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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)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: October 31
Date of reporting period: November 1, 2009 through April 30, 2010
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
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Semiannual Report | April 30, 2010
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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 8
Prices and Distributions 9
Performance Update 10
Comparing Ongoing Fund Expenses 13
Schedule of Investments 15
Financial Statements 30
Notes to Financial Statements 37
Approval of Investment Advisory Agreement 46
Trustees, Officers and Service Providers 50
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10 1
President's Letter
Dear Shareowner,
Stock and bond markets around the globe have begun to recover over the past
year from one of their most tumultuous periods in history. This is a welcome
relief, and we are generally optimistic about the prospects for the economy
going forward. Still, challenges remain. Unemployment is high; consumer demand
and loan growth are weak; and housing has not returned to normal.
At Pioneer, we have long advocated the benefits of investing for the long term.
This strategy has generally performed well for many investors. Those who
remained invested in the market during the downturn have most likely seen their
portfolios start to recover over the past year, as the Dow Jones Industrial
Average climbed back from the depressed levels we saw in early 2009. Many bond
investors have similarly seen a strong rebound, with a broad-based recovery
occurring across many different fixed-income asset classes. The riskiest asset
classes, such as high-yield bonds, outperformed other fixed-income asset
classes during most of 2009.
At Pioneer, we are not changing the approach to investing that we have used for
more than 80 years. We remain focused on company fundamentals and risk
management. Our investment process is based on careful research into individual
companies, 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 opportunities for making money in many corners
of the markets around the globe, it takes research and experience to separate
solid investment opportunities from speculation.
Following this difficult period, many investors are rethinking their approach
to investing and risk management. Some are questioning whether the basic
investment principles they were taught in the past are still useful in today's
markets. Complicating matters is that financial markets remain unpredictable.
Our advice, as always, is to work closely with a trusted financial advisor to
discuss your goals and work together to develop an investment strategy that
meets your individual needs. There is no single best strategy that works for
every investor.
2 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10
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. We greatly appreciate your trust in us and we thank
you for investing with Pioneer.
Sincerely,
/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 | 4/30/10 3
Portfolio Management Discussion | 4/30/10
Credit-sensitive fixed-income securities continued to perform positively in
global markets during the six months ended April 30, 2010. Growing unease about
fiscal problems in Europe, however, caused unusual changes in currency markets,
detracting from the performance of many investments denominated in the euro and
euro-linked currencies. In the following discussion, Mr. Charles Melchreit
discusses the performance of Pioneer Global Aggregate Bond Fund during the
six-month period ended April 30, 2010. Mr. Melchreit, a member of Pioneer's
fixed income team, manages the Fund along with Mr. Tanguy Le Saout, head of
government bonds and value-at-risk portfolios at Pioneer Investments, Europe.
Q How did the Fund perform during the six months ended April 30, 2010?
A Pioneer Global Aggregate Bond Fund Class A shares produced a total return of
-0.39% at net asset value during the six months ended April 30, 2010. Over
the same period, the Fund's benchmark, the Barclays Capital Global
Aggregate Bond Index (the Barclays Index), returned -1.56%. On April 30,
2010, the 30-day SEC yield of the Fund's Class A shares was 2.81%.
Q What were the principal factors affecting the Fund's performance during the
six-month period ended April 30, 2010?
A Growing investor sentiment that economies throughout the world were starting
to recover from recession fed confidence in credit-sensitive securities,
which tended to outperform sovereign government debt during most of the
six-month period. The trend favoring securities exposed to credit risk
appeared, however, to lose some momentum in the final weeks of the period.
Heightened volatility in the currency markets complicated the investment
environment as fiscal problems in Europe caused disruptions in normal
currency patterns. Government debt problems in Greece precipitated the
greatest fears, but deficits in Italy, Spain and Portugal also worried
investors. The euro, British pound sterling and other related currencies
performed poorly, while the U.S. dollar as well as the currencies of some
commodity-linked nations strengthened in global trading. The euro lost
11.4% of its value, relative to the U.S. dollar, during the six months
ended April 30, 2010.
Investment portfolios that were overweighted in the credit sectors tended
to fare relatively well during the period, especially if they emphasized
investments denominated in the U.S., Canadian or Australian dollars.
Higher-quality government securities typically trailed corporate debt,
especially as market interest rates started to increase when the continued
strengthening of global economies began leading to some apprehension that
4 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10
inflationary pressures could increase. With sentiment turning increasingly
negative about prospects in Europe, investments denominated in the euro
performed poorly. Securities denominated in the British pound also tended
to lag, both because of the United Kingdom's ties to the European economy
and because of political uncertainty related to the approaching elections
in the U.K.
The Fund's overweighted position in the credit sectors, combined with its
underweighting in the euro, contributed to its outperformance relative to
the Barclays Index benchmark over the six-month period.
Q On what areas of the market did you focus the Fund's investments during the
six months ended April 30, 2010?
A We maintained an overweight position for the Fund in the credit sectors, with
an emphasis on the United States, while underweighting Europe, Great
Britain and Japan, where we were less confident about prospects for strong
economic growth. The Fund had significant overweight positions in the U.S.
dollar as well as commodity-related currencies of nations such as
Australia, Canada and Norway. As of April 30, 2010, 57% of the Fund's
investments were denominated in the U.S. dollar, compared with a 41%
dollar-denominated weighting in the Barclays Index. The Fund had small
exposure to the currencies of Brazil and Turkey -- both of which
appreciated in value. We held the Fund's exposure to credit-sensitive
securities stable over the six months, but we did increase the Fund's
investments in inflation-linked securities. We also reduced the Fund's
exposure to the euro and the yen over the six-month period.
At the end of the six-month period, 22.2% of Fund assets were invested in
U.S. investment-grade corporates, with another 4.2% invested in domestic
high-yield corporate bonds. Foreign investment-grade debt represented 45.3%
of Fund assets, while mortgage-backed securities accounted for 20.5% of
assets. About half the Fund's mortgage allocation was invested in
government agency securities.
Q What types of securities most influenced the Fund's performance during the
six months ended April 30, 2010?
A The Fund's corporate bond and mortgage-backed security investments generally
performed well, with particularly strong results from debt issued by U.S.
financial companies, including investment bank Goldman Sachs, insurers
Liberty Mutual and American General and diversified banking corporation
Wells Fargo. The Fund's exposure to European government bonds proved to be
a drag on results, as even the securities issued by Germany, the strongest
economy in Europe, fell in value. We sold the Fund's small exposure to
Greek government bonds early in the six-month period, but that
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10 5
investment nevertheless proved to be a drag on the Fund's six-month
performance results. In addition, small Fund positions in Italy and Spain
detracted from performance.
Q What is your investment outlook?
A The outlook is uncertain. We continue to be concerned about the entire
European continent, even after the dramatic support extended to financially
troubled nations by the European Central Bank. We anticipate that the
government austerity programs that will be put into place will be a drag on
growth in the region. The euro is also likely to continue to be weak on
currency markets.
On the positive side, commodity-exporting nations such as Canada, Australia
and Norway should be areas of opportunity, and prospects in the domestic
market appear good. We believe the United States will continue to be
perceived as a safe haven for global investors, and we may consider
opportunistically adding to the Fund's domestic corporate bond holdings.
Corporate balance sheets in the United States are generally solid, and bond
valuations appear reasonable.
We may consider adding investments to the Fund in both sovereign government
and corporate bond holdings in selected emerging economies. Brazil looks
particularly appealing to us, as both government and corporate finances in
Brazil appear to be in solid condition.
Please refer to the Schedule of Investments on pages 15-29 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. 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.
6 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10
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.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10 7
Portfolio Summary | 4/30/10
Portfolio Diversification
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(As a percentage of total investment portfolio)
[The following data was represented as a pie chart in the printed material]
Foreign Government Bonds 36.1%
U.S. Corporate Bonds 34.5%
Collateralized Mortgage Obligations 12.8%
U.S. Government Securities 12.4%
Asset Backed Securities 2.5%
Municipal Bonds 1.1%
Convertible Corporate Bonds 0.4%
Preferred Stock 0.2%
10 Largest Holdings
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(As a percentage of total debt holdings)*
1. Japan Government 5-Year, 1.2%, 3/20/12 3.47%
2. Federal National Mortgage Association, 6.5%, 4/1/38 2.87
3. Bundesrepublik Deutschland, 6.5%, 7/4/27 2.37
4. Japan Government 10-Year, 1.7%, 9/20/16 1.96
5. Canada Housing Trust, 3.55%, 9/15/13 1.96
6. U.S. Treasury Inflation Notes, 2.5%, 1/15/29 1.94
7. Federal Home Loan Mortgage Corp., 6.5%, 8/1/37 1.88
8. France Government Bonds, 3.0%, 10/25/15 1.78
9. Japan Government 20-Year, 1.5%, 3/20/19 1.62
10. Bonos Y Oblig Del Es, 4.4%, 1/31/15 1.57
* 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.
8 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10
Prices and Distributions | 4/30/10
Net Asset Value per Share
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Class 4/30/10 10/31/09
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A $ 10.58 $ 10.84
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C $ 10.57 $ 10.82
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Y $ 10.61 $ 10.85
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Distributions per Share: 11/1/09-4/30/10
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Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
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A $0.2174 $ -- $ --
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C $0.1691 $ -- $ --
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Y $0.2187 $ -- $ --
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Index Definitions
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The Barclays Capital 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 10-12.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10 9
Performance Update | 4/30/10 Class A Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Global Aggregate Bond Fund at public offering price,
compared to that of the Barclays Capital Global Aggregate Bond Index.
Average Annual Total Returns
(As of April 30, 2010)
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Net Asset Public Offering
Period Value (NAV) Price (POP)
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Life-of-Class
(12/28/07) 6.08% 4.02%
1 Year 14.25 9.14
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Expense Ratio
(Per prospectus dated March 1, 2010)
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Gross Net
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2.90% 1.00%
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[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global Barclays Capital Growth
Aggregate Bond Fund Aggregate Bond Index
12/07 9,550 10,000
4/08 9,982 10,460
4/09 9,646 10,229
4/10 11,020 11,176
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 4.50% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects 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.
