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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-10395
Pioneer Series Trust VII
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Dorothy E. Bourassa, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: October 31
Date of reporting period: November 1, 2008 through April 30, 2009
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO SHAREOWNERS.
Pioneer Global Aggregate
Bond Fund
- --------------------------------------------------------------------------------
Semiannual Report | April 30, 2009
- --------------------------------------------------------------------------------
Ticker Symbols:
Class A PGABX
Class C PGCBX
Class Y PGYBX
[Logo]PIONEER
Investments(R)
visit us: pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 7
Prices and Distributions 8
Performance Update 9
Comparing Ongoing Fund Expenses 12
Schedule of Investments 14
Financial Statements 28
Notes to Financial Statements 35
Trustees, Officers and Service Providers 43
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09 1
President's Letter
Dear Shareowner,
Stock and bond markets around the globe have been experiencing one of their
most tumultuous periods in history. Investors have witnessed volatility of a
magnitude that many have never before seen. Distance often provides the best
vantage point for perspective. Still, we believe that the benefits of basic
investment principles that have stood the test of time -- even in the midst of
market turmoil -- cannot be underestimated.
First, invest for the long term. The founder of Pioneer Investments, Philip L.
Carret, began his investment career during the 1920s. One lesson he learned is
that while great prosperity affords an advantageous time for selling stocks,
extreme economic slumps can create opportunities for purchase. Indeed, many of
our portfolio managers, who follow the value-conscious investing approach of
our founder, are looking at recent market conditions as an opportunity to buy
companies whose shares we believe have been unjustifiably beaten down by
indiscriminate selling, but that we have identified as having strong prospects
over time. While investors may be facing a sustained market downturn, we
continue to believe that patience, along with staying invested in the market,
are important considerations for long-term investors.
A second principle is to stay diversified across different types of
investments. The global scope of the current market weakness poses challenges
for this basic investment axiom. But the turbulence makes now a good time to
reassess your portfolio and make sure that your investments continue to meet
your needs. We believe you should work closely with your financial advisor to
find the mix of stocks, bonds and money market assets that is best aligned to
your particular risk tolerance and investment objective.
As the investment markets sort through the continuing crisis in the financial
industry, we are staying focused on the fundamentals and risk management. With
more than 80 years of experience behind us, we have learned how to navigate
turbulent markets. At Pioneer Investments, risk management has always been a
critical part of our culture -- not just during periods of extraordinary
volatility. Our investment process is based on fundamental research,
quantitative analysis and active portfolio management. This three-pillared
process, which we apply to each of our portfolios, is supported by an
integrated team approach and is designed to carefully balance risk and reward.
While we
2 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09
see potential chances for making money in many corners of the market, it takes
research and experience to separate solid investment opportunities from
speculation.
We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
www.pioneerinvestments.com. Thank you for investing with Pioneer.
Respectfully,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA Inc.
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 the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes. Past
performance is no guarantee of future results, and there is no guarantee that
market forecasts discussed will be realized.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09 3
Portfolio Management Discussion | 4/30/09
Reacting to substantial and widening problems among major financial
institutions in the late summer and early fall of 2008, the world's
fixed-income markets experienced an unusually high degree of volatility over
the six months ended April 30, 2009. Better-quality bonds clearly outperformed
during the first four months of the period, as the market witnessed a worldwide
flight to quality and safety. However, the credit markets appeared to improve
in March and April 2009, leading to improved performance by some credit-exposed
asset classes. In the following discussion, Charles Melchreit discusses the
performance of Pioneer Global Aggregate Bond Fund during the six months ending
April 30, 2009. Mr. Melchreit, a member of Pioneer's Fixed Income Department,
is responsible for the daily management of the Fund.
Q How did the Fund perform during the six months ended April 30, 2009?
A Pioneer Aggregate Bond Fund Class A shares generated a total return of
6.00% at net asset value during the six months ended April 30, 2009, while
the Barclays Capital (formerly Lehman Brothers) Global Aggregate Bond
Index, the Fund's benchmark, returned 6.68%. During the same period, the
average return of the 137 funds in Lipper's Global Income Funds category
was 5.79%. On April 30, 2009, the 30-day SEC yield of Class A shares was
4.05%.
Q What were the principal factors affecting the Fund's performance during the
six months ended April 30, 2009?
A The period saw a dramatic change in sentiment in worldwide fixed-income
markets, leading to substantial volatility. The first four months of the
period saw continuing concerns about the extent of the credit crisis, which
drove a global flight to quality. Investments in U.S. Treasuries and
government agency securities held up better than those exposed to credit
risk, while perceived safe havens such as the U.S. dollar and the Japanese
yen also did well. That changed in March 2009, as frozen credit markets
appeared to be thawing and investors were more willing to take on credit
risk. Despite the change in sentiment, the global economy remained
sluggish, with the economies of the U.S., Europe, the United Kingdom and
Japan all contracting, although early signs of a potential stabilization
surfaced in the U.S. and Japan. Their economies had been the first to fall
into recession.
Q How did you position the Fund in this environment?
A During most of the period, we maintained a high-quality portfolio. We also
kept the Fund's duration -- or sensitivity to changes in interest rates --
long because we thought interest rates were likely to decline due to the
4 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09
accommodative policies of the world's major central banks. The Fund had a
significant overweighting in the U.S dollar, but was underweighted to the
euro and the British pound. We normally have de-emphasized Japan because of
the very low yields available in that nation, but the Fund's underweight
was not as dramatic as it had been earlier. Toward the end of the period,
however, we started opportunistically to invest the Fund's assets in more
credit-sensitive securities, including corporate bonds and non-agency
mortgages. At the same time, we added to the Fund's currency exposure to
selective resource-based economies, such as Australia and Canada.
During the six months ended April 30, 2009, the average credit quality of
the Fund's holdings declined from AA to AA-, as we reduced the Fund's AAA
exposure by nine percentage points, principally through the sale of U.S.
government agency mortgage securities and the acquisition of more corporate
bonds and non-agency securities. At the end of the period (April 30, 2009),
48.9% of the Fund's assets were in foreign investment-grade bonds, mainly
in government securities of developed nations; 25.4% of assets were
invested in mortgage-backed bonds; and 24.6% of Fund assets were invested
in investment-grade corporates. U.S. high-yield bonds accounted for 4.8% of
assets.
Q What types of investments had the greatest impact on the Fund's results
during the six-month period ended April 30, 2009?
A The Fund's currency positioning, especially the underweight in the British
pound, added to returns. In addition, the Fund's long-duration stance in
the United States helped, as government bonds rallied when interest rates
fell. The 10-year U.S. Treasury, for example, dropped by .83 percentage
points (83 basis points), leading to price appreciation. The emphasis on
government bonds outside the United States also supported the Fund's
results, particularly during the first four months of the period, while the
added positions in U.S. corporate debt helped results during the latter
part of the period. However, the Fund's relatively short-duration stance in
Europe did not help, while exposure to bonds of financial companies based
both in the United States and in foreign markets also held back Fund
returns.
Q What is your investment outlook?
A We continue to be cautiously optimistic and plan to continue to add slowly
to the Fund's credit exposure. We think investors, over the longer term,
should be well compensated for the risks. We also intend to add some
structured securities, especially non-agency mortgage-backed securities,
where we see good value. We remain cautious about Europe, however, as
European economies are expected to lag the United States in emerging from
recession. We may decrease the Fund's emphasis on foreign governments and
add to positions in foreign corporates.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09 5
We expect to keep the Fund's duration relatively long, though we will
modify this stance if we perceive inflation pressures. In looking at
currencies, we believe there is some value in commodity related currencies.
We may add to the Fund's positions there, while lightening its exposure to
the Japanese yen.
Please refer to the Schedule of Investments on pages 14-27 for a full listing
of Fund securities.
Investments in high-yield or lower-rated securities are subject to
greater-than-average risk. When interest rates rise, the prices of fixed-income
securities in the Fund will generally fall. Conversely, when interest rates
fall, the prices of fixed-income securities in the Fund will generally rise.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates and economic and political
conditions. Investments in the Fund are subject to possible loss due to the
financial failure of underlying securities and their inability to meet their
debt obligations. Prepayment risk is the chance that mortgage-backed bonds will
be paid off early if falling interest rates prompt homeowners to refinance
their mortgages. 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 associated with falling interest
rates. The Fund can invest in a limited number of securities and, as a result,
the Fund's performance may be more volatile than the performance of other funds
holding more securities. At times, the Fund's investments may represent
industries or industry sectors that are interrelated or have common risks,
making it more susceptible to any economic, political, or regulatory
developments or other risks affecting those industries and sectors. These risks
may increase share price volatility.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes.
6 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09
Portfolio Summary | 4/30/09
Portfolio Diversification
- --------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
U.S. Corporate Bonds 37.0%
Foreign Government Bonds 32.2%
U.S. Government Securities 19.7%
Collateralized Mortgage Obligations 6.1%
Asset Backed Securities 1.8%
Municipal Bonds 1.6%
Temporary Cash Investments 0.9%
Convertible Corporate Bonds 0.5%
Convertible Preferred Stock 0.2%
10 Largest Holdings
- --------------------------------------------------------------------------------
(As a percentage of total debt holdings)*
1. Federal Home Loan Mortgage Corp., 6.5%, 4/1/38 6.50%
2. Japan Government 5-Year, 1.2%, 3/20/12 5.67
3. Federal Home Loan Mortgage Corp., 6.5%, 8/1/37 4.29
4. Federal Home Loan Mortgage Corp., 6.5%, 1/1/38 4.06
5. Government National Mortgage Association, 5.5%, 1/15/38 3.53
6. Deutchsland Rep Bundes, 5.25%, 1/4/11 3.41
7. Japan Government 10-Year, 1.7%, 9/20/16 3.13
8. Canada Housing Trust, 3.55%, 9/15/13 2.95
9. Bonos Y Oblig Del ES, 4.4%, 1/31/15 2.70
10. Japan Government 20-Year, 1.5%, 3/20/19 2.58
* This list excludes temporary cash and derivative instruments. The portfolio
is actively managed, and current holdings may be different. The holdings
listed should not be considered recommendations to buy or sell any security
listed.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09 7
Prices and Distributions | 4/30/09
Net Asset Value per Share
- --------------------------------------------------------------------------------
Class 4/30/09 10/31/08
A $ 9.62 $ 9.25
- --------------------------------------------
C $ 9.60 $ 9.23
- --------------------------------------------
Y $ 9.62 $ 9.25
- --------------------------------------------
Distributions per Share: 11/1/08-4/30/09
- --------------------------------------------------------------------------------
Net Investment Short-Term Long-Term Non-Taxable
Class Income Capital Gains Capital Gains Distributions
A $ 0.1817 $ -- $ -- $ --
- --------------------------------------------------------------------------------------
C $ 0.1387 $ -- $ -- $ --
- --------------------------------------------------------------------------------------
Y $ 0.1819 $ -- $ -- $ --
- --------------------------------------------------------------------------------------
Index Definitions
- --------------------------------------------------------------------------------
The Barclays Capital (formerly Lehman Brothers) Global Aggregate Bond Index
provides a broad-based measure of the global investment-grade fixed-income
markets. Index returns are calculated monthly, assume reinvestment of dividends
and, unlike Fund returns, do not reflect any fees, expenses or sales charges.
You cannot invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" charts
appearing on pages 9-11.
8 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09
Performance Update | 4/30/09 Class A Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Global Aggregate Bond Fund at public offering price,
compared to that of the Barclays Capital (formerly Lehman Brothers) Global
Aggregate Bond Index.
Average Annual Total Returns
(As of April 30, 2009)
- --------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
- --------------------------------------------------------------------
Life-of-Class
(12/28/07) 0.38% -3.00%
1 Year -3.37 -7.75
- --------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2009)
- --------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------
3.16% 1.00%
- --------------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED BY A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Barclays Capital
(formerly Lehman
Pioneer Global Brothers) Global
Aggregate Aggregate
Bond Fund Bond Index
12/07 9,550 10,000
4/08 9,982 10,460
4/09 9,646 10,229
Call 1-800-225-6292 or visit pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 4.5% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 3/1/12 for Class A shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09 9
Performance Update | 4/30/09 Class C Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Global Aggregate Bond Fund, compared to that of the
Barclays Capital (formerly Lehman Brothers) Global Aggregate Bond Index.
Average Annual Total Returns
(As of April 30, 2009)
- --------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------
Life-of-Class
(12/28/07) -0.55% -0.55%
1 Year -4.35 -4.35
- --------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2009)
- --------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------
3.84% 1.90%
- --------------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED BY A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Barclays Capital
(formerly Lehman
Pioneer Global Brothers) Global
Aggregate Aggregate
Bond Fund Bond Index
12/07 10,000 10,000
4/08 10,429 10,460
4/09 9,976 10,229
Call 1-800-225-6292 or visit pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). The performance of Class C shares does not
reflect the 1% front-end sales charge in effect prior to February 1, 2004. If
you paid a 1% sales charge, your returns would be lower than those shown above.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 3/1/10 for Class C shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
10 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09
Performance Update| 4/30/09 Class Y Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Global Aggregate Bond Fund, compared to that of the
Barclays Capital (formerly Lehman Brothers) Global Aggregate Bond Index.
Average Annual Total Returns
(As of April 30, 2009)
- -------------------------------------------------------------------
If If
Period Held Redeemed
- -------------------------------------------------------------------
Life-of-Class
(12/28/07) 0.43% 0.43%
1 Year -3.32 -3.32
- -------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2009)
- -------------------------------------------------------------------
Gross Net
- -------------------------------------------------------------------
2.82% 2.82%
- -------------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED BY A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Barclays Capital
(formerly Lehman
Pioneer Global Brothers) Global
Aggregate Aggregate
Bond Fund Bond Index
12/07 10,000 10,000
4/08 10,455 10,460
4/09 10,108 10,229
Call 1-800-225-6292 or visit pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results
are historical and assume the reinvestment of dividends and capital gains.
Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09 11
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
- --------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
1. Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
2. Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Global Aggregate Bond Fund
Based on actual returns from November 1, 2008 through April 30, 2009.
Share Class A C Y
Beginning Account $ 1,000.00 $ 1,000.00 $ 1,000.00
Value on 11/1/08
- --------------------------------------------------------------------------------
Ending Account Value $ 1,060.00 $ 1,055.40 $ 1,060.00
(after expenses) on 4/30/09
- --------------------------------------------------------------------------------
Expenses Paid $ 5.11 $ 9.68 $ 5.16
During Period*
- --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.00%, 1.90%,
and 1.01% for Class A, Class C, and Class Y respectively, multiplied by the
average account value over the period, multiplied by 181/365 (to reflect
the one half year period)
12 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09
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 Aggregate Bond Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from November 1, 2008 through April 30, 2009.
Share Class A C Y
Beginning Account $ 1,000.00 $ 1,000.00 $ 1,000.00
Value on 11/1/08
- --------------------------------------------------------------------------------
Ending Account Value $ 1,019.84 $ 1,015.37 $ 1,019.79
(after expenses) on 4/30/09
- --------------------------------------------------------------------------------
Expenses Paid $ 5.01 $ 9.49 $ 5.06
During Period*
- --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.00%, 1.90%,
and 1.01% for Class A, Class C, and Class Y respectively, multiplied by the
average account value over the period, multiplied by 181/365 (to reflect
the one half year period)
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09 13
Schedule of Investments | 4/30/09 (unaudited)
- ----------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- ----------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 0.4%
ENERGY -- 0.2%
Coal & Consumable Fuels -- 0.2%
$ 20,000 BB-/NR Massey Energy Co., 3.25%, 8/1/15 $ 12,275
----------
Total Energy $ 12,275
- ----------------------------------------------------------------------------------------------------------
BANKS -- 0.2%
Regional Banks -- 0.2%
20,000 A/A1 National City Corp., 4.0%, 2/1/11 $ 18,625
----------
Total Banks $ 18,625
- ----------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $29,593) $ 30,900
- ----------------------------------------------------------------------------------------------------------
Shares
CONVERTIBLE PREFERRED STOCK -- 0.2%
DIVERSIFIED FINANCIALS -- 0.2%
Diversified Financial Services -- 0.2%
25 Bank of America Corp., 7.25%, 12/31/49 $ 14,425
----------
Total Diversified Financials $ 14,425
- ----------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost $20,367) $ 14,425
- ----------------------------------------------------------------------------------------------------------
Principal
Amount
ASSET BACKED SECURITIES -- 1.8%
BANKS -- 1.3%
Thrifts & Mortgage Finance -- 1.3%
$ 25,000 1.03 AA+/Aa1 Countrywide Asset Backed Certificates,
Floating Rate Note, 11/25/35 $ 20,521
8,386 AAA/Aaa Countrywide Asset Backed Certificates,
5.069% 022536 7,621
2,757 5.15 AAA/Aaa Credit-Based Asset Servicing & Securities,
Floating Rate Note, 11/25/35 2,694
17,016 0.63 AAA/B1 FFML 2006-FF4 A2, Floating Rate Note,
3/25/36 9,147
6,823 0.70 AAA/Aa2 GSAMP Trust, Floating Rate Note,
11/25/35 6,080
14,589 0.87 A/A2 GSAMP Trust, Floating Rate Note, 3/25/35 13,249
6,040 AA+/Aa2 Morgan Stanley Capital, Inc., 0.88375%,
3/25/35 5,834
8,535 AAA/Aa2 Morgan Stanley Ixis Real Estate, 1.445%,
11/25/36 7,956
17,915 0.69 AAA/Aa2 SASC 2007-BC4 A3, Floating Rate Note,
11/25/37 14,733
----------
$ 87,835
----------
Total Banks $ 87,835
- ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
14 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- --------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.5%
Consumer Finance -- 0.2%
$ 20,000 0.96 AA+/Aa1 RASC 2005-KS7 M1, Floating Rate Note,
8/25/35 $ 15,447
- --------------------------------------------------------------------------------------------------------
Diversified Financial Services -- 0.2%
3,925 AAA/Aaa Capital Auto Receivables Asset Trust,
0.685%, 3/15/10 $ 3,922
10,396 5.22 AAA/Aaa JPMorgan Mortgage Acquisition Corp.,
Floating Rate Note, 10/25/35 10,224
----------
$ 14,146
- --------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.1%
20,000 0.68 AAA/Caa3 MLMI 2006-AR1 A2C, Floating Rate Note,
3/25/37 $ 6,304
----------
Total Diversified Financials $ 35,897
- --------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $140,362) $ 123,732
- --------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 5.9%
COMMERCIAL SERVICES & SUPPLIES -- 0.3%
Diversified Support Services -- 0.3%
25,000 AAA/NR CW Capital Cobalt, Ltd., 5.174%,
8/15/48 $ 22,056
----------
Total Commercial Services & Supplies $ 22,056
- --------------------------------------------------------------------------------------------------------
BANKS -- 3.5%
Diversified Banks -- 0.3%
32,579 AAA/Ba2 RALI 2005-QA10 A41, 5.7412%,
- --------------------------------------------------------------------------------------------------------
9/25/35 $ 19,964
Thrifts & Mortgage Finance -- 3.2%
25,000 AAA/Aaa GS Mortgage Securities Corp. II, 7.12%,
11/18/29 $ 25,561
32,718 AAA/Aaa JPMorgan Mortgage Trust, 6.0%, 8/25/34 29,293
15,000 AAA/Aaa JPMCC 2002-C3 B, 5.146%, 7/12/35 14,387
41,689 AAA/Aaa JPMCC 2004-CB8 A1A, 4.158%, 1/12/39 34,760
25,000 NR/Ba1 SBA CMBS Trust, 6.709%, 11/15/36 (f) 22,250
50,000 AAA/Aaa TSTAR 2006-1A A, 5.668%, 10/15/36 40,000
23,231 0.67 AAA/Aa1 WAMU Mortgage Pass-Through
Certificates, Floating Rate Note, 4/25/45 11,205
25,922 AAA/NR Wells Fargo Mortgage Backed Securities,
5.0%, 11/25/20 24,739
22,162 NR/Baa3 Wells Fargo Mortgage Backed Securities
5.0%, 3/25/21 20,265
----------
$ 222,460
----------
Total Banks $ 242,424
- --------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09 15
Schedule of Investments | 4/30/09 (unaudited) (continued)
- ----------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- ----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.0%
Diversified Financial Services -- 0.8%
$ 10,000 AAA/A2 CCI 2005 1A C, 5.074%, 6/15/35 $ 9,400
15,994 NR/Aaa CMSI 2006-1 3A1, 5.0%, 2/25/36 11,643
42,544 AAA/AAA Master Alternative Loans Trust, 6.0%,
7/25/34 35,963
----------
$ 57,006
- ----------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.2%
1,353,895 AAA/Aaa MSDWC 2000-1345 X, 0.7259%, 9/3/15 $ 11,121
----------
Total Diversified Financials $ 68,127
- ----------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.4%
Mortgage Real Estate Investment Trusts -- 0.4%
33,220 AAA/Aaa CS First Boston Mortgage Security Corp., 3.5%,
7/25/18 $ 30,423
----------
Total Real Estate $ 30,423
- ----------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.7%
Government -- 0.7%
50,000 AAA/Aaa FHR 3211 PB, 5.5%, 2/15/33 $ 52,210
----------
Total Government $ 52,210
- ----------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS
(Cost $456,208) $ 415,240
- ----------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 35.8%
ENERGY -- 5.1%
Integrated Oil & Gas -- 0.3%
25,000 BBB+/Baa1 Marathon Oil Corp., 5.9%, 3/15/18 $ 23,820
----------
Oil & Gas Drilling -- 0.8%
50,000 BBB+/Baa2 Transocean Sedco, 1.5%, 12/15/37 $ 44,188
10,000 BBB+/Baa2 Transocean Sedco, 1.625%, 12/15/37 9,313
----------
$ 53,501
- ----------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.4%
25,000 BBB+/Baa1 Weatherford International, Ltd., 9.625%,
3/1/19 $ 26,981
- ----------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.9%
10,000 BBB/Baa2 Canadian National Resources Ltd., 5.9%,
2/1/18 $ 9,336
50,000 BB/Ba3 Chesapeake Energy Corp., 9.5%, 2/15/15 50,500
----------
$ 59,836
- ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09
- --------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- --------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.6%
$ 25,000 BBB/Baa1 Spectra Energy Capital LLC, 6.2%, 4/15/18 $ 22,445
20,000 BBB/Baa2 Valero Energy Corp., 9.375%, 3/15/19 22,337
----------
$ 44,782
- --------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 2.1%
25,000 BBB/Baa2 Buckeye Partners LP, 6.05%, 1/15/18 $ 21,189
25,000 BBB/Baa2 DCP Midstream LP, 9.75%, 3/15/19 24,802
10,000 BBB/Baa2 Kinder Morgan Energy LP, 5.95%,
2/15/18 9,275
30,000 BBB-/Baa3 NGPL Pipeco LLC, 6.514%, 12/15/12
(144A) 29,622
25,000 BBB-/Baa3 Plains All America Pipeline LP, 6.125%,
1/15/17 21,830
10,000 BBB+/A3 Questar Pipeline Co., 5.83%, 2/1/18 9,171
40,000 7.00 BB/Ba1 Teppco Partners LP, Floating Rate Note,
6/1/67 21,713
10,000 A-/A3 Trans-Canada Pipelines Ltd., 7.125%,
1/15/09 10,968
----------
$ 148,570
----------
Total Energy $ 357,490
- --------------------------------------------------------------------------------------------------------
MATERIALS -- 2.0%
Diversified Metals & Mining -- 0.7%
25,000 5.88 BBB-/Ba2 Freeport-McMoran Copper & Gold, Inc.,
Floating Rate Note, 4/1/15 $ 21,938
25,000 BBB/Baa1 Rio Tinto Finance Plc, 8.95%, 5/1/14 25,877
----------
$ 47,815
- --------------------------------------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 0.5%
40,000 BBB/Baa2 Agrium, Inc., 6.75%, 1/15/19 $ 36,404
- --------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.3%
50,000 CCC-/Caa2 Kronos International, Inc., 6.5%, 4/15/13 $ 21,881
- --------------------------------------------------------------------------------------------------------
Steel -- 0.5%
30,000 BBB+/Baa2 ArcelorMittal SA, 6.125%, 6/1/18 $ 24,176
10,000 BBB/Baa2 Commercial Metals Co., 7.35%, 8/15/18 7,163
----------
$ 31,339
----------
Total Materials $ 137,439
- --------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 2.0%
Aerospace & Defense -- 0.5%
10,000 BB/Ba3 DigitalGlobeM, Inc., 10.5%, 5/1/14 $ 10,100
30,000 BB/Ba2 Esterline Tech Corp., 6.625%, 3/1/17 27,600
----------
$ 37,700
- --------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.1%
10,000 BBB/Baa3 Cummins, Inc., 6.75%, 2/15/27 $ 7,650
- --------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09 17
Schedule of Investments | 4/30/09 (unaudited) (continued)
- -------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- -------------------------------------------------------------------------------------------------------
Electrical Component & Equipment -- 0.3%
$ 25,000 B+/Ba2 Belden CDT, Inc., 7.0%, 3/15/17 $ 22,125
- -------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.4%
25,000 BB+/Ba3 Leucadia National Corp., 7.125%,
3/15/17 (144A) $ 18,563
10,000 BBB+/Baa1 Tyco International Group SA, 8.5%
1/15/19 10,704
----------
$ 29,267
- -------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.2%
15,000 BBB+/Baa1 Ingersoll-Rand Global Holding Co., Ltd.,
9.5%, 4/15/14 $ 15,690
- -------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.5%
40,000 BBB+/Baa1 GATX Financial Corp., 6.0%, 2/15/18 $ 31,531
----------
Total Capital Goods $ 143,963
- -------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.3%
Office Services & Supplies -- 0.3%
25,000 A/A1 Pitney Bowes, Inc., 5.6%, 3/15/18 $ 24,119
----------
Total Commercial Services & Supplies $ 24,119
- -------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.0%
Railroads -- 1.0%
25,000 BBB/Baa1 Burlington Sante Fe Corp., 5.75%,
3/15/08 $ 24,878
50,000 BBB/Baa2 Union Pacific Corp., 5.7%, 8/15/18 48,013
----------
$ 72,891
----------
Total Transportation $ 72,891
- -------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.3%
Household Appliances -- 0.3%
25,000 BBB-/Baa3 Whirlpool Corp., 5.5%, 3/1/13 $ 22,500
----------
Total Consumer Durables & Apparel $ 22,500
- -------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.0%
Education Services -- 1.0%
30,000 AAA/Aaa Leland Stanford Junior University, 4.75%,
5/1/19 $ 29,953
40,000 AAA/Aaa President & Fellows of Harvard, 3.7%,
4/1/13 39,812
----------
$ 69,765
----------
Total Consumer Services $ 69,765
- -------------------------------------------------------------------------------------------------------
MEDIA -- 0.6%
Broadcasting -- 0.0%
25,000 CCC/Caa2 Univision Communications Inc., 9.75%,
3/15/15 PIK (144A) $ 4,000
- -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09
- -------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- -------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.6%
$ 25,000 BBB/Baa1 British Sky Broadcasting Group Plc, 6.1%,
2/15/18 (144A) $ 22,739
10,000 BBB/Baa2 Time Warner Cable, Inc., 8.25%, 4/1/19 11,052
5,000 BBB/Baa2 Time Warner Cable, Inc., 8.75, 2/14/19 5,621
----------
$ 39,412
----------
Total Media $ 43,412
- -------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.6%
Brewers -- 0.3%
20,000 BBB+/Baa2 Anheuser-Busch InBev Worldwide, Inc.,
7.75%, 1/15/19 (144A) $ 21,448
- -------------------------------------------------------------------------------------------------------
Tobacco -- 0.3%
25,000 BBB/Baa1 UST, Inc., 5.75%, 3/1/18 $ 22,479
----------
Total Food, Beverage & Tobacco $ 43,927
- -------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.8%
Health Care Facilities -- 0.2%
5,000 BB-/B2 HCA, Inc., 9.125%, 11/15/14 $ 4,950
10,000 BB/Ba3 HCA, Inc., 8.5%, 4/15/19 10,063
----------
$ 15,013
- -------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.6%
40,000 A-/Baa1 UnitedHealth Group, Inc., 4.875%,
2/15/13 $ 38,993
----------
Total Health Care Equipment & Services $ 54,006
- -------------------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 0.4%
Biotechnology -- 0.4%
25,000 BBB+/Baa3 Biogen Idec, Inc., 6.0%, 3/1/13 $ 25,142
----------
Total Pharmaceuticals & Biotechnology $ 25,142
- -------------------------------------------------------------------------------------------------------
BANKS -- 7.8%
Diversified Banks -- 6.1%
80,000 5.18 AA-/Aa2 BNP Paribas SA, Floating Rate Note,
10/17/16 $ 89,552
80,000 5.16 A+/Aa2 DnB NOR Bank ASA, Floating Rate Note,
9/28/15 85,074
100,000 5.22 A+/Aa3 Intesa Sanpaolo S.p.A., Floating Rate
Note, 2/8/16 107,726
80,000 3.63 A/A3 Standard Chartered, Floating Rate Note,
2/3/17 77,955
20,000 AA/A1 Wachovia Corp., 5.75%, 6/15/17 18,336
50,000 AA/A1 Wells Fargo Co., 4.375%, 1/31/13 (b) 48,127
----------
$ 426,770
- -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09 19
Schedule of Investments | 4/30/09 (unaudited) (continued)
- ----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- ----------------------------------------------------------------------------------------------------
Regional Banks -- 1.7%
$ 15,000 A-/A2 Keycorp, 6.5%, 5/14/13 $ 14,252
25,000 A+/Aa3 Mellon Funding Corp., 5.5%, 11/15/18 22,173
65,000 8.25 BBB/A3 PNC Funding Corp., Floating Rate Note,
5/29/49 43,550
20,000 AA/Aa3 Wachovia Bank N.A., 6.0%, 11/15/17 18,067
25,000 A/B2 Wells Fargo Capital Management, Inc.,
9.75%, 12/29/49 21,250
----------
$ 119,292
----------
Total Banks $ 546,062
- ----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 5.6%
Asset Management & Custody Banks -- 0.3%
25,000 A-/A3 Eaton Vance Corp., 6.5%, 10/2/17 $ 22,565
- ----------------------------------------------------------------------------------------------------
Consumer Finance -- 1.0%
30,000 BB+/Baa2 American General Finance Corp., 6.9%,
