR | 14,000,000
| USD | (16,939,152)
| JPMorgan Chase | 7/27/21 | (77,066) |
| | | | Bank NA | | |
EUR | 350,000
| USD | (416,616)
| State Street Bank | 5/24/21 | 4,357 |
| | | | & Trust Co. | | |
USD | 2,172,612
| EUR | (1,785,000)
| State Street Bank | 5/24/21 | 25,649 |
| | | | & Trust Co. | | |
USD | 3,452,259
| EUR | (2,915,000)
| State Street Bank | 6/25/21 | (56,340) |
| | | | & Trust Co. | | |
USD | 137,638
| GBP | (100,000)
| State Street Bank | 5/24/21 | (473) |
| | | | & Trust Co. | | |
TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | | $ (39,887) |
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/21 37
Schedule of Investments | 4/30/21
(unaudited) (continued)
SWAP CONTRACTS
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT — BUY PROTECTION
| | | | | | | |
| Reference | | Annual | | | | |
Notional | Obligation/ | Pay/ | Fixed | Expiration | Premiums | Unrealized
| Market |
Amount ($)(1) | Index | Receive(2) | Rate
| Date | Paid | (Depreciation) | Value
|
13,480,000 | Markit CDX | Receive 5.00% | | 6/20/26 | $20,594 | $ (1,425,702) | $(1,405,108) |
| North America | | | | | | |
| High Yield | | | | | | |
| Index Series 36 | | | | | | |
TOTAL CENTRALLY CLEARED CREDIT DEFAULT | | | | |
SWAP CONTRACT – BUY PROTECTION | | $20,594 | $ (1,425,702) | $(1,405,108) |
|
CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT — SELL PROTECTION | |
| Reference | | Annual | | | | |
Notional | Obligation/ | Pay/ | Fixed | Expiration | Premiums | Unrealized
| Market |
Amount ($)(1) | Index | Receive(2) | Rate
| Date | (Received) | Appreciation
| Value |
1,909,200 | Markit CDX | Receive 5.00% | 6/20/21 | $ (18,296) | $ 40,996 | $ 22,700 |
| North America | | | | | | |
| High Yield | | | | | | |
| Index Series 26 | | | | | | |
TOTAL CENTRALLY CLEARED CREDIT DEFAULT | | | | |
SWAP CONTRACT – SELL PROTECTION | | $(18,296)
| $ 40,996
| $ 22,700 |
TOTAL SWAP CONTRACTS | | | | $ 2,298 | $ (1,384,706) | $(1,382,408) |
(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. |
Principal amounts are denominated in U.S. dollars (“USD”) unless otherwise noted.
ARS - Argentine Peso
EUR - Euro
GBP - Great British Pound
IDR - Indonesian Rupiah
MXN - Mexican Peso
NOK - Norwegian Krone
The accompanying notes are an integral part of these financial statements.
38 Pioneer Global High Yield Fund | Semiannual Report | 4/30/21
Purchases and sales of securities (excluding temporary cash investments) for the six months ended April 30, 2021, aggregated $134,263,459 and $134,084,742, respectively.
The Fund is permitted to engage in purchase and sale transactions (“cross trades”) with certain funds and accounts for which Amundi Asset Management US, 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 six months ended April 30, 2021, the Fund engaged in purchases of $1,209,970 which resulted in a net realized gain/(loss) of $0. During the six months ended April 30, 2021, the Fund did not engage in sales pursuant to these procedures.
At April 30, 2021, the net unrealized depreciation on investments based on cost for federal tax purposes of $224,901,939 was as follows:
| |
Aggregate gross unrealized appreciation for all investments in which | |
there is an excess of value over tax cost | $ 10,469,962 |
Aggregate gross unrealized depreciation for all investments in which | |
there is an excess of tax cost over value | (11,617,578) |
Net unrealized depreciation | $ (1,147,616) |
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 – unadjusted 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.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/21 39
Schedule of Investments | 4/30/21
(unaudited) (continued)
The following is a summary of the inputs used as of April 30, 2021, in valuing the Fund’s investments:
| | | | |
| Level 1 | Level 2 | Level 3 | Total |
Common Stocks | | | | |
Energy Equipment & | | | | |
Services | $1,155,522 | $ 372,428 | $ — | $ 1,527,950 |
Oil, Gas & Consumable | | | | |
Fuels | 67 | 172,054 | — | 172,121 |
Paper & Forest Products | — | 7,352 | — | 7,352 |
All Other Common Stock | 1,853 | — | — | 1,853 |
Convertible Corporate | | | | |
Bonds | — | 9,681,355 | — | 9,681,355 |
Corporate Bonds | — | 196,011,973 | — | 196,011,973 |
Foreign Government | | | | |
Bonds | — | 9,954,586 | — | 9,954,586 |
Insurance-Linked Securities | | | | |
Event Linked Bonds | | | | |
Multiperil – U.S. | — | 25 | 44 | 69 |
Collateralized Reinsurance | | | | |
Multiperil – U.S. | — | — | 5,132 | 5,132 |
Multiperil – Worldwide | — | — | 514,317 | 514,317 |
Windstorm – Florida | — | — | 226,228 | 226,228 |
Windstorm – | | | | |
U.S. Regional | — | — | 7,350 | 7,350 |
Reinsurance Sidecars | | | | |
Multiperil – U.S. | — | — | 114,781 | 114,781 |
Multiperil – Worldwide | — | — | 736,029 | 736,029 |
Senior Secured Floating | | | | |
Rate Loan Interests | — | 6,279,267 | — | 6,279,267 |
Rights/Warrants | — | 1,912 | — | 1,912 |
Over The Counter (OTC) | | | | |
Call Option Purchased | — | —* | — | —* |
Over The Counter (OTC) | | | | |
Currency Put | | | | |
Option Purchased | — | 17,873 | — | 17,873 |
Total Investments | | | | |
in Securities | $1,157,442 | $222,498,825 | $1,603,881 | $225,260,148 |
Other Financial Instruments | | | | |
Over The Counter (OTC) | | | | |
Currency Call Option | | | | |
Written | $ — | $ (83,530) | $ — | $ (83,530) |
Net unrealized depreciation | | | | |
on forward foreign currency | | | | |
exchange contracts | — | (39,887) | — | (39,887) |
Swap contracts, at value | — | (1,382,408) | — | (1,382,408) |
Total Other | | | | |
Financial Instruments | $ — | $ (1,505,825) | $ — | $ (1,505,825) |
* Securities valued at $0. | | | | |
The accompanying notes are an integral part of these financial statements.