10 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10
Performance Update | 4/30/10 Class C Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Global Aggregate Bond Fund, compared to that of the
Barclays Capital Global Aggregate Bond Index.
Average Annual Total Returns
(As of April 30, 2010)
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If If
Period Held Redeemed
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Life-of-Class
(12/28/07) 5.17% 5.17%
1 Year 13.37 13.37
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Expense Ratio
(Per prospectus dated March 1, 2010)
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Gross Net
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3.57% 1.90%
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[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global Barclays Capital Growth
Aggregate Bond Fund Aggregate Bond Index
12/07 10,000 10,000
4/08 10,429 10,460
4/09 9,976 10,229
4/10 11,309 11,176
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 3/1/11 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 Aggregate Bond Fund | Semiannual Report | 4/30/10 11
Performance Update | 4/30/10 Class Y Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Global Aggregate Bond Fund, compared to that of the
Barclays Capital Global Aggregate Bond Index.
Average Annual Total Returns
(As of April 30, 2010)
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If If
Period Held Redeemed
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Life-of-Class
(12/28/07) 6.24% 6.24%
1 Year 14.57 14.57
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Expense Ratio
(Per prospectus dated March 1, 2010)
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Gross Net
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2.48% 2.48%
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[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global Barclays Capital Growth
Aggregate Bond Fund Aggregate Bond Index
12/07 10,000 10,000
4/08 10,455 10,460
4/09 10,108 10,229
4/10 11,581 11,176
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.
12 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10
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
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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, 2009 through April 30, 2010.
- --------------------------------------------------------------------------------
Share Class A C Y
- --------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 11/1/09
- --------------------------------------------------------------------------------
Ending Account Value $ 996.10 $ 992.50 $ 998.10
(after expenses) on 4/30/10
- --------------------------------------------------------------------------------
Expenses Paid $ 4.95 $ 9.39 $ 3.67
During Period*
- --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.00%, 1.90%,
and 0.74% for Class A, Class C, and Class Y shares, respectively, multiplied
by the average account value over the period, multiplied by 181/365 (to
reflect the one-half year period).
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10 13
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Global Aggregate Bond Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from November 1, 2009 through April 30, 2010.
- --------------------------------------------------------------------------------
Share Class A C Y
- --------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 11/1/09
- --------------------------------------------------------------------------------
Ending Account Value $1,019.84 $1,015.37 $1,021.12
(after expenses) on 4/30/10
- --------------------------------------------------------------------------------
Expenses Paid $ 5.01 $ 9.49 $ 3.71
During Period*
- --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.00%, 1.90%,
and 0.74% for Class A, Class C, and Class Y shares, respectively, multiplied
by the average account value over the period, multiplied by 181/365 (to
reflect the one-half year period).
14 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10
Schedule of Investments | 4/30/10 (unaudited)
- ---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
- ---------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 0.4%
ENERGY -- 0.2%
Coal & Consumable Fuels -- 0.1%
20,000 BB-/NR Massey Energy Co., 3.25%, 8/1/15 $ 16,825
- ---------------------------------------------------------------------------------------------------------
Oil & Gas Drilling -- 0.1%
10,000 BBB+/Baa2 Transocean Sedco, 1.625%, 12/15/37 $ 9,813
-----------
Total Energy $ 26,638
- ---------------------------------------------------------------------------------------------------------
BANKS -- 0.2%
Regional Banks -- 0.2%
20,000 A/A3 National City Corp., 4.0%, 2/1/11 $ 20,300
-----------
Total Banks $ 20,300
- ---------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $40,328) $ 46,938
- ---------------------------------------------------------------------------------------------------------
Shares
- ---------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 0.2%
DIVERSIFIED FINANCIALS -- 0.2%
Diversified Financial Services -- 0.2%
25 Bank of America Corp., 7.25%, 12/31/49 $ 24,550
-----------
Total Diversified Financials $ 24,550
- ---------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $20,367) $ 24,550
- ---------------------------------------------------------------------------------------------------------
Principal
Amount ($)
- ---------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 2.3%
MATERIALS -- 0.1%
Steel -- 0.1%
11,324 0.61 AAA/Aaa New Century Home Equity Loan, Floating
Rate Note, 3/25/35 $ 10,931
-----------
Total Materials $ 10,931
- ---------------------------------------------------------------------------------------------------------
BANKS -- 2.0%
Diversified Banks -- 0.2%
28,536 0.35 AAA/Aaa Wells Fargo Home Equity, Floating Rate
Note, 4/25/37 $ 27,652
- ---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 1.8%
12,821 BBB/Baa3 Citigroup Mortgage Loan Trust, 0.34606%,
1/25/37 $ 12,280
6,243 0.36 AAA/Aa3 Citigroup Mortgage Loan Trust, Floating
Rate Note, 10/25/36 6,188
26,600 0.63 AAA/Baa2 Countrywide Asset Backed Certificates,
Floating Rate Note, 1/25/36 23,336
25,000 0.74 AA+/A3 Countrywide Asset Backed Certificates,
Floating Rate Note, 11/25/35 23,019
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10 15
Schedule of Investments | 4/30/10 (unaudited) (continued)
- ---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
- ---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
29,103 5.07 AAA/Ba2 Countrywide Asset Backed Certificates,
Floating Rate Note, 12/25/35 $ 28,249
34,215 5.56 AAA/Aaa CRMSI 2006-2 A3, Floating Rate Note,
9/25/36 33,678
23,440 0.54 AAA/NR First Franklin Mortgage Loan Asset Backed
Certificates, Floating Rate Note, 10/25/35 23,012
2,253 0.52 AAA/Aa2 GSAMP Trust, Floating Rate Note,
11/25/35 2,216
10,712 0.69 A/A2 GSAMP Trust, Floating Rate Note, 3/25/35 10,482
15,510 0.64 AAA/Aa1 GSAMP Trust, Floating Rate Note, 9/25/35 15,076
9,673 0.30 AAA/Aaa Morgan Stanley ABS Capital, Inc., Floating
Rate Note, 10/25/36 9,548
5,803 0.32 B/A2 Morgan Stanley ABS Capital, Inc., Floating
Rate Note, 12/25/36 5,532
1,256 A-/Aa2 Morgan Stanley Ixis Real Estate, 1.445%,
11/25/36 1,227
20,000 0.67 AA+/A3 RASC 2005-KS7 M1, Floating Rate Note,
8/25/35 15,833
13,492 0.51 BB/Baa1 SASC 2007-BC4 A3, Floating Rate Note,
11/25/37 12,896
-----------
$ 222,572
-----------
Total Banks $ 250,224
- ---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Diversified Financial Services -- 0.2%
21,612 AA/NR DT Auto Owner Trust, 5.92%, 10/15/15 $ 21,630
-----------
Total Diversified Financials $ 21,630
- ---------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $275,939) $ 282,785
- ---------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 12.3%
MATERIALS -- 0.6%
Forest Products -- 0.4%
50,000 AAA/Aa1 TSTAR 2006-1A A, 5.668%, 10/15/36 $ 51,175
- ---------------------------------------------------------------------------------------------------------
Steel -- 0.2%
18,832 AAA/Aaa GMAC Mortgage Corp. Loan Trust, 5.5%,
11/25/33 $ 19,309
-----------
Total Materials $ 70,484
- ---------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.2%
Diversified Support Services -- 0.2%
23,086 AAA/NR CW Capital Cobalt, Ltd., 5.174%,
8/15/48 $ 23,836
-----------
Total Commercial Services & Supplies $ 23,836
- ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10
- ------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
- ------------------------------------------------------------------------------------------------------
BANKS -- 8.0%
Thrifts & Mortgage Finance -- 8.0%
31,015 NR/Aaa Banc of America Alternative Loan Trust,
5.0%, 7/25/19 $ 31,185
20,420 NR/Aaa Banc of America Alternative Loan Trust,
5.5%, 9/25/33 20,589
33,824 AAA/NR Banc of America Funding Corp., 5.5%,
1/25/36 32,920
48,859 AAA/Aaa Bear Stearns Adjustable Rate Mortgage,