12/15/17 $ 12,090
35,000 A+/A1 American Honda Finance Corp., 6.7%,
10/1/13 (144A) 33,354
25,000 A/A2 Caterpillar Financial Services Corp.,
7.05%, 10/1/18 24,708
----------
$ 70,152
- ----------------------------------------------------------------------------------------------------
Diversified Financial Services -- 1.1%
15,000 AA+/Aa2 General Electric Capital Corp., 4.0%,
2/15/12 $ 14,286
25,000 A+/Aa3 JPMorgan Chase & Co., 6.0%, 1/15/18 24,306
50,000 BBB+/A2 JPMorgan Chase & Co., 7.9%, 4/29/49 38,038
----------
$ 76,630
- ----------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 2.0%
110,000 5.79 BBB/A3 Goldman Sachs Capital, Floating Rate
Note, 12/29/49 $ 54,405
50,000 A/A2 Merrill Lynch & Co., 5.45%, 2/5/13 43,777
45,000 A/A2 Morgan Stanley Dean Witter, Floating
Rate Note, 4/1/18 42,825
----------
$ 141,007
- ----------------------------------------------------------------------------------------------------
Specialized Finance -- 1.2%
25,000 BBB-/Ba2 CIT Group, Inc., 7.625%, 11/30/12 $ 15,505
48,542 NR/Baa3 Coso Geothermal Power Holdings LLC,
7.0%, 7/15/26 (144A) 37,135
35,000 BBB+/Baa2 International Lease Finance Corp.,
6.375%, 3/25/13 21,376
10,000 A+/A1 National Rural Utilities Corp.,
5.45%, 2/1/18 9,613
----------
$ 83,629
----------
Total Diversified Financials $ 393,983
- ----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09
- ---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- ---------------------------------------------------------------------------------------------------------
INSURANCE -- 2.8%
Life & Health Insurance -- 0.3%
$ 25,000 A/Baa2 Prudential Financial, Inc., 5.15%,
1/15/13 $ 20,296
- ---------------------------------------------------------------------------------------------------------
Multi-Line Insurance -- 1.8%
25,000 BB-/Ba1 AFC Capital Trust I, 8.207%, 2/3/27 $ 17,000
80,000 6.75 A-/A3 AXA SA, Floating Rate Note, 12/15/20 93,359
45,000 7.00 BB/Baa3 Liberty Mutual Group, Inc., 7.0%,
3/15/37 (144A) 16,566
---------
$ 126,925
- ---------------------------------------------------------------------------------------------------------
Reinsurance -- 0.7%
20,000 AAA/Aa2 Berkshire Hathway, Inc., 5.0%, 8/15/13 $ 20,717
40,000 BBB+/NA Platinum Underwriters Holdings, Ltd.,
7.5%, 6/1/17 28,149
---------
$ 48,866
---------
Total Insurance $ 196,087
- ---------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.6%
Diversified Real Estate Activities -- 0.5%
35,000 A-/A2 WEA Finance LLC, 7.125%, 4/15/18 $ 30,625
- ---------------------------------------------------------------------------------------------------------
Specialized Real Estate Investment Trusts -- 0.1%
10,000 BBB-/Baa2 Health Care Real Estate Investment Trust,
Inc., 6.2%, 6/1/16 $ 8,200
---------
Total Real Estate $ 38,825
- ---------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.5%
Data Processing & Outsourced Services -- 0.5%
55,000 B-/B3 First Data Corp., 9.875%, 9/24/15
(144A) $ 38,019
---------
Total Software & Services $ 38,019
- ---------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.1%
Computer Storage & Peripherals -- 0.1%
10,000 BB+/Ba1 Seagate Technology International Co., Ltd.,
10.0%, 5/1/14 $ 10,000
---------
Total Technology Hardware & Equipment $ 10,000
- ---------------------------------------------------------------------------------------------------------
SEMICONDUCTORS -- 0.3%
Semiconductor Equipment -- 0.3%
25,000 BBB/Baa1 Klac Instruments Corp., 6.9%, 5/1/18 $ 19,624
---------
Total Semiconductors $ 19,624
- ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09 21
Schedule of Investments | 4/30/09 (unaudited) (continued)
- -------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- -------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 2.2%
Integrated Telecommunication Services -- 2.2%
$ 20,000 BBB-/Baa3 Embarq Corp., 7.082%, 6/1/16 $ 19,200
15,000 BB/Ba2 Frontier Communications Corp., 8.25%,
5/1/14 (b) 14,813
10,000 CCC+/Caa1 Paetec Holding Corp., 9.5%, 7/15/15 7,500
50,000 A-/Baa1 Telefonica Emisiones SAU, 5.496%,
4/1/16 67,654
20,000 A/A3 Verizon Communications, Inc., 8.75%,
11/1/18 23,897
25,000 BB/Ba3 Windstream Corp., 8.125%, 8/1/13 24,875
----------
$ 157,939
----------
Total Telecommunication Services $ 157,939
- -------------------------------------------------------------------------------------------------------
UTILITIES -- 1.8%
Electric Utilities -- 1.3%
10,000 BBB+/Baa2 CenterPoint Energy Houston Electric LLC,
7.0%, 3/1/14 $ 10,642
10,000 BBB+/Baa2 Commonwealth Edison Co., 6.15%,
9/15/17 9,856
25,000 BBB+/Baa2 New York State Gas and Electric Corp.,
6.15%, 12/15/17 (144A) 22,923
35,000 BB+/Baa3 Public Service of New Mexico, 7.95%,
5/15/18 32,200
5,000 A/A2 Southern California Edison Co., 5.75%,
3/15/14 5,442
5,000 CCC/Caa1 TXU Energy Co., 10.25%, 11/1/15 2,838
10,000 BBB+/Baa2 West Penn Power Co., 5.95%, 12/15/17 8,812
----------
$ 92,713
- -------------------------------------------------------------------------------------------------------
Independent Power Producer & Energy Traders -- 0.5%
40,000 BBB-/Baa3 Panoche Energy Center LLC, 6.885%,
7/31/29 (144A) $ 31,605
----------
Total Utilities $ 124,318
- -------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $2,900,388) $2,519,511
- -------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 19.0%
258,005 AAA/Aaa Federal Home Loan Mortgage Corp.,
6.5%, 1/1/38 $ 273,636
413,311 AAA/Aaa Federal Home Loan Mortgage Corp.,
6.5%, 4/1/38 438,352
276,798 AAA/Aaa Federal Home Loan Mortgage Corp.,
6.5%, 8/1/37 289,237
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09
- ----------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- ----------------------------------------------------------------------------------------------------------
$ 228,723 AAA/Aaa Government National Mortgage
Association, 5.5%, 1/15/38 237,867
25,000 AAA/Aaa U.S. Treasury Bonds, 6.25%, 8/15/23 31,258
54,537 AAA/Aaa U.S. Treasury Inflation Notes, 1.875%,
7/15/15 55,116
10,000 AAA/Aaa U.S. Treasury Notes, 4.5%, 5/15/38 10,761
---------
$1,336,227
- ----------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $1,298,134) $1,336,227
- ----------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 31.2%
EURO 129,000 AA+/Aaa Bonos Y Oblig Del ES, 4.4%, 1/31/15 $ 182,241
EURO 110,000 A+/Aa2 Buoni Poliennali DE, 4.75%, 2/1/13 156,116
CAD 225,000 AAA/Aaa Canada Housing Trust, 3.55%, 9/15/13 199,255
EURO 163,000 AAA/Aaa Deutchsland Rep Bundes, 5.25%, 1/4/11 230,049
EURO 67,000 AAA/Aaa Government of France, 3.75%, 4/25/21 88,147
JPY 20,000,000 AA/Aa3 Japan Government 10-Year, 1.7%,
9/20/16 210,949
JPY 17,000,000 AA/Aa3 Japan Government 20-Year, 1.5%,
3/20/19 173,711
JPY 2,500,000 AA/Aa3 Japan Government 30-Year, 2.3%,
12/20/36 25,975
JPY 37,000,000 AA/Aa3 Japan Government 5-Year, 1.2%,
3/20/12 382,474
10,000 A/A2 Korea Development Bank, 5.3%, 1/17/13 9,660
EURO 91,000 NR/Aaa Netherlands Government, 5.5%, 1/15/28 140,950
EURO 110,000 AAA/Aaa Republic of Austria, 7.0%, 7/15/14 153,798
GBP 46,000 AAA/Aaa United Kingdom Treasury, 4.25%,
12/7/27 67,861
GBP 29,000 AAA/Aaa United Kingdom Treasury, 4.75%, 3/7/20 47,127
GBP 22,000 AAA/Aaa United Kingdom Treasury, 4.75%, 6/7/10 34,073
GBP 25,000 AAA/Aaa United Kingdom Treasury, 4.75%, 9/7/15 41,295
GBP 30,000 AAA/Aaa United Kingdom Treasury, 5.0%, 9/7/14 50,284
----------
$2,193,965
- ----------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $2,240,217) $2,193,965
- ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09 23
Schedule of Investments | 4/30/09 (unaudited) (continued)
- -------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- -------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 1.6%
Municipal General -- 0.4%
$ 25,000 A/A2 State of California, 5.75%, 4/1/31 $ 25,433
- -------------------------------------------------------------------------------------------------------
Municipal Higher Education -- 1.2%
50,000 AAA/Aa3 California State University Revenue,
5.0%, 11/1/39 $ 48,183
25,000 AAA/Aaa Connecticut State Health & Education,
5.0%, 7/1/42 25,634
10,000 AAA/Aaa Massachusetts Health & Educational
Facilities, 5.5%, 7/1/36 10,791
----------
$ 84,608
- -------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $107,911) $ 110,041
- -------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 0.9%
Securities Lending Collateral -- 0.9% (c)
Certificates of Deposit:
1,458 Abbey National Plc, 1.58%, 8/13/09 $ 1,458
1,458 Bank of Nova Scotia, 1.58%, 5/5/09 1,458
2,332 Bank of Scotland NY, 1.45%, 6/5/09 2,332
2,625 Barclays Bank, 1.15%, 5/27/09 2,625
2,625 DnB NOR Bank ASA NY, 1.5%, 6/5/09 2,625
2,671 Intesa SanPaolo S.p.A., 1.05%, 5/22/09 2,671
2,187 Royal Bank of Canada NY, 1.44%, 8/7/09 2,187
2,625 Svenska Bank NY, 1.48%, 7/8/09 2,625
2,916 CBA, 1.35%, 7/16/09 2,916
2,916 Societe Generale, 1.75%, 9/4/09 2,916
2,916 U.S. Bank NA, 1.35%, 8/24/09 2,916
----------
$ 26,729
- -------------------------------------------------------------------------------------------------------
Commercial Paper:
2,916 Monumental Global Funding, Ltd., 1.64%,
8/17/09 2,916
1,458 CME Group, Inc., 1.44%, 8/6/09 1,458
2,864 American Honda Finance Corp., 1.27%,
7/14/09 2,864
2,916 HSBC Bank, Inc., 1.64%, 8/14/09 2,916
729 IBM, 1.47%, 9/25/09 729
2,625 MetLife Global Funding, 1.71%, 6/12/09 2,625
2,625 New York Life Global, 1.37%, 9/4/09 2,625
2,479 Westpac Banking Corp., 0.96%, 6/1/09 2,479
----------
$ 18,612
- -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09
- ------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- ------------------------------------------------------------------------------------------------------
Tri-party Repurchase Agreements:
$ 11,665 Deutsche Bank, 0.15%, 5/1/09 $ 11,665
3,078 Barclays Capital Markets, 0.15%, 5/1/09 3,078
----------
$ 14,743
- ------------------------------------------------------------------------------------------------------
Shares
Money Market Mutual Fund:
2,916 JPMorgan U.S. Government Money
Market Fund $ 2,916
----------
$ 2,916
- ------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $63,000) $ 63,000
- ------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 96.8%
(Cost $7,256,180)(a)(e) $6,807,041
- ------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 3.2% $ 226,230
- ------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $7,033,271
======================================================================================================
NR Not rated by either S&P or Moody's.
PIK Represents a pay in kind security.
(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, 2009, the value of these securities amounted to $275,974 or 3.9% of
total net assets.
(a) At April 30, 2009, the net unrealized loss on investments based on cost
for federal income tax purposes of $7,256,321 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $ 177,960
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (627,240)
----------
Net unrealized loss $ (449,280)
==========
(b) At April 30, 2009, the following securities were out on loan:
Principal Amount Security Value
$ 14,000 Frontier Communications Corp., 8.25%, 5/1/14 $ 13,825
49,000 Wells Fargo Co., 4.375%, 1/31/13 47,165
- ---------------------------------------------------------------------------------
Total $ 60,990
=================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09 25
Schedule of Investments | 4/30/09 (unaudited) (continued)
(c) Security lending collateral is managed by Credit Suisse.
(d) Debt obligation with a variable interest rate. Rate shown is rate at
period end.
(e) Distributions of investments by country of issue, as a percentage of
total investment in securities (excluding temporary cash investments), is
as follows:
United States 56.4%
Japan 11.8
United Kingdom 5.1
France 4.0
Italy 3.9
Canada 3.8
Spain 3.7
Germany 3.4
Austria 2.3
Netherlands 2.1
Norway 1.3
Other (individually less than 1%) 2.2
----------------------------------------------
100.0%
==============================================
(f) Security is fair valued (see note A).
NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise
denoted:
CAD Canadian Dollar
EURO Euro
GBP British Pound Sterling
JPY Japanese Yen
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended April 30, 2009 aggregated $849,420 and $1,446,151,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.
Level 1 -- quoted prices in active markets for identical securities
Level 2 -- other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risk,
etc.)
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments)
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09
The following is a summary of the inputs used as of April 30, 2009, in valuing
the Fund's assets:
Other
Investments in Financial
Valuation Inputs Securities Instruments
Level 1 -- Quoted Prices $ 14,425 $ (6,048)
Level 2 -- Other Significant Observable Inputs 6,792,616 1,874
Level 3 -- Significant Unobservable Inputs -- --
- -----------------------------------------------------------------------------------
Total $6,807,041 $ (4,174)
===================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09 27
Statement of Assets and Liabilities | 4/30/09 (unaudited)
ASSETS:
Investment in securities, at value
(including securities loaned of $60,990) (cost $7,256,180) $6,807,041
Futures Collateral (cost $13,498) 12,572
Foreign currencies, at value (cost $616,917) 603,331
Receivables --
Investment securities sold 28,381
Fund shares sold 26,800
Variation margin 54
Interest 72,492
Forward foreign currency portfolio hedge contracts, open-net 1,874
Due from Pioneer Investment Management, Inc. 9,280
Other 22,118
- ------------------------------------------------------------------------------------
Total assets $7,583,943
- ------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 22,050
Fund shares repurchased 317
Dividends 16,611
Upon return of securities loaned 63,000
Due to bank 409,239
Due to affiliates 1,123
Accrued expenses 38,332
- ------------------------------------------------------------------------------------
Total liabilities $ 550,672
- ------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $7,474,001
Distributions in excess of net investment income (23,789)
Accumulated net realized gain on investments, foreign currency
transactions and futures contracts 50,780
Net unrealized loss on investments (449,139)
Net unrealized loss on forward foreign currency contracts and other
assets and liabilities denominated in foreign currencies (12,534)
Net unrealized loss on futures contracts (6,048)
- ------------------------------------------------------------------------------------
Total net assets $7,033,271
====================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $3,198,893/332,494 shares) $ 9.62
Class C (based on $2,231,574/232,500 shares) $ 9.60
Class Y (based on $1,602,804/166,666 shares) $ 9.62
MAXIMUM OFFERING PRICE:
Class A ($9.62 [divided by] 95.5%) $ 10.07
====================================================================================
The accompanying notes are an integral part of these financial statements.
28 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09
Statement of Operations (unaudited)
For the Six Months Ended 4/30/09
INVESTMENT INCOME:
Dividends $ 906
Interest (net of foreign taxes withheld of $1,265) 181,069
Income from securities loaned, net 494
- -------------------------------------------------------------------------------------------------
Total investment income $182,469
- -------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 18,714
Transfer agent fees
Class A 2,915
Class C 592
Class Y 15
Distribution fees
Class A 4,330
Class C 12,253
Shareholder communications expense 245
Administrative fees 1,669
Custodian fees 815
Registration fees 18,988
Professional fees 32,865
Printing expense 14,542
Fees and expenses of nonaffiliated trustees 3,533
Miscellaneous 1,470
- -------------------------------------------------------------------------------------------------
Total expenses $112,946
Less fees waived and expenses reimbursed by
Pioneer Investment Management, Inc. (64,429)
- -------------------------------------------------------------------------------------------------
Net expenses $ 48,517
- -------------------------------------------------------------------------------------------------
Net investment income $133,952
- -------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS, AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ 9,850
Futures contracts 70,402
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies (29,331) $ 50,921
- -------------------------------------------------------------------------------------------------
Change in net unrealized gain (loss) on:
Investments $ 207,505
Futures contracts (28,461)
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies 59,067 $238,111
- -------------------------------------------------------------------------------------------------
Net gain on investments, futures contracts, and foreign
currency transactions $289,032
- -------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $422,984
=================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09 29
Statements of Changes in Net Assets
For the Six Months Ended 4/30/09 and the Year Ended 10/31/08
Six Months
Ended
4/30/09 Year Ended
(unaudited) 10/31/08
FROM OPERATIONS:
Net investment income $ 133,952 $ 198,880
Net realized gain (loss) on investments, futures contracts, and
foreign currency transactions 50,921 (77,902)
Change in net unrealized gain (loss) on investments, futures
contracts, and foreign currency transactions 238,111 (705,832)
- ------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ 422,984 $ (584,854)
- ------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.18 and $0.18 per share, respectively) $ (66,728) $ (73,064)
Class C ($0.14 and $0.12 per share, respectively) (36,063) (33,384)
Class Y ($0.18 and $0.18 per share, respectively) (30,317) (31,099)
Net realized gain:
Class A ($0.00 and $0.02 per share, respectively) -- (7,405)
Class C ($0.00 and $0.02 per share, respectively) -- (4,910)
Class Y ($0.00 and $0.02 per share, respectively) -- (2,984)
Tax return of capital
Class A ($0.00 and $0.05 per share, respectively) -- (20,377)
Class C ($0.00 and $0.05 per share, respectively) -- (13,931)
Class Y ($0.00 and $0.05 per share, respectively) -- (8,350)
- ------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (133,108) $ (195,504)
- ------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 595,484 $7,401,879
Reinvestment of distributions 42,161 73,332
Cost of shares repurchased (1,535,607) (2,386,831)
- ------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from Fund
share transactions $ (897,962) $5,088,380
- ------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ (608,086) $4,308,022
NET ASSETS:
Beginning of period 7,641,357 3,333,335
- ------------------------------------------------------------------------------------------------
End of period $7,033,271 $7,641,357
- ------------------------------------------------------------------------------------------------
Distributions in excess of net investment income $ (23,789) $ (24,633)
- ------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09
'09 Shares '09 Amount '08 Shares '08 Amount
(unaudited) (unaudited)
Class A
Shares sold 29,478 $ 280,104 570,340 $5,815,358
Reinvestment of distributions 3,453 32,869 5,600 56,004
Less shares repurchased (92,662) (875,529) (183,715) (1,835,801)
- --------------------------------------------------------------------------------------------
Net increase (decrease) (59,731) $ (562,556) 392,225 $4,035,561
============================================================================================
Class C
Shares sold 33,404 $ 315,380 321,052 $3,253,191
Reinvestment of distributions 978 9,292 1,725 17,328
Less shares repurchased (69,544) (660,078) (55,115) (551,030)
- --------------------------------------------------------------------------------------------
Net increase (decrease) (35,162) $ (335,406) 267,662 $2,719,489
============================================================================================
Class Y
Shares sold -- $ -- 166,666 $1,666,665
Reinvestment of distributions -- -- -- --
Less shares repurchased -- -- -- --
- --------------------------------------------------------------------------------------------
Net increase -- $ -- 166,666 $1,666,665
============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09 31
Financial Highlights
Six Months 12/28/07 (a)
Ended (Commencement
4/30/09 of Operations)
(unaudited) to 10/31/08
Class A
Net asset value, beginning of period $ 9.25 $ 10.00
- --------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.18 $ 0.25
Net realized and unrealized gain (loss) on investments 0.37 (0.75)
- --------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment
operations $ 0.55 $ (0.50)
Distributions to shareowners:
Net investment income (0.18) (0.18)
Net realized gain -- (0.02)
Tax return of capital -- (0.05)
- --------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.37 $ (0.75)
- --------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.62 $ 9.25
============================================================================================
Total return* 6.00%*** (5.18)%***
Ratio of net expenses to average net assets 1.00%** 1.00%**
Ratio of net investment income to average net assets 3.88%** 3.23%**
Portfolio turnover rate 25%** 46%***
Net assets, end of period (in thousands) $ 3,199 $ 3,628
Ratios with no waiver of fees and assumption of expenses
by PIM:
Net expenses 2.90%** 3.16%**
Net investment loss 1.98%** 1.07%**
============================================================================================
(a) Class A shares were first publicly offered on December 28, 2007.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of the period and no sales
charges.
Total return would be reduced if sales charges were taken into account.
** Annualized.
*** Not annualized.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09
Six Months 12/28/07 (a)
Ended (Commencement
4/30/09 of Operations)
(unaudited) to 10/31/08
Class C
Net asset value, beginning of period $ 9.23 $ 10.00
- -------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.14 $ 0.18
Net realized and unrealized gain (loss) on investments 0.37 (0.76)
- -------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment
operations $ 0.51 $ (0.58)
Distributions to shareowners:
Net investment income (0.14) (0.12)
Net realized gain -- (0.02)
Tax return of capital -- (0.05)
- -------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.37 $ (0.77)
- --------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.60 $ 9.23
============================================================================================
Total return* 5.54%*** (5.95)%***
Ratio of net expenses to average net assets 1.90%** 1.90%**
Ratio of net investment income to average net assets 2.97%** 2.29%**
Portfolio turnover rate 25%** 46%***
Net assets, end of period (in thousands) $ 2,231 $ 2,471
Ratios with no waiver of fees and assumption of expenses
by PIM:
Net expenses 3.53%** 3.84%**
Net investment income 1.34%** 0.35%**
============================================================================================
(a) Class C shares were first publicly offered on December 28, 2007.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of the period and no sales
charges.
Total return would be reduced if sales charges were taken into account.
** Annualized.
*** Not annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09 33
Financial Highlights (continued)
Six Months 12/28/07 (a)
Ended (Commencement
4/30/09 of Operations)
(unaudited) to 10/31/08
Class Y
Net asset value, beginning of period $ 9.25 $ 10.00
- --------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.18 $ 0.27
Net realized and unrealized gain (loss) on investments 0.37 (0.77)
- --------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from investment
operations $ 0.55 $ (0.50)
Distributions to shareowners:
Net investment income (0.18) (0.18)
Net realized gain -- (0.02)
Tax return of capital -- (0.05)
- --------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.37 $ (0.75)
- --------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.62 $ 9.25
============================================================================================
Total return* 6.00%*** (5.12)%***
Ratio of net expenses to average net assets 1.01%** 0.89%**
Ratio of net investment income to average net assets 3.87%** 3.22%**
Portfolio turnover rate 25%** 46%***
Net assets, end of period (in thousands) $ 1,603 $ 1,542
Ratios with no waiver of fees and assumption of expenses
by PIM:
Net expenses 2.48%** 2.82%**
Net investment income 2.40%** 1.29%**
============================================================================================
(a) Class Y shares were first publicly offered on December 28, 2007.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of the period.
** Annualized.
*** Not annualized.
The accompanying notes are an integral part of these financial statements.
34 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09
Notes to Financial Statements | 4/30/09 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Global Aggregate Bond Fund (the Fund) is a series of Pioneer Series
Trust VII, a Delaware statutory trust registered under the Investment Company
Act of 1940 as a non-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 three classes of shares designated as Class A, Class C, and
Class Y shares. Class A, Class C, and Class Y shares were first publicly
offered on December 28, 2007. 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 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 by each class. The Amended and Restated Declaration of
Trust of the Fund gives the Board the flexibility to specify either per share
voting or dollar-weighted voting when submitting matters for shareholder
approval. Under per share voting, each share of a class of the Fund is entitled
to one vote. Under dollar-weighted voting, a shareholder's voting power is
determined not by the number of shares owned, but by the dollar value of the
shares on the record date. Share classes have exclusive voting rights with
respect to matters affecting only that class, including with respect to the
distribution plan for that class. There is no distribution plan for Class Y
shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the
Fund to, among other things, make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets
and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gain or loss on investments during the
reporting period. Actual results could differ from those estimates.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors. The Fund's investments in foreign markets and countries
with limited developing markets may subject the Fund to a greater degree of
risk than in a developed market. These risks include disruptive political or
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09 35
economic conditions and the imposition of adverse governmental laws or currency
exchange restrictions. The Fund's prospectuses contain unaudited information
regarding the Fund's principal risks. Please refer to those documents when
considering the Fund's principal risks.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. In
computing the net asset value, securities are valued at the last sale price
on the principal exchange where they are traded. Fixed income securities
with remaining maturity of more than 60 days are valued at prices supplied
by independent pricing services, which consider such factors as Treasury
spreads, yields, maturities and ratings. Valuations may be supplemented by
dealers and other sources, as required. Securities for which there are no
other readily available valuation methods are valued using fair value
methods pursuant to procedures adopted by the Board of Trustees. At April
30, 2009, one security has been valued using fair value methods, which
represents 0.3% of net assets. Temporary cash investments are valued at
cost which approximates market value.
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. All discounts and premiums on
debt securities are accreted or amortized daily, respectively, on a
yield-to- maturity basis into interest income with a corresponding increase
or decrease in the cost basis of the security. Dividend and interest
income, including interest on income bearing cash accounts, are recorded on
the accrual basis and are reported net of unrecoverable foreign taxes
withheld at the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
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 is non-diversified,
36 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09
which means that it can invest a higher percentage of its assets in any one
issuer than a diversified fund. Being non-diversified may magnify the
Fund's losses from adverse events affecting a particular issuer.
B. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually
received. Further, the effects of changes in foreign currency exchange
rates on investments are not segregated in the statement of operations from
the effects of changes in market price of those securities but are included
with the net realized and unrealized gain or loss on investments.
C. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date as a hedge or cross-hedge against either specific investment
transactions (settlement hedges) or portfolio positions (portfolio hedges).
All contracts are marked to market daily at the applicable exchange rates,
and any resulting unrealized gains or losses are recorded in the Fund's
financial statements. The Fund records realized gains and losses at the
time a portfolio hedge is offset by entry into a closing transaction or
extinguished by delivery of the currency. Risks may arise upon entering
into these contracts from the potential inability of counterparties to meet
the terms of the contract and from unanticipated movements in the value of
foreign currencies relative to the U.S. dollar (See Note 6).
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 taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no federal income tax provision is required. Tax
years for the prior three fiscal years are subject to examination by tax
authorities.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal
income tax rules. Therefore, the sources of the Fund's distributions may be
shown in the accompanying financial statements as from or in excess of net
investment income or as from net realized gain on investment transactions,
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09 37
or as from paid-in capital, depending on the type of book/tax differences
that may exist.
The tax character of current year distributions paid will be determined at
the end of the current taxable year. The tax character of distributions
paid during the period ended October 31, 2008 was as follows:
2008
Distributions paid from:
Ordinary income $152,846
Return of capital 42,658
- --------------------------------------------------------
Total $195,504
========================================================
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2008:
2008
Distributable earnings:
Dividend payable $ (15,649)
Unrealized depreciation (714,957)
- --------------------------------------------------------
Total $ (730,606)
========================================================
The difference between book-basis and tax-basis unrealized depreciation is
attributable to the tax deferral of losses on wash sales, the tax treatment
on open future contracts and the mark to market of forward currency
contracts and options.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly-owned indirect subsidiary of UniCredit S.p.A.
(UniCredit), earned $328 in underwriting commissions on the sale of Class A
shares during the six months ended April 30, 2009.
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to all classes of shares
based on their 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 of the Fund, respectively (see Note 4).
Class Y shares are not subject to a distribution plan. Shareowners of each
class participate in all expenses and fees paid to the transfer agent,
Pioneer Investment Management Shareholder Services, Inc. (PIMSS), for its
services,
38 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09
which are allocated based on the number of accounts in each class and the
ratable allocation of related out-of-pocket expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-term
capital gain distributions, if any, may be declared with the daily
dividends. Distributions to shareowners are recorded as of the ex-dividend
date. Distributions paid by the Fund with respect to each class of shares
are calculated in the same manner and at the same time, except that Class
A, Class C and Class Y shares can bear different transfer agent and
distribution expense rates.
G. Securities Lending
The Fund lends securities in its portfolio to certain broker-dealers or
other institutional investors. When entering into a securities loan
transaction, the Fund typically receives cash collateral from the borrower
equal to at least the value of the securities loaned, which is invested in
temporary cash investments. Credit Suisse, New York Branch, as the Fund's
securities lending agent, manages the Fund's securities lending collateral.