40 Pioneer Global High Yield Fund | Semiannual Report | 4/30/21
The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):
| | | | |
| | Convertible | Insurance- | |
| Common | Corporate | Linked | |
| Stocks | Bonds | Securities | Total |
Balance as of 10/31/20 | $ 172,055 | $ 38,216 | $ 2,438,370 | $ 2,648,641 |
Realized gain (loss)(1) | — | — | (28,609) | (28,609) |
Change in unrealized | | | | |
appreciation (depreciation)(2) | — | — | 51,263 | 51,263 |
Accrued discounts/premiums | — | — | — | — |
Purchases | — | — | — | — |
Sales | — | — | (857,143) | (857,143) |
Transfers in to Level 3* | — | — | — | — |
Transfers out of Level 3* | (172,055) | (38,216) | — | (210,271) |
Balance as of 4/30/21 | $ — | $ — | $ 1,603,881 | $ 1,603,881 |
(1) | Realized gain (loss) on these securities is included in the realized gain (loss) from investments on the Statement of Operations. |
(2) | Unrealized appreciation (depreciation) on these securities is included in the change in unrealized appreciation (depreciation) from investments on the Statement of Operations. |
* | Transfers are calculated on the beginning of period value. For the six months ended April 30, 2021, securities with an aggregate market value of $210,271 transferred from Level 3 to Level 2 as there were observable inputs available to determine their value. There were no other transfers in or out of Level 3. |
| | |
Net change in unrealized appreciation (depreciation) of Level 3 investments | | |
still held and considered Level 3 at April 30, 2021: | $7,922 | |
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/21 41
Statement of Assets and Liabilities |
4/30/21 (unaudited)
| |
ASSETS: | |
Investments in unaffiliated issuers, at value (cost $224,469,241) | $ 225,260,148 |
Cash | 14,170,556 |
Foreign currencies, at value (cost $3,280,376) | 3,285,078 |
Swaps collateral | 792,249 |
Due from broker for swaps | 1,382,387 |
Variation margin for centrally cleared swap contracts | 14,303 |
Receivables — | |
Investment securities sold | 1,607,872 |
Fund shares sold | 174,024 |
Interest | 3,051,428 |
Due from the Adviser | 24,505 |
Other assets | 32,296 |
Total assets | $ 249,794,846 |
LIABILITIES: | |
Payables — | |
Investment securities purchased | $ 8,819,970 |
Fund shares repurchased | 535,875 |
Distributions | 102,611 |
Trustees’ fees | 437 |
Written options outstanding (net premiums received $(86,016)) | 83,530 |
Net unrealized depreciation on forward foreign currency exchange contracts | 39,887 |
Swap contracts, at value (net premiums paid $2,298) | 1,382,408 |
Due to affiliates | 16,946 |
Accrued expenses | 134,082 |
Total liabilities | $ 11,115,746 |
NET ASSETS: | |
Paid-in capital | $ 544,550,759 |
Distributable earnings (loss) | (305,871,659) |
Net assets | $ 238,679,100 |
NET ASSET VALUE PER SHARE: | |
No par value (unlimited number of shares authorized) | |
Class A (based on $151,026,593/17,444,918 shares) | $ 8.66 |
Class C (based on $8,263,105/955,107 shares) | $ 8.65 |
Class Y (based on $79,389,402/9,346,039 shares) | $ 8.49 |
MAXIMUM OFFERING PRICE PER SHARE: | |
Class A (based on $8.66 net asset value per share/100%-4.50% | |
maximum sales charge) | $ 9.07 |
The accompanying notes are an integral part of these financial statements.