4.754%, 10/25/33 49,206
25,000 AAA/Aaa Citigroup Commercial Mortgage, 4.639%,
5/15/43 25,641
13,530 NR/Aaa Citigroup Commercial Mortgage, 5.273%,
10/15/49 13,795
11,049 AAA/AAA Countrywide Alternative Loan Trust, 5.0%,
7/25/18 11,154
33,995 AAA/A1 Countrywide Alternative Loan Trust, 5.0%,
8/25/19 34,181
20,499 AAA/Aa1 Countrywide Alternative Loan Trust, 5.5%,
4/25/34 20,153
10,596 AAA/Aaa CWHL 2004-5 1A1, 5.0%, 6/25/34 10,600
8,153 NR/Aaa DLJ Commercial Mortgage Corp., 7.18%,
11/10/33 8,193
25,000 AAA/Aaa GS Mortgage Securities Corp. II, 7.12%,
11/18/29 26,887
15,000 AAA/Aaa JPMCC 2002-C3 B, 5.146%, 7/12/35 15,369
40,833 AAA/Aaa JPMCC 2004-CB8 A1A, 4.158%, 1/12/39 40,937
28,812 AAA/Aa3 JPMorgan Mortgage Trust, 6.0%, 8/25/34 28,744
35,785 AAA/NR Master Alternative Loans Trust, 4.5%,
1/25/15 35,053
19,759 AA/NR Master Alternative Loans Trust, 5.5%,
10/25/19 19,830
38,346 AAA/AAA Master Alternative Loans Trust, 6.0%,
7/25/34 36,339
26,178 AAA/Aaa Merrill Lynch Mortgage Trust, 4.556%,
6/12/43 26,216
15,587 BBB/Baa1 RAAC Series, 6.0%, 1/25/32 14,771
25,000 NR/Ba1 SBA CMBS Trust, 6.709%, 11/15/36 25,949
7,482,845 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust, 0.015222%, 6/15/45 12,362
101,302 AAA/Aaa Wachovia Bank Commercial Mortgage,
4.368%, 8/15/41 103,263
50,000 AAA/Aaa Wachovia Bank Commercial Mortgage,
4.957%, 8/15/35 50,875
50,000 AAA/Aaa Wachovia Bank Commercial Mortgage,
5.416%, 1/15/45 50,845
25,000 AAA/Baa1 WAMU 2003-S1 A5, 5.5%, 4/25/33 24,959
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10 17
Schedule of Investments | 4/30/10 (unaudited) (continued)
- ------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
- ------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
11,015 BB/NR WaMu Mortgage Pass-Through,
4.82069%, 9/25/35 $ 11,077
20,509 0.49 AAA/Aa1 WaMu Mortgage Pass-Through, Floating
Rate Note, 4/25/45 17,181
51,518 AAA/A1 Wells Fargo Mortgage Backed Securities,
5.0%, 11/25/36 52,533
19,416 NR/B2 Wells Fargo Mortgage Backed Securities,
5.0%, 3/25/21 18,992
24,074 AAA/NR Wells Fargo Mortgage Backed Securities,
5.25%, 8/25/33 24,007
21,025 A/A3 Wells Fargo Mortgage Backed Securities,
5.5%, 10/25/35 20,206
6,559 NR/Ba2 Wells Fargo Mortgage Backed Securities,
5.5%, 11/25/35 6,309
21,846 3.13 AAA/Aaa Wells Fargo Mortgage Backed Securities,
Floating Rate Note, 9/25/34 21,938
17,827 4.55 AAA/Aaa WFMBS 2003-N-1A1, Floating Rate Note,
12/25/33 18,126
-----------
$ 960,385
-----------
Total Banks $ 960,385
- ------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.5%
Diversified Financial Services -- 2.3%
33,000 AAA/NR Banc of America Mortgage Securities,
5.0%, 8/25/33 $ 33,180
9,208 AAA/NR Banc of America Mortgage Securities,
5.75%, 1/25/35 9,279
17,357 5.13 AAA/NR Banc of America Mortgage Securities,
Floating Rate Note, 9/25/35 17,179
13,581 NR/A2 CMSI 2006-1 3A1, 5.0%, 2/25/36 13,003
29,464 CCC/Ba2 RALI 2005-QA10 A41, 5.7412%,
9/25/35 22,102
14,127 NR/Aa1 Residential Accredit Loans, Inc., 5.0%,
3/25/19 13,785
28,027 NR/Aaa Residential Accredit Loans, Inc., 5.0%,
8/25/18 28,495
61,198 NR/Aaa Residential Accredit, 5.0%, 5/25/19 61,755
23,766 0.81 AAA/Aa2 Residential Accredit, Floating Rate Note,
1/25/34 22,256
64,517 0.81 AAA/Aa2 Residential Accredit, Floating Rate Note,
10/25/17 62,299
-----------
$ 283,333
- ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10
- ------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
- ------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.2%
18,467 AAA/Aaa Banc of America Comm, 4.05%, 11/10/38 $ 18,779
1,332,987 AAA/Aaa MSDWC 2000-1345 X, 0.7259%, 9/3/15 1,466
-----------
$ 20,245
-----------
Total Diversified Financials $ 303,578
- ------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.4%
Mortgage Real Estate Investment Trusts -- 0.4%
31,009 AA+/Aa2 Credit Suisse First Boston Mortgage
Securities, Floating Rate Note, 12/25/33 $ 29,426
23,803 AAA/Aaa Credit Suisse First Boston Mortgage
Securities, 3.5%, 7/25/18 22,968
-----------
$ 52,394
-----------
Total Real Estate $ 52,394
- ------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.6%
Government -- 0.6%
14,541 AAA/Aaa Fannie Mae Remics, 0.58125%, 9/25/20 $ 14,531
50,000 AAA/Aaa FHR 3211 PB, 5.5%, 2/15/33 53,487
-----------
$ 68,018
-----------
Total Government $ 68,018
- ------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS
(Cost $1,468,281) $ 1,478,695
- ------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 33.3%
ENERGY -- 3.8%
Integrated Oil & Gas -- 0.2%
25,000 BBB+/Baa1 Marathon Oil Corp., 5.9%, 3/15/18 $ 27,196
- ------------------------------------------------------------------------------------------------------
Oil & Gas Drilling -- 0.4%
50,000 BBB+/Baa2 Transocean Sedco, 1.5%, 12/15/37 $ 48,250
- ------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.3%
25,000 BBB/Baa1 Weatherford International, Ltd., 9.625%,
3/1/19 $ 32,332
- ------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.5%
10,000 BBB/Baa2 Canadian Natural Resources, 5.9%,
2/1/18 $ 11,049
50,000 BB/Ba3 Chesapeake Energy Corp., 9.5%, 2/15/15 54,813
-----------
$ 65,862
- ------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.8%
40,000 A/A2 Motiva Enterprises LLC, 5.75%,
1/15/20 (144A) $ 42,878
25,000 BBB/Baa2 Spectra Energy Capital, 6.2%, 4/15/18 27,429
20,000 BBB/Baa2 Valero Energy Corp., 9.375%, 3/15/19 24,534
-----------
$ 94,841
- ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10 19
Schedule of Investments | 4/30/10 (unaudited) (continued)
- ---------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
- ---------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.6%
25,000 BBB/Baa2 Buckeye Partners LP, 6.05%, 1/15/18 $ 26,883
25,000 BBB/Baa2 DCP Midstream, 9.75%, 3/15/19 32,553
40,000 BB/Ba1 Enterprise Products Operating, 7.0%,
6/1/67 37,600
10,000 BBB/Baa2 Kinder Morgan Energy, 5.95%, 2/15/18 10,937
30,000 BBB-/Baa3 NGPL Pipeco LLC, 6.514%,
12/15/12 (144A) 32,963
25,000 BBB-/Baa3 Plains All America Pipeline, 6.125%,
1/15/17 27,243
10,000 BBB+/A3 Questar Pipeline Co., 5.83%, 2/1/18 10,865
10,000 BBB/Baa2 Spectra Energy Capital LLC, 6.75%,
7/15/18 11,057
-----------
$ 190,101
-----------
Total Energy $ 458,582
- ---------------------------------------------------------------------------------------------------
MATERIALS -- 1.7%
Commodity Chemicals -- 0.2%
20,000 B+/B1 Nova Chemicals Corp., 8.375%,
11/1/16 (144A) $ 20,750
- ---------------------------------------------------------------------------------------------------
Construction Materials -- 0.0%
5,000 BBB/Baa2 Holcim, Ltd., 6.0%, 12/30/19 (144A) $ 5,382
- ---------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.2%
25,000 BBB+/Baa1 Rio Tinto Finance Plc, 8.95%, 5/1/14 $ 30,290
- ---------------------------------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 0.6%
40,000 BBB/Baa2 Agrium, Inc., 6.75%, 1/15/19 $ 45,515
25,000 BB+/B1 CF Industries Holdings, Inc., 6.875%,
5/1/18 26,063
-----------
$ 71,578
- ---------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.3%
25,000 BBB-/Baa3 Cytec Industries, Inc., 8.95%, 7/1/17 $ 30,561
- ---------------------------------------------------------------------------------------------------
Steel -- 0.4%
30,000 BBB/Baa3 ArcelorMittal, 6.125%, 6/1/18 $ 32,340
10,000 BBB-/Baa2 Commercial Metals Co., 7.35%, 8/15/18 10,628
-----------
$ 42,968
-----------
Total Materials $ 201,529
- ---------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.9%
Aerospace & Defense -- 0.3%
10,000 BB/Ba3 DigitalGlobe, Inc., 10.5%, 5/1/14 $ 10,950
30,000 BB/Ba2 Esterline Tech, 6.625%, 3/1/17 29,775
-----------
$ 40,725
- ---------------------------------------------------------------------------------------------------
Building Products -- 0.5%
55,000 BBB/Ba2 Masco Corp., 7.125%, 3/15/20 $ 56,420
- ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10
- ------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
- ------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 0.1%
10,000 BBB/Baa3 Cummins, Inc., 6.75%, 2/15/27 $ 9,969
- ------------------------------------------------------------------------------------------------------
Electrical Component & Equipment -- 0.2%
25,000 B+/Ba2 Belden CDT, Inc., 7.0%, 3/15/17 $ 24,625
- ------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.1%
10,000 A-/Baa1 Tyco International Finance SA, 8.5%,
1/15/19 $ 12,685
- ------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.3%
15,000 BBB+/Baa1 Ingersoll-Rand Global Holdings, 9.5%,
4/15/14 $ 18,391
20,000 BBB-/Ba1 Valmont Industries, Inc., 6.625%,
4/20/20 20,608
-----------
$ 38,999
- ------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.4%
40,000 BBB+/Baa1 GATX Financial Corp., 6.0%, 2/15/18 $ 40,765
-----------
Total Capital Goods $ 224,188
- ------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.2%
Office Services & Supplies -- 0.2%
25,000 A/A1 Pitney Bowes, Inc., 5.6%, 3/15/18 $ 26,741
-----------