The income earned on the investment of collateral is shared with the
borrower and the lending agent in payment of any rebate due to the borrower
with respect to the securities loan, and in compensation for the lending
agent's services to the Fund. The Fund also continues to receive interest
or payments in lieu of dividends on the securities loaned. Gain or loss on
the value of the loaned securities that may occur during the term of the
loan will be for the account of the Fund. The amount of the collateral is
required to be adjusted daily to reflect any price fluctuation in the value
of the loaned securities. The Fund has the right, under the lending
agreement, to terminate the loan and recover the securities from the
borrower with prior notice. The Fund will be required to return the cash
collateral to the borrower and could suffer a loss if the value of the
collateral, as invested, has declined.
H. Futures Contracts
The Fund may enter into futures transactions to hedge against changes in
interest rates, securities prices and currency rates or to seek to increase
total return. Upon entering into a futures contract, the Fund is required
to deposit with a broker an amount of cash or securities equal to the
minimum "initial margin" requirements of the associated futures exchange.
Subsequent payments for futures contracts (variation margin) are paid or
received by the Fund, depending on the daily fluctuation in the value of
the contracts, and are recorded by the Fund as unrealized gains or losses.
When the contract is closed, the Fund realizes a gain or loss equal to the
difference between the opening and closing value of the contract as well as
any fluctuation in foreign currency exchange rates where applicable. The
use of futures contracts involves, to varying degrees, elements of market
and counterparty risks, which may exceed the amounts recognized by the
Fund. Changes in
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09 39
value of the contracts may not directly correlate to the changes in value
of the underlying securities. These risks may decrease the effectiveness of
the Fund's hedging strategies and potentially result in a loss.
At April 30, 2009 open futures contracts were as follows:
Number of
Contracts Settlement Market Unrealized
Type Long/(Short) Month Value Loss
Euro-BOBL Future 4 6/09 $463,920 $ (3,767)
Euro-BUND Future 2 6/09 245,060 (2,281)
- -----------------------------------------------------------------------------------
$ (6,048)
- -----------------------------------------------------------------------------------
I. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value
of the underlying securities (collateral), including accrued interest, is
required to be at least equal to or in excess of the value of the
repurchase agreement. The collateral for all repurchase agreements is held
in safekeeping in the customer-only account of the Fund's custodian or
subcustodians. The Fund's investment adviser, Pioneer Investment
Management, Inc. (PIM), is responsible for determining that the value of
the collateral remains at least equal to the repurchase price.
2. Management Agreement
PIM, a wholly-owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.50% of
the Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses of the Fund
to the extent required to reduce Fund expenses to 1.00% and 1.90% of the
average daily net assets attributable to Class A and Class C shares,
respectively. These expense limitations are in effect through March 1, 2012 for
Class A shares and through March 1, 2010 for Class C shares.
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. Included in "Due to affiliates" reflected on
the Statement of Assets and Liabilities is $7 in management fees,
administrative costs and certain other fees payable to PIM at April 30, 2009.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimbursed PIMSS for out-of-pocket expenses related to
shareholder communications activities such as proxy and statement mailings,
40 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09
outgoing phone calls and omnibus relationship contracts. For the six months
ended April 30, 2009, such out-of-pocket expenses by class of shares were as
follows:
Shareholder Communications:
Class A $118
Class C 114
Class Y 13
- -------------------------------------------
Total $245
- -------------------------------------------
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $1,034 in transfer agent fees and shareholder communications
expenses payable to PIMSS at April 30, 2009.
4. Distribution Plan
The Fund adopted a Distribution Plan pursuant to Rule 12b-1 of the Investment
Company Act of 1940 with respect to its Class A and Class C shares. Pursuant to
the Plan, the Fund pays PFD 0.25% of the average daily net assets attributable
to Class A shares as compensation for personal services and/or account
maintenance services or distribution services with regard to Class A shares.
Pursuant to the Plan, the Fund pays PFD 1.00% of the average daily net assets
attributable to Class C shares. The fee for Class C shares consists of a 0.25%
service fee and a 0.75% distribution fee paid as compensation for personal
services and/or account maintenance services or distribution services with
regard to Class C shares. Included in "Due to affiliates" reflected on the
Statement of Assets and Liabilities is $82 in distribution fees payable to PFD
at April 30, 2009.
In addition, redemptions of each class of shares (except Class Y) 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 18 months of purchase (within 12 months for purchases made on or after
April 1, 2009). Redemptions of Class C shares within one year of purchase are
subject to a CDSC of 1.00%, based on the lower of cost or market value of
shares being redeemed. Proceeds from the CDSCs are paid to PFD. For the six
months ended April 30, 2009, no CDSCs were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS
resulting in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the six months ended April 30, 2009, the Fund's
expenses were not reduced under such arrangements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09 41
6. Forward Foreign Currency Contracts
At April 30, 2009, the Fund had entered into various contracts that obligate
the Fund to deliver currencies at specified future dates. At the maturity of a
contract, the Fund must make delivery of the foreign currency. Alternatively,
prior to the settlement date of a portfolio hedge, the Fund may close out such
contracts by entering into an offsetting hedge contract. Open portfolio hedges
at April 30, 2009 were as follows:
Net Net
Contracts to In Exchange Settlement Unrealized
Currency (deliver)/receive For Date Value Gain (loss)
EUR
(European Dollar) 266,006 $ 350,000 5/4/09 $ 352,748 $2,748
GBP
(British
Pound Sterling) (70,000) (102,901) 5/6/09 (103,775) (874)
- --------------------------------------------------------------------------------------------------------
$1,874
- --------------------------------------------------------------------------------------------------------
At April 30, 2009, the Fund had no outstanding settlement hedges.
7. New Pronouncement
In March 2008, Statement of Financial Accounting Standards No. 161, Disclosures
about Derivative Instruments and Hedging Activities (SFAS 161), was issued and
is effective for fiscal years beginning after November 15, 2008. SFAS 161
requires enhanced disclosures about an entity's derivative and hedging
activities. Management is currently evaluating the impact the adoption of SFAS
161 will have on the Fund's financial statement disclosures.
42 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09
Trustees, Officers and Service Providers
Trustees Officers
John F. Cogan, Jr., Chairman John F. Cogan, Jr., President
David R. Bock Daniel K. Kingsbury, Executive Vice President
Mary K. Bush Mark E. Bradley, Treasurer
Benjamin M. Friedman Dorothy E. Bourassa, Secretary
Margaret B.W. Graham
Daniel K. Kingsbury
Thomas J. Perna
Marguerite A. Piret
Stephen K. West
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at pioneerinvestments.com. This information is also available on
the Securities and Exchange Commission's web site at http://www.sec.gov.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09 43
This page for your notes.
44 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/09
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
- --------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Telecommunications Device for the Deaf (TDD) 1-800-225-1997
Write to us:
- --------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: www.pioneerinvestments.com
This report must be accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
Pioneer Global
Diversified Equity Fund
- --------------------------------------------------------------------------------
Semiannual Report | April 30, 2009
- --------------------------------------------------------------------------------
Ticker Symbols:
Class A PGDBX
[LOGO]PIONEER
Investments(R)
visit us: pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 7
Prices and Distributions 8
Performance Update 9
Comparing Ongoing Fund Expenses 10
Schedule of Investments 12
Financial Statements 22
Notes to Financial Statements 26
Trustees, Officers and Service Providers 33
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09 1
President's Letter
Dear Shareowner,
Stock and bond markets around the globe have been experiencing one of their
most tumultuous periods in history. Investors have witnessed volatility of a
magnitude that many have never before seen. Distance often provides the best
vantage point for perspective. Still, we believe that the benefits of basic
investment principles that have stood the test of time -- even in the midst of
market turmoil -- cannot be underestimated.
First, invest for the long term. The founder of Pioneer Investments, Philip L.
Carret, began his investment career during the 1920s. One lesson he learned is
that while great prosperity affords an advantageous time for selling stocks,
extreme economic slumps can create opportunities for purchase. Indeed, many of
our portfolio managers, who follow the value-conscious investing approach of
our founder, are looking at recent market conditions as an opportunity to buy
companies whose shares we believe have been unjustifiably beaten down by
indiscriminate selling, but that we have identified as having strong prospects
over time. While investors may be facing a sustained market downturn, we
continue to believe that patience, along with staying invested in the market,
are important considerations for long-term investors.
A second principle is to stay diversified across different types of
investments. The global scope of the current market weakness poses challenges
for this basic investment axiom. But the turbulence makes now a good time to
reassess your portfolio and make sure that your investments continue to meet
your needs. We believe you should work closely with your financial advisor to
find the mix of stocks, bonds and money market assets that is best aligned to
your particular risk tolerance and investment objective.
As the investment markets sort through the continuing crisis in the financial
industry, we are staying focused on the fundamentals and risk management. With
more than 80 years of experience behind us, we have learned how to navigate
turbulent markets. At Pioneer Investments, risk management has always been a
critical part of our culture -- not just during periods of extraordinary
volatility. Our investment process is based on fundamental research,
quantitative analysis and active portfolio management. This three-pillared
process, which we apply to each of our portfolios, is supported by an
integrated team approach and is designed to carefully balance risk and reward.
While we see potential chances for making money in many corners of the market,
it takes
2 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09
research and experience to separate solid investment opportunities from
speculation.
We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
www.pioneerinvestments.com. Thank you for investing with Pioneer.
Respectfully,
/s/Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA Inc.
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 the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes. Past
performance is no guarantee of future results, and there is no guarantee that
market forecasts discussed will be realized.
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09 3
Portfolio Management Discussion | 4/30/09
In the following interview, portfolio managers Harald Staudinger and Michael
Rachor discuss the factors that influenced the Fund's performance during the
six-month period ended April 30, 2009.
Q What factors influenced market performance during the six months ended
April 30, 2009?
A The global equity markets closed the semiannual period with a modest loss,
obscuring the high volatility and dramatically shifting investment
environment that characterized the six months as a whole. The first four
months of the period were notable for the exceptionally poor market
performance, as deteriorating economic conditions prompted investors to
flee equities in favor of safer alternatives. In mid-March 2009, the
investment picture changed dramatically as the aggressive stimulus efforts
by the world's governments and central banks helped spark an extraordinary
rally in the global equity markets. The rebound, which lasted for the final
seven weeks of the period and saw the major indices rise in excess of 30%,
helped erase the majority of the losses that had been generated through the
fall of 2008 and winter of 2009. When the dust settled at the end of April,
the Morgan Stanley Capital International (MSCI) World Index, the Fund's
benchmark, had returned -5.09% over the full six-month period.
Q How did the Fund perform during the semiannual period?
A The Fund's Class A shares had a total return of -2.49% at net asset value
over the six months ended April 30, 2009, outperforming the benchmark MSCI
World Index over the same period.
Q Can you review how you manage the Fund?
A Our process of selecting securities to hold in the Fund is based primarily
on a quantitative evaluation of individual stocks, with an additional level
of analysis based on a review of company fundamentals.
We start by applying a quantitative screen to approximately 2,400 stocks in
both developed and emerging markets. Our model incorporates factors related
to both a company's valuation and stock price momentum. It is designed to
identify those companies that are both low-priced and carry the potential
to surprise investors with improved performance. In broad terms, we are
seeking to benefit from the tendency of most investors to rely on a
company's recent business performance in looking ahead to its prospects.
4 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09
Once we have used our model to gather initial investment ideas, the
companies are subjected to fundamental analysis by our research team.
Fundamental factors we look at include the strength of the company's
business model and balance sheet composition, as well as the outlook for
its industry sector. In doing our analysis, the goal is to avoid holding
companies that are justifiably inexpensive.
Ultimately, we seek to build a portfolio of solid stocks for which
investors have unreasonably low expectations, and sell them once
expectations become inflated.
Q What elements of the Fund's positioning helped and hurt performance during
the six months ended April 30, 2009?
A Of the contributing factors to the Fund's outperformance, stock selection
accounted for the greatest share, followed by its currency overlay.
However, its option overlay detracted from performance.
In terms of stock selection, the Fund generated the largest margin of
outperformance in the financial sector. Here, the Fund benefited from both
an underweight position and strong stock selection. In the banking
industry, the leading performers were National Bank of Canada, JPMorgan
Chase, and BOC Hong Kong Holdings. Stock picks also performed well in
insurance, led by UNUM Provident, and in real estate, where the top
performer was Henderson Land Development, based in Hong Kong.
Our stock selection process also worked well in the industrials sector,
where the leading performer was Austria-based Andritz Group, which makes
customized plant, systems and services for the hydropower, pulp and paper,
and steel industries. Also adding value to the Fund within industrials were
the German defense company Rheinmettal; Metso, a Finland-based supplier of
process industry machinery and systems; and Man Stamm, a manufacturer of
climate control systems.
Technology was a further source of positive performance for the Fund,
thanks to the gains registered by Sun Microsystems and Seagate Technology.
Our stock selection process also generated meaningful outperformance for
the Fund in the health care, materials, and consumer staples sectors.
At a time of positive relative performance for the Fund, the leading
detractors were largely stock-specific in nature. For instance, a position
in Satyam Computer Services dampened performance within technology. The
stock fell to near-zero during the period immediately following the
stunning revelation that the company had been padding its financial results
for years. Positions in the U.S. companies El Paso and Bank of New York
Mellon, along with a holding in the British financial company Man Group,
were further detractors of note. On a sector basis, the Fund was helped by
being
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09 5
overweight in materials, but that was offset by an overweight in health
care and underweights in technology and retail.
Q Do you have any closing thoughts?
A Given our model's philosophy -- that reversion to the mean will occur over
time for undervalued stocks -- we believe that any sign of overall
macroeconomic stabilization is a positive. Although the markets recovered
nicely in the final two months of the period, many stocks remain
undervalued. We believe this has created a fertile environment in which to
employ our value-driven strategy for the Fund, particularly if an improving
economic outlook causes valuations to revert to more normalized levels.
Please refer to the Schedule of Investments on pages 12-21 for a full listing of
Fund securities.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
Small- and mid-sized companies may offer the potential for higher returns, but
are also subject to greater short-term price fluctuations than larger, more
established companies.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of the opinion of Fund management as of the date of this report.
These opinions should not be relied upon for any other purposes.
6 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09
Portfolio Summary | 4/30/09
Portfolio Diversification
- --------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA IS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL.]
International Common Stocks 58.5%
U.S. Common Stocks 40.1%
Depositary Receipts for International Stocks 1.0%
International Preferred Stocks 0.4%
Geographical Distribution
- --------------------------------------------------------------------------------
(As a percentage of equity holdings)
[THE FOLLOWING DATA IS REPRESENTED AS A BAR CHART IN THE PRINTED MATERIAL.]
United States 37.5%
Japan 16.5%
Germany 6.0%
France 5.4%
Spain 3.8%
United Kingdom 3.8%
Netherlands 3.5%
Switzerland 2.7%
Bermuda 2.7%
Finland 2.3%
People's Republic of China 2.2%
Austria 2.1%
Hong Kong 1.9%
Italy 1.9%
Belgium 1.6%
Singapore 1.4%
Canada 1.3%
Cayman Islands 1.1%
Russia 1.0%
Other (individually less than 1%) 1.3%
10 Largest Holdings
- --------------------------------------------------------------------------------
(As a percentage of equity holdings)*
1. JPMorgan Chase & Co. 2.21%
2. HSBC Holding Plc 1.74
3. The Bank of New York Mellon Corp. 1.73
4. Marathon Oil Corp. 1.52
5. Repsol SA 1.48
6. Eni S.p.A. 1.42
7. BNP Paribas SA 1.41
8. Banco Santander Central Hispano SA 1.38
9. Verizon Communications, Inc. 1.38
10. El Paso Corp. 1.34
* This list excludes temporary cash and derivative instruments. The portfolio
is actively managed, and current holdings may be different. The holdings
listed should not be considered recommendations to buy or sell any security
listed.
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09 7
Prices and Distributions | 4/30/09
Net Asset Value per Share
- --------------------------------------------------------------------------------
- ---------------------------------------
Class 4/30/09 10/31/08
- ---------------------------------------
A $ 5.96 $ 6.15
- ---------------------------------------
Distributions per Share: 11/1/08-4/30/09
- --------------------------------------------------------------------------------
- ---------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
- ---------------------------------------------------------------
A $ 0.0368 $ -- $ --
- ---------------------------------------------------------------
8 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09
Performance Update | 4/30/09 Class A Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Global Diversified Equity Fund at public offering
price, compared to that of the MSCI World Index.
Average Annual Total Returns
(As of April 30, 2009)
- --------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
- --------------------------------------------------------------------
Life-of-Class
(6/3/08) -40.03% -40.03%
- --------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2009)
- --------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------
8.95% 1.30%
- --------------------------------------------------------------------
[THE FOLLOWING DATA IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]
Value of $10,000 Investment
Pioneer Global MSCI
Diversified World Index
Equity Fund
6/08 $9,425 $10,000
4/09 6,202 6,528
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
POP returns reflect deduction of maximum 5.75% sales charge. NAV results
represent the percent change in net asset value per share. Returns would have
been lower had sales charges been reflected. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 3/1/12 for Class A shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
The Morgan Stanley Capital International (MSCI) World Index is a free
float-adjusted market capitalization index designed to measure developed-market
equity performance throughout the world. Index returns assume reinvestment of
dividends and, unlike fund returns, do not reflect any fees, expenses or sales
charges. You cannot invest directly in an index.
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09 9
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of expenses:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
- --------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
(2) Multiply the result in (1) above by the 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 Diversified Equity Fund
Based on actual returns from November 1, 2008 through April 30, 2009.
- ---------------------------------------------------
Share Class A
- ---------------------------------------------------
Beginning Account Value on 11/1/08 $ 1,000.00
- ---------------------------------------------------
Ending Account Value on 4/30/09 $ 975.10
- ---------------------------------------------------
Expenses Paid During Period* $ 6.37
- ---------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.30% for
Class A shares, multiplied by the average account value over the period,
multiplied by 181/365 (to reflect the one-half year in the period).
10 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09
Hypothetical Example for Comparison Purposes
The second 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 Diversified Equity Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from November 1, 2008 through April 30, 2009.
- ---------------------------------------------------
Share Class A
- ---------------------------------------------------
Beginning Account Value on 11/1/08 $ 1,000.00
- ---------------------------------------------------
Ending Account Value on 4/30/09 $ 1,018.35
- ---------------------------------------------------
Expenses Paid During Period* $ 6.51
- ---------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.30% for
Class A shares, multiplied by the average account value over the period,
multiplied by 181/365 (to reflect the one-half year period).
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09 11
Schedule of Investments | 4/30/09 (unaudited)
- --------------------------------------------------------------------
Shares Value
- --------------------------------------------------------------------
PREFERRED STOCK -- 0.3%
AUTOMOBILES & COMPONENTS -- 0.3%
Automobile Manufacturers -- 0.3%
88 Volkswagen AG* $ 5,588
----------
Total Automobiles & Components $ 5,588
- --------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost $12,849) $ 5,588
- --------------------------------------------------------------------
COMMON STOCKS -- 92.6%
ENERGY -- 11.1%
Integrated Oil & Gas -- 8.2%
28,000 China Petroleum & Chemical Corp. $ 21,770
1,090 Eni S.p.A. 23,677
451 Gazprom (A.D.R.)* 7,924
201 Lukoil Holding, Ltd. (A.D.R.)* 9,028
851 Marathon Oil Corp. 25,275
1,288 Repsol SA 24,569
832 Royal Dutch Shell Plc 19,314
305 Total SA 15,288
----------
$ 146,845
- --------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 1.6%
2,000 Nippon Mitsubishi Oil Corp. $ 10,417
947 Valero Energy Corp. 18,788
----------
$ 29,205
- --------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.3%
3,225 El Paso Corp. $ 22,253
----------
Total Energy $ 198,303
- --------------------------------------------------------------------
MATERIALS -- 7.7%
Construction Materials -- 0.3%
92 Holcim Ltd. $ 4,659
- --------------------------------------------------------------------
Diversified Chemical -- 2.8%
181 Akzo Nobel NV $ 7,620
325 BASF AG* 12,247
942 Orica, Ltd.* 11,606
332 PPG Industries, Inc. 14,625
56 Solvay SA* 4,819
----------
$ 50,917
- --------------------------------------------------------------------
Diversified Metals & Mining -- 0.5%
1,098 Xstrata Plc $ 9,670
- --------------------------------------------------------------------
Industrial Gases -- 0.2%
51 L'Air Liquide SA* $ 4,169
- --------------------------------------------------------------------
Paper Packaging -- 0.6%
150 Mayr-Melnhof Karton AG* $ 10,510
- --------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
12 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09
- -----------------------------------------------------------------------------
Shares Value
- -----------------------------------------------------------------------------
Paper Products -- 1.3%
1,172 International Paper Co. $ 14,838
300 Nippon Unipac Holding 8,500
----------
$ 23,338
- -----------------------------------------------------------------------------
Specialty Chemicals -- 0.9%
513 DSM NV $ 15,892
- -----------------------------------------------------------------------------
Steel -- 1.1%
2,409 BHP Steel, Ltd.* $ 4,091
56 Salzgitter AG* 3,988
571 Voestalpine AG 11,020
$ 19,099
----------
Total Materials $ 138,254
- -----------------------------------------------------------------------------
CAPITAL GOODS -- 9.7%
Aerospace & Defense -- 1.3%
399 Finmeccanica S.p.A. $ 5,637
216 General Dynamics Corp. 11,161
148 United Technologies Corp. 7,228
----------
$ 24,026
- -----------------------------------------------------------------------------
Building Products -- 0.5%
2,000 Nippon Sheet Glass Co., Ltd. $ 5,641
256 Wienerberger AG* 3,011
----------
$ 8,652
- -----------------------------------------------------------------------------
Construction, Farm Machinery & Heavy Trucks -- 0.5%
1,000 Hino Motors, Ltd. $ 2,869
100 Man AG* 6,192
----------
$ 9,061
- -----------------------------------------------------------------------------
Electrical Component & Equipment -- 0.9%
1,000 Panasonic Electric Works Co., Ltd. $ 8,113
97 Schneider Electric SA* 7,331
----------
$ 15,444
- -----------------------------------------------------------------------------
Industrial Conglomerates -- 1.1%
312 Philips Electronics NV $ 5,639
197 Rheinmetall AG* 8,365
2,378 Tomkins Plc* 6,061
----------
$ 20,065
- -----------------------------------------------------------------------------
Industrial Machinery -- 4.1%
1,000 Amada Co., Ltd. $ 6,104
285 Andritz AG 9,681
308 Danaher Corp. 18,000
420 Dover Corp. 12,928
1,047 IMI Plc* 5,508
483 Ingersoll-Rand Co. 10,515
The accompanying notes are an integral part of these financial statements.
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09 13
Schedule of Investments | 4/30/09 (unaudited) (continued)
- ----------------------------------------------------------------------
Shares Value
- ----------------------------------------------------------------------
Industrial Machinery -- (continued)
91 Schindler Holding AG $ 4,780
417 Valmet-Rauma Oyj* 6,424
----------
$ 73,940
- ----------------------------------------------------------------------
Trading Companies & Distributors -- 1.3%
1,000 Itochu Corp. $ 5,306
1,000 Marubeni Corp. 3,593
1,000 Mitsui & Co., Ltd. 10,470
400 Sumitomo Corp. 3,470
$ 22,839
----------
Total Capital Goods $ 174,027
- ----------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.2%
Human Resource & Employment Services -- 0.2%
178 Ranstad Holdings NV* $ 4,067
----------
Total Commercial Services & Supplies $ 4,067
- ----------------------------------------------------------------------
TRANSPORTATION -- 2.1%
Air Freight & Couriers -- 0.3%
439 Deutsche Post AG $ 5,047
- ----------------------------------------------------------------------
Airlines -- 1.2%
572 Deutsche Lufthansa AG* $ 7,196
2,000 Singapore Airlines, Ltd. 14,402
----------
$ 21,598
- ----------------------------------------------------------------------
Marine -- 0.2%
1,000 Nippon Yusen Kabushiki Kaisha $ 4,089
- ----------------------------------------------------------------------
Railroads -- 0.4%
2 West Japan Railway Co.* $ 6,117
----------
Total Transportation $ 36,851
- ----------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 4.4%
Auto Parts & Equipment -- 1.9%
400 Aisin Seiki Co., Ltd. $ 8,187
300 Denso Corp. 7,057
500 Toyoda Gosei Co., Ltd. 9,777
300 Toyota Industries Corp. 7,978
----------
$ 32,999
- ----------------------------------------------------------------------
Automobile Manufacturers -- 1.9%
4,000 Fuji Heavy Industries, Ltd. $ 16,035
500 Honda Motor Co., Ltd. 14,531
197 PSA Peugeot* 4,533
----------
$ 35,099
- ----------------------------------------------------------------------
Motorcycle Manufacturers -- 0.2%
300 Yamaha Motor Co., Ltd.* $ 3,161
- ----------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
14 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09
- -------------------------------------------------------------------
Shares Value
- -------------------------------------------------------------------
Tires & Rubber -- 0.4%
500 Bridgestone Corp.* $ 7,418
----------
Total Automobiles & Components $ 78,677
- -------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 2.6%
Consumer Electronics -- 0.9%
1,000 Sharp Corp. $ 10,427
200 Sony Corp. 5,173
----------
$ 15,600
- -------------------------------------------------------------------
Footwear -- 1.0%
8,500 Yue Yuen Industrial Holdings, Ltd. $ 18,871
- -------------------------------------------------------------------
Leisure Products -- 0.7%
472 Hasbro, Inc. $ 12,584
----------
Total Consumer Durables & Apparel $ 47,055
- -------------------------------------------------------------------
MEDIA -- 1.7%
Cable & Satellite -- 0.3%
165 Time Warner Cable, Inc.* $ 5,318
- -------------------------------------------------------------------
Movies & Entertainment -- 1.4%
660 Time Warner, Inc. $ 14,408
363 Vivendi SA* 9,809
----------
$ 24,217
----------
Total Media $ 29,535
- -------------------------------------------------------------------
FOOD & DRUG RETAILING -- 3.5%
Drug Retail -- 1.1%
645 CVS/Caremark Corp. $ 20,498
- -------------------------------------------------------------------
Food Distributors -- 1.0%
764 Sysco Corp. $ 17,824
- -------------------------------------------------------------------
Food Retail -- 1.4%
200 FamilyMart Co., Ltd.* $ 5,484
200 Seven & I Holdings Co., Ltd.* 4,518
862 Supervalu, Inc. 14,094
----------
$ 24,096
----------
Total Food & Drug Retailing $ 62,418
- -------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 5.5%
Agricultural Products -- 2.7%
645 Archer Daniels Midland Co. $ 15,880
356 Bunge, Ltd. 17,092
26,880 Chaoda Modern Agriculture Holdings, Ltd. 15,314
----------
$ 48,286
- -------------------------------------------------------------------
Brewers -- 1.2%
709 Anheuser-Busch Inbev NV* $ 21,690
- -------------------------------------------------------------------
Packaged Foods & Meats -- 0.6%
1,000 Nippon Meat Packers, Inc. $ 10,290
- -------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09 15
Schedule of Investments | 4/30/09 (unaudited) (continued)
- ------------------------------------------------------------------
Shares Value
- ------------------------------------------------------------------
Soft Drinks -- 1.0%
344 PepsiCo, Inc. $ 17,116
----------
Total Food, Beverage & Tobacco $ 97,382
- ------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 3.0%
Health Care Distributors -- 0.9%
438 McKesson Corp. $ 16,206
- ------------------------------------------------------------------
Health Care Equipment -- 1.4%
273 Baxter International, Inc. $ 13,241
382 Medtronic, Inc.* 12,224
----------
$ 25,465
- ------------------------------------------------------------------
Health Care Services -- 0.7%
287 Fresenius Medical Care AG $ 11,324
----------
Total Health Care Equipment & Services $ 52,995
- ------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 5.9%
Biotechnology -- 0.8%
284 Genzyme Corp.* $ 15,146
- ------------------------------------------------------------------
Pharmaceuticals -- 5.1%
300 Abbott Laboratories, Ltd. $ 12,555
200 Astellas Pharma, Inc. 6,522
295 Eli Lilly & Co. 9,711
280 Johnson & Johnson 14,661
290 Novartis International AG 10,971
815 Pfizer, Inc. 10,888
76 Roche Holdings AG 9,620
281 Sanofi-Aventis SA* 16,211
----------
$ 91,139
----------
Total Pharmaceuticals & Biotechnology $ 106,285
- ------------------------------------------------------------------
BANKS -- 6.5%
Diversified Banks -- 6.5%
2,419 Banco Santander Central Hispano SA $ 22,889
69 Barclays Plc 281
443 BNP Paribas SA* 23,378
13,000 Boc Hong Kong Holdings, Ltd. 18,399
4,065 HSBC Holding Plc 28,932
596 National Bank of Canada 21,808
----------
$ 115,687
----------
Total Banks $ 115,687
- ------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.7%
Asset Management & Custody Banks -- 1.6%
1,130 The Bank of New York Mellon Corp. $ 28,792
- ------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09
- -------------------------------------------------------------------------
Shares Value
- -------------------------------------------------------------------------
Diversified Financial Services -- 2.1%
1,115 JPMorgan Chase & Co. $ 36,795
----------
Total Diversified Financials $ 65,587
- -------------------------------------------------------------------------
INSURANCE -- 5.0%
Life & Health Insurance -- 2.4%
1,067 Aegon NV $ 5,435
590 MetLife, Inc. 17,553
1,207 Unum Group 19,721
----------
$ 42,709
- -------------------------------------------------------------------------
Multi-Line Insurance -- 1.2%
184 Allianz AG $ 16,921
1,260 Aviva Plc 5,761
----------
$ 22,682
- -------------------------------------------------------------------------
Property & Casualty Insurance -- 0.7%
2,000 Yasuda Fire & Marine Insurance Co.* $ 11,973
- -------------------------------------------------------------------------
Reinsurance -- 0.7%
54 Muenchener Rueckversicherungs Gesellschaft AG* $ 7,369
224 Swiss Reinsurance, Ltd. 5,295
----------
$ 12,664
----------
Total Insurance $ 90,028
- -------------------------------------------------------------------------
REAL ESTATE -- 1.2%
Diversified Real Estate Activities -- 0.8%
3,000 Henderson Land Development Co., Ltd. $ 13,990
- -------------------------------------------------------------------------
Real Estate Development -- 0.4%
22,000 Allgreen Properties, Ltd.* $ 8,271
----------
Total Real Estate $ 22,261
- -------------------------------------------------------------------------
SOFTWARE & SERVICES -- 2.6%
Application Software -- 0.4%
572 Nuance Communications, Inc.* $ 7,636
- -------------------------------------------------------------------------
Internet Software & Services -- 0.5%
20 Google, Inc.* $ 7,919
- -------------------------------------------------------------------------
IT Consulting & Other Services -- 0.5%
293 Accenture, Ltd. $ 8,623
- -------------------------------------------------------------------------
Systems Software -- 1.2%
1,131 Oracle Corp.* $ 21,874
----------
Total Software & Services $ 46,052
- -------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 6.2%
Communications Equipment -- 2.0%
3,788 Motorola, Inc. $ 20,948
1,028 Nokia Oyj 14,632
----------
$ 35,580
- -------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09 17
Schedule of Investments | 4/30/09 (unaudited) (continued)
- -----------------------------------------------------------------------
Shares Value
- -----------------------------------------------------------------------
Computer Hardware -- 1.0%
1,000 Fujitsu Ltd. $ 4,273
222 Hewlett-Packard Co. 7,988
2,000 NEC Corp. 6,574
----------
$ 18,835
- -----------------------------------------------------------------------
Computer Storage & Peripherals -- 1.3%
2,276 Seagate Technology, Inc. $ 18,572
300 Seiko Epson Corp. 4,218
----------
$ 22,790
- -----------------------------------------------------------------------
Electronic Components -- 0.7%
300 OMRON Corp. $ 4,474
1,000 Taiyo Yuden Co., Ltd. 7,618
----------
$ 12,092
- -----------------------------------------------------------------------
Electronic Equipment & Instruments -- 0.2%
1,000 Hitachi, Ltd. $ 3,480
- -----------------------------------------------------------------------
Office Electronics -- 1.0%
200 Canon, Inc.* $ 6,028
1,000 Ricoh Co. 12,230
----------
$ 18,258
----------
Total Technology Hardware & Equipment $ 111,035
- -----------------------------------------------------------------------
SEMICONDUCTORS -- 0.5%
Semiconductors -- 0.5%
1,356 ST Microelectronics NV $ 8,970
----------
Total Semiconductors $ 8,970
- -----------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 4.4%
Integrated Telecommunication Services -- 3.2%
672 Deutsche Telekom AG* $ 8,115
200 Nippon Telegraph & Telephone Corp. 7,494
3,279 Telecom Italia S.p.A.* 2,932
818 Telefonica SA 15,568
754 Verizon Communications, Inc. 22,876
----------
$ 56,985
- -----------------------------------------------------------------------
Wireless Telecommunication Services -- 1.2%
1 KDDI Corp. $ 4,492
46 SK Telecom* 6,580
5,945 Vodafone Group Plc 10,941
----------
$ 22,013
----------
Total Telecommunication Services $ 78,998
- -----------------------------------------------------------------------
UTILITIES -- 5.1%
Electric Utilities -- 2.2%
209 E.On AG* $ 7,023
133 FirstEnergy Corp. 5,440
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09
- ------------------------------------------------------------------------------
Shares Value
- ------------------------------------------------------------------------------
Electric Utilities -- (continued)
862 Fortum Corp.* $ 17,351
350 Southern Co. 10,108
----------
$ 39,922
- ------------------------------------------------------------------------------
Gas Utilities -- 1.2%
188 AGL Resources, Inc. $ 5,860
223 Atmos Energy Corp.* 5,510
3,000 Osaka Gas Co., Ltd. 9,515
----------
$ 20,885
- ------------------------------------------------------------------------------
Independent Power Producer & Energy Traders -- 0.3%
1,508 International Power Plc $ 5,472
- ------------------------------------------------------------------------------
Multi-Utilities -- 1.4%
920 Centerpoint Energy, Inc. $ 9,789
849 Xcel Energy, Inc. 15,657
----------
$ 25,446
----------
Total Utilities $ 91,725
- ------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $2,311,491) $1,656,192
- ------------------------------------------------------------------------------
PURCHASED OPTIONS -- 0.6%
Put Option -- 0.6%
4 DJ Euro Stoxx, expiring June 2009 at $2,150 $ 2,859
2 Nikkei 225, expiring June 2009 at $8,750 7,106
----------
$ 9,965
- ------------------------------------------------------------------------------
TOTAL PURCHASED OPTIONS
(Cost $18,158) $ 9,965
- ------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 93.5%
(Cost $2,342,498)(a)(b) $1,671,745
- ------------------------------------------------------------------------------
WRITTEN OPTIONS -- (0.2)%
Put Option -- (0.2)%
(4) DJ Euro Stoxx, expiring June 2009 at $1,950 $ (1,130)
(2) Nikkei 225, expiring June 2009 at $7,750 (1,962)
----------
$ (3,092)
- ------------------------------------------------------------------------------
TOTAL WRITTEN OPTIONS
(Cost $((7,942)) $ (3,092)
- ------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 6.7% $ 118,808
- ------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $1,787,461
==============================================================================
* Non-income producing security.