42 Pioneer Global High Yield Fund | Semiannual Report | 4/30/21
Statement of Operations (unaudited)
FOR THE SIX MONTHS ENDED 4/30/21
| | |
INVESTMENT INCOME: | | |
Interest from unaffiliated issuers | $ 7,092,417 | |
Dividends from unaffiliated issuers | 85,048 | |
Total investment income | | $ 7,177,465 |
EXPENSES: | | |
Management fees | $ 824,515 | |
Administrative expense | 61,657 | |
Transfer agent fees | | |
Class A | 91,630 | |
Class C | 6,779 | |
Class Y | 40,803 | |
Distribution fees | | |
Class A | 181,842 | |
Class C | 53,376 | |
Shareowner communications expense | 14,107 | |
Custodian fees | 16,892 | |
Registration fees | 25,602 | |
Professional fees | 42,246 | |
Printing expense | 22,103 | |
Pricing fees | 12,948 | |
Trustees’ fees | 3,423 | |
Insurance expense | 61 | |
Miscellaneous | 19,954 | |
Total expenses | | $ 1,417,938 |
Less fees waived and expenses reimbursed by the Adviser | | (124,244) |
Net expenses | | $ 1,293,694 |
Net investment income | | $ 5,883,771 |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | |
Net realized gain (loss) on: | | |
Investments in unaffiliated issuers | $ 4,110,884 | |
Written options | 109,048 | |
Forward foreign currency exchange contracts | 540,414 | |
Swap contracts | 1,344,469 | |
Other assets and liabilities denominated in | | |
foreign currencies | (97,262) | $ 6,007,553 |
Change in net unrealized appreciation (depreciation) on: | | |
Investments in unaffiliated issuers | $17,047,110 | |
Written options | (30,551) | |
Forward foreign currency exchange contracts | 79,191 | |
Swap contracts | (1,413,345) | |
Unfunded loan commitments | (827) | |
Other assets and liabilities denominated in | | |
foreign currencies | (22,128) | $15,659,450 |
Net realized and unrealized gain (loss) on investments | | $21,667,003 |
Net increase in net assets resulting from operations | | $27,550,774 |
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/21 43
Statements of Changes in Net Assets
| | |
| Six Months | |
| Ended | |
| 4/30/21 | Year Ended |
| (unaudited) | 10/31/20 |
FROM OPERATIONS: | | |
Net investment income (loss) | $ 5,883,771 | $ 14,186,694 |
Net realized gain (loss) on investments | 6,007,553 | (26,056,362) |
Change in net unrealized appreciation (depreciation) | | |
on investments | 15,659,450 | (845,170) |
Net increase (decrease) in net assets resulting | | |
from operations | $ 27,550,774 | $ (12,714,838) |
DISTRIBUTIONS TO SHAREOWNERS: | | |
Class A ($0.21 and $0.44 per share, respectively) | $ (3,710,514) | $ (7,607,774) |
Class C ($0.18 and $0.36 per share, respectively) | (225,380) | (1,116,180) |
Class Y ($0.22 and $0.45 per share, respectively) | (2,116,907) | (4,758,177) |
Tax return of capital: | | |
Class A ($– and $0.02 per share, respectively) | — | (422,850) |
Class C ($– and $0.02 per share, respectively) | — | (71,769) |
Class Y ($– and $0.02 per share, respectively) | — | (247,451) |
Total distributions to shareowners | $ (6,052,801) | $ (14,224,201) |
FROM FUND SHARE TRANSACTIONS: | | |
Net proceeds from sales of shares | $ 35,872,353 | $ 39,524,717 |
Reinvestment of distributions | 5,070,323 | 12,011,372 |
Cost of shares repurchased | (43,609,298) | (112,842,709) |
Net decrease in net assets resulting from Fund | | |
share transactions | $ (2,666,622) | $ (61,306,620) |
Net increase (decrease) in net assets | $ 18,831,351 | $ (88,245,659) |
NET ASSETS: | | |
Beginning of period | $219,847,749 | $ 308,093,408 |
End of period | $238,679,100 | $ 219,847,749 |
The accompanying notes are an integral part of these financial statements.
44 Pioneer Global High Yield Fund | Semiannual Report | 4/30/21
| | | | |
| Six Months | Six Months | | |
| Ended | Ended | Year | Year |
| 4/30/21 | 4/30/21 | Ended | Ended |
| Shares | Amount | 10/31/20 | 10/31/20 |
| (unaudited) | (unaudited) | Shares | Amount |
Class A | | | | |
Shares sold | 2,065,829 | $ 17,557,871 | 1,978,870 | $ 15,555,737 |
Reinvestment of | | | | |
distributions | 383,042 | 3,266,750 | 891,978 | 7,065,967 |
Less shares repurchased | (1,825,626) | (15,503,819) | (4,735,012) | (37,419,166) |
Net increase | | | | |
(decrease) | 623,245 | $ 5,320,802 | (1,864,164) | $(14,797,462) |
Class C | | | | |
Shares sold | 42,437 | $ 363,561 | 73,389 | $ 593,219 |
Reinvestment of | | | | |
distributions | 25,820 | 219,162 | 126,903 | 1,007,607 |
Less shares repurchased | (1,306,325) | (11,009,240) | (2,045,110) | (16,366,689) |
Net decrease | (1,238,068) | $(10,426,517) | (1,844,818) | $(14,765,863) |
Class Y | | | | |
Shares sold | 2,144,381 | $ 17,950,921 | 3,031,125 | $ 23,375,761 |
Reinvestment of | | | | |
distributions | 189,286 | 1,584,411 | 503,623 | 3,937,798 |
Less shares repurchased | (2,038,081) | (17,096,239) | (7,978,042) | (59,056,854) |
Net increase | | | | |
(decrease) | 295,586 | $ 2,439,093 | (4,443,294) | $(31,743,295) |
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/21 45
Financial Highlights
| Six Months | | | | |
| Ended | Year | Year | Year | Year | Year |
| 4/30/21 | Ended | Ended | Ended | Ended | Ended |
| (unaudited) | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | 10/31/16* |
Class A | | | | | | |
Net asset value, beginning of period | $ 7.88 | $ 8.57 | $ 8.51 | $ 9.12 | $ 8.71 | $ 8.64 |
Increase (decrease) from investment operations: | | |
Net investment income (loss) (a) | $ 0.21 | $ 0.46 | $ 0.47 | $ 0.49 | $ 0.51 | $ 0.54 |
Net realized and unrealized gain (loss) on investments | 0.78 | (0.69) | 0.05 | (0.65) | 0.37 | 0.04(b) |
Net increase (decrease) from investment operations | $ 0.99 | $ (0.23) | $ 0.52 | $ (0.16) | $ 0.88 | $ 0.58 |
Distributions to shareowners: | | | | |
Net investment income | $ (0.21) | $ (0.44) | $ (0.44) | $ (0.45) | $ (0.42) | $ (0.47) |