Total Commercial Services & Supplies $ 26,741
- ------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.7%
Railroads -- 0.7%
25,000 BBB+/A3 Burlington Northern Santa Fe Corp.,
5.75%, 3/15/18 $ 27,246
50,000 BBB/Baa2 Union Pacific Corp., 5.7%, 8/15/18 53,893
-----------
$ 81,139
-----------
Total Transportation $ 81,139
- ------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.2%
Household Appliances -- 0.2%
25,000 BBB-/Baa3 Whirlpool Corp., 5.5%, 3/1/13 $ 26,521
-----------
Total Consumer Durables & Apparel $ 26,521
- ------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.9%
Casinos & Gaming -- 0.3%
25,000 BBB/Baa2 International Game Technology, 7.5%,
6/15/19 $ 29,109
- ------------------------------------------------------------------------------------------------------
Education Services -- 0.6%
30,000 AAA/Aaa Leland Stanford Junior University, 4.75%,
5/1/19 $ 31,546
40,000 AAA/Aaa President & Fellows of Harvard, 3.7%,
4/1/13 42,142
-----------
$ 73,688
-----------
Total Consumer Services $ 102,797
- ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10 21
Schedule of Investments | 4/30/10 (unaudited) (continued)
- ------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
- ------------------------------------------------------------------------------------------------------
MEDIA -- 0.7%
Broadcasting -- 0.3%
5,000 BBB+/Baa1 News America, Inc., 5.65%, 8/15/20 $ 5,366
27,693 CCC/Caa2 Univision Communications, 9.75%,
3/15/15 (144A) PIK 25,131
-----------
$ 30,497
- ------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.4%
25,000 BBB+/Baa1 British Sky Broadcasting, 6.1%,
2/15/18 (144A) $ 27,357
10,000 BBB/Baa2 Time Warner Cable, Inc., 8.25%, 4/1/19 12,223
5,000 BBB/Baa2 Time Warner Cable, Inc., 8.75%, 2/14/19 6,265
-----------
$ 45,845
-----------
Total Media $ 76,342
- ------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.8%
Brewers -- 0.2%
20,000 BBB+/Baa2 Anheuser-Busch InBev Worldwide, Inc.,
7.75%, 1/15/19 (144A) $ 24,073
- ------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.4%
45,000 BBB-/Baa2 Kraft Foods, Inc., 6.5%, 2/9/40 $ 48,428
- ------------------------------------------------------------------------------------------------------
Tobacco -- 0.2%
25,000 BBB/Baa1 UST, Inc., 5.75%, 3/1/18 $ 25,129
-----------
Total Food, Beverage & Tobacco $ 97,630
- ------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.1%
Health Care Facilities -- 0.1%
10,000 BB/Ba3 HCA, Inc., 8.5%, 4/15/19 $ 10,988
5,000 BB-/B2 HCA, Inc., 9.125%, 11/15/14 5,319
-----------
$ 16,307
-----------
Total Health Care Equipment & Services $ 16,307
- ------------------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 0.2%
Biotechnology -- 0.2%
25,000 BBB+/Baa3 Biogen Idec, Inc., 6.0%, 3/1/13 $ 27,279
-----------
Total Pharmaceuticals & Biotechnology $ 27,279
- ------------------------------------------------------------------------------------------------------
BANKS -- 6.3%
Diversified Banks -- 4.5%
80,000 5.18 AA-/Aa3 BNP Paribas SA, Floating Rate Note,
10/17/16 $ 104,558
80,000 5.16 A/A1 DNB NOR Bank ASA, Floating Rate Note,
9/28/15 103,470
100,000 5.22 A/Aa3 Intesa Sanpaolo S.p.A., Floating Rate
Note, 2/8/16 132,625
85,000 AAA/Aaa International Bank Recon & Development,
5.75%, 10/21/19 75,694
40,000 AAA/Aaa Rabobank Nederland NV, 0.0%, 3/3/15 16,148
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10
- -----------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
- -----------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
80,000 3.63 A-/A3 Standard Chartered, Floating Rate Note,
2/3/17 $ 107,498
-----------
$ 539,993
- -----------------------------------------------------------------------------------------------------------
Regional Banks -- 1.8%
25,000 BBB+/A3 KeyBank NA, 5.8%, 7/1/14 $ 26,520
15,000 BBB+/Baa1 Keycorp, 6.5%, 5/14/13 16,322
25,000 A+/Aa3 Mellon Funding Corp., 5.5%, 11/15/18 26,227
65,000 8.25 BBB/Baa3 PNC Funding Corp., Floating Rate Note,
5/29/49 68,992
20,000 AA-/Aa3 Wachovia Bank NA, 6.0%, 11/15/17 21,690
50,000 7.70 A-/Ba1 Wells Fargo & Co., Floating Rate Note,
12/29/49 52,000
-----------
$ 211,751
-----------
Total Banks $ 751,744
- -----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 5.2%
Asset Management & Custody Banks -- 0.2%
25,000 A-/A3 Eaton Vance Corp., 6.5%, 10/2/17 $ 27,816
- -----------------------------------------------------------------------------------------------------------
Consumer Finance -- 1.2%
30,000 B/B2 American General Finance,
6.9%, 12/15/17 $ 25,188
35,000 A+/A1 America Honda Finance,
6.7%, 10/1/13 (144A) 39,082
40,000 BB/Baa3 Capital One Capital VI, 8.875%, 5/15/40 44,413
25,000 A/A2 Caterpillar Financial, 7.05%, 10/1/18 29,414
10,000 BBB/Baa2 Nissan Motor Acceptance Corp., 4.5%,
1/30/15 (144A) 10,097
-----------
$ 148,194
- -----------------------------------------------------------------------------------------------------------
Diversified Financial Services -- 1.3%
35,000 BBB-/Baa3 AngloGold Ashanti Holdings, 5.375%,
4/15/20 $ 35,386
65,000 AAA/Aaa European Investment Bank, 0.0%, 3/2/15 26,678
15,000 AA+/Aa2 General Electric Capital Corp., 4.0%, 2/15/12 15,390
25,000 A+/Aa3 JPMorgan Chase & Co., 6.0%, 1/15/18 26,956
50,000 BBB+/Baa1 JPMorgan Chase & Co., 7.9%, 4/29/49 52,513
-----------
$ 156,923
- -----------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 1.7%
110,000 5.79 BBB/Baa2 Goldman Sachs Capital, Floating Rate
Note, 12/29/49 $ 87,038
10,000 A-/A2 Macquarie Group, Ltd., 6.0%, 1/14/20 10,212
50,000 A/A2 Merrill Lynch & Co., 5.45%, 2/5/13 53,179
45,000 A/A2 Morgan Stanley Dean Witter,
6.625%, 4/1/18 47,711
-----------
$ 198,140
- -----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10 23
Schedule of Investments | 4/30/10 (unaudited) (continued)
- -----------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
- -----------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.8%
41,000 BBB/Baa3 Cantor Fitzgerald LP, 7.875%, 10/15/19 $ 41,587
46,627 NR/Ba1 Coso Geothermal Power Holdings, 7.0%,
7/15/26 (144A) 44,564
10,000 A+/A1 National Rural Utilities Corp., 5.45%,
2/1/18 10,776
-----------
$ 96,927
-----------
Total Diversified Financials $ 628,000
- -----------------------------------------------------------------------------------------------------------
INSURANCE -- 3.9%
Insurance Brokers -- 0.2%
25,000 BB+/B1 Leucadia National, 7.125%,
3/15/17 (144A) $ 24,750
- -----------------------------------------------------------------------------------------------------------
Life & Health Insurance -- 1.5%
35,000 BBB/Baa3 Delphi Financial Group, Inc., 7.875%,
1/31/20 $ 37,615
15,000 A-/Baa2 Lincoln National Corp., 8.75%, 7/1/19 18,711
35,000 BBB/Baa2 MetLife, Inc., 10.75%, 8/1/39 45,092
45,000 A-/Baa2 Protective Life Corp., 7.375%, 10/15/19 49,066
25,000 A/Baa2 Prudential Financial, 5.15%, 1/15/13 26,611
-----------
$ 177,095
- -----------------------------------------------------------------------------------------------------------
Multi-Line Insurance -- 1.2%
80,000 6.75 BBB+/A3 AXA SA, Floating Rate Note, 12/15/20 $ 107,672
45,000 7.00 BB/Baa3 Liberty Mutual Group, 7.0%,
3/15/37 (144A) 39,881
-----------
$ 147,553
- -----------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.6%
50,000 BBB-/Baa3 The Hanover Insurance Group, Inc., 7.5%,
3/1/20 $ 52,431
25,000 BB-/Ba1 The Hanover Insurance Group, Inc.,
8.207%, 2/3/27 23,313
-----------
$ 75,744
- -----------------------------------------------------------------------------------------------------------
Reinsurance -- 0.4%
40,000 BBB+/BBB+ Platinum Underwriters HD, 7.5%, 6/1/17 $ 43,531
-----------
Total Insurance $ 468,673
- -----------------------------------------------------------------------------------------------------------
REAL ESTATE -- 2.5%
Diversified Real Estate Activities -- 0.3%
35,000 A-/A2 WEA Finance LLC, 7.125%, 4/15/18 $ 39,554
- -----------------------------------------------------------------------------------------------------------
Diversified Real Estate Investment Trusts -- 0.5%
40,000 BBB+/Baa1 Dexus Finance Pty, Ltd., 7.125%,
10/15/14 $ 44,201
10,000 BBB/Baa2 Digital Realty Trust LP, 5.875%, 2/1/20
(144A) 10,046
-----------
$ 54,247
- -----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10
- ----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
- ----------------------------------------------------------------------------------------------------
Office Real Estate Investment Trusts -- 0.2%
25,000 BBB/Baa2 Mack-Cali Realty LP, 5.125%, 2/15/14 $ 25,315
- ----------------------------------------------------------------------------------------------------
Retail Real Estate Investment Trusts -- 0.3%
35,000 BB/Baa3 Developers Diversified Realty, 7.5%,
4/1/17 $ 36,352
- ----------------------------------------------------------------------------------------------------
Specialized Real Estate Investment Trusts -- 1.2%
10,000 BBB-/Baa2 Health Care REIT, Inc., 6.2%, 6/1/16 $ 10,744
25,000 BBB-/Baa3 Healthcare Realty Trust, Inc., 6.5%,