(A.D.R.) American Depositary Receipt.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09 19
Schedule of Investments | 4/30/09 (unaudited) (continued)
(a) At March 31, 2009, the net unrealized loss on investments based on cost for
federal income tax purposes of $2,344,140 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $ 40,790
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (713,185)
-----------
Net unrealized loss $ (672,395)
===========
(b) Distributions of investments by country of issue, as a percentage of total
investment in securities (excluding temporary cash investments), is as
follows:
United States 37.5%
Japan 16.5
Germany 6.0
France 5.4
Spain 3.8
United Kingdom 3.8
Netherlands 3.5
Switzerland 2.7
Bermuda 2.7
Finland 2.3
People's Republic of China 2.2
Austria 2.1
Hong Kong 1.9
Italy 1.9
Belgium 1.6
Singapore 1.4
Canada 1.3
Cayman Islands 1.1
Russia 1.0
Other (individually less than 1%) 1.3
-----
100.0%
=====
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended April 30, 2009 aggregated $660,461 and $622,243,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.
Level 1 -- quoted prices in active markets for identical securities
Level 2 -- other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risk,
etc.)
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments)
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09
The following is a summary of the inputs used as of April 30, 2009, in valuing
the Fund's assets:
- ------------------------------------------------------------------------------------
Investments Other Financial
Valuation Inputs in Securities Instruments
- ------------------------------------------------------------------------------------
Level 1 -- Quoted Prices $ 698,488 $ (3,092)
Level 2 -- Other Significant Observable Inputs 973,257 1,692
Level 3 -- Significant Unobservable Inputs -- --
- ------------------------------------------------------------------------------------
Total $1,671,745 $ (1,400)
====================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09 21
Statement of Assets and Liabilities | 4/30/09 (unaudited)
ASSETS:
Investment in securities, at value (cost $2,342,498) $1,671,745
Cash 87,621
Futures Collateral 5,625
Foreign currencies, at value (cost $32,671) 32,499
Receivables --
Investment securities sold 9,839
Forward foreign currency portfolio hedge contracts, open -- net 1,692
Variation margin 45
Dividends and foreign taxes withheld 7,415
Due from Pioneer Investment Management, Inc. 16,701
Other 630
- -----------------------------------------------------------------------------------
Total assets $1,833,812
- -----------------------------------------------------------------------------------
LIABILITIES:
Payables --
Open option contracts written (premiums received $7,942) $ 3,092
Due to affiliates 14
Accrued expenses 43,245
- -----------------------------------------------------------------------------------
Total liabilities $ 46,351
- -----------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $2,998,887
Undistributed net investment income 22,134
Accumulated net realized loss on investments, foreign currency
transactions, futures and options contracts (576,787)
Net unrealized loss on investments and purchased options (670,753)
Net unrealized gain on forward foreign currency contracts, written
options and other assets and liabilities denominated in foreign
currencies 6,345
Net unrealized gain on futures contracts 7,635
- -----------------------------------------------------------------------------------
Total net assets $1,787,461
===================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A ($1,787,461/300,000) $ 5.96
MAXIMUM OFFERING PRICE:
Class A ($5.96 [divided by] 94.25%) $ 6.32
===================================================================================
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09
Statement of Operations (unaudited)
For the Six Months Ended 4/30/09
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $2,397) $ 26,854
- ------------------------------------------------------------------------------------------------
Total investment income $ 26,854
- ------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 6,226
Distribution fees 2,075
Administrative reimbursements 397
Custodian fees 15,354
Registration fees 840
Professional fees 23,859
Printing expense 10,270
Fees and expenses of nonaffiliated trustees 3,620
Miscellaneous 5,474
- ------------------------------------------------------------------------------------------------
Total expenses $ 68,115
Less management fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (57,323)
- ------------------------------------------------------------------------------------------------
Net expenses $ 10,792
- ------------------------------------------------------------------------------------------------
Net investment income $ 16,062
- ------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES AND OPTIONS CONTRACTS, AND FOREIGN CURRENCY TRANSACTIONS:
Net realized loss on:
Investments $ (391,323)
Futures contracts (38,625)
Forward foreign currency contracts and other assets, written
options and liabilities denominated in foreign currencies (4,374) $ (434,322)
- ------------------------------------------------------------------------------------------------
Change in net unrealized gain on:
Investments $ 330,921
Futures contracts 27,225
Forward foreign currency contracts and other assets, written
options and liabilities denominated in foreign currencies 12,005 $ 370,151
- ------------------------------------------------------------------------------------------------
Net loss on investments, futures and options contracts, and
foreign currency transactions $ (64,171)
- ------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $ (48,109)
================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09 23
Statement of Changes in Net Assets
For the Six Months Ended 4/30/09 and the period from 6/3/08 (Commencement of
Operations) to 10/31/08, respectively
6/3/08
Six Months (Commencement
Ended 4/30/09 of Operations)
(unaudited) to 10/31/08
FROM OPERATIONS:
Net investment income $ 16,062 $ 9,640
Net realized loss on investments, futures and options contracts
and foreign currency transactions (434,322) (136,106)
Change in net unrealized gain (loss) on investments, futures and
options contracts, and foreign currency transactions 370,151 (1,026,924)
- ---------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $ (48,109) $(1,153,390)
- ---------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.04 and $0.00 per share, respectively) $ (11,040) $ --
- ---------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (11,040) $ --
- ---------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 110 $ 2,999,890
- ---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 110 $ 2,999,890
- ---------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ (59,039) $ 1,846,500
NET ASSETS:
Beginning of period 1,846,500 --
- ---------------------------------------------------------------------------------------------------
End of period $1,787,461 $ 1,846,500
- ---------------------------------------------------------------------------------------------------
Undistributed net investment income $ 22,134 $ 17,112
- ---------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
'09 Shares '09 Amount '08 Shares '08 Amount
(unaudited) (unaudited)
- -------------------------------------------------------------------------------
Class A*
Shares sold -- $110 300,000 $2,999,890
- -------------------------------------------------------------------------------
Net increase -- $110 300,000 $2,999,890
===============================================================================
* Class A shares were first publicly offered on June 3, 2008.
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09
Financial Highlights
- ----------------------------------------------------------------------------------------------
Six Months 6/3/08 (a)
Ended (Commencement
4/30/09 of Operations)
(unaudited) to 10/31/08
- ----------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 6.15 $10.00
Increase (decrease) from investment operations:
Net investment income $ 0.05 $ 0.03
Net realized and unrealized loss on investments,
written options and futures contracts and foreign
currency transactions (0.20) (3.88)
- ----------------------------------------------------------------------------------------------
Net decrease in net assets from investment
operations $(0.15) $(3.85)
Distributions to shareowners:
Net investment income (0.04) --
- ----------------------------------------------------------------------------------------------
Net decrease in net asset value $(0.19) $(3.85)
- ----------------------------------------------------------------------------------------------
Net asset value, end of period $ 5.96 $ 6.15
==============================================================================================
Total return* (2.49)% (38.50)%***
Ratio of net expenses to average net assets 1.30%** 1.30%**
Ratio of net investment income to average net assets 1.93%** 0.93%**
Portfolio turnover rate 79% 38%***
Net assets, end of period (in thousands) $1,787 $1,847
Ratios with no waiver of management fees and
assumption of expenses by PIM:
Net expenses 8.20%** 8.95%**
Net investment loss (4.97)%** (6.71)%**
==============================================================================================
(a) Class A shares were first publicly offered on June 3, 2008.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of the period and no sales
charges.
Total return would be reduced if sales charges were taken into account.
** Annualized.
*** Not annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09 25
Notes to Financial Statements | 4/30/09 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Global Diversified Equity Fund (the Fund) is a series of Pioneer Series
Trust VII, a Delaware statutory trust registered under the Investment Company
Act of 1940 as a diversified, open-end management investment company. The Fund
was organized on June 3, 2008. Prior to June 3, 2008, the Fund had no
operations other than those relating to organizational matters and the initial
capitalization of the Fund by Pioneer Funds Distributor, Inc. (PFD). To date,
no shares have been offered to the public. The Fund shares outstanding at April
30, 2009, are owned by PFD. The Fund's investment objective is to seek
long-term capital growth.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the
Fund to, among other things, make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets
and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gains and losses on investments during the
reporting period. Actual results could differ from those estimates.
The Fund's investments in emerging markets or countries with limited or
developing markets may subject the Fund to a greater degree of risk than
investments in a developed market. Risks associated with these developing
markets include political, social or economic factors and may affect the price
of the Fund's investments and income generated by these investments, as well as
the Fund's ability to repatriate such amounts.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors. The Fund's prospectus contains unaudited information
regarding the Fund's principal risks. Please refer to the document when
considering the Fund's principal risks.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
26 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. In computing
the net asset value, securities are valued at the last sale price on the
principal exchange where they are traded. Securities that have not traded on
the date of valuation, or securities for which sale prices are not generally
reported, are valued at the mean between the last bid and asked prices.
Securities for which market prices and/or quotations are not readily
available are valued using fair value methods pursuant to procedures adopted
by the Board of Trustees. The Fund invests primarily in securities of
non-U.S. issuers. The principal exchanges and markets for such securities
have closing times prior to the close of the NYSE. However, the value of
these securities may be influenced by changes in global markets occurring
after the closing times of the local exchanges and markets up to the time the
Fund determines its net asset value. Consequently, the Board of Trustees of
the Fund has determined that the use of daily fair valuations as provided by
a pricing service is appropriate for the Fund. The Fund may also take into
consideration other significant events in determining the fair value of these
securities. Thus, the Fund's securities valuations may differ from prices
reported by the various local exchanges and markets. At April 30, 2009, there
were no securities that were valued using fair value methods (other than
securities valued using prices supplied by independent pricing services).
Temporary cash investments are valued at cost which approximates market
value.
Dividend income is recorded on the ex-dividend date except that certain
dividends from foreign securities where the ex-dividend date may have passed
are recorded as soon as the Fund becomes aware of the ex-dividend data in the
exercise of reasonable diligence. Interest income, including interest on
income bearing cash accounts, is recorded on the accrual basis. Dividend and
interest income are reported net of unrecoverable foreign taxes withheld at
the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09 27
the amount of income accrued and the U.S. dollars actually received. Further,
the effects of changes in foreign currency exchange rates on investments are
not segregated in the statement of operations from the effects of changes in
market prices of those securities but are included with the net realized and
unrealized gain or loss on investments.
C. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date as a hedge or cross-hedge against either specific investment
transactions (settlement hedges) or portfolio positions (portfolio hedges).
All contracts are marked to market daily at the applicable exchange rates,
and any resulting unrealized gains or losses are recorded in the Fund's
financial statements. The Fund records realized gains and losses at the time
a portfolio hedge is offset by entry into a closing transaction or
extinguished by delivery of the currency. Risks may arise upon entering into
these contracts from the potential inability of counterparties to meet the
terms of the contract and from unanticipated movements in the value of
foreign currencies relative to the U.S. dollar (see Note 5).
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 taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no federal income tax provision is required. Tax
years for the prior three fiscal years are subject to examination by tax
authorities.
In addition to the requirements of the Internal Revenue Code, the Fund may
also be required to pay local taxes on the repatriation of certain foreign
currencies and/or net realized capital gains in certain countries. During the
year ended October 31, 2008, the Fund paid no such taxes.
In determining daily net asset value, the Fund estimates the reserve for such
taxes, if any, associated with investments in certain countries. The
estimated reserve for capital gains taxes, if any, is based on the net
unrealized appreciation of certain portfolio securities, the holding periods
of such securities and the related tax rates, tax loss carryforward (if
applicable) and other such factors. As of October 31, 2008, the Fund did not
have a reserve related to capital gains.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal income
tax rules. Therefore, the sources of the Fund's distributions may be shown in
the accompanying financial statements as from or in excess of net investment
income or as from net realized gain on investment transactions,
28 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09
or as from paid-in capital, depending on the type of book/tax differences
that may exist.
As of October 31, 2008, the Fund has a net capital loss carryforward of
$160,413, which will expire in 2016 if not utilized.
The tax character of current year distributions paid will be determined at
the end of the current taxable year. There were no distributions paid during
the period ended October 31, 2008.
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2008:
- ----------------------------------------------------
2008
- ----------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 6,889
Capital loss carryforward (160,413)
Unrealized depreciation (998,753)
- ----------------------------------------------------
Total $ (1,152,277)
===================================================
The difference between book-basis and tax-basis unrealized appreciation is
attributable to the tax deferral of losses on wash sales and the tax
treatment on open future contracts, the mark to market on forward foreign
currency contracts and options.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. PFD,
the principal underwriter for the Fund and a wholly owned indirect subsidiary
of UniCredit S.p.A (UniCredit), earned no underwriting commissions on the
sale of Class A shares during the six months ended April 30, 2009.
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 their 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 shares of the Fund (see Note 4).
Distributions to shareowners are recorded as of the ex-dividend date.
G. Futures Contracts
The Fund may enter into futures transactions to hedge against changes in
interest rates, securities prices and currency rates or to seek to increase
total return. Upon entering into a futures contract, the Fund is required to
deposit with a broker an amount of cash or securities equal to the minimum
"initial margin" requirements of the associated futures exchange. Subsequent
payments for futures contracts ("variation margin") are paid or
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09 29
received by the Fund, depending on the daily fluctuation in the value of the
contracts, and are recorded by the Fund as unrealized gains or losses. When
the contract is closed, the Fund realizes a gain or loss equal to the
difference between the opening and closing value of the contract. The use of
futures contracts involves, to varying degrees, elements of market and
counterparty risks, which may exceed the amounts recognized by the Fund.
Changes in value of the contracts may not directly correlate to the changes
in value of the underlying securities. These risks may decrease the
effectiveness of the Fund's hedging strategies and potentially result in a
loss.
At April 30, 2009, open futures contracts were as follows.
- --------------------------------------------------------------------------
Number of
Contracts Settlement Market Unrealized
Type Long/(Short) Month Value Gain
- --------------------------------------------------------------------------
S&P 500 1 06/09 $43,500 $7,635
H. Option Writing
When the Fund writes an option, an amount equal to the premium received by
the Fund is recorded as a liability and is subsequently adjusted to the
current fair 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. The difference between the premium
and the amount paid on effecting a closing purchase transaction, including
brokerage commissions, is also treated as a realized gain, or, if the premium
is less than the amount paid for the closing purchase transaction, as a
realized loss. If a call option is exercised, the premium is added to the
proceeds from the sale of the underlying security in determining whether the
Fund has realized a gain or loss. The Fund as writer of an option bears the
market risk of an unfavorable change in the price of the security underlying
the written option.
Transactions in written options for the six months ended April 30, 2009, are
summarized as follows:
- ---------------------------------------------------------------------------
Number of Premiums
Contracts Received
- ---------------------------------------------------------------------------
Options outstanding at beginning of period 7 $ 18,514
Options opened 22 45,086
Options exercised -- --
Options closed (23) (55,658)
Options expired -- --
- ---------------------------------------------------------------------------
Options outstanding at end of period 6 $ 7,942
===========================================================================
30 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09
2. Management Agreement
Pioneer Investment Management, Inc., (PIM) a wholly owned indirect subsidiary
of UniCredit, manages the Fund's portfolio. Management fees are calculated
daily at the annual rate of 0.75% of the Fund's average daily net assets up to
$500 million, 0.70% of the next $500 million and 0.65% on assets over $1
billion. For the six months ended April 30, 2009, the net management fee was
equivalent to 0.75% of the Fund's average net assets.
Through March 1, 2012, PIM has agreed not to impose all or a portion of its
management fee and to assume other operating expenses of the Fund to the extent
necessary to limit Class A expenses to 1.30% of the average daily net assets
attributable to Class A shares.
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. Included in "Due to affiliates" reflected on
the Statement of Assets and Liabilities is $2 in management fees,
administrative costs and certain other fees payable to PIM at April 30, 2009.
3. Transfer Agent
Pioneer Investment Management Shareholder Services, Inc. (PIMSS), a wholly
owned indirect subsidiary of UniCredit, provides substantially all transfer
agent and shareowner services to the Fund at negotiated rates.
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A shares. Pursuant to
the Plan, the Fund pays PFD 0.25% of the average daily net assets attributable
to Class A shares as compensation for personal services and/or account
maintenance services or distribution services with regard to Class A shares.
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $12 in distribution fees payable to PFD at April 30, 2009.
In addition, redemptions of 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 18 months of purchase
(within 12 months for purchases made on or after April 1, 2009). Proceeds from
the CDSCs are paid to PFD. For the six months ended April 30, 2009, no CDSCs
were paid to PFD.
5. Forward Foreign Currency Contracts
At April 30, 2009, the Fund entered into various contracts that obligate the
Fund to deliver currencies at specified future dates. At the maturity of a
contract, the Fund must make delivery of the foreign currency. Alternatively,
prior
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09 31
to the settlement date of a portfolio hedge, the Fund may close out such
contracts by entering into an offsetting hedge contract. Open portfolio hedges
at April 30, 2009, were as follows:
- -----------------------------------------------------------------------------------------------------------------------
Net
Contracts to In Net
(Deliver)/ Exchange Settlement Unrealized
Currency Receive For USD Value Date Value Gain (Loss)
- -----------------------------------------------------------------------------------------------------------------------
EUR
(Euro) 37,495 $ 50,660 $ 50,660 5/15/09 $ 49,719 $ (941)
EUR
(Euro) (117,963) $(157,628) $(157,628) 5/15/09 $(156,436) $1,192
GBP
(British Pound
Sterling) 50,000 53,945 $ 72,627 5/15/09 $ 74,093 $1,466
JPY
(Japanese Yen) (5,000,000) (37,495) $ (50,660) 5/15/09 $ (50,685) $ (25)
- --------------------------------------------------------------------------------------------------------------------
$1,692
====================================================================================================================
At April 30, 2009, the Fund had no outstanding settlement hedges.
6. New Pronouncement
In March 2008, Statement of Financial Accounting Standards No. 161, Disclosures
about Derivative Instruments and Hedging Activities ("SFAS 161"), was issued
and is effective for fiscal years beginning after November 15, 2008. SFAS 161
requires enhanced disclosures about an entity's derivative and hedging
activities. Management is currently evaluating the impact the adoption of SFAS
161 will have on the Fund's financial statement disclosures.
32 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09
Trustees, Officers and Service Providers
Trustees
John F. Cogan, Jr., Chairman
David R. Bock
Mary K. Bush
Benjamin M. Friedman
Margaret B.W. Graham
Daniel K. Kingsbury
Thomas J. Perna
Marguerite A. Piret
Stephen K. West
Officers
John F. Cogan, Jr., President
Daniel K. Kingsbury, Executive Vice President
Mark E. Bradley, Treasurer
Dorothy E. Bourassa, Secretary
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at pioneerinvestments.com. This information is also available on
the Securities and Exchange Commission's web site at http://www.sec.gov.
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09 33
This page for your notes.
34 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09
This page for your notes.
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09 35
This page for your notes.
36 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/09
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
- --------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Telecommunications Device for the Deaf (TDD) 1-800-225-1997
Write to us:
- --------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: www.pioneerinvestments.com
This report must be accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
Pioneer Global High Yield Fund
- --------------------------------------------------------------------------------
Semiannual Report | April 30, 2009
- --------------------------------------------------------------------------------
Ticker Symbols:
Class A PGHYX
Class B PGHBX
Class C PGYCX
Class Y GHYYX
Class Z PGHZX
[LOGO] PIONEER
Investments(R)
visit us: pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 7
Prices and Distributions 8
Performance Update 9
Comparing Ongoing Fund Expenses 14
Schedule of Investments 16
Financial Statements 43
Notes to Financial Statements 52
Trustees, Officers and Service Providers 61
Pioneer Global High Yield Fund | Semiannual Report | 4/30/09 1
President's Letter
Dear Shareowner,
Stock and bond markets around the globe have been experiencing one of their
most tumultuous periods in history. Investors have witnessed volatility of a
magnitude that many have never before seen. Distance often provides the best
vantage point for perspective. Still, we believe that the benefits of basic
investment principles that have stood the test of time -- even in the midst of
market turmoil -- cannot be underestimated.
First, invest for the long term. The founder of Pioneer Investments, Philip L.
Carret, began his investment career during the 1920s. One lesson he learned is
that while great prosperity affords an advantageous time for selling stocks,
extreme economic slumps can create opportunities for purchase. Indeed, many of
our portfolio managers, who follow the value-conscious investing approach of
our founder, are looking at recent market conditions as an opportunity to buy
companies whose shares we believe have been unjustifiably beaten down by
indiscriminate selling, but that we have identified as having strong prospects
over time. While investors may be facing a sustained market downturn, we
continue to believe that patience, along with staying invested in the market,
are important considerations for long-term investors.
A second principle is to stay diversified across different types of
investments. The global scope of the current market weakness poses challenges
for this basic investment axiom. But the turbulence makes now a good time to
reassess your portfolio and make sure that your investments continue to meet
your needs. We believe you should work closely with your financial advisor to
find the mix of stocks, bonds and money market assets that is best aligned to
your particular risk tolerance and investment objective.
As the investment markets sort through the continuing crisis in the financial
industry, we are staying focused on the fundamentals and risk management. With
more than 80 years of experience behind us, we have learned how to navigate
turbulent markets. At Pioneer Investments, risk management has always been a
critical part of our culture -- not just during periods of extraordinary
volatility. Our investment process is based on fundamental research,
quantitative analysis and active portfolio management. This three-pillared
process, which we apply to each of our portfolios, is supported by an
integrated team approach and is designed to carefully balance risk and reward.
While we
2 Pioneer Global High Yield Fund | Semiannual Report | 4/30/09
see potential chances for making money in many corners of the market, it takes
research and experience to separate solid investment opportunities from
speculation.
We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
www.pioneerinvestments.com. Thank you for investing with Pioneer.
Respectfully,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA Inc.
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 the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes. Past
performance is no guarantee of future results, and there is no guarantee that
market forecasts discussed will be realized.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/09 3
Portfolio Management Discussion | 4/30/09
High-yield bond investments continued to struggle in the closing months of 2008
before recovering in the first few months of 2009. In the following discussion,
Andrew Feltus, CFA, discusses the performance of Pioneer Global High Yield Fund
during the six months ended April 30, 2009. Mr. Feltus, a member of Pioneer's
Fixed Income Department, is responsible for the daily management of the Fund.
Q How did the Fund perform during the six months ended April 30, 2009?
A Pioneer Global High Yield Fund Class A shares generated a total return of
0.49% at net asset value during the six months ended April 30, 2009. Over
the same period, the Fund's benchmark, Merrill Lynch High Yield and
Emerging Markets Plus Index, returned 17.13%, and the average return of the
474 funds in Lipper's High Current Yield category was 9.18%. On April 30,
2009, the 30-day SEC yield of Class A shares was 18.24%.
Q What were the principal factors affecting the Fund's performance during the
six months ended April 30, 2009?
A The November-December 2008 span was one of the worst periods on record for
high-yield investments, but the price declines during those two months set
up the conditions for a rally during the first few months of 2009.
Investors took encouragement from the actions of the U.S. Federal Reserve
Board (the Fed) and the U.S. Treasury Department, and of other central
banks overseas to restore liquidity to capital markets and to help improve
the capital positions of the financial industry. At the same time,
high-yield bond prices appeared to have declined to extremely low prices,
which reflected, in our view, an unrealistically negative view of the
ability of the economy to recover from recession.
During the six-month period ended April 30, 2009, the Fund underperformed
its high-yield benchmark and Lipper category average, despite having a
lower default record than the overall market. The principal factors leading
to the Fund's lagging results were its overweight position in B-rated
bonds, which underperformed. The Fund's lack of an emphasis on BB-rated
securities, which outperformed the market, did not help. At the same time,
the Fund's equal-weighted positions in securities rated CCC and lower held
back results, as those securities trailed the overall market. Moreover, the
Fund did not have significant exposure to the major auto companies, which
were among the better-performing areas of the market in early 2009, as
investors tried to find securities selling at deeply discounted prices. In
addition, the Fund's investments in commercial mortgage-backed securities
4 Pioneer Global High Yield Fund | Semiannual Report | 4/30/09
struggled during the period, as concerns about non-government agency
mortgages widened.
At the end of the period on April 30, 2009, the average quality of Fund
holdings was B-, with 46.8% of assets invested in B-rated securities, 20.9%
in BB-rated debt and 14.3% in bonds rated CCC and lower. U.S. corporate
high-yield bonds represented the largest group in the Fund's portfolio, at
58.2% of assets, with another 29.1% invested in emerging-market debt and
7.6% in international high-yield corporates. In general, we did not think
foreign high-yield investments were priced sufficiently to compensate for
all the risks. During the six-month period, we increased the Fund's
exposure to the euro and euro-linked currencies in anticipation that the
U.S. dollar was more likely to depreciate.