Tax return of capital | — | (0.02) | (0.02) | | (0.05) | (0.04) |
Total distributions | $ (0.21) | $ (0.46) | $ (0.46) | $ (0.45) | $ (0.47) | $ (0.51) |
Net increase (decrease) in net asset value | $ 0.78 | $ (0.69) | $ 0.06 | $ (0.61) | $ 0.41 | $ 0.07 |
Net asset value, end of period | $ 8.66 | $ 7.88 | $ 8.57 | $ 8.51 | $ 9.12 | $ 8.71 |
Total return (c) | 12.72%(d) | (2.57)% | 6.27% | (1.78)% | 10.33% | 7.14%(e) |
Ratio of net expenses to average net assets | 1.14%(f) | 1.14% | 1.25% | 1.17% | 1.18% | 1.19% |
Ratio of net investment income (loss) to average net assets | 4.96%(f) | 5.72% | 5.57% | 5.56% | 5.71% | 6.50% |
Portfolio turnover rate | 61%(d) | 94% | 54% | 48% | 53% | 40% |
Net assets, end of period (in thousands) | $151,027 | $132,580 | $160,057 | $173,588 | $182,900 | $201,360 |
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 | 1.26%(f) | 1.23%(f)
| 1.26% | 1.17% | 1.18%
| 1.19% |
Net investment income (loss) to average net assets | 4.84%(f) | 5.63%(f)
| 5.56% | 5.56% | 5.71% | 6.50% |
* | 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) | The amount shown for a share outstanding does not correspond with the aggregate loss on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund. |
(c) | 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. |
(d) | Not annualized. |
(e) | If the Fund had not recognized gains in the settlement of class action lawsuits during the year ended October 31, 2016, the total return would have been 7.01%. |
(f) | Annualized. |
The accompanying notes are an integral part of these financial statements.
46 Pioneer Global High Yield Fund | Semiannual Report | 4/30/21
| Six Months | | | | |
| Ended | Year | Year | Year | Year | Year |
| 4/30/21 | Ended | Ended | Ended | Ended | Ended |
| (unaudited) | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | 10/31/16* |
Class C | | | | | | |
Net asset value, beginning of period | $ 7.87 | $ 8.55 | $ 8.49 | $ 9.09 | $ 8.69 | $ 8.62 |
Increase (decrease) from investment operations: | | |
Net investment income (loss) (a) | $ 0.17 | $ 0.39 | $ 0.41 | $ 0.42 | $ 0.44 | $ 0.48 |
Net realized and unrealized gain (loss) on investments | 0.79 | (0.69) | 0.04 | (0.63) | 0.36 | 0.04(b) |
Net increase (decrease) from investment operations | $ 0.96 | $ (0.30) | $ 0.45 | $ (0.21) | $ 0.80 | $ 0.52 |
Distributions to shareowners: | | | | |
Net investment income | $ (0.18) | $ (0.36) | $ (0.37) | $ (0.39) | $ (0.35) | $ (0.41) |
Tax return of capital | — | (0.02) | (0.02) | — | (0.05) | (0.04) |
Total distributions | $ (0.18) | $ (0.38) | $ (0.39) | $ (0.39) | $ (0.40) | $ (0.45) |
Net increase (decrease) in net asset value | $ 0.78 | $ (0.68) | $ 0.06 | $ (0.60) | $ 0.40 | $ 0.07 |
Net asset value, end of period | $ 8.65 | $ 7.87 | $ 8.55 | $ 8.49 | $ 9.09 | $ 8.69 |
Total return (c) | 12.22%(d) | (3.39)% | 5.46% | (2.39)% | 9.46% | 6.40%(e) |
Ratio of net expenses to average net assets | 2.01%(f) | 2.02% | 1.97% | 1.90% | 1.89% | 1.90% |
Ratio of net investment income (loss) to average net assets | 3.98%(f) | 4.83% | 4.86% | 4.75% | 5.01% | 5.79% |
Portfolio turnover rate | 61%(d) | 94% | 54% | 48% | 53% | 40% |
Net assets, end of period (in thousands) | $8,263 | $17,266 | $34,513 | $60,700 | $143,587 | $183,542 |
* | 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) | The amount shown for a share outstanding does not correspond with the aggregate loss on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund. |
(c) | 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. |
(d) | Not annualized. |
(e) | If the Fund had not recognized gains in the settlement of class action lawsuits during the year ended October 31, 2016 the total return would have been 6.28%. |
(f) | Annualized. |
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/21 47
Financial Highlights (continued)
| Six Months | | | | |
| Ended | Year | Year | Year | Year | Year |
| 4/30/21 | Ended | Ended | Ended | Ended | Ended |
| (unaudited) | 10/31/20 | 10/31/19 | 10/31/18 | 10/31/17 | 10/31/16* |
Class Y | | | | | | |
Net asset value, beginning of period | $ 7.73 | $ 8.41 | $ 8.36 | $ 8.95 | $ 8.55 | $ 8.49 |
Increase (decrease) from investment operations: | | |
Net investment income (loss) (a) | $ 0.21 | $ 0.47 | $ 0.49 | $ 0.50 | $ 0.52 | $ 0.57 |
Net realized and unrealized gain (loss) on investments | 0.77 | (0.68) | 0.03 | (0.62) | 0.36 | 0.01(b) |
Net increase (decrease) from investment operations | $ 0.98 | $ (0.21) | $ 0.52 | $ (0.12) | $ 0.88 | $ 0.58 |
Distributions to shareowners: | | | | |
Net investment income | $ (0.22) | $ (0.45) | $ (0.45) | $ (0.47) | $ (0.43) | $ (0.48) |
Tax return of capital | — | (0.02) | (0.02) | — | (0.05) | (0.04) |
Total distributions | $ (0.22) | $ (0.47) | $ (0.47) | $ (0.47) | $ (0.48) | $ (0.52) |
Net increase (decrease) in net asset value | $ 0.76 | $ (0.68) | $ 0.05 | $ (0.59) | $ 0.40 | $ 0.06 |
Net asset value, end of period | $ 8.49 | $ 7.73 | $ 8.41 | $ 8.36 | $ 8.95 | $ 8.55 |
Total return (c) | 12.78%(d) | (2.37)% | 6.43% | (1.41)% | 10.60% | 7.34% |
Ratio of net expenses to average net assets | 0.90%(e) | 0.90% | 0.96% | 0.92% | 0.91% | 0.90% |
Ratio of net investment income (loss) to average net assets | 5.19%(e) | 5.94% | 5.85% | 5.73% | 5.96% | 6.93% |
Portfolio turnover rate | 61%(d) | 94% | 54% | 48% | 53% | 40% |
Net assets, end of period (in thousands) | $79,389 | $70,002 | $113,523 | $133,015 | $292,664 | $280,262 |
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 | 0.99%(e) | 0.96% | 0.96% | 0.92% | 0.91% | 0.90% |
Net investment income (loss) to average net assets | 5.10%(e) | 5.88% | 5.85% | 5.73% | 5.96% | 6.96% |