1/17/17 26,179
25,000 BBB/Baa2 Hospitality Properties Trust, 7.875%,
8/15/14 27,535
45,000 BBB-/Ba1 Senior Housing Properties Trust, 6.75%,
4/15/20 44,550
35,000 BBB-/Baa3 Ventas Realty L /V, 6.5%, 6/1/16 36,138
-----------
$ 145,146
-----------
Total Real Estate $ 300,614
- ----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.9%
Data Processing & Outsourced Services -- 0.3%
40,000 B-/Caa1 First Data Corp., 9.875%, 9/24/15 $ 36,600
- ----------------------------------------------------------------------------------------------------
Internet Software & Services -- 0.6%
45,000 NR/A2 GTP Towers Issuer LLC, 4.436%,
2/15/15 (144A) $ 45,530
25,000 B-/B1 Terremark Worldwide, Inc., 12.0%,
6/15/17 28,750
-----------
$ 74,280
-----------
Total Software & Services $ 110,880
- ----------------------------------------------------------------------------------------------------
SEMICONDUCTORS -- 0.2%
Semiconductor Equipment -- 0.2%
25,000 BBB/Baa1 Klac Instruments Corp., 6.9%, 5/1/18 $ 27,646
-----------
Total Semiconductors $ 27,646
- ----------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.7%
Alternative Carriers -- 0.1%
10,000 CCC+/Caa1 Paetec Holdings, 9.5%, 7/15/15 $ 10,188
- ----------------------------------------------------------------------------------------------------
Integrated Telecommunication Services -- 1.3%
40,000 BBB+/Baa1 Deutsche Telekom AG, 3.75%, 4/22/14 $ 39,595
20,000 BBB-/Baa3 Embarq Corp., 7.082%, 6/1/16 22,057
20,000 A-/A1 Qtel International FIN, Ltd., 6.5%,
6/10/14 21,807
50,000 A-/Baa1 Telefonica Emisiones SAU, 5.496%,
4/1/16 73,088
-----------
$ 156,547
- ----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10 25
Schedule of Investments | 4/30/10 (unaudited) (continued)
- ----------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
- ----------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.3%
35,000 B+/Ba2 Cricket Communications, Inc., 7.75%,
5/15/16 $ 36,313
-----------
Total Telecommunication Services $ 203,048
- ----------------------------------------------------------------------------------------------------------
UTILITIES -- 1.4%
Electric Utilities -- 1.1%
10,000 BBB+/Baa1 CenterPoint Energy Houston Electric LLC,
7.0%, 3/1/14 $ 11,408
10,000 A-/Baa1 Commonwealth Edison Co., 6.15%, 9/15/17 11,182
25,000 BBB/Baa3 Commonwealth Edison Co., 6.95%, 7/15/18 28,675
25,000 BBB+/Baa2 NY State Gas and Electric, 6.15%,
12/15/17 (144A) 25,668
35,000 BB+/Baa3 Public Service of New Mexico, 7.95%,
5/15/18 37,344
10,000 BBB+/A3 West Penn Power Co., 5.95%, 12/15/17 10,363
-----------
$ 124,640
- ----------------------------------------------------------------------------------------------------------
Independent Power Producer & Energy Traders -- 0.3%
39,803 BBB-/Baa3 Panoche Energy Center LLC, 6.88%,
7/31/29 (144A) $ 39,932
-----------
Total Utilities $ 164,572
- ----------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $3,715,137) $ 3,994,232
- ----------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 11.9%
145,928 AAA/Aaa Federal Home Loan Mortgage Corp., 6.5%,
1/1/38 $ 158,477
202,927 AAA/Aaa Federal Home Loan Mortgage Corp., 6.5%,
8/1/37 217,555
306,171 AAA/Aaa Federal National Mortgage Association,
6.5%, 4/1/38 332,338
25,000 AAA/Aaa U.S. Treasury Bonds, 6.25%, 8/15/23 30,578
55,714 AAA/Aaa U.S. Treasury Inflation Notes, 1.875%,
7/15/15 59,688
201,900 AAA/Aaa U.S. Treasury Inflation Notes, 2.5%, 1/15/29 223,794
100,000 AAA/Aaa U.S. Treasury Notes, 1.25%, 11/30/10 100,543
50,000 AAA/Aaa U.S. Treasury Notes, 3.0%, 9/30/16 50,074
100,000 AAA/Aaa U.S. Treasury Notes, 3.125%, 5/15/19 96,617
30,000 AAA/Aaa U.S. Treasury Notes, 4.25%, 5/15/39 28,645
60,000 AAA/Aaa U.S. Treasury Notes, 4.5%, 2/15/36 60,319
10,000 AAA/Aaa U.S. Treasury Notes, 4.5%, 5/15/38 9,997
60,000 AAA/Aaa U.S. Treasury Notes, 4.5%, 8/15/39 59,700
-----------
$ 1,428,325
- ----------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $1,385,708) $ 1,428,325
- ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10
- -------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
- -------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 34.8%
EURO 50,000 AAA/Aaa Austria Government Bonds, 4.15%,
3/15/37 $ 67,960
EURO 25,000 AA+/Aa1 Belgium Government Bonds, 5.5%,
3/28/28 39,776
EURO 129,000 AA/Aaa Bonos Y Oblig Del Es, 4.4%, 1/31/15 181,829
EURO 100,000 AAA/NR Bundesobligation, 2.5%, 10/10/14 137,233
EURO 100,000 AAA/NR Bundesrepublik Deutschland, 3.25%,
1/4/20 136,294
EURO 150,000 AAA/Aaa Bundesrepublik Deutschland, 6.5%,
7/4/27 274,417
EURO 110,000 A+/Aa2 Buoni Poliennali DE, 4.75%, 2/1/13 156,813
CAD 25,000 AAA/Aaa Canada Housing Trust No. 1, 3.75%,
3/15/20 24,113
CAD 225,000 AAA/Aaa Canada Housing Trust, 3.55%, 9/15/13 226,268
DKK 100,000 AAA/Aaa Denmark Government Bonds, 4.0%,
11/15/10 18,170
DKK 170,000 AAA/Aaa Denmark Government Bonds, 4.0%,
11/15/15 32,875
DKK 50,000 AAA/Aaa Denmark Government Bonds, 4.5%,
11/15/39 10,129
DKK 75,000 AAA/Aaa Denmark Government Bonds, 6.0%,
11/15/11 14,435
EURO 150,000 AAA/Aaa France Government Bonds, 3.0%,
10/25/15 206,397
EURO 25,000 AAA/Aaa France Government Bonds, 4.0%,
10/25/38 33,973
EURO 117,000 AAA/Aaa Government of France, 3.75%, 4/25/21 160,973
EURO 50,000 A+/Aa2 Italy Buoni Polienna, 3.75%, 8/1/16 69,032
EURO 25,000 A+/Aa2 Italy Buoni Polienna, 6.5%, 11/1/27 40,436
JPY 20,000,000 AA/Aa2 Japan Government 10-Year, 1.7%,
9/20/16 226,332
JPY 17,000,000 AA/Aa3 Japan Government 20-Year, 1.5%,
3/20/19 186,822
JPY 2,500,000 AA/Aa2 Japan Government 30-Year, 2.3%,
12/20/36 27,434
JPY 37,000,000 AA/Aa2 Japan Government 5-Year, 1.2%,
3/20/12 401,410
EURO 100,000 NR/Aaa Netherlands Government, 4.25%,
7/15/13 145,169
EURO 91,000 NR/Aaa Netherlands Government, 5.5%, 1/15/28 149,794
NOK 150,000 AAA/Aaa Norway Government Bonds, 4.25%,
5/19/17 26,916
NOK 275,000 AAA/Aaa Norway Government Bonds, 5.0%,
5/15/15 51,106
EURO 50,000 A-/Aa2 Portugal Obrigacoes do Tesouro, 3.85%,
4/15/21 58,770
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10 27
Schedule of Investments | 4/30/10 (unaudited) (continued)
- ---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
- ---------------------------------------------------------------------------------------------------------
Foreign Government Bonds -- (continued)
EURO 50,000 AAA/Aaa Republic of Austria, 4.35%, 3/15/19 $ 72,264
EURO 110,000 AAA/Aaa Republic of Austria, 7.0%, 7/15/14 159,387
EURO 100,000 AA/Aaa Spain Government Bonds, 4.1%, 7/30/18 135,420
SEK 200,000 AAA/Aaa Sweden Government Bonds, 3.75%,
8/12/17 29,237
SEK 150,000 AAA/Aaa Sweden Government Bonds, 4.5%,
8/12/15 22,972
GBP 75,000 AAA/NR United Kingdom Gilt, 2.25%, 3/7/14 114,673
GBP 50,000 AAA/NR United Kingdom Gilt, 4.25%, 9/7/39 73,433
GBP 92,000 AAA/Aaa United Kingdom Treasury, 4.25%,
12/7/27 138,112
GBP 50,000 AAA/Aaa United Kingdom Treasury, 4.75%, 3/7/20 81,604
GBP 25,000 AAA/Aaa United Kingdom Treasury, 4.75%, 9/7/15 41,896
GBP 30,000 AAA/Aaa United Kingdom Treasury, 5.0%, 9/7/14 50,719
GBP 75,000 AAA/Aaa United Kingdom Treasury, 8.75%,
8/25/17 154,456
-----------
$ 4,179,049
- ---------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $4,182,183) $ 4,179,049
- ---------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 1.1%
Municipal General -- 0.4%
25,000 A+/A2 State of Illinois, 1.395%, 2/1/11 $ 25,032
15,000 A+/Aa3 State of Illinois, 3.321%, 1/1/13 15,184
-----------
$ 40,216
- ---------------------------------------------------------------------------------------------------------
Municipal Higher Education -- 0.7%
50,000 AAA/Aa3 California State University Revenue, 5.0%,
11/1/39 $ 50,559
25,000 AAA/Aaa Connecticut State Health & Education,
5.0%, 7/1/42 26,242
10,000 AAA/Aaa Massachusetts Health & Educational
Facilities, 5.5%, 7/1/36 11,311
-----------
$ 88,112
- ---------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $123,756) $ 128,328
- ---------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 96.3%
(Cost $11,211,699)(a) $11,562,902
- ---------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 3.7% $ 440,297
- ---------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $12,003,199
=========================================================================================================
* Non-income producing security.
NR Not rated by either S&P or Moody's.
PIK Represents a pay in kind security.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10
(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, 2010, the value of these securities amounted to $458,084 or 3.8% of
total net assets.
(a) At April 30, 2010, the net unrealized gain on investments based on cost
for federal income tax purposes of $11,211,699 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $ 615,804
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (264,601)
---------
Net unrealized gain $ 351,203
=========
(b) Debt obligation with a variable interest rate. Rate shown is rate at end
of period.