Q What types of investments most influenced Fund results over the six months
ended April 30, 2009?
A Despite the challenging market, several high-yield securities in the Fund's
portfolio performed relatively well. They included bonds of Greentown
China, a property developer in China; securities issued by Mirant Jamaica,
an electric utility that announced it was buying back its debt; and bonds
of TNK/BP, an oil and natural gas production company in Russia.
The Fund's overweight positions in chemical industry bonds held back
results during a period in which the materials sector in general fared
poorly. Two notable underperforming chemical industry investments were the
bonds of Nell and Georgia Gulf. Similarly, the bonds of Aleris, an aluminum
manufacturer and metals distributor, hurt the Fund's results when the
company defaulted. Among the Fund's foreign holdings, the securities of
Indepencia, a Brazilian beef producer, produced disappointing results.
Q What is your investment outlook?
A We think 2009 should show improved conditions for high-yield investments,
particularly in the United States, especially if the market moves ahead of
economic trends, which has been the historical tendency. In general, we
think the U.S. high-yield market has improved, as the risks of financing
appear to have decreased, while the potential to deliver strong results
remains. As a result, we continue to overweight the Fund in the domestic
market, while we have limited its exposure to foreign high-yield bonds,
including emerging market debt, because we do not think their yields offer
enough of a premium over U.S. securities to justify the risks.
We think domestic high-yield corporate bond prices have fallen to reflect a
depression-style scenario that is difficult to justify. We believe any
mispricing of high-yield securities could present a potential investment
opportunity,
Pioneer Global High Yield Fund | Semiannual Report | 4/30/09 5
especially as investors search for relative value. We believe the Fund is
well positioned to participate in a rebound.
Please refer to the Schedule of Investments on pages 16-42 for a full listing
of Fund securities.
Investments in high-yield or lower-rated securities are subject to
greater-than-average risk. When interest rates rise, the prices of fixed-income
securities in the Fund will generally fall. Conversely, when interest rates
fall, the prices of fixed-income securities in the Fund will generally rise.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
Investments in the Fund are subject to possible loss due to the financial
failure of underlying securities and their inability to meet their debt
obligations. Prepayment risk is the chance that mortgage-backed bonds will be
paid off early if falling interest rates prompt homeowners to refinance their
mortgages. 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 associated with falling interest rates. The
Fund can invest in a limited number of securities and, as a result, the Fund's
performance may be more volatile than the performance of other funds holding
more securities. At times, the Fund's investments may represent industries or
industry sectors that are interrelated or have common risks, making it more
susceptible to any economic, political, or regulatory developments or other
risks affecting those industries and sectors. These risks may increase share
price volatility.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes.
6 Pioneer Global High Yield Fund | Semiannual Report | 4/30/09
Portfolio Summary | 4/30/09
Portfolio Diversification
- --------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL]
Corporate Bonds 76.6%
Temporary Cash Investments 6.1%
Senior Secured Loans 5.9%
Convertible Corporate Bonds 3.3%
Asset Backed Securities 2.8%
Collateralized Mortgage Obligations 2.1%
Foreign Government Bonds 1.6%
Preferred Domestic 1.0%
Municipal Bonds 0.5%
Warrants 0.1%
10 Largest Holdings
- --------------------------------------------------------------------------------
(As a percentage of total debt holdings)*
1. GC Impsat Hldgs I Plc, 9.872%, 2/15/17 (144A) 1.72%
- --------------------------------------------------------------------------------
2. Altra Industrial Motion, Inc., 9.0%, 12/1/11 1.66
- --------------------------------------------------------------------------------
3. Impress Metal Pack Holdings BV, 9.25%, 9/15/14 (144A) 1.15
- --------------------------------------------------------------------------------
4. Exopack Holding Corp., 11.25%, 2/1/14 1.13
- --------------------------------------------------------------------------------
5. Broadview Networks Holdings, Inc., 11.375%, 9/1/12 1.06
- --------------------------------------------------------------------------------
6. Power Contract Financing LLC, 0.681%, 2/5/10 (144A) 1.06
- --------------------------------------------------------------------------------
7. True Move Co., Ltd., 10.75%, 12/16/13 (144A) 1.05
- --------------------------------------------------------------------------------
8. TNK-BP Finance SA, 7.875%, 3/13/18 (144A) 1.04
- --------------------------------------------------------------------------------
9. Goldman Sachs Capital Inc., Floating Rate Note, 12/29/49 0.97
- --------------------------------------------------------------------------------
10. Transport De Gas Del Sur SA, 7.875%, 5/14/17 (144A) 0.96
- --------------------------------------------------------------------------------
* The list excludes temporary cash and derivative instruments. The portfolio
is actively managed, and current holdings may be different. The holdings
listed should not be considered recommendations to buy or sell any security
listed.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/09 7
Prices and Distributions | 4/30/09
Net Asset Value per Share
- --------------------------------------------------------------------------------
Class 4/30/09 10/31/08
A $6.90 $7.56
- --------------------------------------------------------------------------------
B $6.88 $7.54
- --------------------------------------------------------------------------------
C $6.86 $7.51
- --------------------------------------------------------------------------------
Y $6.81 $7.46
- --------------------------------------------------------------------------------
Z $7.12 $7.79
- --------------------------------------------------------------------------------
Distributions per Share: 10/31/08-4/30/09
- --------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
A $0.6450 $ -- $ --
- --------------------------------------------------------------------------------
B $0.6133 $ -- $ --
- --------------------------------------------------------------------------------
C $0.6125 $ -- $ --
- --------------------------------------------------------------------------------
Y $0.6488 $ -- $ --
- --------------------------------------------------------------------------------
Z $0.6688 $ -- $ --
- --------------------------------------------------------------------------------
Index Definition
- --------------------------------------------------------------------------------
The Merrill Lynch (ML) Global High Yield and Emerging Markets Plus Index tracks
the performance of the below and border-line investment-grade global debt
markets denominated in the major developed market currencies. The index
includes sovereign issuers rated BBB1 and lower along with corporate issuers
rated BB1 and lower. There are no restrictions on issuer country of domicile.
However, the bonds must be publicly issued in a developed market (i.e.,
investment-grade country). Index returns are calculated monthly, assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. You cannot invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" charts
appearing on pages 9-13.
8 Pioneer Global High Yield Fund | Semiannual Report | 4/30/09
Performance Update | 4/30/09 Class A Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Global High Yield Fund at public offering price,
compared to that of the Merrill Lynch (ML) Global High Yield and Emerging
Markets Plus Index.
Average Annual Total Returns
(As of April 30, 2009)
- -----------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
- -----------------------------------------------------
Life-of-Class
(8/27/01) 5.12% 4.49%
5 Years -0.24 -1.15
1 Year -29.16 -32.33
- -----------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2009)
- -----------------------------------------------------
Gross Net
- -----------------------------------------------------
1.18% 1.10%
- -----------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED BY A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global ML Global High Yield
High Yield and Emerging Markets
Fund Plus Index
8/01 $ 9,550 $10,000
10,163 10,157
4/03 12,102 11,601
14,238 13,332
4/05 16,148 14,714
18,021 16,192
4/07 20,478 18,298
19,860 18,615
4/09 14,069 15,967
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had charges been reflected. POP returns reflect deduction
of maximum 4.5% sales charge. All results are historical and assume the
reinvestment of dividends and capital gains. Other share classes are available
for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 3/1/12 for Class A shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/09 9
Performance Update | 4/30/09 Class B Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Global High Yield Fund, compared to that of the
Merrill Lynch (ML) Global High Yield and Emerging Markets Plus Index.
Average Annual Total Returns
(As of April 30, 2009)
- -------------------------------------------------
If If
Period Held Redeemed
- -------------------------------------------------
Life-of-Class
(11/21/03) -0.37% -0.37%
5 Years -1.06 -1.06
1 Year -29.79 -32.23
- -------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2009)
- -------------------------------------------------
Gross Net
- -------------------------------------------------
1.92% 1.92%
- -------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED BY A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global ML Global High Yield
High Yield and Emerging Markets
Fund Plus Index
11/03 $10,000 $10,000
10,277 10,322
4/05 11,563 11,391
12,811 12,536
4/07 14,430 14,166
13,879 14,411
4/09 9,745 12,361
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). Effective December 1, 2004, the period during which a CDSC is applied
to withdrawals was shortened to 5 years. The maximum CDSC for Class B shares
continues to be 4%. For more complete information, please see the prospectus
for details. Note: Shares purchased prior to December 1, 2004 remain subject to
the CDSC in effect at the time you purchased those shares. For performance
information for shares purchased prior to December 1, 2004, please visit
www.pioneerinvestments.com.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses
will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 3/1/10 for Class B shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
10 Pioneer Global High Yield Fund | Semiannual Report | 4/30/09
Performance Update | 4/30/09 Class C Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Global High Yield Fund, compared to that of the
Merrill Lynch (ML) Global High Yield and Emerging Markets Plus Index.
Average Annual Total Returns
(As of April 30, 2009)
- ------------------------------------------------------
If If
Period Held Redeemed
- ------------------------------------------------------
Life-of-Class
(11/21/03) -0.45% -0.45%
5 Years -1.02 -1.02
1 Year -29.77 -29.77
- ------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2009)
- ------------------------------------------------------
Gross Net
- ------------------------------------------------------
1.85% 1.85%
- ------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED BY A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global ML Global High Yield
High Yield and Emerging Markets
Fund Plus Index
11/03 $10,000 $10,000
10,211 10,322
4/05 11,487 11,391
12,724 12,536
4/07 14,343 14,166
13,810 14,411
4/09 9,699 12,361
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). The performance of Class C shares does not
reflect the 1% front-end sales charge in effect prior to February 1, 2004. If
you paid a 1% sales charge, your returns would be lower than those shown above.
"If Held" results represent the percent change in net asset value per share.
"If Redeemed" results reflect the deduction of 1% CDSC. Returns would have been
lower had sales charges been reflected. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 3/1/10 for Class C shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/09 11
Performance Update | 4/30/09 Class Y Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Global High Yield Fund, compared to that of the
Merrill Lynch (ML) Global High Yield and Emerging Markets Plus Index.
Average Annual Total Returns
(As of April 30, 2009)
- ------------------------------------------------
If If
Period Held Redeemed
- ------------------------------------------------
Life-of-Class
(8/27/01) 5.07% 5.07%
5 Years -0.30 -0.30
1 Year -28.81 -28.81
- ------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2009)
- ------------------------------------------------
Gross Net
- ------------------------------------------------
0.74% 0.74%
- ------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED BY A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global ML Global High Yield
High Yield and Emerging Markets
Fund Plus Index
8/01 $10,000 $10,000
10,643 10,157
4/03 12,674 11,601
14,910 13,332
4/05 16,911 14,714
18,547 16,192
4/07 21,144 18,298
20,629 18,615
4/09 14,687 15,967
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance for periods prior to the inception of the Fund's Class Y shares on
December 28, 2005 reflects the NAV performance of the Fund's Class A shares.
The performance does not reflect differences in expenses, including the Rule
12b-1 fees applicable to Class A shares. Since fees for Class A shares are
generally higher than those of Class Y shares, the performance for Class Y
shares prior to their inception on December 28, 2005 would have been higher
than the performance shown. Class Y shares are not subject to sales charges and
are available for limited groups of eligible investors, including institutional
investors. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer Global High Yield Fund | Semiannual Report | 4/30/09
Performance Update | 4/30/09 Class Z Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Global High Yield Fund, compared to that of the
Merrill Lynch (ML) Global High Yield and Emerging Markets Plus Index.
Average Annual Total Returns
(As of April 30, 2009)
- ---------------------------------------------------
If If
Period Held Redeemed
- ---------------------------------------------------
Life-of-Class
(8/27/01) 5.60% 5.60%
5 Years 0.47 0.47
1 Year -27.42 -27.42
- ---------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2009)
- ---------------------------------------------------
Gross Net
- ---------------------------------------------------
1.11% 0.90%
- ---------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED BY A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global ML Global High Yield
High Yield and Emerging Markets
Fund Plus Index
8/01 $10,000 $10,000
10,643 10,157
4/03 12,674 11,601
14,910 13,332
4/05 16,911 14,714
18,872 16,192
4/07 21,445 18,298
21,031 18,615
4/09 15,264 15,967
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance for periods prior to the inception of Class Z shares on July 6,
2007 reflects the NAV performance of the Fund's Class A shares. The performance
does not reflect differences in expenses, including the Rule 12b-1 fees
applicable to Class A shares. Since fees for Class A shares are generally
higher than those of Class Z shares, the performance for Class Z shares prior
to their inception July 6, 2007 would have been higher than the performance
shown. Class Z shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors. All
results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses
will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through 3/1/11 for Class Z shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/09 13
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
- --------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
1. Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
2. Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Global High Yield Fund
Based on actual returns from November 1, 2008 through April 30, 2009.
- ----------------------------------------------------------------------------------------------------
Share Class A B C Y Z
- ----------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 5/1/08
- ----------------------------------------------------------------------------------------------------
Ending Account Value $1,004.90 $1,000.20 $1,001.50 $1,006.80 $1,006.80
(after expenses)
on 10/31/08
- ----------------------------------------------------------------------------------------------------
Expenses Paid $5.47 $9.92 $9.93 $4.08 $4.48
During Period*
- ----------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.10%, 2.00%,
2.00%, 0.82%, and 0.90% for Class A, Class B, Class C, Class Y and Class Z
shares, respectively, multiplied by the average account value over the
period, multiplied by 181/365 (to reflect the one half year period).
14 Pioneer Global High Yield Fund | Semiannual Report | 4/30/09
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% per year return before expenses, reflecting the
period from November 1, 2008 through April 30, 2009.
- ----------------------------------------------------------------------------------------------------
Share Class A B C Y Z
- ----------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 5/1/08
- ----------------------------------------------------------------------------------------------------
Ending Account Value $1,019.34 $1,014.88 $1,014.88 $1,020.73 $1,020.33
(after expenses)
on 10/31/08
- ----------------------------------------------------------------------------------------------------
Expenses Paid $5.51 $9.99 $9.99 $4.11 $4.51
During Period*
- ----------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.10%, 2.00%,
2.00%, 0.82%, and 0.90% for Class A, Class B, Class C, Class Y and Class Z
shares, respectively, multiplied by the average account value over the
period, multiplied by 181/365 (to reflect the one half year period).
Pioneer Global High Yield Fund | Semiannual Report | 4/30/09 15
Schedule of Investments | 4/30/09 (unaudited)
- -----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- -----------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 3.4%
ENERGY -- 0.3%
Coal & Consumable Fuels -- 0.3%
$ 5,090,000 BB-/NR Massey Energy Co., 3.25%, 8/1/15 $ 3,123,988
--------------
Total Energy $ 3,123,988
- -----------------------------------------------------------------------------------------------------------
MATERIALS -- 0.4%
Forest Products -- 0.4%
5,900,000 BB/Ba2 Sino Forest Corp., 5.0%, 8/1/13 (144A) $ 4,432,670
--------------
Total Materials $ 4,432,670
- -----------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.7%
Trading Companies & Distributors -- 0.7%
9,920,000 B/NR Wesco Distribution, Inc., 1.75%,
11/15/26 $ 7,787,200
--------------
Total Capital Goods $ 7,787,200
- -----------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.6%
Marine -- 0.6%
11,305,000 B-/Caa1 Horizon Lines, Inc., 4.25%, 8/15/12 $ 6,161,225
--------------
Total Transportation $ 6,161,225
- -----------------------------------------------------------------------------------------------------------
MEDIA -- 0.2%
Movies & Entertainment -- 0.2%
1,770,000 B/NR Macrovision Corp., 2.625%, 8/15/11
(144A) $ 1,694,775
--------------
Total Media $ 1,694,775
- -----------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.0%
Health Care Facilities -- 0.0%
560,000 B/NR LifePoint Hospitals, Inc., 3.5%, 5/15/14 $ 456,400
--------------
Total Health Care Equipment & Services $ 456,400
- -----------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.1%
Electronic Equipment & Instruments -- 0.1%
1,665,000 BB-/NR L-1 Identity Solutions, Inc., 3.75%,
5/15/27 $ 1,155,094
--------------
Total Technology Hardware & Equipment $ 1,155,094
- -----------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.1%
Integrated Telecommunication Services -- 0.3%
3,330,000 B+/B1 Qwest Communications International, Inc.,
3.5%, 11/15/25 $ 3,238,424
- -----------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.8%
12,240,000 NR/NR NII Holdings, Inc., 3.125%, 6/15/12 $ 8,935,200
--------------
Total Telecommunication Services $ 12,173,624
- -----------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $42,265,194) $ 36,984,976
- -----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Global High Yield Fund | Semiannual Report | 4/30/09
- ----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
- ----------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 1.0%
MATERIALS -- 0.5%
Diversified Metals & Mining -- 0.5%
82,200 Freeport-McMoran Copper & Gold, Inc.,
6.75%, 5/1/10 $ 5,495,892
--------------
Total Materials $ 5,495,892
- ----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.5%
Diversified Financial Services -- 0.3%
6,440 Bank of America Corp., 7.25%, 12/31/49 $ 3,715,880
- ----------------------------------------------------------------------------------------------------------
Multi-Sector Holding -- 0.2%
60,000 Vale Capital, Ltd., 5.5%, 6/15/10 $ 2,099,100
--------------
Total Diversified Financials $ 5,814,980
- ----------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $12,683,202) $ 11,310,872
- ----------------------------------------------------------------------------------------------------------
COMMON STOCK -- 0.0%
MATERIALS -- 0.0%
Forest Products -- 0.0%
244,090 Ainsworth Lumber Co., Ltd.* $ 178,011
- ----------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost $2,320,511) $ 178,011
- ----------------------------------------------------------------------------------------------------------
Principal
Amount ($)
- -----------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 2.9%
BANKS -- 2.3%
Thrifts & Mortgage Finance -- 2.3%
$ 2,837,523 1.07 AA+/Aa1 ACE 2004-HE4 M1, Floating Rate Note,
12/25/34 $ 1,443,605
1,410,679 0.83 AAA/Aaa Bayview Financial Acquisition, LP, Floating
Rate Note, 8/28/44 1,240,562
1,480,000 0.92 AAA/Baa2 Bear Stearns Asset Backed Securities,
Inc., Floating Rate Note, 1/25/47 227,306
4,720,000 1.15 A/Baa1 Bear Stearns Asset Backed Securities,
Inc., Floating Rate Note, 3/25/35 2,785,435
8,090,000 0.67 AAA/B3 Carrington Mortgage Loan Trust, Floating
Rate Note, 12/25/36 4,874,724
3,800,000 0.62 AAA/Baa3 Carrington Mortgage Loan Trust, Floating
Rate Note, 10/25/36 2,401,009
2,760,221 0.70 AAA/Ba2 Countrywide Asset-Backed Security,
Floating Rate Note, 7/25/36 1,890,363
1,290,000 0.87 AAA/A2 FBR Securitixation Trust, Floating Rate
Note, 10/25/35 783,528
646,599 0.63 AAA/B1 FFML 2006-FF4 A2, Floating Rate Note,
3/25/36 347,605
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/09 17
Schedule of Investments | 4/30/09 (unaudited) (continued)
- -----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- -----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
$ 1,800,000 0.65 AAA/Ba2 Gsamp Trust, Floating Rate Note, 1/25/37 $ 1,158,367
3,781,282 0.64 AAA/B2 Lehman XS Trust., Floating Rate Note,
8/25/36 1,255,088
8,946,112 0.87 AAA/Caa2 Lehman XS Trust., Floating Rate Note,
12/25/35 1,752,268
2,375,437 0.62 AAA/Ba3 Option One Mortgage Loan Trust, Floating
Rate Note, 7/25/36 1,518,897
1,983,377 0.72 AAA/B2 Residential Asset Mortgage, Products, Inc.,
Floating Rate Note, 3/25/36 1,275,702
2,129,196 3.76 BB/Ba2 Taganka Car Loan Finance Plc, Floating
Rate Note, 11/14/13 (144A) 1,703,357
--------------
$ 24,657,816
--------------
Total Banks $ 24,657,816
- -----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.6%
Specialized Finance -- 0.6%
8,785,000 BB/Aaa Dominos Pizza Master Issuer LLC, 7.629%,
4/25/37 $ 3,074,750
6,240,000 BB/Ba3 Dunkin Brands Master Finance LLC,
8.28%, 6/20/31 (144A) 3,952,977
--------------
$ 7,027,727
--------------
Total Diversified Financials $ 7,027,727
- -----------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $53,493,075) $ 31,685,543
- -----------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 2.1%
BANKS -- 1.1%
Thrifts & Mortgage Finance -- 1.1%
3,207,734 0.88 AAA/B3 Countrywide Alternative Loan Trust,
Floating Rate Note, 1/25/36 $ 630,107
2,627,978 0.87 AAA/Baa3 Countrywide Alternative Loan Trust,
Floating Rate Note, 9/25/35 1,044,257
1,387,982 0.88 AAA/Ba1 Countrywide Home Loans, Floating Rate
Note, 3/25/35 326,228
2,857,218 0.87 AAA/B3 Countrywide Home Loans, Floating Rate
Note, 3/25/35 866,209
4,915,949 0.87 AAA/Ca DSLA 2005-AR6 2A1C, Floating Rate
Note, 10/19/45 688,233
1,125,113 0.92 NR/Aaa Impac Cmb Trust, Floating Rate Note,
4/25/35 735,841
2,018,406 0.61 A/Caa2 Impac Securities Assets Corp., Floating
Rate Note, 11/25/36 1,175,816
9,086,155 0.78 B/Ca Luminent Mortgage Trust, Floating Rate
Note, 7/25/36 1,225,619
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global High Yield Fund | Semiannual Report | 4/30/09
- -----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- -----------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
$ 2,242,387 0.83 AAA/Baa1 Structured Asset Mortgage Investments,
Inc., Floating Rate Note, 9/25/45 $ 855,337
4,315,000 BB/Ba2 T SRA R 2006-1 F, 7.5296%, 10/15/36
(144A) 2,157,500
5,157,267 0.67 AAA/Aa1 WAMU Mortgage Pass-Through
Certificates, Floating Rate Note, 4/25/45 2,487,521
1,313,551 0.78 AAA/Baa1 WAMU Mortgage Pass-Through
Certificates, Floating Rate Note, 7/25/45 297,128
--------------
$ 12,489,796
--------------
Total Banks $ 12,489,796
- -----------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.0%
Integrated Telecommunication Services -- 1.0%
9,670,000 NA/B2 Global Tower Partners Acquisition, LLC,
7.87% 5/15/37 $ 6,478,900
4,890,000 NR/B1 SBA CMBS Trust, 7.825%, 11/15/36 4,303,200
--------------
$ 10,782,100
--------------
Total Telecommunication Services $ 10,782,100
- -----------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost $40,171,844) $ 23,271,896
- -----------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 78.5%
Energy -- 10.7%
Coal & Consumable Fuels -- 0.9%
3,650,000 NR/B1 Empire Cap Resources Pte., Ltd., 9.375%,
12/15/11 $ 3,248,500
750,000 B/B2 Indo Intergrated Energy BV, 8.5%, 6/1/12 622,252
6,395,000 B/B3 New World Resources BV, 7.375%,
5/15/15 (144A) 5,320,813
--------------
$ 9,191,565
- -----------------------------------------------------------------------------------------------------------
Oil & Gas Drilling -- 0.6%
9,498,421 NR/NR DDI Holding AS, 9.3%, 1/19/12 (144A) $ 4,559,242
1,139,175 NA/NA DDI Holdings AS, 9.3%, 4/23/12 (144A) 568,107
NOK 13,500,000 NR/NR Petrolia Drilling ASA, 12.0%, 6/20/12 577,447
NOK 17,000,000 11.65 NA/NA Sevan Drilling ASA, Floating Rate Note,
12/7/12 1,142,674
--------------
$ 6,847,470
- -----------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 1.3%
6,910,000 BB-/B1 Complete Production Service, Inc., 8.0%,
12/15/16 $ 5,113,400
1,600,000 7.27 NA/NA DP Producer AS, Floating Rate Note,
12/5/11 (144A) (f) 16,000
4,200,000 NA/NA Nexus, Ltd., 10.5%, 3/7/12 840,000
NOK 13,000,000 NR/NR PetroJack AS, 11.0%, 4/12/10 297,890
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/09 19
Schedule of Investments | 4/30/09 (unaudited) (continued)
- --------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- --------------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- (continued)
$ 1,900,000 NA/NA Petroprod, Ltd., 10.85%, 5/24/13 $ 95,000
1,200,000 8.79 NA/NA Petroprod, Ltd., Floating Rate Note,
1/12/12 120,000
1,400,000 5.53 NR/NR Sevan Marine ASA, Floating Rate Note,
5/14/13 (144A) 770,000
6,500,000 NA/NA Sevan Marine ASA, 9.25%, 12/20/11
(144A) 4,355,000
NOK 20,500,000 11.99 NA/NA Sevan Marine ASA, Floating Rate Note,
10/24/12 (144A) 1,628,463
8,200,000 NA/NA Skeie Drilling & Production ASA, 11.25%,
3/8/13 1,640,000
--------------
$ 14,875,753
- --------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 6.6%
1,160,000 NA/NA Carrizo Oil & Gas, Inc., 4.875%, 6/1/28 $ 669,900
1,885,000 BB/Ba3 Chesapeake Energy Corp., 2.5%, 5/15/37 1,364,269
EURO 2,550,000 BB/Ba3 Chesapeake Energy Corp., 6.25%,
1/15/17 2,789,890
2,030,000 BB/B1 Denbury Resources, Inc., 9.75%, 3/1/16 2,065,525
3,505,000 CCC+/Caa1 Harvest Operations Corp., 7.875%,
10/15/11 (c) 2,593,700
6,025,000 BB-/B3 Hilcorp Energy Co., 9.0%, 6/1/16 (144A) 5,151,375
6,500,000 NA/NA Norse Energy ASA, 10.0%, 7/13/10 645,427
11,303,000 NA/NA Norse Energy ASA, 6.5%, 7/14/11
(144A) 5,086,350
42,500,000 NR/NR Norwegian Energy Co., 11.0%, 7/13/10 5,193,972
NOK 48,000,000 NA/NA PA Resources AB, 8.75%, 3/10/10 6,232,766
4,645,000 B/Caa2 Parallel Petroleum Corp., 10.25%, 8/1/14 2,996,025
2,345,000 B/B3 Petrohawk Energy Corp., 10.5%, 8/1/14
(144A) 2,362,588
2,150,000 B-/Caa1 Petroquest Energy, Inc., 10.375%,
5/15/12 1,548,000
1,905,000 BB/B1 Plains Exploration Co. 7.0% 3/15/17 1,638,300
2,535,000 BB/B1 Plains Exploration & Production Co.,
10.0%, 3/1/16 (c) 2,471,625
1,445,000 BB/B1 Plains Exploration & Production Co.,