* | 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) | The amount shown for a share outstanding does not correspond with the aggregate loss on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund. |
(c) | 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. |
(d) | Not annualized. |
(e) | Annualized. |
The accompanying notes are an integral part of these financial statements.
48 Pioneer Global High Yield Fund | Semiannual Report
| 4/30/21
Notes to Financial Statements |
4/30/21 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Global High Yield Fund (the “Fund”) is the sole series comprising Pioneer Series Trust VII (the “Trust”), 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 maximize total return through a combination of income and 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 April 30, 2021. 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 Y shares.
Amundi Asset Management US, 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”). Prior to January 1, 2021, the Adviser was named Amundi Pioneer Asset Management, Inc. Amundi Distributor US, Inc., an affiliate of Amundi Asset Management US, Inc., serves as the Fund’s distributor (the “Distributor”).
In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2018-13 “Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”) which modifies disclosure requirements for fair value measurements, principally for Level 3 securities and transfers between levels of the fair value hierarchy. ASU 2018-13 is effective for fiscal years beginning after
Pioneer Global High Yield Fund | Semiannual Report | 4/30/21 49
December 15, 2019 and for interim periods within those fiscal years. The Fund has adopted ASU 2018-13 for the six months ended April 30, 2021. The impact to the Fund’s adoption was limited to changes in the Fund’s disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy and disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value investments, when applicable.
In March 2020, FASB issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other LIBOR-based reference rates at the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 on the Fund’s investments, derivatives, debt and other contracts, if applicable, that will undergo reference rate-related modifications as a result of the reference rate reform.
The Fund is an investment company and follows investment company accounting and reporting guidance under U.S. Generally Accepted Accounting Principles (“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
50 Pioneer Global High Yield Fund | Semiannual Report | 4/30/21
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.
Event-linked bonds are valued at the bid price obtained from an independent third party pricing service. Other insurance-linked securities (including reinsurance sidecars, collateralized reinsurance and industry loss warranties) may be valued at the bid price obtained from an independent pricing service, or through a third party using a pricing matrix, insurance industry valuation models, or other fair value methods or techniques to provide an estimated value of the instrument.
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 value of foreign securities is translated into U.S. dollars based on foreign currency exchange rate quotations supplied by a third party pricing source. Trading in non-U.S. equity securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund’s shares are determined as of such times. The Fund may use a fair value model developed by an independent pricing service to value non-U.S. equity securities.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/21 51
Options contracts are generally valued at the mean between the last bid and ask prices on the principal exchange where they are traded. Over-the-counter (“OTC”) options and options on swaps (“swaptions”) are valued using prices 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.
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.
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.
52 Pioneer Global High Yield Fund | Semiannual Report | 4/30/21
At April 30, 2021, five securities were valued using fair value methods (in addition to securities valued using prices supplied by independent pricing services, broker-dealers or using a third party insurance pricing model) representing 0.26% of net assets. The value of these fair valued securities was $621,867.
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.
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 October 31, 2020, the Fund did not accrue any interest or
Pioneer Global High Yield Fund | Semiannual Report | 4/30/21 53
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.
The tax character of current year distributions payable will be determined at the end of the current taxable year. The tax character of distributions paid during the year ended October 31, 2020 was as follows:
| |
| 2020 |
Distributions paid from: | |
Ordinary income | $13,482,131 |
Tax return of capital | 742,070 |
Total | $14,224,201 |
The following shows the components of distributable earnings (losses) on a federal income tax basis at October 31, 2020:
| 2020 |
Distributable earnings: | |
Capital loss carryforward | $(310,387,460) |
Dividend payable | (142,274) |
Net unrealized depreciation | (16,839,898) |
Total | $(327,369,632) |
The difference between book basis and tax basis unrealized depreciation is attributable to the tax deferral of losses on wash sales, the mark-to-market of foreign currency contracts and swaps, adjustments relating to catastrophe bonds and swaps.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The Distributor earned $822 in underwriting commissions on the sale of Class A shares during the six months ended April 30, 2021.