Principal amounts are denominated in U.S. Dollars unless otherwise
denoted:
CAD Canadian Dollar
DKK Danish Kroner
EURO Euro
GBP British Pound Sterling
JPY Japanese Yen
NOK Norwegian Krone
SEK Swedish Krone
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended April 30, 2010 aggregated $3,964,488 and $1,825,692,
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 following is a summary of the inputs used as of April 30, 2010, in valuing
the Fund's assets:
- -------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
- -------------------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $ 46,938 $-- $ 46,938
Preferred Stocks 24,550 -- -- 24,550
Asset Backed Securities -- 282,785 -- 282,785
Collateralized Mortgage Obligations -- 1,478,695 -- 1,478,695
Corporate Bonds -- 3,994,232 -- 3,994,232
U.S. Government Agency Obligations -- 1,428,325 -- 1,428,325
Foreign Government Bonds -- 4,179,049 -- 4,179,049
Municipal Bonds -- 128,328 -- 128,328
- -------------------------------------------------------------------------------------------------
Total $24,550 $11,538,352 $-- $11,562,902
=================================================================================================
Other Financial Instruments* $ -- $ (38,181) $-- $ (38,181)
* Other financial instruments include foreign exchange contracts.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10 29
Statement of Assets and Liabilities | 4/30/10 (unaudited)
ASSETS:
Investment in securities, at fair value (cost $11,211,699) $11,562,902
Cash 130,708
Foreign currencies, at value (cost $281,777) 290,249
Receivables --
Fund shares sold 9,867
Interest 131,451
Due from Pioneer Investment Management, Inc. 3,596
Other 22,728
- -------------------------------------------------------------------------------------
Total assets $12,151,501
- -------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 9,222
Fund shares repurchased 32,873
Dividends 18,581
Forward foreign currency portfolio hedge contracts, net 38,181
Due to affiliates 5,509
Accrued expenses 43,936
- -------------------------------------------------------------------------------------
Total liabilities $ 148,302
- -------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $11,745,534
Distributions in excess of net investment income (8,958)
Accumulated net realized loss on investments and foreign currency
transactions (52,054)
Net unrealized gain on investments 351,203
Net unrealized loss on forward foreign currency contracts and other
assets and liabilities denominated in foreign currencies (32,526)
- -------------------------------------------------------------------------------------
Total net assets $12,003,199
=====================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $5,088,113/480,955 shares) $ 10.58
Class C (based on $3,407,409/322,400 shares) $ 10.57
Class Y (based on $3,507,677/330,486 shares) $ 10.61
MAXIMUM OFFERING PRICE:
Class A ($10.58 [divided by] 95.5%) $ 11.08
=====================================================================================
The accompanying notes are an integral part of these financial statements.
30 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10
Statement of Operations (unaudited)
For the Six Months Ended 4/30/10
INVESTMENT INCOME:
Dividends $ 906
Interest (net of foreign taxes withheld of $8) 254,817
Income from securities loaned, net 2
- -----------------------------------------------------------------------------------------------------
Total investment income $ 255,725
- -----------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 30,496
Transfer agent fees and expenses
Class A 5,053
Class C 1,846
Class Y 46
Distribution fees
Class A 7,129
Class C 17,254
Shareholder communication expense 2,041
Administrative reimbursements 1,823
Custodian fees 3,865
Registration fees 23,782
Professional fees 31,568
Printing expense 14,241
Fees and expenses of nonaffiliated trustees 3,511
Miscellaneous 2,535
- -----------------------------------------------------------------------------------------------------
Total expenses $ 145,190
Less fees waived and expenses reimbursed by
Pioneer Investment Management, Inc. (72,680)
- -----------------------------------------------------------------------------------------------------
Net expenses $ 72,510
- -----------------------------------------------------------------------------------------------------
Net investment income $ 183,215
- -----------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED LOSS ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized loss on:
Investments $ (31,593)
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies (7,726) $ (39,319)
- -----------------------------------------------------------------------------------------------------
Change in net unrealized loss on:
Investments $ (150,835)
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies (64,037) $ (214,872)
- -----------------------------------------------------------------------------------------------------
Net loss on investments and foreign currency transactions $ (254,191)
- -----------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $ (70,976)
=====================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10 31
Statements of Changes in Net Assets
For the Six Months Ended 4/30/10 and the Year Ended 10/31/09, respectively
- ---------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/10 Year Ended
(unaudited) 10/31/09
- ---------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 183,215 $ 289,272
Net realized gain on investments, futures contracts and foreign
currency transactions (39,319) 45,796
Change in net unrealized gain on investments, futures contracts
and foreign currency transactions (214,872) 1,239,381
- ---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ (70,976) $ 1,574,449
- ---------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.22 and $0.37 per share, respectively) $ (118,202) $ (145,178)
Class C ($0.17 and $0.28 per share, respectively) (55,345) (71,344)
Class Y ($0.22 and $0.37 per share, respectively) (63,932) (61,201)
- ---------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (237,479) $ (277,723)
- ---------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 4,322,304 $ 3,432,436
Reinvestment of distributions 93,607 94,404
Cost of shares repurchased (2,627,035) (1,942,145)
- ---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 1,788,876 $ 1,584,695
- ---------------------------------------------------------------------------------------------------
Net increase in net assets $ 1,480,421 $ 2,881,421
NET ASSETS:
Beginning of period 10,522,778 7,641,357
- ---------------------------------------------------------------------------------------------------
End of period $12,003,199 $10,522,778
- ---------------------------------------------------------------------------------------------------
Undistributed (distributions in excess of) net investment income $ (8,958) $ 45,306
- ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10
- ----------------------------------------------------------------------------------------------
'10 Shares '10 Amount '09 Shares '09 Amount
(unaudited) (unaudited)
- ----------------------------------------------------------------------------------------------
Class A
Shares sold 130,634 $1,404,969 230,227 $2,345,229
Reinvestment of distributions 6,578 70,148 7,467 75,053
Less shares repurchased (157,496) (1,673,182) (128,680) (1,244,381)
- ----------------------------------------------------------------------------------------------
Net increase (decrease) (20,284) $ (198,065) 109,014 $1,175,901
==============================================================================================
Class C
Shares sold 65,513 $ 705,800 106,781 $1,087,207
Reinvestment of distributions 2,201 23,438 1,935 19,351
Less shares repurchased (48,383) (514,071) (73,309) (697,764)
- ----------------------------------------------------------------------------------------------
Net increase 19,331 $ 215,167 35,407 $ 408,794
==============================================================================================
Class Y
Shares sold 205,183 $2,211,535 -- $ --
Reinvestment of distributions 2 21 -- --
Less shares repurchased (41,365) (439,782) -- --
- ----------------------------------------------------------------------------------------------
Net increase 163,820 $1,771,774 -- $ --
==============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10 33
Financial Highlights
- -------------------------------------------------------------------------------------------------------------
Six Months 12/28/07 (a)
Ended (Commencement
4/30/10 Year Ended of Operations)
(unaudited) 10/31/09 to 10/31/08
- -------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $10.84 $ 9.25 $10.00
- -------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.16 $ 0.39 $ 0.25
Net realized and unrealized gain (loss) on
investments (0.20) 1.57 (0.75)
- -------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from
investment operations $(0.04) $ 1.96 $(0.50)
Distributions to shareowners:
Net investment income (0.22) (0.37) (0.18)
Net realized gain -- -- (0.02)
Tax return of capital -- -- (0.05)
- -------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.26) $ 1.59 $(0.75)
- -------------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.58 $10.84 $ 9.25
=============================================================================================================
Total return* (0.39)%*** 21.58% (5.18)%***
Ratio of net expenses to average net assets 1.00%** 1.00% 1.00%**
Ratio of net investment income to average net assets 3.20%** 3.83% 3.23%**
Portfolio turnover rate 34%** 28% 46%***
Net assets, end of period (in thousands) $5,088 $5,434 $3,628
Ratios with no waiver of fees and assumption of
expenses by the Adviser:
Net expenses 2.35%** 2.90% 3.16%**
Net investment income 1.86%** 1.93% 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, 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.
34 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10
- -------------------------------------------------------------------------------------------------------------
Six Months 12/28/07 (a)
Ended (Commencement
4/30/10 Year Ended of Operations)
(unaudited) 10/31/09 to 10/31/08
- -------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $10.82 $ 9.23 $10.00
- -------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.12 $ 0.29 $ 0.18
Net realized and unrealized gain (loss) on
investments (0.20) 1.58 (0.76)
- -------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from
investment operations $(0.08) $ 1.87 $(0.58)
Distributions to shareowners:
Net investment income (0.17) (0.28) (0.12)
Net realized gain -- -- (0.02)
Tax return of capital -- -- (0.05)
- -------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.25) $ 1.59 $(0.77)
- -------------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.57 $10.82 $ 9.23
=============================================================================================================
Total return* (0.75)%*** 20.55% (5.95)%***
Ratio of net expenses to average net assets 1.90%* * 1.89% 1.90%**
Ratio of net investment income to average net assets 2.31%* * 2.94% 2.29%**
Portfolio turnover rate 34%** 28% 46%***
Net assets, end of period (in thousands) $3,407 $3,281 $2,471
Ratios with no waiver of fees and assumption of
expenses by the Adviser:
Net expenses 2.97%** 3.57% 3.84%**
Net investment income 1.24%** 1.26% 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, 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 | 4/30/10 35
Financial Highlights (continued)
- -------------------------------------------------------------------------------------------------------------
Six Months 12/28/07 (a)
Ended (Commencement
4/30/10 Year Ended of Operations)
(unaudited) 10/31/09 to 10/31/08
- -------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $10.85 $ 9.25 $10.00
- -------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.16 $ 0.38 $ 0.27
Net realized and unrealized gain (loss) on
investments (0.18) 1.59 (0.77)
- -------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from
investment operations $(0.02) $ 1.97 $(0.50)
Distributions to shareowners:
Net investment income (0.22) (0.37) (0.18)
Net realized gain -- -- (0.02)
Tax return of capital -- -- (0.05)
- -------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.24) $ 1.60 $(0.75)
- -------------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.61 $10.85 $ 9.25
=============================================================================================================
Total return* (0.19)%*** 21.69% (5.12)%***
Ratio of net expenses to average net assets 0.74%** 1.00% 0.89%**
Ratio of net investment income to average net assets 3.41%** 3.83% 3.22%**
Portfolio turnover rate 34%** 28% 46%***
Net assets, end of period (in thousands) $3,508 $1,809 $1,542
Ratios with no waiver of fees and assumption of
expenses by the Adviser:
Net expenses 1.77%** 2.48% 2.82%**
Net investment income 2.38%** 2.35% 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.