7.75%, 6/15/15 1,322,175
5,385,000 CCC+/B3 Quicksilver Resources, Inc., 7.125%,
4/1/16 3,392,550
860,000 BB/Ba3 Range Resources Corp., 7.5%, 10/1/17 834,200
7,260,000 B-/B3 Sandridge Energy, Inc., 8.0%, 6/1/18 6,352,500
6,260,000 B-/B3 Sandridge Energy, Inc., 8.625, 4/1/15 5,070,600
1,680,000 4.83 B-/B3 Sandridge Energy, Inc., Floating Rate Note,
4/1/14 1,310,400
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global High Yield Fund | Semiannual Report | 4/30/09
- --------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- --------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- (continued)
$ 975,000 BB/Baa2 TNK-BP Finance SA, 6.625%, 3/20/17
(144A) $ 653,250
15,400,000 BB/Baa2 TNK-BP Finance SA, 7.875%, 3/13/18
(144A) 10,934,000
--------------
$ 72,679,387
- --------------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.3%
11,865,000 D/WR Aventine Renewable Energy, Inc., 10.0%,
4/1/17 (f)(c) $ 2,373,000
10,000,000 D/WR Verasun Energy Corp., 9.375%, 6/1/17 (f) 550,000
--------------
$ 2,923,000
- --------------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.0%
5,540,000 BB/Ba1 Enterprise Products LP, Floating Rate Note,
8/1/66 $ 3,822,600
2,800,000 BB+/NA LPG International, Inc., 7.25%, 12/20/15 2,716,000
2,165,000 BB/Ba1 Southern Union Co., 7.2%, 11/1/66 1,114,975
6,030,000 7.00 BB/Ba1 Teppco Partners LP, Floating Rate Note,
6/1/67 3,273,211
--------------
$ 10,926,786
--------------
Total Energy $ 117,443,961
- --------------------------------------------------------------------------------------------------------------
MATERIALS -- 10.0%
Aluminum -- 1.2%
11,515,000 D/C Asia Aluminum Holdings Group, 8.0%,
12/23/11 (144A) (f) $ 1,381,800
16,460,000 CCC+/B3 CII Carbon LLC, 11.125%, 11/15/15 9,546,800
7,250,000 6.83 D/Caa2 Noranda Aluminum Acquisition Corp.,
Floating Rate Note, 5/15/15 2,755,000
--------------
$ 13,683,600
- --------------------------------------------------------------------------------------------------------------
Commodity Chemicals -- 0.8%
13,825,000 C/C Basell Finance Co., 8.1%, 3/15/27
(144A) (f) $ 4,977,000
8,885,000 C/C Georgia Gulf Corp, 10.75%, 10/15/16
(f)(c) 799,650
5,861,000 C/C Georgia Gulf Corp., 9.5%, 10/15/14 (f)(c) 1,274,768
4,100,000 D/Caa1 Hexion US Fin/Nova Scotia, 9.75%,
11/15/14 1,578,500
3,320,000 D/C Nell AF Sarl, 8.375%, 8/15/15 (144A) (f) 77,049
500,000 D/C Nell AF Sarl, 8.375%, 8/15/15 (144A) (f) 10,000
--------------
$ 8,716,967
- --------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/09 21
Schedule of Investments | 4/30/09 (unaudited) (continued)
- --------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- --------------------------------------------------------------------------------------------------------------
Construction Materials -- 1.2%
$ 15,675,000 B/B2 AGY Holding Corp., 11.0%, 11/15/14 $ 9,953,625
6,800,000 CCC+/B3 U.S. Concrete, Inc., 8.375%, 4/1/14 3,230,000
--------------
$ 13,183,625
- --------------------------------------------------------------------------------------------------------------
Diversified Chemical -- 0.3%
EURO 14,775,000 CC/Ca Ineos Group Holdings PLC, 7.875%,
2/15/16 (144A) $ 3,404,437
- --------------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.9%
5,705,000 NR/NR Blaze Recycling & Metals, Inc., 10.875%,
7/15/12 (144A) $ 3,194,800
7,910,000 B+/B1 FMG Finance Pty, Ltd., 10.625%, 9/1/16
(144A) 6,921,250
--------------
$ 10,116,050
- --------------------------------------------------------------------------------------------------------------
Forest Products -- 0.3%
812,645 B-/Caa3 Ainsworth Lumber Co., 11.0%, 7/29/15
(144A) (c) $ 260,046
3,675,000 CC/Caa1 Mandra Forestry, Ltd., 12.0%, 5/15/13
(144A) 1,102,500
900,000 BB/Ba2 Sino Forest Corp., 9.125%, 8/17/11
(144A) 855,000
1,250,000 BB/Ba2 Sino Forest Corp., 9.125%, 8/17/11 1,175,000
--------------
$ 3,392,546
- --------------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 1.7%
3,758,000 B-/B3 AEP Industries, Inc., 7.875%, 3/15/13 $ 2,593,020
EURO 5,045,000 BB-/B1 Consol Glass, Ltd., 7.625%, 4/15/14
(144A) 4,398,959
EURO 10,850,000 B-/B3 Impress Metal Pack Holdings BV, 9.25%,
9/15/14 (144A) 12,086,539
--------------
$ 19,078,518
- --------------------------------------------------------------------------------------------------------------
Paper Packaging -- 1.0%
4,655,000 B-/B3 Graphic Packaging Co., 9.5%,
8/15/13 (c) $ 4,201,138
10,400,000 B/NR US Corrugated, Inc., 10.0%, 6/1/13 6,240,000
--------------
$ 10,441,138
- --------------------------------------------------------------------------------------------------------------
Paper Products -- 1.1%
17,020,000 B-/B3 Exopack Holding Corp., 11.25%, 2/1/14 $ 11,914,000
- --------------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.4%
2,505,000 D/WR Chemtura Corp., 6.875%, 6/1/16 (f)(c) $ 1,277,550
EURO 6,175,000 CCC-/Caa2 Kronos International, Inc., 6.5%, 4/15/13 2,702,364
--------------
$ 3,979,914
- --------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global High Yield Fund | Semiannual Report | 4/30/09
- -------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- -------------------------------------------------------------------------------------------------------------
Steel -- 1.1%
$ 12,010,000 B-/Caa2 Algoma Acquisition Corp., 9.875%,
6/15/15 (144A) $ 4,804,000
EURO 10,800,000 NR/WR Bulgaria Steel Finance SA, 12.0%,
5/4/13 (f) 716,121
3,500,000 BB-/B1 Evraz Group SA, 8.875%, 4/24/13
(144A) 2,397,500
2,670,000 BB-/B1 Evraz Group SA, 9.5%, 4/24/18 (144A) 1,648,725
3,060,000 B/Caa1 Ryerson, Inc., 12.0%, 11/1/15 1,851,300
2,505,000 CCC/Caa3 Zlomrex International SA, 8.5%, 2/1/14
(144A) 597,961
--------------
$ 12,015,607
--------------
Total Materials $ 109,926,402
- -------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 7.0%
Aerospace & Defense -- 0.7%
8,540,000 B-/B3 Aeroflex, Inc., 11.75%, 2/15/15 $ 5,124,000
2,910,000 BB/Ba3 DigitalGlobe, Inc., 10.5%, 5/1/14 2,939,100
--------------
$ 8,063,100
- -------------------------------------------------------------------------------------------------------------
Building Products -- 0.1%
1,047,000 6.72 CCC/BBB- C10 Capital SPV, Ltd., Floating Rate Note,
12/31/49 (c) $ 469,548
3,271,000 CC/Ca Industrias Unidas SA de CV, 11.5%,
11/15/16 (144A) 556,070
1,500,000 D/C Panolam Industries International, Inc.,
10.75%, 10/1/13 (f)(c) 75,000
--------------
$ 1,100,618
- -------------------------------------------------------------------------------------------------------------
Construction & Engineering -- 1.2%
2,625,000 BB-/Ba3 Dycom Industries, Inc., 8.125%,
10/15/15 $ 2,231,250
6,575,000 B/B2 Esco Corp., 8.625%, 12/15/13 (144A) 5,325,750
6,460,000 B+/B1 Mastec, Inc., 7.625%, 2/1/17 5,491,000
--------------
$ 13,048,000
- -------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 1.4%
3,840,000 BB-/B1 American Railcar, Inc., 7.5%, 3/1/14 $ 2,995,200
12,820,000 CCC+/Caa3 Commercial Vehicle Group, Inc., 8.0%,
7/1/13 3,974,200
3,480,000 CCC/Caa1 Greenbrier Co., Inc., 8.375%, 5/15/15 1,635,600
7,830,000 B-/Caa1 Titan Wheel International, Inc., 8.0%,
1/15/12 6,264,000
--------------
$ 14,869,000
- -------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/09 23
Schedule of Investments | 4/30/09 (unaudited) (continued)
- -----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- -----------------------------------------------------------------------------------------------------------------
Heavy Electrical Equipment -- 1.7%
GBP 1,068,594 AA/B3 Altra Industrial Motion, Inc., 11.25%,
2/15/13 $ 1,726,420
19,000,000 B+/B1 Altra Industrial Motion, Inc., 9.0%,
12/1/11 17,432,500
--------------
$ 19,158,920
- ----------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.3%
$ 10,436,332 CCC-/C AAC Group Holding Corp., 14.75%,
10/1/12 (PIK) $ 2,087,266
5,322,000 D/WR Indalex Holding Group, 11.5%, 2/1/14 (f) 319,320
2,445,000 CCC+/B3 Park-Ohio Industries, Inc., 8.375%,
11/15/14 1,081,913
--------------
$ 3,488,499
- ----------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 1.0%
12,135,000 B-/NA Industrias Metalurgicas Pescar SA,
11.25%, 10/22/14 $ 4,611,300
9,685,000 B/Caa1 Mueller Water Products Co., 7.375%,
6/1/17 6,004,700
--------------
$ 10,616,000
- ----------------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.6%
2,000,000 BBB-/Baa2 Glencore Finance Europe SA, 8.0%,
2/28/49 $ 1,100,000
9,100,000 B-/B3 Intcomex, Inc., 11.75%, 1/15/11 3,185,000
3,240,000 CCC/Caa1 Kar Holdings, Inc., 10.0%, 5/1/15 (144A) 1,879,200
--------------
$ 6,164,200
--------------
Total Capital Goods $ 76,508,337
- ----------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 1.2%
Commercial Printing -- 0.3%
4,910,000 B+/B2 Sheridan Acquisition Corp., 10.25%,
8/15/11 $ 3,044,200
- ----------------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.3%
13,050 NR/B3 MSX International, Inc., 12.5%, 4/1/12
(144A) $ 2,610,000
- ----------------------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 0.6%
6,510,000 D/WR Aleris International, Inc., 10.0%,
12/15/16 (f)(c) $ 130,200
2,110,000 D/WR Aleris International, Inc., 9.0%,
12/15/14 (f) 21,100
630,000 BB/Ba2 Clean Harbors, Inc., 11.25%, 7/15/12
(144A) 630,000
EURO 3,022,531 B/Caa1 New Reclamation Group, Ltd., 8.125%, 2/1/13
(144A) 1,643,416
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global High Yield Fund | Semiannual Report | 4/30/09
- ----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- ----------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- (continued)
$ 4,400,000 8.22 NR/NR Ohio Air Quality Development, Floating
Rate Note, 6/8/22 $ 440,000
4,750,000 B-/Caa1 Waste Services, Inc., 9.5%, 4/15/14 (c) 4,132,500
--------------
$ 6,997,216
--------------
Total Commercial Services & Supplies $ 12,651,416
- ----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.4%
Air Freight & Couriers -- 0.4%
6,220,000 CCC/Caa3 Ceva Group PLC, 10.0%, 12/1/16 (144A) $ 1,237,299
4,700,000 CCC+/Caa2 Ceva Group PLC, 10.0%, 9/1/14 (144A) 2,350,000
--------------
$ 3,587,299
- ----------------------------------------------------------------------------------------------------
Airlines -- 0.0%
665,048 B/B1 Continental Airlines, Inc., 8.499%,
5/1/11 $ 540,751
--------------
Total Transportation $ 4,128,050
- ----------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 2.1%
Auto Parts & Equipment -- 2.1%
8,750,000 CCC+/Caa2 Allison Transmission, Inc., 11.25%,
11/1/15 (144A) $ 4,550,000
4,500,000 B/B3 Hawk Corp., 8.75%, 11/1/14 4,511,250
13,040,000 CCC/Caa2 Lear Corp., 8.75%, 12/1/16 (c) 2,021,200
16,550,000 0.00 CCC+/Caa2 Stanadyne Corp., Floating Rate Note,
2/15/15 8,109,500
4,265,000 B-/B3 Stanadyne Corp., 10.0%, 8/15/14 3,412,000
1,090,000 CCC/Caa2 Tenneco Automotive, Inc., 8.625%,
11/15/14 327,000
--------------
$ 22,930,950
--------------
Total Automobiles & Components $ 22,930,950
- ----------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.0%
Homebuilding -- 0.3%
1,600,000 B+/B1 Meritage Homes Corp., 6.25%, 3/15/15 $ 1,168,000
2,620,000 BB-/Ba3 Urbi Desarrollos Urbanos SA de CV, 8.5%,
4/19/16 (144A) 1,925,700
--------------
$ 3,093,700
- ----------------------------------------------------------------------------------------------------
Housewares & Specialties -- 0.6%
10,665,000 CCC+/Caa1 Yankee Acquisition Corp., 9.75%,
2/15/17 (c) $ 6,878,925
- ----------------------------------------------------------------------------------------------------
Textiles -- 0.1%
1,410,000 B/Ba3 Invista, Inc., 9.25%, 5/1/12 (144A) $ 1,279,575
--------------
Total Consumer Durables & Apparel $ 11,252,200
- ----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/09 25
Schedule of Investments | 4/30/09 (unaudited) (continued)
- ----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- ----------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 2.5%
Casinos & Gaming -- 2.5%
$ 9,750,000 NR/WR Buffalo Thunder Revenue Authority,
9.375%, 12/15/14 $ 1,023,750
EURO 8,515,000 B+/B2 Codere Finance SA, 8.25%, 6/15/15
(144A) 4,742,713
4,805,000 B/B3 Firekeepers Dev Authority LLC, 13.875%,
5/1/15 (144A) 3,459,600
7,610,000 CC/Ca Fontainebleau Las Vegas LLC, 10.25%,
6/15/15 (144A) 266,350
1,535,000 B/B3 Galaxy Entertainment Financial Corp., Ltd.,
9.875%, 12/15/12 (144A) 1,197,300
6,260,000 CCC/Caa1 Little Traverse Bay Odawa Inn, 10.25%,
2/15/14 (144A) 2,504,000
EURO 6,925,000 8.25 BB/Ba3 Lottomatica S.p.A., Floating Rate Note,
3/31/66 (144A) 6,542,393
4,210,000 B+/B2 Manshantucket Pequot Tribe, 8.5%,
11/15/15 (144A) 905,150
EURO 3,265,000 B/B3 Peermont Global, Ltd., 7.75%, 4/30/14
(144A) 2,749,476
5,990,000 B/B3 Shingle Springs Tribal, 9.375%, 6/15/15
(144A) 3,114,800
6,505,000 D/C Station Casinos, Inc., 6.625%, 3/15/18 (f) 260,200
1,995,000 D/WR Trump Entertainment Resorts, Inc., 8.5%,
6/1/15 (f) 144,638
--------------
$ 26,910,370
- ----------------------------------------------------------------------------------------------------------------
Leisure Facilities -- 0.0%
1,000,000 0.00 NR/WR HRP Myrtle Beach, Floating Rate Note,
4/1/12 (144A) (f) $ 10,000
--------------
Total Consumer Services $ 26,920,370
- ----------------------------------------------------------------------------------------------------------------
MEDIA -- 2.3%
Broadcasting -- 2.3%
4,508,000 D/WR CCH I LLC, 11.0%, 10/1/15 (f)(c) $ 349,370
10,680,000 B/B1 Hughes Network System LLC, 9.5%,
4/15/14 9,985,800
2,170,000 10.38 BB-/B1 Inmarsat Finance Plc, Floating Rate Note,
11/15/12 2,224,250
5,800,000 CCC+/Caa2 Intelsat Bermuda, Ltd., 11.5%, 2/4/17
(144A) 3,915,000
2,785,000 B-/Caa1 Telesat Canada, Inc., 11.0%, 11/1/15 2,590,050
5,805,000 B-/Caa1 Telesat Canada, Inc., 12.5%, 11/1/17 4,818,150
6,075,000 CCC/Caa2 Univision Communications, Inc., 9.75%,
3/15/15 (PIK) (144A) (c) 972,000
--------------
$ 24,854,620
--------------
Total Media $ 24,854,620
- ----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global High Yield Fund | Semiannual Report | 4/30/09
- ------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- ------------------------------------------------------------------------------------------------------------------
RETAILING -- 1.3%
Apparel Retail -- 0.0%
EURO 610,000 10.46 CCC+/Caa1 EDCON Holdings Proprietary, Ltd., Floating
Rate Note, 6/15/15 (144A) $ 186,059
- ------------------------------------------------------------------------------------------------------------------
Internet Retail -- 0.6%
9,020,000 BB-/Ba3 Ticketmaster, Inc., 10.75%, 7/28/16 $ 6,156,150
- ------------------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.7%
8,055,000 B-/Caa1 Sally Holdings LLC, 10.5%, 11/15/16 (c) $ 7,773,075
--------------
Total Retailing $ 14,115,284
- ------------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 2.6%
Agricultural Products -- 0.4%
7,260,000 BB-/Ba3 Cosan SA Industria, 8.25%, 2/15/49
(144A) (c) $ 4,283,400
- ------------------------------------------------------------------------------------------------------------------
Brewers -- 0.0%
120,000 BBB/Baa1 Cia Brasileira de Bebida SA, 8.75%,
9/15/13 $ 131,700
Distillers & Vintners -- 0.2%
EURO 505,649 NA/NA Belvedere SA, 0.0%, 4/11/14 $ 134,113
EURO 3,286,800 NA/NA Belvedere SA, 7.692%, 4/11/14 (f) 1,189,515
EURO 3,810,000 0.00 NR/Caa2 Belvedere SA, Floating Rate Note,
5/15/13 (144A) (f) 606,316
--------------
$ 1,929,944
- ------------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 1.5%
2,470,000 NR/WR Arantes International, Ltd., 10.25%,
6/19/13 (f) $ 123,500
6,390,000 B+/Ba3 Bertin, Ltd., 10.25%, 10/5/16 (144A) 3,195,000
7,158,000 NA/B2 Fabrica de Productos SA, 9.25%,
2/23/17 (144A) 2,863,200
5,300,000 D/WD Independencia International, Ltd.,
9.875%, 5/15/15 (144A) (f) 689,000
8,075,000 B+/B1 Marfrig Overseas, Ltd., 9.625%,
11/16/16 (144A) 5,733,250
9,800,000 B/NA Minerva Overseas, Ltd., 9.5%, 2/1/17
(144A) (c) 4,067,000
--------------
$ 16,670,950
- ------------------------------------------------------------------------------------------------------------------
Tobacco -- 0.5%
1,125,000 B+/B2 Alliance One International, Inc., 11.0%,
5/15/12 $ 1,096,875
5,415,000 B+/B2 Alliance One International, Inc., 8.5%,
5/15/12 4,846,425
--------------
$ 5,943,300
--------------
Total Food, Beverage & Tobacco $ 28,959,294
- ------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/09 27
Schedule of Investments | 4/30/09 (unaudited) (continued)
- ------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- ------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.3%
Household Products -- 0.3%
$ 3,980,000 CCC+/Caa1 Central Garden Co., 9.125%, 2/1/13 (c) $ 3,442,700
--------------
Total Household & Personal Products $ 3,442,700
- ------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 4.7%
Health Care Equipment -- 0.9%
7,435,000 CCC+/Caa3 Accellent, Inc., 10.5%, 12/1/13 $ 5,613,425
3,305,000 B+/NR Hologic, Inc., 2.0%, 12/15/37 2,338,288
EURO 3,665,000 B-/Caa1 Pts Acquisition Corp., 9.75%, 4/15/17 1,482,405
--------------
$ 9,434,118
- ------------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.5%
3,045,000 BB-/B2 HCA, Inc., 9.625%, 11/15/16 $ 2,831,850
2,285,000 BB/Ba3 HCA, Inc. 8.5%, 4/15/19 2,299,281
560,000 BB-/B2 HCA, Inc. 9.875%, 2/15/17 (c) 560,000
225,000 B+/B3 Universal Hospital Services, Inc., 8.5%,
6/1/15 209,250
--------------
$ 5,900,381
- ------------------------------------------------------------------------------------------------------------
Health Care Services -- 2.0%
565,000 B/B1 AMR Holdco/Emcar Holdco, 10.0%,
2/15/15 $ 573,475
9,095,000 BB-/NR Dasa Finance Corp., 8.75%, 5/29/18
(144A) 7,958,125
3,665,000 B-/B2 Rural/Metro Corp., 9.875%, 3/15/15 3,096,925
7,125,000 CCC+/Caa1 Surgical Care Affiliates, Inc., 10.0%,
7/15/17 (144A) 4,631,250
9,510,000 B-/B3 Surgical Care Affiliates, Inc., 8.875%,
7/15/15 (144A) (PIK) 6,466,800
--------------
$ 22,726,575
- ------------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.7%
7,170,000 B-/B3 Biomet, Inc., 10.375%, 10/15/17 $ 6,829,425
- ------------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.6%
7,350,000 B-/Caa1 Multiplan, Inc., 10.375%, 4/15/16
(144A) $ 6,468,000
--------------
Total Health Care Equipment & Services $ 51,358,499
- ------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Global High Yield Fund | Semiannual Report | 4/30/09
- ------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- ------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 1.2%
Pharmaceuticals -- 1.2%
$ 7,455,000 C/C Angiotech Pharmaceutical, Inc., 7.75%,
4/1/14 (c) $ 3,131,100
7,875,000 B/B2 Phibro Animal Health Corp., 10.0%,
8/1/13 (144A) 6,615,000
3,530,000 CCC+/Caa1 Phibro Animal Health Corp., 13.0%,
8/1/14 (144A) 2,894,600
--------------
$ 12,640,700
--------------
Total Pharmaceuticals & Biotechnology $ 12,640,700
- ------------------------------------------------------------------------------------------------------------
BANKS -- 3.1%
Diversified Banks -- 2.6%
4,400,000 BBB-/Ba1 Alfa Div Pymt Rights Finance, 7.23563%,
12/15/11 (144A) $ 3,344,000
6,675,000 NR/Ba1 ATF Bank JSC, 9..25%, 4/12/12 (144A)+ 4,005,000
3,360,000 NR/Ba1 ATF Bank, 9.0%, 5/11/16 (144A) 1,686,246
1,500,000 10.00 NR/Ba3 ATF Capital BV, 10.0%, 12/31/49 375,000
4,530,000 NR/Ba1 ATF Capital BV, 9.25%, 2/21/14 (144A) 2,265,000
2,790,000 NR/B2 Banco Macro SA, 8.5%, 2/1/17 1,562,400
2,870,000 NR/B2 Banco Macro SA, 9.75%, 12/18/36 1,033,200
6,230,000 8.92 NR/Ba1 Banco Macro SA, Floating Rate Note, 6/7/12 2,118,200
3,100,000 8.25 D/C BTA Finance Luxembourg SA, 8.25%,
12/31/49 271,250
5,380,000 NR/Ba3 Centercredit International BV, 8.625%,
1/30/14 (144A) 2,582,400
3,750,000 9.20 CCC+/B3 Kazkommerts Finance 2 BV, Floating Rate
Note, 11/29/49 937,500
1,400,000 BB-/Ba3 Kazkommerts International BV, 8.0%,
11/3/15 735,000
2,465,000 B+/Ba3 Russian Standard Bank BV, 7.5%,
10/7/10 (144A) 1,626,900
4,300,000 NA/Ba3 Sibacademfinance Plc, 9.0%, 5/12/09
(144A) (c) 4,301,204
3,410,000 B+/Ca Temir Capital BV, 9.5%, 5/21/14 682,000
7,070,000 D/Ca Turanalem Finance BV, 8.5%, 2/10/15
(144A) (c) 1,414,000
--------------
$ 28,939,300
- ------------------------------------------------------------------------------------------------------------
Regional Banks -- 0.3%
3,600,000 A/B2 Wells Fargo Capital Corp., 9.75%,
12/29/49 (c) $ 3,060,000
- ------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.2%
3,190,000 BB-/Ba3 Hipotecaria Su Casita SA, 8.5%,
10/4/16 (144A) $ 1,658,800
--------------
Total Banks $ 33,658,100
- ------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/09 29
Schedule of Investments | 4/30/09 (unaudited) (continued)
- --------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- --------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.2%
Asset Management & Custody Banks -- 0.3%
$ 3,580,000 BB+/Baa3 Janus Capital Group, Inc., 6.95%,
6/15/17 $ 2,321,623
- --------------------------------------------------------------------------------------------------------
Consumer Finance -- 1.0%
5,480,000 NR/NR Egidaco Investments Plc, 18.0%, 6/24/11 $ 5,087,115
4,955,000 CCC+/Caa1 Ford Motor Credit Co., 5.7%, 1/15/10 (c) 4,657,859
1,295,000 CCC+/Caa1 Ford Motor Credit Co. 8.0%, 12/15/16 987,860
--------------
$ 10,732,834
- --------------------------------------------------------------------------------------------------------
Diversified Financial Services -- 0.1%
1,135,000 BB/NR Ibis Re, Ltd., 11.2775%, 5/10/12 $ 1,135,000
- --------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.9%
20,665,000 5.79 BBB/A3 Goldman Sachs Capital Corp., Floating
Rate Note, 12/29/49 $ 10,220,744
- --------------------------------------------------------------------------------------------------------
Specialized Finance -- 1.9%
11,305,000 B-/Caa1 Ace Cash Express, Inc., 10.25%, 10/1/14
(144A) $ 3,956,750
860,000 CCC+/Caa1 Ipayment, Inc., 9.75%, 5/15/14 498,800
19,800,000 CCC+/Caa1 NCO Group, Inc., 11.875%, 11/15/14 9,504,000
11,870,000 7.68 CCC+/B3 NCO Group, Inc., Floating Rate Note,
11/15/13 7,240,700
--------------
$ 21,200,250
--------------
Total Diversified Financials $ 45,610,451
- --------------------------------------------------------------------------------------------------------
INSURANCE -- 4.3%
Insurance Brokers -- 1.5%
11,140,000 CCC/Caa1 Alliant Holdings, Inc., 11.0%, 5/1/15
(144A) $ 7,630,900
13,710,000 CCC+/Caa1 Hub International Holdings, Ltd., 10.25%,
6/15/15 (144A) 7,677,600
2,270,000 CCC/Caa1 Usi Holdings Corp., 9.75%, 5/15/15
(144A) 1,089,600
--------------
$ 16,398,100
- --------------------------------------------------------------------------------------------------------
Multi-Line Insurance -- 0.9%
3,320,000 BB/Baa3 Liberty Mutual Group, 7.0%, 3/15/37
(144A) $ 1,222,172
9,500,000 10.75 BB/Baa3 Liberty Mutual Group, Floating Rate Note,
6/15/58 (144A) 5,225,000
3,037,081 B+/NA Sul America Partecipacoe SA, 8.625%,
2/15/12 (144A) 2,976,339
--------------
$ 9,423,511
- --------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.1%
2,000,000 B/NR Kingsway America, Inc., 7.5%, 2/1/14 $ 1,283,900
- --------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Global High Yield Fund | Semiannual Report | 4/30/09
- --------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- --------------------------------------------------------------------------------------------------------
Reinsurance -- 1.8%
$ 1,375,000 15.20 B-/NR Atlas Reinsurance Plc, Cat Bond, Floating
Rate Note, 1/10/11 (144A) $ 1,793,735
1,875,000 7.19 BB+/NR Blue Fin, Ltd., Floating Rate Note,
4/10/12 1,538,813
750,000 8.92 BB+/NR Caelus Re, Ltd., Floating Rate Note,
6/7/11 699,375
1,750,000 18.03 B/NR Carillon, Ltd., Floating Rate Note,
1/10/11 1,608,250
2,600,000 12.03 NR/B3 Globecat, Ltd., Cat Bond, Floating Rate
Note, 1/2/13 (144A) 2,386,020
375,000 8.78 NR/B1 Globecat, Ltd., Cat Bond, Floating Rate
Note, 1/2/13 (144A) 346,913
1,000,000 8.56 BB+/NR Green Valley, Ltd., Floating Rate Note,
1/10/11 (144A) 1,262,496
985,000 14.00 BBB-/Caa2 MBIA Insurance Corp., Floating Rate Note,
1/15/33 (144A) (c) 374,300
500,000 7.07 NR/B1 Nelson Re, Ltd., Floating Rate Note,
6/6/11 471,350
435,000 7.45 BB+/NA Newton Re, Ltd., Cat Bond, Floating Rate
Note, 12/24/10 (144A) 430,215
745,000 9.75 BB/NA Newton Re, Ltd., Cat Bond, Floating Rate
Note, 12/24/10 (144A) 701,045
4,165,000 BBB+/NA Platinum Underwriters HD, 7.5%, 6/1/17 2,930,969
1,900,000 14.15 B/NA Residential Re, Floating Rate Note,
6/6/11 1,778,590
500,000 12.68 B+/NA Residential Rein, Cat Bond, Floating Rate
Note, 6/5/09 499,000
1,010,000 19.42 NA/NA Successor II, Ltd., Cat Bond, Floating Rate
Note, 4/6/10 948,592
1,925,000 27.67 NA/NA Successor II, Ltd., Cat Bond, Floating Rate
Note, 4/6/10 1,768,498
--------------
$ 19,538,161
--------------
Total Insurance $ 46,643,672
- --------------------------------------------------------------------------------------------------------
REAL ESTATE -- 2.0%
Diversified Real Estate Activities -- 0.6%
8,190,000 BB-/NR BR Malls International Finance SA, 9.75%,
12/31/49 (Perpetual) (144A) $ 5,896,800
- --------------------------------------------------------------------------------------------------------
Real Estate Development -- 0.4%
5,585,000 B/Caa2 Greentown China Holdings, Ltd., 9.0%,
11/8/13 (144A) $ 4,747,250
- --------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/09 31
Schedule of Investments | 4/30/09 (unaudited) (continued)
- ---------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------------------------
Real Estate Operating Companies -- 1.0%
$ 6,750,000 B-/B Alto Palermo SA, 7.875%, 5/11/17
(144A) $ 3,442,500
6,840,000 9.13 B-/NR Alto Palermo SA, Floating Rate Note,
6/11/12 (144A) 3,478,140
8,405,000 B-/NA Inversiones Y Rep SA, 8.5%, 2/2/17
(144A) (c) 4,286,550
--------------
$ 11,207,190
--------------
Total Real Estate $ 21,851,240
- ---------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 2.2%
Application Software -- 0.6%
9,590,000 B-/Caa1 Vangent, Inc., 9.625%, 2/15/15 $ 6,904,800
- ---------------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.5%
8,025,000 B-/B3 First Data Corp., 9.875%, 9/24/15
(144A) (c) $ 5,547,281
- ---------------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.5%
7,920,000 CCC+/Caa1 Activant Solutions, Inc., 9.5%, 5/1/16 $ 5,167,800
- ---------------------------------------------------------------------------------------------------------------
Systems Software -- 0.6%
17,350,000 NR/WR Pegasus Solutions, Inc., 10.5%, 4/15/15 $ 6,246,000
--------------
Total Software & Services $ 23,865,881
- ---------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 1.1%
Computer Storage & Peripherals -- 0.3%
3,065,000 BB+/Ba1 Seagate Technology International, Inc.,
10.0%, 5/1/14 $ 3,065,000
- ---------------------------------------------------------------------------------------------------------------
Electronic Equipment & Instruments -- 0.8%
8,975,000 B/B1 Da-Lite Screen Co., Inc., 9.5%, 5/15/11 $ 8,077,500
EURO 1,975,000 B-/Caa2 Vac Finanzierung BMGH, 9.25%, 4/15/16
(144A) 392,872
--------------
$ 8,470,372
--------------
Total Technology Hardware & Equipment $ 11,535,372
- ---------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 7.5%
Integrated Telecommunication Services -- 3.5%
17,340,000 CCC+/B3 Broadview Networks Holdings, Inc.,
11.375%, 9/1/12 $ 11,184,300
23,686,000 B-/B2 GC Impsat Hldgs I Plc, 9.872%, 2/15/17
(144A) 18,119,790
2,390,000 B/B3 GCI, Inc., 7.25%, 2/15/14 2,198,800
4,500,000 CCC+/Caa1 Paetec Holdings Corp., 9.5%, 7/15/15 (c) 3,375,000
2,450,000 BBB-/Ba1 Qwest Corp., 8.375%, 5/1/16 2,443,875
980,000 3/Baa3 Tele Norte Leste Participacoes SA, 8.0%,
12/18/13 1,002,050
--------------
$ 38,323,815
- ---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer Global High Yield Fund | Semiannual Report | 4/30/09
- ------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- ------------------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 4.0%
EURO 7,480,000 CCC/Caa2 Cell C Pty, Ltd., 11.0%, 7/1/15 (144A) $ 6,414,100
5,785,000 B-/B3 Cricket Communications Inc., 9.375%,
11/1/14 (c) 5,727,150
7,600,000 NR/B1 Digicel, Ltd., 9.25%, 9/1/12 (144A) 7,144,000
EURO 2,900,000 10.96 CCC/Caa3 Hellas Tel Finance SA, Floating Rate Note,
1/15/15 (144A) 826,855
1,950,000 BB/Ba2 Mobile Telesystems Finance, Inc., 8.0%,
1/28/12 (c) 1,833,000
3,025,000 B-/B2 True Move Co., Ltd., 10.375%, 8/1/14
(144A) 1,754,500
18,455,000 B-/B2 True Move Co., Ltd., 10.75%, 12/16/13
(144A) 11,073,000
2,000,000 BB+/Ba2 UBS (Vimpelcom) BV, 8.375%, 10/22/11
(144A) 1,815,000
4,750,000 BB+/Ba2 UBS (Vimpelcom) BV, 8.25%, 5/23/16
(144A) (c) 3,348,750
5,475,000 BB+/Ba2 Vip Fin, Inc., 9.125%, 4/30/18 (144A) 3,900,938
--------------
$ 43,837,293
--------------
Total Telecommunication Services $ 82,161,108
- ------------------------------------------------------------------------------------------------------------------
UTILITIES -- 6.8%
Electric Utilities -- 3.1%
17,060,000 NA/Caa3 Caiua Serv Electricidad SA de CV,
11.125%, 4/2/49 (144A) $ 5,800,400
10,835,000 B-/NA CIA Transporte Energia SA de CV, 8.875%,
12/15/16 (144A) 4,767,400
1,332,710 BB-/Ba2 FPL Energy National Wind, Inc., 6.125%,
3/25/19 (144A) 1,165,962
1,520,905 BB-/Ba2 FPL Energy Wind Funding, Inc., 6.876%,
6/27/17 (144A) 1,406,837
5,940,000 NA/NA Mirant JPSCO Finance, Ltd., 11.0%,
7/6/16 (144A) 5,880,600
12,000,000 NR/NR Power Contract Financing LLC, 0.681%,
2/5/10 (144A) 11,160,000