54 Pioneer Global High Yield Fund | Semiannual Report | 4/30/21
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 and Class C shares of the Fund, respectively (see Note 5). 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 4).
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.
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.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/21 55
The Fund invests in below-investment-grade (high-yield) debt securities and preferred stocks. Some of these high-yield securities may be convertible into equity securities of the issuer. Debt securities rated below-investment-grade are commonly referred to as “junk bonds” and are considered speculative. These securities involve greater risk of loss, are subject to greater price volatility, and are less liquid, especially during periods of economic uncertainty or change, than higher rated debt securities.
The Fund’s investments, payment obligations and financing terms may be based on floating rates, such as LIBOR (London Interbank Offered Rate). Plans are underway to phase out the use of LIBOR. The UK Financial Conduct Authority (“FCA”) and LIBOR’s administrator, ICE Benchmark Administration (“IBA”), have announced that most LIBOR rates will no longer be published after the end of 2021 and a majority of U.S. dollar LIBOR rates will no longer be published after June 30, 2023. It is possible that the FCA may compel the IBA to publish a subset of LIBOR settings after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying markets. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. Based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), the U.S. Federal Reserve began publishing a Secured Overnight Funding Rate (“SOFR”) that is intended to replace U.S. Dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication, such as SONIA in the United Kingdom. Markets are slowly developing in response to these new rates, and transition planning is at a relatively early stage. Neither the effect of the transition process nor its ultimate success is known. The transition process may lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. The effect of any changes to or discontinuation of LIBOR on the portfolio will vary depending on, among other things, provisions in individual contracts and whether, how, and when industry participants develop and adopt new reference rates and alternative reference rates for both legacy and new products and instruments. Because the usefulness of LIBOR as a benchmark may deteriorate during the transition period, these effects could materialize prior to the end of 2021.
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
56 Pioneer Global High Yield Fund | Semiannual Report | 4/30/21
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 the Adviser 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 the Adviser 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, or sales 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
Pioneer Global High Yield Fund | Semiannual Report | 4/30/21 57
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. Restricted Securities
Restricted Securities are subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933.
Disposal of restricted investments may involve negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Fund at April 30, 2021 are listed in the Schedule of Investments.
I. Insurance-Linked Securities (“ILS”)
The Fund invests in ILS. The Fund could lose a portion or all of the principal it has invested in an ILS, and the right to additional interest or dividend payments with respect to the security, upon the occurrence of one or more trigger events, as defined within the terms of an insurance-linked security. Trigger events, generally, are hurricanes, earthquakes, or other natural events of a specific size or magnitude that occur in a designated geographic region during a specified time period, and/or that involve losses or other metrics that exceed a specific amount. There is no way to accurately predict whether a trigger event will occur, and accordingly, ILS carry significant risk. The Fund is entitled to receive principal, and interest and/or dividend payments so long as no trigger event occurs of the description and magnitude specified by the instrument. In addition to the specified trigger events, ILS may expose the Fund to other risks, including but not limited to issuer (credit) default, adverse regulatory or jurisdictional interpretations and adverse tax consequences.
The Fund’s investments in ILS may include event-linked bonds. ILS also may include special purpose vehicles (“SPVs”) or similar instruments structured to comprise a portion of a reinsurer’s catastrophe-oriented business, known as quota share instruments (sometimes referred to as reinsurance sidecars), or to provide reinsurance relating to specific risks to insurance or reinsurance companies through a collateralized instrument, known as collateralized reinsurance. Structured reinsurance investments
58 Pioneer Global High Yield Fund | Semiannual Report | 4/30/21
also may include industry loss warranties (“ILWs”). A traditional ILW takes the form of a bilateral reinsurance contract, but there are also products that take the form of derivatives, collateralized structures, or exchange-traded instruments.
Where the ILS are based on the performance of underlying reinsurance contracts, the Fund has limited transparency into the individual underlying contracts, and therefore must rely upon the risk assessment and sound underwriting practices of the issuer. Accordingly, it may be more difficult for the Adviser to fully evaluate the underlying risk profile of the Fund’s structured reinsurance investments, and therefore the Fund’s assets are placed at greater risk of loss than if the Adviser had more complete information. Structured reinsurance instruments generally will be considered illiquid securities by the Fund. These securities may be difficult to purchase, sell or unwind. Illiquid securities also may be difficult to value. If the Fund is forced to sell an illiquid asset, the Fund may be forced to sell at a loss.
J. Purchased Options
The Fund may purchase put and call options to seek to increase total return. Purchased call and put options entitle the Fund to buy and sell a specified number of shares or units of a particular security, currency or index at a specified price at a specific date or within a specific period of time. Upon the purchase of a call or put option, the premium paid by the Fund is included on the Statement of Assets and Liabilities as an investment. All premiums are marked-to-market daily, and any unrealized appreciation or depreciation is recorded on the Fund’s Statement of Operations. As the purchaser of an index option, the Fund has the right to receive a cash payment equal to any depreciation in the value of the index below the strike price of the option (in the case of a put) or equal to any appreciation in the value of the index over the strike price of the option (in the case of a call) as of the valuation date of the option. Premiums paid for purchased call and put options which have expired are treated as realized losses on investments on the Statement of Operations. Upon the exercise or closing of a purchased put option, the premium is offset against the proceeds on the sale of the underlying security or financial instrument in order to determine the realized gain or loss on investments. Upon the exercise or closing of a purchased call option, the premium is added to the cost of the security or financial instrument. The risk associated with purchasing options is limited to the premium originally paid.