36 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10
Notes to Financial Statements | 4/30/10 (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. The Fund is registered under the
Investment Company Act of 1940 as a diversified, open-end management investment
company. The investment objective of the Fund is to provide current income from
an investment grade portfolio with due regard to preservation of capital and
prudent investment risk.
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 rates of class-specific fees and expenses such as transfer
agent and distribution fees. Differences in class-specific fees and expenses
will result in differences in net investment income and, therefore, the payment
of different dividends from net investment income earned by each class. The
Amended and Restated Declaration of Trust of the Fund gives the Board the
flexibility to specify either per-share voting or dollar-weighted voting when
submitting matters for shareholder approval. Under per-share voting, each share
of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares.
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 prospectus contains unaudited information
regarding the Fund's principal risks. Please refer to this document 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
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10 37
commonly referred to as "junk bonds" and are considered speculative. These
securities involve greater risk of loss, are subject to greater price
volatility, and are less liquid, especially during periods of economic
uncertainty or change, than higher rated debt securities.
The Fund's 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.
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. Fixed income
securities with remaining maturity of more than sixty days are valued at
prices supplied by independent pricing services, which consider such factors
as market prices, market events, quotations from one or more brokers,
Treasury spreads, yields, maturities and ratings. Valuations may be
supplemented by dealers and other sources, as required. Equity securities
that have traded on an exchange are valued at the last sale price on the
principal exchange where they are traded. Equity securities that have not
traded on the date of valuation, or securities for which sale prices are not
available, generally are valued using the mean between the last bid and
asked prices. Securities for which independent pricing services are unable
to supply prices or for which market prices and/or quotations are not
readily available or are considered to be unreliable are valued using fair
value methods pursuant to procedures adopted by the Board of Trustees and
may include yield equivalents or a pricing matrix.
The Fund may use fair value methods if it is determined that a significant
event has occurred after the close of the exchange or market on which the
security trades and prior to the determination of the Fund's net asset
value. Thus, the valuation of the Fund's securities may differ from exchange
prices. At April 30, 2010, there were no securities that were valued using
fair value methods (other than securities valued using prices supplied by
independent pricing services). Short-term fixed income securities with
remaining maturities of sixty days or less generally are valued at amortized
cost.
38 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on debt securities are accreted/amortized for
financial reporting purposes over the life of the respective securities, and
such accretion/amortization is included in interest income.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have passed
are recorded as soon as the Fund becomes aware of the ex-dividend 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 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. 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).
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10 39
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,
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 year ended October 31, 2009 was as follows:
- --------------------------------------------------------------------------------
2009
- --------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $277,723
- --------------------------------------------------------------------------------
Total $277,723
================================================================================
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2009:
- --------------------------------------------------------------------------------
2009
- --------------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 61,054
Capital loss carryforward (12,735)
Dividend payable (15,748)
Unrealized appreciation 533,549
- --------------------------------------------------------------------------------
Total $566,120
================================================================================
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 approximately $1,758 in underwriting commissions on the sale of Class
A shares during the period ended April 30, 2010.
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
40 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10
Distribution fees are calculated based on the average daily net asset value
attributable to Class A and Class C shares of the Fund, respectively (see
Note 4). Class Y shares do not pay distribution fees. 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 among the classes of shares based on the
number of accounts in each class and the ratable allocation of related
out-of-pocket expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net investment
income. All dividends are paid on a monthly basis. Short-term capital gain
distributions, if any, may be declared with the daily dividends.
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C, and Class Y shares can
reflect different transfer agent and distribution expense rates.
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 fair value of the securities loaned, which is invested
in temporary investments. Credit Suisse AG, 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 payments in
lieu of dividends or interest on the securities loaned. Gain or loss on the
fair 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 fair
value of the loaned securities. If the required market value of the
collateral is less than the fair value of the loaned securities, the
borrower is required to deliver additional collateral for the account of the
Fund prior to the close of the next business day. 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 is 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 exchange rates or to seek to
increase total return. Futures contracts are types of derivatives. All
futures
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10 41
contracts entered into by the Fund are traded on a futures exchange. Upon
entering into a futures contract, the Fund is required to deposit with a
broker an amount of cash or securities equal to the minimum "initial margin"
requirements of the associated futures exchange. 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. Futures contracts are
subject to market risk, interest rate risk and currency exchange rate risk.
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. With futures, there is minimal counterparty credit risk to the Fund
since futures are exchange-traded and the exchange's clearinghouse, as
counterparty to all exchange-traded futures, guarantees the futures against
default. At April 30, 2010, there were no open futures contracts.
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 equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Fund's custodian or a subcustodian of the Fund. 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, 2011 for Class C shares. There can be no
assurance that PIM will extend the expense limitation agreement for any class
of shares beyond the date referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements.
42 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $4,123 in management fees, administrative costs and certain
other reimbursements payable to PIM at April 30, 2010.
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 reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts.
For the period ended April 30, 2010, such out-of-pocket expenses by class of
shares were as follows:
- --------------------------------------------------------------------------------
Shareholder Communications:
- --------------------------------------------------------------------------------
Class A $1,396
Class C 355
Class Y 290
- --------------------------------------------------------------------------------
Total $2,041
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $1,258 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at April 30, 2010.
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A and Class C shares.
Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net assets
attributable to Class A shares as compensation for personal services and/or
account maintenance services or distribution services with regard to Class A
shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the average daily
net assets attributable to Class C shares. The fee for Class C shares consists
of a 0.25% service fee and a 0.75% distribution fee paid as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class C shares. Included in "Due to affiliates" reflected on the
Statement of Assets and Liabilities is $128 in distribution fees payable to PFD
at April 30, 2010.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 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. Shares purchases as part of an exchange
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10 43
remain subject to any CDSC that applied to the original purchase of those
shares. There is no CDSC for Class Y shares. Proceeds from the CDSCs are paid
to PFD. For the six months ended April 30, 2010, 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 period ended April 30, 2010, the Fund's expenses
were not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At April 30, 2010, the Fund had entered into various forward foreign currency
contracts that obligate the Fund to deliver or take delivery of currencies at
specified future maturity dates. Alternatively, prior to the settlement date of
a forward foreign currency contract, the Fund may close out such contract by
entering into an offsetting contract. The average principal of contracts open
during the six months ended April 30, 2010 was 54,228,571. Open portfolio
hedges at April 30, 2010 were as follows:
- ---------------------------------------------------------------------------------------------------------
Net Net
Contracts to In Exchange Settlement Unrealized
Currency (deliver)/receive For USD Date Value Gain (Loss)
- ---------------------------------------------------------------------------------------------------------
EUR
(Euro) (300,000) $(408,090) 5/5/10 $(399,426) $ 8,665
JPY
(Japanese Yen) 143,000,000 1,570,225 6/21/10 1,523,379 (46,846)
- ---------------------------------------------------------------------------------------------------------
$(38,181)
=========================================================================================================
At April 30, 2010, the Fund had no outstanding settlement hedges.
7. Additional Disclosures about Derivative Instruments and Hedging Activities
Fair values of derivative instruments as of April 30, 2010:
- -------------------------------------------------------------------------------------------------
Asset Derivatives 2010 Liabilities Derivatives 2010
Derivatives not accounted for ---------------------------- -----------------------------
as hedging instruments under
Accounting Standards Codification Balance Sheet Fair Balance Sheet Fair
(ASC) 815 Location Value Location Value
Foreign Exchange Contracts Receivables $8,665 Payables* $46,846
- -------------------------------------------------------------------------------------------------
Total $8,665 $46,846
=================================================================================================
* Foreign exchange contracts are shown as a net payable on the Statement of
Assets and Liabilities.
44 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10
The effect of derivative instruments on the Statement of Operations for the
period ended April 30, 2010 was as follows:
- -------------------------------------------------------------------------------------------------------------
Derivatives Not Accounted Change in
for as Hedging Unrealized
Instruments Under Realized Gain Gain or
Accounting Standards or (Loss) (Loss) on
Codification (ASC) 815 on Derivatives Derivatives
(formerly FASB Location of Gain or (Loss) On Recognized Recognized
Statement 133) Derivatives Recognized in Income in Income in Income
- -------------------------------------------------------------------------------------------------------------
Foreign Exchange Contracts Net realized loss on forward foreign $(20,737)
currency contracts and other assets
and liabilities denominated in foreign
currencies
Foreign Exchange Contracts Change in unrealized gain (loss) on $(38,181)
forward foreign currency contracts and
other assets and liabilities denominated
in foreign currencies
8. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates 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 the amount available under
the facility or the limits set for borrowing by the Fund's prospectus and the
1940 Act. Interest on borrowings is payable at the higher of the London
Interbank Offered Rate (LIBOR) on the borrowing date plus 1.25% on an
annualized basis or the Federal Funds Rate on the borrowing date plus 1.25% on
an annualized basis. The Funds pay an 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, 2010, the Fund had no borrowings under this agreement.
9. Subsequent Events
In preparing these financial statements, PIM has evaluated the impact of all
events and transactions for potential recognition or disclosure and has
determined that there were no subsequent events requiring recognition or
disclosure in the financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10 45
Approval of Investment Advisory Agreement (unaudited)
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Global Aggregate Bond Fund (the Fund) pursuant to an investment
advisory agreement between PIM and the Fund. In order for PIM to remain the
investment adviser of the Fund, the Trustees of the Fund must determine
annually whether to renew the investment advisory agreement for the Fund.
The contract review process began in March 2009 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the
process. In July 2009, the Trustees approved the format of the contract review
materials and submitted their formal request to PIM to furnish information
necessary to evaluate the terms of the investment advisory agreement. The
contract review materials were provided to the Trustees in August 2009. After
reviewing and discussing the materials, the Trustees submitted a request for
additional information to PIM in September 2009, and materials were provided in
response to this request. Meetings of the independent Trustees of the Fund were
held in July, September, October, and November, 2009 to review and discuss the
contract review materials. In addition, the Trustees took into account the
information related to the Fund provided to the Trustees at each regularly
scheduled meeting.