7,570,000 CCC/Caa1 TXU Energy Co., 10.25%, 11/1/15 (c) 4,295,975
--------------
$ 34,477,174
- ------------------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.9%
17,417,000 B-/B2 Transportadora De Gas Del Sur SA,
7.875%, 5/14/17 (144A) $ 10,101,860
- ------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/09 33
Schedule of Investments | 4/30/09 (unaudited) (continued)
- ------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- ------------------------------------------------------------------------------------------------------------
Independent Power Producer & Energy Traders -- 1.8%
$ 4,357,000 BB/Ba2 AES Chivor Corp., 9.75%, 12/30/14
(144A) (c) $ 4,313,430
10,600,000 NA/NA Biofuel Energy ASA, 19.0%, 6/7/12 6,360,000
8,395,000 BB-/Ba3 Intergen NV, 9.0%, 6/30/17 7,975,250
1,356,600 NR/Ba1 Juniper Generation LLC, 6.79%,
12/31/14 (144A) 1,240,551
--------------
$ 19,889,231
- ------------------------------------------------------------------------------------------------------------
Multi-Utilities -- 1.0%
5,860,000 BB/Ba2 NSG Holdings LLC, 7.75%, 12/15/25
(144A) $ 4,570,800
7,822,135 0.00 NR/NR Ormat Funding Corp., 8.25%, 12/30/20 5,710,158
--------------
$ 10,280,958
--------------
Total Utilities $ 74,749,223
- ------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $1,469,546,595) $ 857,207,830
- ------------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 1.7%
CAPITAL GOODS -- 0.1%
Industrial Conglomerates -- 0.1%
3,590,000 B-/NA CIA Latino Americano, 9.75%, 5/10/12 $ 1,005,200
--------------
Total Capital Goods $ 1,005,200
- ------------------------------------------------------------------------------------------------------------
GOVERNMENT -- 1.6%
ITL 1,450,000,000 BBB-/Baa3 Banco Nac De Desen Econo, 8.0%,
4/28/10 $ 1,013,007
BRL 10,350,000 BBB-/Ba1 Federal Republic of Brazil, 12.5%, 1/5/16 4,862,050
BRL 2,560,000 BBB-/Ba1 Federal Republic of Brazil, 5.875%,
1/15/19 2,508,800
BRL 2,480,000 BBB-/Ba1 Republic of Brazil, 12.5%, 1/5/22 1,159,330
COP 2,510,000,000 BB+/Ba1 Republic of Columbia, 11.75%, 3/1/10 1,140,660
COP 10,258,000,000 BB+/Ba1 Republic of Columbia, 12.0%, 10/22/15 5,366,005
1,250,000 BBB-/Ba1 Republic of Peru, 7.125%, 3/30/19 1,350,000
--------------
$ 17,399,852
--------------
Total Government $ 17,399,852
- ------------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $19,756,913) $ 18,405,052
- ------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 0.5%
Government -- 0.5%
Municipal Airport -- 0.0%
15,000 B/B3 New Jersey Economic Development
Authority Special Facility Revenue, 7.0%,
11/15/30 $ 10,455
- ------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Global High Yield Fund | Semiannual Report | 4/30/09
- ------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- ------------------------------------------------------------------------------------------------------
Municipal General -- 0.5%
$ 8,875,000 12.00 NR/NR Non-Profit PFD FDG TR I, Floating Rate
Note, 9/15/37 $ 5,919,980
- ------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $8,871,352) $ 5,930,435
- ------------------------------------------------------------------------------------------------------
SENIOR SECURED FLOATING RATE LOAN INTERESTS -- 6.0%**
ENERGY -- 0.0%
Oil & Gas Exploration & Production -- 0.0%
791,177 5.25 B/Caa1 Venoco, Inc., Second Lien, 9/20/11 $ 522,177
--------------
Total Energy $ 522,177
- ------------------------------------------------------------------------------------------------------
MATERIALS -- 0.6%
Steel -- 0.6%
10,981,251 5.60 B/B3 Niagara Corp., Term Loan, 6/29/14 $ 6,176,954
--------------
Total Materials $ 6,176,954
- ------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.1%
Construction & Engineering -- 0.1%
823,373 8.00 NR/NR Custom Building Products, Inc., Term Loan,
First Lien, 10/20/11 $ 625,763
3,150,000 10.75 BB-/B1 Custom Building Products, Inc., Loan
(Second Lien), 4/20/12 1,774,501
--------------
$ 2,400,264
--------------
Total Capital Goods $ 2,400,264
- ------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.1%
Diversified Support Services -- 0.1%
1,193,761 4.51 BB/B2 Rental Service Corp., Second Lien,
11/21/13 $ 775,945
--------------
Total Commercial Services & Supplies $ 775,945
- ------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Air Freight & Couriers -- 0.1%
6,457,444 9.56 NR/NR Louis Topco, Ltd., Term Loan, 6/1/17 $ 385,360
295,802 4.53 B/Ba2 TNT Logistics Plc, Additional Pre Funded
Loan, 11/4/13 150,119
886,101 3.43 NR/Ba2 TNT Logistics Plc, U.S. Term Loan,
11/4/13 449,696
--------------
$ 985,175
--------------
Total Transportation $ 985,175
- ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/09 35
Schedule of Investments | 4/30/09 (unaudited) (continued)
- ---------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.0%
Homebuilding -- 0.0%
$ 713,919 8.25 B+/B2 LandSource Communities Development
LLC, Facility Loan, 6/1/09 (PIK) (f) $ 140,999
8,150,000 8.75 B+/B2 LandSource Communities Development
LLC, Roll Up Facility, 5/31/19 134,133
--------------
$ 275,132
--------------
Total Consumer Durables & Apparel $ 275,132
- ---------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.4%
Casinos & Gaming -- 0.4%
995,146 3.71 BB-/Ba3 Gateway Casinos & Entertainment, Inc.,
Delayed Draw, 9/30/14 $ 492,597
4,913,534 3.71 BB-/Ba3 Gateway Casinos & Entertainment, Inc.,
Term Advance, 9/30/14 2,432,199
6,250,000 6.71 BB-/Caa1 Gateway Casinos & Entertainment, Inc.,
Advance (Second Lien), 3/31/15 1,156,250
--------------
$ 4,081,046
--------------
Total Consumer Services $ 4,081,046
- ---------------------------------------------------------------------------------------------------
MEDIA -- 0.3%
Cable & Satellite -- 0.3%
1,000,000 6.75 B+/B2 Charter Communications, Inc., Third Lien,
10/28/14 $ 668,000
1,402,250 5.31 B+/B1 Charter Communications, Inc., New Term
Loan, 3/5/14 1,186,654
1,103,591 2.75 B/B3 Knology, Inc., Term Loan, 6/30/12 955,986
--------------
$ 2,810,640
--------------
Total Media $ 2,810,640
- ---------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.0%
Personal Products -- 0.0%
241,993 2.43 BB-/Baa3 Brickman Holdings, Inc., Tranche B Term,
1/23/14 $ 211,441
--------------
Total Household & Personal Products $ 211,441
- ---------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.8%
Health Care Equipment -- 0.2%
2,918,510 4.74 B+/B2 Talecris Biotherapeutics Holdings Corp.,
First Lien Term, 12/6/13 $ 2,728,807
- ---------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.6%
7,510,000 4.74 BB/Ba3 Inverness Medical Innovations, Inc., Term
Loan, 6/26/15 $ 6,533,700
--------------
Total Health Care Equipment & Services $ 9,262,507
- ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Global High Yield Fund | Semiannual Report | 4/30/09
- -----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- -----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Specialized Finance -- 0.2%
$ 3,434,418 4.22 BB-/B3 Ace Cash Express, Inc., Term Loan,
10/5/13 $ 1,884,637
1,089,444 7.50 BB-/Ba3 NCO Financial System, Inc., Term B
Advance, 5/15/13 768,058
--------------
$ 2,652,695
--------------
Total Diversified Financials $ 2,652,695
- -----------------------------------------------------------------------------------------------------
INSURANCE -- 0.9%
Insurance Brokers -- 0.5%
2,905,750 4.23 B-/B3 Alliant Holdings I, Inc., Term Loan,
8/21/14 $ 2,281,014
821,126 3.72 B+/B3 HUB International Holdings, Inc., Delaed
Draw, 6/13/14 640,478
3,653,191 3.72 B+/B3 HUB International Holdings, Inc., Initial
Term Loan, 6/13/14 2,849,489
--------------
$ 5,770,981
- -----------------------------------------------------------------------------------------------------
Multi-Line Insurance -- 0.4%
6,750,000 6.79 B-/B2 AmWins Group, Inc., Initial Term Loan,
6/9/13 $ 1,721,250
4,155,753 3.77 B-/B2 AmWins Group, Inc., Initial Term Loan,
6/8/13 2,503,841
--------------
$ 4,225,091
--------------
Total Insurance $ 9,996,072
- -----------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 1.2%
Electronic Equipment & Instruments -- 1.2%
10,219,530 4.79 BB/Ba2 Huawei-3Com Co., Ltd., Tranche B Term,
9/28/12 $ 7,971,234
5,219,910 4.68 B/B3 Scitor Corp., Term Loan, 9/26/14 4,619,621
--------------
$ 12,590,855
--------------
Total Technology Hardware & Equipment $ 12,590,855
- -----------------------------------------------------------------------------------------------------
SEMICONDUCTORS -- 0.2%
Semiconductor Equipment -- 0.2%
2,361,248 12.5 BB/NR Freescale Semiconductor, Inc., New Term
Loan, 12/1/14 $ 1,645,004
--------------
Total Semiconductors $ 1,645,004
- -----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/09 37
Schedule of Investments | 4/30/09 (unaudited) (continued)
- ---------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.8%
Integrated Telecommunication Services -- 0.8%
$ 713,327 4.22 B+/B2 Telesat Canda, Inc., U.S. Term II Loan,
10/31/14 $ 659,976
8,305,577 3.55 B+/B2 Telesat Canda, Inc., U.S. Term I Loan,
10/31/14 7,684,391
--------------
$ 8,344,367
--------------
Total Telecommunication Services $ 8,344,367
- ---------------------------------------------------------------------------------------------------
UTILITIES -- 0.3%
Independent Power Producer & Energy Traders -- 0.3%
2,294,182 2.72 BB/Ba1 NRG Energy, Inc., Term Loan, 2/1/13 $ 2,140,999
1,229,735 2.72 BB/Ba1 NRG Energy, Inc., Credit Linked, 2/1/13 1,147,623
--------------
$ 3,288,622
--------------
Total Utilities $ 3,288,622
- ---------------------------------------------------------------------------------------------------
TOTAL SENIOR SECURED FLOATING RATE
LOAN INTERESTS
(Cost $117,251,968) $ 66,018,896
- ---------------------------------------------------------------------------------------------------
RIGHTS/WARRANTS -- 0.1%
ENERGY -- 0.1%
Oil & Gas Exploration & Production -- 0.1%
11,303,000 Norse Energy Corp. ASA* $ 1,605,822
--------------
Total Energy $ 1,605,822
- ---------------------------------------------------------------------------------------------------
MATERIALS -- 0.0%
Forest Products -- 0.0%
3,250 Mandra Forestry Holdings, Ltd., CW13,
Warrants Expire, 5/15/13* $ --
--------------
Total Materials $ --
- ---------------------------------------------------------------------------------------------------
UTILITIES -- 0.0%
Independent Power Producer & Energy Traders -- 0.0%
498,836 Biofuel Energy ASA* $ --
--------------
Total Utilities $ --
- ---------------------------------------------------------------------------------------------------
TOTAL RIGHTS/WARRANTS
(Cost $1,460,198) $ 1,605,822
- ---------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 6.2%
Securities Lending Collateral -- 6.2% (d)
Certificates of Deposit:
1,578,477 Abbey National Plc, 1.58%, 8/13/09 $ 1,578,477
1,578,470 Bank of Nova Scotia, 1.58%, 5/5/09 1,578,470
2,524,878 Bank of Scotland NY, 1.45%, 6/5/09 2,524,878
2,841,259 Barclays Bank, 1.15%, 5/27/09 2,841,259
2,841,259 DnB NOR Bank ASA NY, 1.5%, 6/5/09 2,841,259
The accompanying notes are an integral part of these financial statements.
38 Pioneer Global High Yield Fund | Semiannual Report | 4/30/09
- --------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
- --------------------------------------------------------------------------------------------------------
Certificates of Deposit -- (continued)
$ 2,891,770 Intesa SanPaolo S.p.A., 1.05%, 5/22/09 $ 2,891,770
2,367,716 Royal Bank of Canada NY, 1.44%, 8/7/09 2,367,716
2,841,259 Svenska Bank NY, 1.48%, 7/8/09 2,841,259
3,156,954 CBA, 1.35%, 7/16/09 3,156,954
3,156,954 Societe Generale, 1.75%, 9/4/09 3,156,954
3,156,954 U.S. Bank NA, 1.35%, 8/24/09 3,156,954
---------------
$ 28,935,951
- --------------------------------------------------------------------------------------------------------
Commercial Paper:
3,156,954 Monumental Global Funding, Ltd., 1.64%,
8/17/09 $ 3,156,954
1,578,477 CME Group, Inc., 1.44%, 8/6/09 1,578,477
3,100,129 American Honda Finance Corp., 1.27%,
7/14/09 3,100,129
3,156,954 HSBC Bank, Inc., 1.64%, 8/14/09 3,156,954
789,239 IBM, 1.47%, 9/25/09 789,239
2,841,259 MetLife Global Funding, 1.71%, 6/12/09 2,841,259
2,841,259 New York Life Global, 1.37%, 9/4/09 2,841,259
2,683,411 Westpac Banking Corp., 0.96%, 6/1/09 2,683,411
---------------
$ 20,147,683
- --------------------------------------------------------------------------------------------------------
Tri-Party Repurchase Agreements
12,627,817 Deutsche Bank, 0.15%, 5/1/09 $ 12,627,817
3,332,102 Barclays Capital Markets, 0.15%, 5/1/09 3,332,102
---------------
$ 15,959,919
- --------------------------------------------------------------------------------------------------------
Shares
- --------------------------------------------------------------------------------------------------------
Money Market Mutual Fund:
3,156,954 JPMorgan U.S. Government Money
Market Fund $ 3,156,954
---------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $68,200,507) $ 68,200,507
- --------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 102.4%
(Cost $1,836,021,359) (a)(e) $ 1,120,799,840
- --------------------------------------------------------------------------------------------------------
OTHER ASSETS AND
LIABILITIES -- (2.4)% $ (26,750,980)
- --------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 1,094,048,860
========================================================================================================
* Non-Income producing security.
+ Investment deemed to be an affiliate of the Fund.
(PIK) Represents a pay in kind security.
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/09 39
Schedule of Investments | 4/30/09 (unaudited) (continued)
(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, 2009, the value of these securities amounted to $399,868,231 or 36.5%
of total net assets.
STEP Debt obligation initially issued at one coupon which converts to another
coupon at a specified date. The rate shown is the rate at the end of the
period.
** Senior Floating Rate Note loan interests in which the Portfolio invests
generally pay interest at rates that are periodically redetermined by
reference to a base lending rate plus a premium. These base lending rates
are generally (i) the lending rate offered by one or more major European
banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate
offered by one or more major United States banks, (iii) the certificate
of deposit or (iv) other base lending rates used by commercial lenders.
The rate shown is the coupon rate at period end.
(a) At April 30, 2009, the net unrealized loss on investments based on cost
for federal Income tax purposes of $1,839,311,647 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $ 6,796,934
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (725,308,741)
-------------
Net unrealized loss $(718,511,807)
=============
(b) Debt obligation with a variable interest rate. Rate shown is rate at
period end
(c) At April 30, 2009, the following securities were out on loan:
- --------------------------------------------------------------------------------------------------
Principal
Amount Security Value
- --------------------------------------------------------------------------------------------------
$3,500,000 AES Chivor, 9.75%, 12/30/14 (144A) $3,578,750
804,505 Ainsworth Lumber, 11.0%, 7/29/15 (144A) 280,057
2,625,000 Aleris International, Inc., 10.0%, 12/15/16 63,937
1,889,000 Angiotech Pharmaceutical, 7.75%, 4/1/14 743,781
200,000 Aventine Renewable Energy, 10.0%, 4/1/17 31,611
1,000,000 C10 Capital SPV, Ltd., Floating Rate Note, 12/31/49 470,877
3,083,000 CCH I LLC, 11.0%, 10/1/15 78,573
3,940,000 Central Garden, 9.125%, 2/1/13 3,496,982
2,000,000 Chemtura Corp., 6.875%, 6/1/16 1,013,708
1,000,000 Cosan SA Industria, 8.25%, 2/15/49 (144A) 590,000
5,000,000 Cricket Communications I, 9.375%, 11/1/14 5,183,075
7,944,000 First Data Corp., 9.875%, 9/24/15 (144A) 5,556,661
4,905,000 Ford Motor Credit Co., 5.7%, 1/15/10 4,692,393
632,000 Georgia Gulf Corp, 10.75%, 10/15/16 33,070
3,225,000 Georgia Gulf Corp., 9.5%, 10/15/14 714,202
700,000 Graphic Packaging Co., 9.5%, 8/15/13 645,604
500,000 Harvest Operations Corp., 7.875%, 10/15/11 371,641
500,000 HCA, Inc. 9.875%, 2/15/17 509,738
2,550,000 Inversiones Y Rep, 8.5%, 2/2/17 (144A) 1,353,484
The accompanying notes are an integral part of these financial statements.
40 Pioneer Global High Yield Fund | Semiannual Report | 4/30/09
- --------------------------------------------------------------------------------------------------
Principal
Amount Security Value
- --------------------------------------------------------------------------------------------------
$5,000,000 Lear Corp., 8.75%, 12/1/16 $ 956,075
776,000 MBIA Insurance Corp. Floating Rate Note, 1/15/33 (144A) 326,566
5,000,000 Minerva Overseas, Ltd., 9.5%, 2/1/17 (144A) 2,192,430
800,000 Mobile Telesystems Finance, 8.0%, 1/28/12 768,355
2,529,000 Paetec Holdings, 9.5%, 7/15/15 1,966,824
1,485,000 Panolam Industries International, 10.75%, 10/1/13 87,110
2,500,000 Plains Exploration & Production Co., 10.0%, 3/1/16 2,475,000
7,595,500 Sally Holdings LLC, 10.5%, 11/15/16 7,695,191
4,300,000 Sibacademfinance Plc, 9.0%, 5/12/09 (144A) 4,481,803
100,000 Turanalem Finance BV, 8.5%, 2/10/15 (144A) 21,889
6,901,000 TXU Energy Co., 10.25%, 11/1/15 4,268,027
4,561,000 UBS (Vimpelcom), 8.25%, 5/23/16 (144A) 3,249,713
5,000,000 Univision Communications, 9.75%, 3/15/15 (PIK) (144A) 835,940
100,000 Waste Services, Inc., 9.5%, 4/15/14 87,396
3,556,000 Wells Fargo Capital, 9.75%, 12/29/49 3,055,344
8,939,000 Yankee Acquisition Corp., 9.75%, 2/15/17 5,947,233
- --------------------------------------------------------------------------------------------------
Total $67,823,040
==================================================================================================
** Indicates pending sale at April 30, 2009.
(d) Securities lending collateral is managed by Credit Suisse, New York
Branch.
(e) Distributions of investments by country of issue (excluding temporary
cash investments) as a percentage of total investment in securities, is
as follows:
United States 63.6%
Netherlands 3.9%
Brazil 3.7%
Norway 3.3%
Luxembourg 3.3%
Cayman Islands 3.1%
Argentina 3.1%
United Kingdom 2.6%
Canada 2.0%
South Africa 1.5%
Jamaica 1.2%
Thailand 1.1%
Columbia 1.0%
Other (individually less than 1%) 6.6%
-----
100.0%
=====
(f) Security is in default and is non-income producing.
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/09 41
Schedule of Investments | 4/30/09 (unaudited) (continued)
NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise
denoted:
NOK Norwegian Krone
GBP British Pound Sterling
EURO Euro
ITL Italian Lira
BRL Brazilian Real
COP Columbian Peso
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended April 30, 2009 aggregated $75,946,423 and $145,039,777,
respectively.
FAS 157 Footnote Disclosures
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.
Level 1 -- quoted prices in active markets for identical securities
Level 2 -- other significant observable inputs (Including quoted prices for
similar securities, interest rates, prepayment speeds, credit risk,
etc.)
Level 3 -- significant unobservable inputs (Including the Fund's own
assumptions in determining fair value of investments)
The following is a summary of the inputs used as of April 30, 2009, in valuing
the Fund's assets:
- -----------------------------------------------------------------------------------
Other
Investments Financial
Valuation Inputs in Securities Instruments*
- -----------------------------------------------------------------------------------
Level 1 -- Quoted Prices $ 10,995,605 $ --
Level 2 -- Other Significant Observable Inputs 1,109,804,235 (197,332)
Level 3 -- Significant Unobservable Inputs -- --
- -----------------------------------------------------------------------------------
Total $1,120,799,840 $ (197,332)
===================================================================================
The accompanying notes are an integral part of these financial statements.
42 Pioneer Global High Yield Fund | Semiannual Report | 4/30/09
Statement of Assets and Liabilities | 4/30/09 (unaudited)
ASSETS:
Investment in securities (including securities loaned of
$67,823,040) (cost $1,836,021,359) $1,120,799,840
Cash 1,555,032
Foreign currencies, at value (cost $15,779,741) 16,654,677
Receivables --
Investment securities sold 942,387
Fund shares sold 6,797,091
Dividends, interest and foreign taxes withheld 39,406,636
Forward foreign currency settlement contracts, net 9,373
Due from Pioneer Investment Management, Inc. 3,421
Other 86,737
- -----------------------------------------------------------------------------------------
Total assets $1,186,255,194
- -----------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 14,238,278
Fund shares repurchased 4,000,356
Dividends 5,046,438
Forward foreign currency portfolio hedge contracts, open-net 206,705
Upon return of securities loaned 68,200,507
Due to affiliates 368,806
Accrued expenses 145,244
- -----------------------------------------------------------------------------------------
Total liabilities $ 92,206,334
- -----------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $2,005,600,734
Distributions in excess of net investment income (7,879,045)
Accumulated net realized loss on investments and foreign currency
transactions (188,852,568)
Net unrealized loss on investments (715,221,519)
Net unrealized gain on forward foreign currency contracts and other
assets and liabilities denominated in foreign currencies 401,258
- -----------------------------------------------------------------------------------------
Total net assets $1,094,048,860
=========================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $643,097,453/93,255,525 shares) $ 6.90
Class B (based on $71,928,200/10,457,462 shares) $ 6.88
Class C (based on $315,722,724/46,037,982 shares) $ 6.86
Class Y (based on $60,873,799/8,938,848 shares) $ 6.81
Class Z (based on $2,426,684/340,991 shares) $ 7.12
MAXIMUM OFFERING PRICE:
Class A ($6.90 [divided by] 95.5%) $ 7.23
=========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/09 43
Statement of Operations (unaudited)
For the Six Months Ended 4/30/09
INVESTMENT INCOME:
Dividends $ 670,536
Interest 79,986,019
Income from securities loaned, net 500,571
- --------------------------------------------------------------------------------------------------
Total investment income $ 81,157,126
- --------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 3,567,346
Transfer agent fees and expenses
Class A 880,223
Class B 100,530
Class C 237,669
Class Y 5,948
Class Z 6,193
Distribution fees
Class A 792,731
Class B 353,351
Class C 1,501,126
Shareholder communications expense 385,158
Administrative fees 267,649
Custodian fees 31,838
Registration fees 54,557
Professional fees 71,061
Printing expense 89,183
Fees and expenses of nonaffiliated trustees 26,027
Miscellaneous 91,014
- --------------------------------------------------------------------------------------------------
Total expenses $ 8,461,604
Less fees waived and expenses reimbursed by Pioneer
Investment Management, Inc. (1,012,327)
Less fees paid indirectly (3,382)
- --------------------------------------------------------------------------------------------------
Net expenses $ 7,445,895
- --------------------------------------------------------------------------------------------------
Net investment income $ 73,711,231
- --------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized loss on:
Investments $(127,037,101)
Forward foreign currency contracts and other assets and
liabilities denominated in foreign currencies (3,281,075) $(130,318,176)
- --------------------------------------------------------------------------------------------------
Change in net unrealized gain on:
Investments $ 45,267,744
Forward foreign currency contracts and other assets and
liabilities denominated in foreign currencies 2,808,753 $ 48,076,498
- --------------------------------------------------------------------------------------------------
Net loss on investments and foreign currency transactions $ (82,241,678)
- --------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operation $ (8,530,447)
==================================================================================================
The accompanying notes are an integral part of these financial statements.
44 Pioneer Global High Yield Fund | Semiannual Report | 4/30/09
Statements of Changes in Net Assets
For the Six Months Ended 4/30/09 and the Year Ended 10/31/08, respectively
- --------------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/09 Year Ended
(unaudited) 10/31/08
- --------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 73,711,231 $ 172,321,165
Net realized loss on investments and foreign
currency transactions (130,318,176) (37,017,129)
Change in net unrealized gain (loss) on investments and
foreign currency transactions 48,076,498 (744,809,721)
- --------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $ (8,530,447) $ (609,505,685)
- --------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.65 and $1.07 per share, respectively) $ (61,014,668) $ (117,007,302)
Class B ($0.61 and $0.98 per share, respectively) (6,543,922) (11,706,103)
Class C ($0.61 and $0.98 per share, respectively) (27,717,794) (47,074,030)
Class Y ($0.65 and $1.10 per share, respectively) (5,780,501) (4,599,648)
Class Z ($0.67 and $1.11 per share, respectively) (163,433) (93,462)
Net realized gain:
Class A ($0.00 and $0.11 per share, respectively) $ -- $ (11,626,930)
Class B ($0.00 and $0.11 per share, respectively) -- (1,378,099)
Class C ($0.00 and $0.11 per share, respectively) -- (5,275,114)
Class Y ($0.00 and $0.11 per share, respectively) -- (216,293)
Class Z ($0.00 and $0.11 per share, respectively) -- (862)
- --------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (101,220,318) $ (198,977,843)
- --------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 268,393,514 $ 934,606,415
Reinvestment of distributions 63,005,331 130,817,482
Cost of shares repurchased (371,239,351) (1,159,572,916)
Net increase decrease in net assets resulting from
Fund share transactions $ (39,840,506) $ (94,149,019)
- --------------------------------------------------------------------------------------------------------
Net decrease in net assets $ (149,591,271) $ (902,632,547)
NET ASSETS:
Beginning of period 1,243,640,131 2,146,272,678
- --------------------------------------------------------------------------------------------------------
End of period $1,094,048,860 $1,243,640,131
- --------------------------------------------------------------------------------------------------------
Undistributed (distributions in excess of) net investment income $ (7,879,045) $ 19,630,042
- --------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/09 45
Statements of Changes in Net Assets (continued)
- ---------------------------------------------------------------------------------------------------------
'09 Shares '09 Amount '08 Shares '08 Amount
(unaudited) (unaudited)
- ---------------------------------------------------------------------------------------------------------
Class A
Shares sold 27,780,114 $185,153,725 64,231,474 $ 706,399,059
Reinvestment of distributions 6,485,574 43,080,689 8,783,363 95,007,758
Less shares repurchased (41,571,398) (278,505,097) (83,768,449) (910,222,109)
--------------------------------------------------------------------
Net decrease (7,305,710) $(50,270,683) (10,753,612) $(108,815,292)
====================================================================
CLASS B
Shares sold 842,179 $ 5,635,899 1,872,999 $ 20,776,025
Reinvestment of distributions 434,086 2,873,094 543,181 5,872,664
Less shares repurchased (1,888,234) (12,650,618) (4,020,218) (43,426,405)
--------------------------------------------------------------------
Net decrease (611,969) $ (4,141,625) (1,604,038) $ (16,777,716)
====================================================================
CLASS C
Shares sold 7,058,466 $ 47,079,577 12,453,883 $ 137,480,872
Reinvestment of distributions 1,956,975 12,913,887 2,358,488 25,370,625
Less shares repurchased (9,220,199) (61,785,850) (17,457,701) (187,400,662)
--------------------------------------------------------------------
Net decrease (204,758) $ (1,792,386) (2,645,330) $ (24,549,165)
====================================================================
CLASS Y
Shares sold 4,143,671 $ 28,943,578 5,986,739 $ 64,817,327
Reinvestment of distributions 621,664 4,065,961 441,547 4,501,261
Less shares repurchased (2,595,943) (16,890,368) (1,593,514) (16,344,391)
--------------------------------------------------------------------
Net increase 2,169,393 $ 16,119,171 4,834,772 $ 52,974,197
====================================================================
CLASS Z
Shares sold 231,732 $ 1,580,735 483,865 $ 5,133,132
Reinvestment of distributions 10,371 71,700 6,611 65,174
Less shares repurchased (204,887) (1,407,418) (194,606) (2,179,349)
--------------------------------------------------------------------
Net increase 37,216 $ 245,017 295,870 $ 3,018,957
====================================================================
The accompanying notes are an integral part of these financial statements.