The average market value of purchased options contracts open during the six months ended April 30, 2021, was $26,528. Open purchased options at April 30, 2021, are listed in the Schedule of Investments.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/21 59
K. Option Writing
The Fund may write put and covered call options to seek to increase total return. When an option is written, the Fund receives a premium and becomes obligated to purchase or sell the underlying security at a fixed price, upon the exercise of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as “Written options outstanding” on the Statement of Assets and Liabilities and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments on the Statement of Operations. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain on the Statement of Operations, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss on the Statement of Operations. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has realized a gain or loss. The Fund as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.
The average market value of written options for the six months ended April 30, 2021, was $(149,073). Open written options contracts at April 30, 2021, are listed in the Schedule of Investments.
L. 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 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 8).
During the six months ended April 30, 2021, 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.
60 Pioneer Global High Yield Fund | Semiannual Report | 4/30/21
The average market value of forward foreign currency exchange contracts open during the six months ended April 30, 2021, was $9,708,714. Open forward foreign currency exchange contracts outstanding at April 30, 2021, are listed in the Schedule of Investments.
M. 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 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.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/21 61
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 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 April 30, 2021, is recorded as “Swaps collateral” on the Statement of Assets and Liabilities.
The average market value of credit default swap contracts open during the six months ended April 30, 2021, was $(423,087). Open credit default swap contracts at April 30, 2021, 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 0.70% of the Fund’s average daily net assets up to $500 million of the Fund’s average daily net assets; 0.65% of the next $500 million of the Fund’s average daily net assets; 0.60% of the next $500 million of the Fund’s average daily net assets; 0.55% of the next $500 million of the Fund’s average daily net assets; and 0.45% of the Fund’s average daily net assets over $2 billion. For the six months ended
62 Pioneer Global High Yield Fund | Semiannual Report | 4/30/21
April 30, 2021, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.70% (annualized) of the Fund’s average daily net assets.
The Adviser has contractually agreed to limit ordinary operating expenses (ordinary operating expenses means all fund expenses other than extraordinary expenses, such as litigation, taxes, brokerage commissions and acquired fund fees and expenses) of the Fund to the extent required to reduce Fund expenses to 1.14% and 0.90% of the average daily net assets attributable to Class A and Class Y shares, respectively. These expense limitations are in effect through March 1, 2022. 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. Fees waived and expenses reimbursed during the six months ended April 30, 2021 are reflected on the Statement of Operations.
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 $13,168 in management fees, administrative costs and certain other reimbursements payable to the Adviser at April 30, 2021.
3. Compensation of Trustees and Officers
The Fund pays an annual fee to its Trustees. The Adviser reimburses the Fund for fees paid to the Interested Trustees. The Fund does not pay any salary or other compensation to its officers. For the six months ended April 30, 2021, the Fund paid $3,423 in Trustees’ compensation, which is reflected on the Statement of Operations as Trustees’ fees. At April 30, 2021, the Fund had a payable for Trustees’ fees on its Statement of Assets and Liabilities of $437.
4. 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.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/21 63
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 six months ended April 30, 2021, such out-of-pocket expenses by class of shares were as follows:
Shareowner Communications | |
Class A | $ 8,119 |
Class C | 703 |
Class Y | 5,285 |
Total | $14,107 |
5. Distribution Plan
The Fund has adopted a distribution plan (the “Plan”) pursuant to Rule 12b-1 of the Investment Company Act of 1940 with respect to its Class A 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 $3,778 in distribution fees payable to the Distributor at April 30, 2021.
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 Y shares. Proceeds from the CDSCs are paid to the Distributor. For the six months ended April 30, 2021, CDSCs in the amount of $108 were paid to the Distributor.
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the “Funds”), participates in a committed, unsecured revolving line of credit (“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
64 Pioneer Global High Yield Fund | Semiannual Report | 4/30/21
Fund’s prospectus and the 1940 Act. Effective February 4, 2021, the Fund participates in a facility in the amount of $450 million. Prior to February 4, 2021, the Fund participated 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 both an upfront fee and an annual commitment fee to participate in the credit facility. The upfront fee in the amount 0.10% of the total credit facility and the commitment fee in the amount of 0.25% of the daily unused portion of each lender’s commitment are allocated among participating funds based on an allocation schedule set forth in the credit agreement. For the six months ended April 30, 2021, the Fund had no borrowings under the credit facility.
7. 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 of 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 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
Pioneer Global High Yield Fund | Semiannual Report | 4/30/21 65
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 April 30, 2021.
| | | | | | |
| 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) |
Bank of | | | | | | |
America NA | $ 37,576 | $ (37,576) | $ — | $— | $ — |
Citibank N.A. | | 6,598 | — | — | — | 6,598 |
Goldman Sachs | | | | | | |
International | | 8 | — | — | — | 8 |
HSBC Bank | | 19,804 | — | — | — | 19,804 |
JPMorgan Chase | | | | | | |
Bank N.A. | | 17,873 | (17,873) | — | — | — |
State Street | | | | | | |
Bank & Trust Co. | 30,006 | (30,006) | — | — | — |
Total | $111,865 | $(85,455) | $ — | $— | $ 26,410 |
|
| 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) |
Bank of | | | | | | |
America NA | $ 62,664 | $ (37,576) | $ — | $ — | $ 25,088 |
Citibank N.A. | | — | — | — | — | — |
Goldman Sachs | | | | | | |
International | | — | — | — | — | — |
HSBC Bank | | — | — | — | — | — |
JPMorgan Chase | | | | | | |
Bank N.A. | | 97,932 | (17,873) | — | — | 80,059 |
State Street | | | | | | |
Bank & Trust Co. | 56,813 | (30,006) | — | — | 26,807 |
Total | $217,409 | $(85,455) | $ — | $ — | $131,954 |
(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.
|
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8. 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 April 30, 2021, was as follows:
| | | Foreign | | |
Statement of | Interest | Credit | Exchange | Equity | Commodity |
Assets and Liabilities | Rate Risk | Risk | Rate Risk | Risk | Risk |
Assets | | | | | |
Options purchased* | $ — | $ — | $ 17,873** | $ — | $ — |
Total Value | $ — | $ — | $ 17,873** | $ — | $ — |
Liabilities | | | | | |
Swap contracts, | | | | | |
at value | $ — | $1,382,408 | $ — | $ — | $ — |
Written options | | | | | |
outstanding | | | 83,530 | | |
Net unrealized | | | | | |
depreciation on | | | | | |
forward foreign | | | | | |
currency contracts | — | | 39,887 | — | — |
Total Value | $ — | $1,382,408 | $123,417 | $ — | $ — |
* | Reflects the market value of purchased option contracts (see Note 1J). These amounts are included in investments in unaffiliated issuers, at value, on the Statement of Assets and Liabilities. |
** | Includes securities that are valued at $0. |
Pioneer Global High Yield Fund | Semiannual Report | 4/30/21 67
The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure at April 30, 2021, was as follows:
| | | | | |
| | | Foreign | | |
Statement | Interest | Credit | Exchange | Equity | Commodity |
of Operations | Rate Risk | Risk | Rate Risk | Risk | Risk |
Net realized gain (loss) on: | | | | | |
Options purchased* | $ — | $ — | $ (109,048) | $ — | $ — |
Written options | — | — | 109,048 | — | — |
Forward foreign | | | | | |
exchange currency | | | | | |
contracts | — | — | 540,414 | — | — |
Swap contracts | — | 1,344,469 | — | — | — |
Total Value | $ — | $ 1,344,469 | $ 540,414 | $ — | $ — |
Change in net unrealized | | | | | |
appreciation | | | | | |
(depreciation) on: | | | | | |
Options purchased** | $ — | $ — | $ 21,783*** | $ —*** | $ — |
Written options | — | — | (30,551) | — | — |
Forward foreign | | | | | |
exchange currency | | | | | |
contracts | — | — | 79,191 | — | — |
Swap contracts | — | (1,413,345) | — | — | — |
Total Value | $ — | $ (1,413,345) | $ 70,423*** | $ —*** | $ — |
* | Reflects the net realized gain (loss) on purchased option contracts (see Note 1J). These amounts are included in Net realized gain (loss) on investments in unaffiliated issuers, on the Statement of Operations. |
** | Reflects the change in net unrealized appreciation (depreciation) on purchased option contracts (see Note 1J). These amounts are included in change in net unrealized appreciation (depreciation) on Investments in unaffiliated issuers, on the Statement of Operations. |
*** | Includes securities that are valued at $0. |
9. Unfunded Loan Commitments
The Fund may enter into unfunded loan commitments. Unfunded loan commitments may be partially or wholly unfunded. During the contractual period, the Fund is obliged to provide funding to the borrower upon demand. A fee is earned by the Fund on the unfunded loan commitment and is recorded as interest income on the Statement of Operations. Unfunded loan commitments are fair valued in accordance with the valuation policy described in Footnote 1A and unrealized appreciation or depreciation, if any, is recorded on the Statement of Assets and Liabilities.
As of April 30, 2021, the Fund had no unfunded loan commitments outstanding.
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Trustees, Officers
and Service Providers*
| |
Trustees | Officers |
Thomas J. Perna, Chairman | Lisa M. Jones, President and |
John E. Baumgardner, Jr. | Chief Executive Officer |
Diane Durnin | Anthony J. Koenig, Jr., Treasurer |
Benjamin M. Friedman | and Chief Financial and |
Lisa M. Jones | Accounting Officer |
Craig C. MacKay | Christopher J. Kelley, Secretary and |
Lorraine H. Monchak | Chief Legal Officer |
Marguerite A. Piret | |
Fred J. Ricciardi | |
Kenneth J. Taubes | |
Investment Adviser and Administrator
Amundi Asset Management US, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Amundi Distributor US, 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.amundi.com/us. This information is also available on the Securities and Exchange Commission’s web site at www.sec.gov.
* Effective April 30, 2021, Mark E. Bradley is no longer Treasurer of the Fund.
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How to Contact Amundi
We are pleased to offer a variety of convenient ways for you to contact us for assistance or information.
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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
P.O. Box 219427
Kansas City, MO 64121-9427 | |
Our toll-free fax | 1-800-225-4240 |
Our internet e-mail address | us.askamundi@amundi.com |
(for general questions about Amundi only) | |
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Visit our web site: www.amundi.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 Asset Management US, Inc.
60 State Street
Boston, MA 02109
www.amundi.com/us
Securities offered through Amundi Distributor US, Inc.,
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
© 2021 Amundi Asset Management US, Inc. 19382-15-0621