46 Pioneer Global High Yield Fund | Semiannual Report | 4/30/09
Financial Highlights
- ------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/09 Year Ended Year Ended Year Ended Year Ended Year Ended
(unaudited) 10/31/08 10/31/07 10/31/06 10/31/05 10/31/04 (a)
- ------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 7.56 $ 12.30 $ 12.34 $ 11.88 $ 11.79 $ 11.31
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.48 $ 1.03 $ 0.96 $ 0.90 $ 0.90 $ 0.69
Net realized and unrealized gain (loss)
on investments and foreign currency transactions (0.49) (4.59) 0.04 0.49 0.09 0.89
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.01) $ (3.56) $ 1.00 $ 1.39 $ 0.99 $ 1.58
Distributions to shareowners:
Net investment income $ (0.65) $ (1.07) $ (0.98) $ (0.90) $ (0.90) $ (0.89)
Net realized gain -- (0.11) (0.06) ( 0.03) -- (0.21)
- ------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.65) $ (1.18) $ (1.04) $ (0.93) $ (0.90) $ (1.10)
- ------------------------------------------------------------------------------------------------------------------------------------
Redemption Fee $ -- $ -- $ -- $ 0.00(b) $ 0.00(b) $ --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.66) $ (4.74) $ (0.04) $ 0.46 $ 0.09 $ 0.48
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.90 $ 7.56 $ 12.30 $ 12.34 $ 11.88 $ 11.79
====================================================================================================================================
Total return* 0.49% (31.45)% 8.30% 12.12% 8.52% 14.82%
Ratio of net expenses to average net assets+ 1.10%** 1.10% 1.06% 1.10% 1.04% 0.75%
Ratio of net investment income to average net assets+ 14.13%** 9.25% 7.73% 7.44% 7.40% 8.02%
Portfolio turnover rate 15%** 25% 31% 41% 36% 50%
Net assets, end of period (in thousands) $643,097 $759,925 $1,369,044 $659,845 $343,886 $70,063
Ratios with no waiver of fees and assumption of expenses
by PIM and no reduction for fees paid indirectly:
Net expenses 1.40%** 1.18% 1.06% 1.18% 1.18% 1.41%
Net investment income (loss) 13.83%** 9.17% 7.73% 7.37% 7.26% 7.36%
Ratios with waiver of fees by PIM and reduction
for fees paid indirectly:
Net expenses 1.10%** 1.10% 1.06% 1.10% 1.04% 0.75%
Net investment income 14.13%** 9.25% 7.73% 7.44% 7.40% 8.02%
- ------------------------------------------------------------------------------------------------------------------------------------
(a) The Fund Commenced operations on August 27, 2001 and was first publicly
offered on December 1, 2003.
(b) Amount rounds to less than once cent per share.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of the period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/09 47
Financial Highlights (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/09 Year Ended Year Ended Year Ended Year Ended 12/1/03 (a)
(unaudited) 10/31/08 10/31/07 10/31/06 10/31/05 to 10/31/04
- ------------------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 7.54 $ 12.27 $ 12.31 $ 11.85 $ 11.76 $ 11.47
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.44 $ 0.93 $ 0.86 $ 0.80 $ 0.80 $ 0.82
Net realized and unrealized gain (loss) on investments
and foreign currency transactions (0.49) (4.57) 0.03 0.49 0.09 0.49
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.05) $ (3.64) $ 0.89 $ 1.29 $ 0.89 $ 1.31
- ------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.61) $ (0.98) $ (0.87) $ (0.80) $ (0.80) $ (0.81)
Net realized gain -- (0.11) (0.06) (0.03) -- (0.21)
- ------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.61) $ (1.09) $ (0.93) $ (0.83) $ (0.80) $ (1.02)
- ------------------------------------------------------------------------------------------------------------------------------------
Redemption Fee $ -- $ -- $ -- $ 0.00(b) $ 0.00(b) $ --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.66) $ (4.73) $ (0.04) $ 0.46 $ 0.09 $ 0.29
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.88 $ 7.54 $ 12.27 $ 12.31 $ 11.85 $ 11.76
====================================================================================================================================
Total return* 0.02% (32.02)% 7.41% 11.25% 7.62% 12.12%(c)
Ratio of net expenses to average net assets+ 2.00%** 1.92% 1.86% 1.96% 1.91% 1.58%**
Ratio of net investment income to average net assets+ 13.26%** 8.47% 6.93% 6.63% 6.57% 7.26%**
Portfolio turnover rate 15%** 25% 31% 41% 36% 50%(c)
Net assets, end of period (in thousands) $71,928 $83,412 $155,523 $130,563 $98,462 $20,408
Ratios with no waiver of fees and assumption of
expenses by PIM and no reduction for fees paid
indirectly:
Net expenses 2.13%** 1.92% 1.86% 1.96% 1.97% 2.20%**
Net investment income 13.13%** 8.47% 6.93% 6.60% 6.51% 6.64%**
Ratios with waiver of fees paid by PIM and
reduction for fees paid indirectly:
Net expenses 2.00%** 1.92% 1.85% 1.96% 1.91% 1.58%**
Net investment income 13.26%** 8.47% 6.94% 6.60% 6.57% 7.26%**
- ------------------------------------------------------------------------------------------------------------------------------------
(a) Class B shares were first publicly offered on December 1, 2003.
(b) Amount rounds to less than one cent per share.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of the period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
(c) Not annualized.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
48 Pioneer Global High Yield Fund | Semiannual Report | 4/30/09
- ------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/09 Year Ended Year Ended Year Ended Year Ended 12/1/03 (a)
(unaudited) 10/31/08 10/31/07 10/31/06 10/31/05 to 10/31/04
- ------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 7.51 $ 12.24 $ 12.28 $ 11.82 $ 11.74 $ 11.47
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.44 $ 0.93 $ 0.86 $ 0.80 $ 0.80 $ 0.77
Net realized and unrealized gain (loss) on investments
and foreign currency transactions (0.48) (4.57) 0.04 0.49 0.08 0.47
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.04) $ (3.64) $ 0.90 $ 1.29 $ 0.88 $ 1.24
- ------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.61) $ (0.98) $ (0.88) $ (0.80) $ (0.80) $ (0.76)
Net realized gain -- (0.11) (0.06) (0.03) -- (0.21)
- ------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.61) $ (1.09) $ (0.94) $ (0.83) $ (0.80) $ (0.97)
- ------------------------------------------------------------------------------------------------------------------------------------
Redemption Fee $ -- $ -- $ -- $ 0.00(b) $ 0.00(b) $ --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.65) $ (4.73) $ (0.04) $ 0.46 $ 0.08 $ 0.27
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.86 $ 7.51 $ 12.24 $ 12.28 $ 11.82 $ 11.74
====================================================================================================================================
Total return* 0.15% (32.08)% 7.48% 11.30% 7.60% 11.45%(c)
Ratio of net expenses to average net assets+ 2.00%** 1.85% 1.82% 1.89% 1.84% 1.51%**
Ratio of net investment income to average net assets+ 13.25%** 8.55% 6.96% 6.66% 6.63% 7.30%**
Portfolio turnover rate 15%** 25% 31% 41% 36% 50%(c)
Net assets, end of period (in thousands) $315,723 $347,459 $598,195 $413,213 $288,314 $92,501
Ratios with no waiver of fees and assumption of
expenses by PIM and no reduction for fees paid
indirectly:
Net expenses 2.01%** 1.85% 1.82% 1.89% 1.91% 2.11%**
Net investment income 13.24%** 8.55% 6.96% 6.66% 6.56% 6.70%**
Ratios with waiver of fees by PIM and
reduction for fees paid indirectly:
Net expenses 2.00%** 1.85% 1.82% 1.89% 1.84% 1.51%**
Net investment income 13.25%** 8.55% 6.96% 6.66% 6.63% 7.30%**
- ------------------------------------------------------------------------------------------------------------------------------------
(a) Class C shares were first publicly offered on December 1, 2003.
(b) Amount rounds to less than one cent per share.
(c) Not Annualized.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of the period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/09 49
Financial Highlights (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/09 Year Ended Year Ended 12/28/05 (a)
(unaudited) 10/31/08 10/31/07 to 10/31/06
- ------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 7.46 $ 12.10 $ 12.19 $11.95
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.44 $ 1.05 $ 0.97 $ 0.77
Net realized and unrealized gain (loss) on investments
and foreign currency transactions (0.44) (4.48) (0.01) 0.23
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.00 $ (3.43) $ 0.96 $ 1.00
Distributions to shareowners:
Net investment income (0.65) (1.10) (0.99) (0.76)
Net realized gain -- (0.11) (0.06) --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.65) $ (4.64) $ (0.09) $ 0.24
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 6.81 $ 7.46 $ 12.10 $12.19
====================================================================================================================================
Total return* 0.68% (30.96)% 8.12% 8.63%(b)
Ratio of net expenses to average net assets+ 0.82%** 0.74% 0.70% 0.73%**
Ratio of net investment income to average net assets+ 14.42%** 9.82% 8.05% 7.66%**
Portfolio turnover rate 15%** 25% 31% 41%(b)
Net assets, end of period (in thousands) $60,874 $50,477 $23,414 $ 36
Ratios with no waiver of fees and assumption of expenses
by PIM and no reduction for fees paid indirectly:
Net expenses 0.82%** 0.74% 0.70% 0.73%**
Net investment income 14.42%** 9.82% 8.05% 7.66%**
Ratios with waiver of fees by PIM and reduction
for fees paid indirectly:
Net expenses 0.82%** 0.74% 0.70% 0.73%**
Net investment income 14.42%** 9.82% 8.05% 7.66%**
- ------------------------------------------------------------------------------------------------------------------------------------
(a) Class Y shares were first publicly offered on December 28, 2005
(b) Not annualized.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of the period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
50 Pioneer Global High Yield Fund | Semiannual Report | 4/30/09
- ------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/09 Year Ended 7/6/07 (a)
(unaudited) 10/31/08 to 10/31/07
- ------------------------------------------------------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $ 7.79 $12.31 $12.65
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.58 $ 1.07 $ 0.33
Net realized and unrealized loss on investments
and foreign currency transactions (0.58) (4.37) (0.35)
- ------------------------------------------------------------------------------------------------------------------------------------
Net decrease from investment operations $ 0.00 $(3.30) $(0.02)
Distributions to shareowners:
Net investment income (0.67) (1.11) (0.32)
Net realized gain -- (0.11) --
- ------------------------------------------------------------------------------------------------------------------------------------
Net decrease in net asset value $(0.67) $(4.52) $(0.34)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.12 $ 7.79 $12.31
====================================================================================================================================
Total return* 0.68% (29.21)% (0.09)%(b)
Ratio of net expenses to average net assets+ 0.90%** 0.90% 0.69%**
Ratio of net investment income to average net assets+ 14.29%** 9.85% 8.30%**
Portfolio turnover rate 15%** 25% 31%(b)
Net assets, end of period (in thousands) $2,427 $2,366 $ 97
Ratios with no waiver of fees and assumption of expenses
by PIM and no reduction for fees paid
indirectly:
Net expenses 1.49%** 1.11% 0.69%**
Net investment income 13.70%** 9.64% 8.30%**
Ratios with waiver of fees by PIM and reduction
for fees paid indirectly:
Net expenses 0.90%** 0.90% 0.69%**
Net investment income 14.29%** 9.85% 8.30%**
- ------------------------------------------------------------------------------------------------------------------------------------
(a) Class Z shares were first publicly offered on July 6, 2007.
(b) Not annualized.
* Assumes initial investment at net asset value at the beginning of the
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of the period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/09 51
Notes to Financial Statements | 4/30/09 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Global High Yield Fund (the Fund) is a series of Pioneer Series Trust
VII, a Delaware statutory trust registered under the Investment Company Act of
1940 as a non-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 five classes of shares designated as Class A, Class B, Class C,
Class Y and Class Z shares. Class Y shares were first publicly offered on
December 28, 2005. 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 voting, redemptions, dividends and liquidation
proceeds. The Amended and Restated Declaration of Trust of the Fund gives the
Board the flexibility to specify either per share voting or dollar-weighted
voting when submitting matters for shareholder approval. Under per share
voting, each share of a class of the Fund is entitled to one vote. Under
dollar-weighted voting, a shareholder's voting power is determined not by the
number of shares owned, but by the dollar value of the shares on the record
date. Each class of shares can bear different transfer agent and distribution
fees. Class A, Class B, Class C and Class R shareowners have exclusive voting
rights with respect to the distribution plan for Class A, Class B, Class C and
Class R shares. There is no distribution plan for Class Y shares and Class Z
shares. Class B shares convert to Class A shares approximately eight years
after the date of purchase.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the
Fund to, among other things, make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets
and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gain or loss on investments during the
reporting year. Actual results could differ from those estimates.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors. The Fund's investments in foreign markets and countries
with limited developing markets may subject the Fund to a greater degree of
risk than in a developed market. These risks include disruptive political or
economic conditions and the imposition of adverse governmental laws or currency
exchange restrictions. The Fund's prospectuses contain unaudited
52 Pioneer Global High Yield Fund | Semiannual Report | 4/30/09
information regarding the Fund's principal risks. Please refer to those
documents when considering the Fund's principal risks.
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 is not
diversified, which means that it can invest a higher percentage of its assets
in any one issuer than a diversified fund. Being non-diversified may magnify
the Fund's losses from adverse events affecting a particular issuer.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. In
computing the net asset value, securities are valued at the last sale price
on the principal exchange where they are traded. Fixed income securities
with remaining maturity of more than 60 days are valued at prices supplied
by independent pricing services, which consider such factors as Treasury
spreads, yields, maturities and ratings. Valuations may be supplemented by
dealers and other sources, as required. Securities for which there are no
other readily available valuation methods are valued using fair value
methods pursuant to procedures adopted by the Board of Trustees. At April
30, 2009 there were no securities that were valued using fair value
methods. Temporary cash investments are valued at cost which approximates
market value.
Credit default swaps are valued by an independent pricing service based
upon valuation models incorporating default probabilities, estimated
recovery rates, actual reported transactions, and other available market
data.
All discounts and premiums on debt securities are accreted or amortized
daily, respectively, on a yield-to-maturity basis into interest income with
a corresponding increase or decrease in the cost basis of the security.
Interest income is recorded on the accrual basis, net of unrecoverable
foreign taxes withheld at the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/09 53
B. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually
received. Further, the effects of changes in foreign currency exchange
rates on investments are not segregated in the statement of operations from
the effects of changes in market price of those securities but are included
with the net realized and unrealized gain or loss on investments.
C. Forward Foreign Currency Contracts
The Fund enters into forward foreign currency contracts (contracts) for the
purchase or sale of a specific foreign currency at a fixed price on a
future date as a hedge or cross-hedge against either specific investment
transactions (settlement hedges) or portfolio positions (portfolio hedges).
All contracts are marked to market daily at the applicable exchange rates,
and any resulting unrealized gains or losses are recorded in the Fund's
financial statements. The Fund records realized gains and losses at the
time a portfolio hedge is offset by entry into a closing transaction or
extinguished by delivery of the currency. Risks may arise upon entering
into these contracts from the potential inability of counterparties to meet
the terms of the contract and from unanticipated movements in the value of
foreign currencies relative to the U.S. dollar. (See Note 8)
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 taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no federal income tax provision is required. Tax
years for the prior three fiscal years remain subject to examination by tax
authorities.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal
income tax rules. Therefore, the sources of the Fund's distributions may be
shown in the accompanying financial statements as from or in excess of net
investment income or as from net realized gain on investment transactions,
or as from paid-in capital, depending on the type of book/tax differences
that may exist.
54 Pioneer Global High Yield Fund | Semiannual Report | 4/30/09
The tax character of distributions paid during the year ended October 31,
2008 was as follows:
---------------------------------------------------------------------------
2008
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $184,322,998
Long-term capital gain 14,654,845
---------------------------------------------------------------------------
Total $198,977,843
============================================================================
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2008:
---------------------------------------------------------------------------
2008
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 26,612,445
Capital loss carryforward (58,199,667)
Current year dividend payable (5,171,586)
Unrealized depreciation (765,042,301)
---------------------------------------------------------------------------
Total $(801,801,109)
============================================================================
The difference between book-basis and tax-basis unrealized depreciation is
attributable to the tax deferral of losses on wash sales, adjustments
relating to catastrophe bonds, the mark to market of forward currency
contracts and the tax basis adjustment on partnerships and interest on
defaulted bonds.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A.
(UniCredit), earned $92,237 in underwriting commissions on the sale of
Class A shares during the six months ended April 30, 2009.
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to all classes of shares
based on their respective percentage of adjusted net assets at the
beginning of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class B and Class C of the Fund, respectively (see
Note 5). Class Y and Class Z shares are not subject to a distribution plan.
Shareowners of each class participate in all expenses and fees paid to the
transfer agent, Pioneer Investment Management Shareholder Services, Inc.
(PIMSS), for its services, which are allocated based on the number of
accounts in each class and the ratable allocation of related out-of-pocket
expenses (see Note 5).
Pioneer Global High Yield Fund | Semiannual Report | 4/30/09 55
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 Class
A, Class B, Class C, Class Y and Class Z shares can bear different transfer
agent and distribution expense rates.
G. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value
of the underlying securities (collateral), including accrued interest, is
required to be at least equal to or in excess of the value of the
repurchase agreement. The collateral for all repurchase agreements is held
in safekeeping in the customer-only account of the Fund's custodian or
subcustodians. The Fund's investment adviser, Pioneer Investment
Management, Inc. (PIM), is responsible for determining that the value of
the collateral remains at least equal to the repurchase price.
H. Securities Lending
The Fund lends securities in its portfolio to certain broker-dealers or
other institutional investors. When entering into a securities loan
transaction, the Fund typically receives cash collateral from the borrower
equal to at least the value of the securities loaned, which is invested in
temporary cash investments. Credit Suisse, New York Branch, as the Fund's
security lending agent, manages the Fund's securities lending collateral.
The income earned on the investment of collateral is shared with the
borrower and the lending agent in payment of any rebate due to the borrower
with respect to the securities loan, and in compensation for the lending
agent's services to the Fund. The Fund also continues to receive interest
or payments in lieu of dividends on the securities loaned. Gain or loss on
the value of the loaned securities that may occur during the term of the
loan will be for the account of the Fund. The amount of the collateral is
required to be adjusted daily to reflect any price fluctuation in the value
of the loaned securities. The Fund has the right, under the lending
agreement, to terminate the loan and recover the securities from the
borrower with prior notice. The Fund will be required to return the cash
collateral to the borrower and could suffer a loss if the value of the
collateral, as invested, has declined.
I. Credit Default Swap Agreements
A credit default swap is a contract between a buyer of protection and a
seller of protection against a pre-defined credit event. The Fund may buy
or sell credit default swap contracts to increase the Fund's income, to add
leverage to the Fund or to hedge the risk of default on portfolio
securities. As a seller
56 Pioneer Global High Yield Fund | Semiannual Report | 4/30/09
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.
When the Fund enters into a credit default swap contract, one party, the
protection buyer, makes an upfront or periodic payment to the protection
seller in exchange for the right to receive a contingent payment. An
upfront payment received by the Fund, as the protection seller, is recorded
as a liability in the Fund's records. An upfront payment made by the Fund,
as the protection buyer, is recorded as an asset in the Fund's records.
Periodic payments received or paid by the Fund are recorded as realized
gains or losses.
The credit default swap contracts are marked-to-market daily using
valuations supplied by independent sources and the change in value, if any,
is recorded as unrealized gain or loss. 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.
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.
The Fund had no credit default swap contracts in the portfolio or otherwise
outstanding at April 30, 2009.
2. Unfunded Loan Commitments
As of April 30, 2009, the Fund had no unfunded loan commitments which could be
extended at the option of the borrower.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/09 57
3. Management Agreement
Pioneer Investment Management, Inc. (PIM), a wholly owned indirect subsidiary
of UniCredit, the Fund's investment adviser, manages the Fund's portfolio.
Management fees are calculated daily at the annual rate of 0.70% of the Fund's
average daily net assets up to $500 million; 0.65% of the next $500 million
0.60% of the next $500 million, 0.55% or the next $500 million and 0.45% of the
excess over $2 billion. Effective January 1, 2007, Pioneer's fee is subject to
an additional breakpoint. The Fund pays Pioneer a fee at the annual rate of
0.55% of the Fund's average daily net assets greater than $1.5 billion. For the
six months ended April 30, 2009, the net management fee was equivalent to 0.63%
of the average daily net assets.
PIM has agreed not to impose all or a portion of its management fee and to
assume other operating expenses of the Fund to the extent necessary to limit
the Fund expenses to 1.10%, 2.00% and 2.00% of the average daily net assets
attributable to Class A, Class B and Class C shares, respectively. These
expense limitations are in effect through March 1, 2012 for Class A shares and
through March 1, 2010 for Class B and Class C shares. Pioneer has contractually
agreed to limit ordinary operating expenses to the extent required to reduce
Fund expenses to 0.90% of the average daily net assets attributable to Class Z
shares. This expense limitation is in effect through March 1, 2012 for Class Z
shares.
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. Included in "Due to affiliates" reflected on
the Statement of Assets and Liabilities is $21,075 in management fees,
administrative costs and certain other fees payable to PIM at April 30, 2009.
4. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund paid out-of-pocket expenses incurred by PIMSS related to
shareholder activities such as proxy and statement mailings, outgoing phone
calls and omnibus relation contracts. For the six months ended April 30, 2009,
out-of-pocket expenses were as follows:
- --------------------------------------------------------------------------------
Shareholder Communications:
- --------------------------------------------------------------------------------
Class A $267,629
Class B 21,254
Class C 92,046
Class Y 3,968
Class Z 261
- --------------------------------------------------------------------------------
Total $385,158
================================================================================
58 Pioneer Global High Yield Fund | Semiannual Report | 4/30/09
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $332,969 in transfer agent fees and shareholder communications
expense payable to PIMSS at April 30, 2009.
5. Distribution Plan
The Fund adopted a Distribution Plan pursuant to Rule 12b-1 of the Investment
Company Act of 1940 with respect to its Class A, Class B and Class C. Pursuant
to the Plan, the Fund pays PFD 0.25% of the average daily net assets
attributable to Class A shares as compensation for personal services and/or
account maintenance services or distribution services with regard to Class A
shares. Pursuant to the Plan, the Fund pays PFD 1.00% of the average daily net
assets attributable to Class B and Class C shares. The fee for Class B and
Class C shares consists of a 0.25% service fee and a 0.75% distribution fee
paid as compensation for personal services and/or account maintenance services
or distribution services with regard to Class B and Class C shares. For the
period from November 1, 2007 through January 31, 2008, PFD was reimbursed under
the Plan of Distribution for distribution expenses in an amount of up to 0.25%
of the average daily net assets attributable to Class A shares. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$14,762 in distribution fees payable to PFD at April 30, 2009.
In addition, redemptions of each class of shares (except Class Y and Class Z
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 18 months of purchase. Class B shares that are redeemed
within five years of purchase are subject to a CDSC at declining rates
beginning at 4.00%, based on the lower of cost or market value of shares being
redeemed. Redemptions of Class C shares within one year of purchase are subject
to a CDSC of 1.00% based on the lower of cost or market value of shares being
redeemed. Proceeds from the CDSCs are paid to PFD. For the six months ended
April 30, 2009, CDSCs in the amount of $160,986 were paid to PFD.
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), collectively participate in a $165 million committed, unsecured
revolving line of credit facility. Borrowings are used solely for temporary or
emergency purposes. The Fund may borrow up to the lesser of $165 million or the
limits set for borrowing by the Fund's prospectus and the 1940 Act. Interest on
collective borrowings is payable as follows: if the London Interbank Offered
Rate (LIBOR) on the related borrowing date is greater than or equal to the
Federal Funds Rate on such date, the loan bears interest at the LIBOR rate plus
1.25% on an annualized basis, or if the LIBOR rate on the related borrowing
date is less then the Federal Funds Rate on such date, the loan bears interest
at the Federal Funds Rate plus 1.25% on an annualized basis. The Funds pay an
Pioneer Global High Yield Fund | Semiannual Report | 4/30/09 59
annual commitment fee for this facility. The commitment fee is allocated among
participating Funds based on an allocation schedule set forth in the credit
agreement. For the six months ended April 30, 2009, the Fund had no borrowings
under this agreement.
7. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS
resulting in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the six months ended April 30, 2009, the Fund's
expenses were reduced by $3,382 under such arrangements.
8. Forward Foreign Currency Contracts
At April 30, 2009, the Fund had entered into various contracts that obligate
the Fund to deliver currencies at specified future dates. At the maturity of a
contract, the Fund must make delivery of the foreign currency. Alternatively,
prior to the settlement date of a portfolio hedge, the Fund may close out such
contracts by entering into an offsetting hedge contract. Open portfolio hedges
at April 30, 2009 were as follows:
- --------------------------------------------------------------------------------------------------
Net Net
Contracts to In Exchange Settlement Unrealized
Currency (deliver)/receive For Date Value Gain (Loss)
- --------------------------------------------------------------------------------------------------
EUR
(Euro) 7,600,000 $ 10,051,235 5/04/09 $ 10,078,276 $ 27,041
EUR
(Euro) (22,000,000) $(28,941,880) 5/04/09 $(29,176,202) $(234,322)
EUR
(Euro) (14,400,000) $(19,084,896) 6/05/09 $(19,084,320) $ 576
- --------------------------------------------------------------------------------------------------
$(206,705)
==================================================================================================
At April 30, 2009, the Fund had entered into various contracts that obligate
the Fund to deliver currencies at specified future dates. At the maturity of a
contract, the Fund must make delivery of the foreign currency. Alternatively,
prior to the settlement date of a settlement hedge, the Fund may close out such
contracts by entering into an offsetting hedge contract. At April 30, 2009, the
Fund's gross forward currency settlement contracts receivable and payable were
$19,096,573 and $19,087,200, respectively, resulting in a net receivable of
$9,373.
9. New Pronouncement
In March 2008, Statement of Financial Accounting Standards No. 161, Disclosures
about Derivative Instruments and Hedging Activities ("SFAS 161"), was issued
and is effective for fiscal years beginning after November 15, 2008. SFAS 161
requires enhanced disclosures about an entity's derivative and hedging
activities. Management is currently evaluating the impact the adoption of SFAS
161 will have on the Fund's financial statement disclosures.
60 Pioneer Global High Yield Fund | Semiannual Report | 4/30/09
Trustees, Officers and Service Providers
Trustees
John F. Cogan, Jr., Chairman
David R. Bock
Mary K. Bush
Benjamin M. Friedman
Margaret B.W. Graham
Daniel K. Kingsbury
Thomas J. Perna
Marguerite A. Piret
Stephen K. West
Officers
John F. Cogan, Jr., President
Daniel K. Kingsbury, Executive Vice President
Mark E. Bradley, Treasurer
Dorothy E. Bourassa, Secretary
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at pioneerinvestments.com. This information is also available on
the Securities and Exchange Commission's web site at http://www.sec.gov.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/09 61
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How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
- --------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Telecommunications Device for the Deaf (TDD) 1-800-225-1997
Write to us:
- --------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: www.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete statement of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 10(a), a copy of its code
of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller,
or persons performing similar functions, as an exhibit to its annual
report on this Form N-CSR;
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
- ---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
- ---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
- ---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
- ---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
- ----------------------- --------------------------- -----------------------------------------------
- ------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------- -------------------------
- ------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
- ------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
- ----------------------- --------------------------- -----------------------------------------------
- --------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
- ------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
- ----------------------- ------------------------- -----------------------------------------------
- ------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
- ------------------------------------------- ------------------------------
- --------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
- --------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees has
considered whether the provision of non-audit services that
were rendered to the Affiliates (as defined) that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.
Item 5. Audit Committee of Listed Registrants
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
Item 6. Schedule of Investments.
File Schedule I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment
Companies.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.
Not applicable to open-end management investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Series Trust VII
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date June 29, 2009
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date June 29, 2009
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date June 29, 2009
* Print the name and title of each signing officer under his or her signature.