At a meeting held on November 10, 2009, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for
the Fund, its research process and its process for trade execution. The
Trustees considered the resources of PIM and the personnel of PIM who provide
investment management services to the Fund. The Trustees considered the
non-investment resources and personnel of PIM involved in PIM's services to the
Fund, including PIM's compliance and legal resources and personnel. The
Trustees also considered the substantial attention and high priority given by
PIM's senior management to the Pioneer fund complex.
46 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory
agreement.
Performance of the Fund
The Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the second quintile of its Morningstar
category for the one year period ended June 30, 2009. (In all quintile rankings
referred to throughout this disclosure, first quintile is most favorable to the
Fund's shareowners. Thus, highest relative performance would be first quintile
and lowest relative expenses would also be first quintile.) The Trustees
concluded that the investment performance of the Fund was satisfactory.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund
in comparison to the management fees of its peer group of funds as classified
by Morningstar and the expense ratios of a peer group of funds selected on the
basis of criteria determined by the independent Trustees for this purpose using
data provided by Strategic Insight Mutual Trust Research and Consulting, LLC
(Strategic Insight), an independent third party.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2009 was in the second quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period.
The Trustees also considered that the Fund's expense ratio for the twelve
months ended June 30, 2009 was in the second quintile relative to its Strategic
Insight peer group for the comparable period.
The Trustees also reviewed management fees charged by PIM to its institutional
and other clients. In evaluating the fees associated with PIM's client
accounts, the Trustees took into account the respective demands, resources and
complexity associated with the Fund and client accounts. The Trustees noted
that in some instances the fee rates for those clients were lower than the
management fee for the Fund and considered that, under the investment advisory
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10 47
agreement with the Fund, PIM performs additional services for the Fund that it
does not provide to those other clients or services that are broader in scope,
including oversight of the Fund's other service providers and activities
related to compliance and the extensive regulatory and tax regimes to which the
Fund is subject.
The Trustees concluded that the management fee payable by the Fund to PIM was
reasonable in relation to the nature and quality of the services provided by
PIM. The Trustees also concluded that the Fund's expense ratio was reasonable
taking into account the nature and quality of services provided by PIM and the
contractual expense limitation agreed to by PIM with respect to the Fund.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in
connection with the Pioneer Funds as fund assets grow and the extent to which
any such economies of scale are shared with funds and fund shareholders. The
Trustees recognize that economies of scale are difficult to identify and
quantify and that, among other factors that may be relevant, are the following:
fee levels, expense subsidization, investment by PIM in research and analytical
capabilities and PIM's commitment and resource allocation to the Funds. The
Trustees noted that profitability also may be an indicator of the availability
of any economies of scale, although profitability may vary for other reasons
particularly, for example during the difficult year in 2008 for financial
markets, as the level of services was maintained notwithstanding a significant
decline in PIM's fee revenues from the Funds. Accordingly, the Trustees
concluded that economies of scale, if any, were being appropriately shared with
the Fund.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with
the Fund. The Trustees considered the character and amount of fees paid by the
Fund, other than under the investment advisory agreement, for services provided
by PIM and its affiliates. The Trustees further considered the revenues
48 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10
and profitability of PIM's businesses other than the fund business. The
Trustees considered the intangible benefits to PIM by virtue of its
relationship with the Fund and the other Pioneer funds. The Trustees concluded
that the receipt of these benefits was reasonable in the context of the overall
relationship between PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors,
the Trustees, including all of the independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10 49
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
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.
50 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10
This page for your notes.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10 51
This page for your notes.
52 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/10
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
- --------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
- --------------------------------------------------------------------------------
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 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, 2010
- --------------------------------------------------------------------------------
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 8
Prices and Distributions 9
Performance Update 10
Comparing Ongoing Fund Expenses 11
Schedule of Investments 13
Financial Statements 24
Notes to Financial Statements 28
Approval of Investment Advisory Agreement 36
Trustees, Officers and Service Providers 40
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10 1
President's Letter
Dear Shareowner,
Stock and bond markets around the globe have begun to recover over the past
year from one of their most tumultuous periods in history. This is a welcome
relief, and we are generally optimistic about the prospects for the economy
going forward. Still, challenges remain. Unemployment is high; consumer demand
and loan growth are weak; and housing has not returned to normal.
At Pioneer, we have long advocated the benefits of investing for the long term.
This strategy has generally performed well for many investors. Those who
remained invested in the market during the downturn have most likely seen their
portfolios start to recover over the past year, as the Dow Jones Industrial
Average climbed back from the depressed levels we saw in early 2009. Many bond
investors have similarly seen a strong rebound, with a broad-based recovery
occurring across many different fixed-income asset classes. The riskiest asset
classes, such as high-yield bonds, outperformed other fixed-income asset
classes during most of 2009.
At Pioneer, we are not changing the approach to investing that we have used for
more than 80 years. We remain focused on company fundamentals and risk
management. Our investment process is based on careful research into individual
companies, 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 opportunities for making money in many corners
of the markets around the globe, it takes research and experience to separate
solid investment opportunities from speculation.
Following this difficult period, many investors are rethinking their approach
to investing and risk management. Some are questioning whether the basic
investment principles they were taught in the past are still useful in today's
markets. Complicating matters is that financial markets remain unpredictable.
Our advice, as always, is to work closely with a trusted financial advisor to
discuss your goals and work together to develop an investment strategy that
meets your individual needs. There is no single best strategy that works for
every investor.
2 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10
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. We greatly appreciate your trust in us and we thank
you for investing with Pioneer.
Sincerely,
/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 | 4/30/10 3
Portfolio Management Discussion | 4/30/10 (unaudited)
In the following interview, portfolio managers Harald Staudinger and Michael
Rachor discuss the factors that influenced the performance of Pioneer Global
Diversified Equity Fund during the six months ended April 30, 2010.
Q What factors influenced market performance during the six months ended April
30, 2010?
A Markets advanced in the last months of 2009 on generally positive corporate
and economic news, but there were clear signs of investor nervousness on
several occasions. Any weaker-than-expected economic data or concern that
accommodative fiscal and monetary policies from the world's governments
were about to reverse sparked profit taking. Emerging markets once again
outperformed developed markets during this time, as they did throughout
2009.
During the first four months of 2010, however, developed equity markets
outperformed emerging markets, with periods of elevated risk aversion.
After pushing higher into mid-January, equity markets pulled back sharply
until about mid-February on sovereign-debt fears and general concern about
the strength of the recovery. Equities then resumed their rally, though it
took until mid-March before they regained the highs seen in January.
Beginning in early 2010, central banks began to pull back on monetary
stimulus and to implement, or at least to signpost, exit strategies from
stimulus policies. These initial moves have come in spite of mixed economic
data (especially on the consumer front), ongoing sovereign-debt worries
(which worsened immediately after the end of the six-month period), and
waning growth momentum in certain areas of the world, especially Europe. A
monetary tightening cycle in Asia clearly has begun, with interest rate
hikes in Australia, India, Norway and Israel during the period; while
Russia is still on a loosening path. The U.S. and the euro zone are still
more concerned with jumpstarting growth and it appears that they will wait
for further evidence of progress before beginning to normalize monetary
policy.
Q How did the Fund perform during the six months ended April 30, 2010?
A Pioneer Global Diversified Equity Fund Class A shares returned 8.05% at net
asset value over the six months ended April 30, 2010, compared with a
return of 9.67% for the Fund's benchmark, the Morgan Stanley Capital
International (MSCI) World Index(1).
(1) The MSCI information may only be used for your internal use, may not be
reproduced or redisseminated in any form and may not be used as a basis for
or a component of any financial instruments or
4 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10
products or indices. None of the MSCI information is intended to constitute
investment advice or a recommendation to make (or refrain from making) any
kind of investment decision and may not be relied on as such. Historical
data and analysis should not be taken as an indication or guarantee of any
future performance analysis, forecast or prediction. The MSCI information
is provided on an "as is" basis and the user of this information assumes
the entire risk of any use made of this information. MSCI, each of its
affiliates and each other person involved in or related to compiling,
computing or creating any MSCI information (collectively, the "MSCI
Parties") expressly disclaims all warranties (including, without
limitation, any warranties of originality, accuracy, completeness,
timeliness, non-infringement, merchantability and fitness for a particular
purpose) with respect to this information. Without limiting any of the
foregoing, in no event shall any MSCI Party have any liability for any
direct, indirect, special, incidental, punitive, consequential (including,
without limitation, lost profits) or any other damages.
(www.mscibarra.com).
Q Can you review how you manage the Fund?
A Our process of selecting securities to hold in the Fund's portfolio 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
globally 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 companies that are low-priced and that 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.
Once we have used our model to gather initial investment ideas, these
companies are subjected to fundamental analysis by our research team.
Fundamental factors that we examine include the strength of the company's
business model and balance sheet composition, as well as the outlook for
its industry sector. In performing this analysis, the goal is to avoid
holding companies in the Fund's portfolio that are justifiably inexpensive.
Ultimately, we seek to build a portfolio of solid stocks for which
investors have unreasonably low expectations, and then to exit the
positions once investor expectations become inflated.
Q What elements of the Fund's positioning helped and hurt performance during
the six months ended April 30, 2010?
A The Fund's "put option" strategy detracted from performance during the period
as markets advanced. ("Put" options are contracts that give the purchaser
the "option" to sell a stock at a pre-determined, set price. If the stock's
actual price declines to below the pre-determined price during the contract
period, the investor can exercise the option and sell the stock at the
higher, predetermined price, or simply sell the now more-valuable options
contract to another options investor at a premium, and thus make a profit;
if the stock's price increases to above the pre-determined price during the
contract period, the investor either exercises the option and sells the
stock at the lower price spelled out in the contract or lets the options
contract
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10 5
expire, thus suffering a loss.) Stock selection also detracted slightly
from the Fund's returns during the six-month period ended April 30, 2010.
On a sector basis, the largest contribution to the Fund's performance came
from stock selection in the financials sector. Within the sector, Regions
Financial, which provides banking and insurance services throughout the
south, midwestern and eastern United States, rallied strongly. Stock
selection and allocation within the telecommunications services area also
contributed to the Fund's performance. The largest detractor from Fund
performance on a sector basis came from stock selection in the energy
sector, particularly weak performances from Repsol and China Petroleum.
In terms of regional positioning, the Fund continues to have a large
underweight in the U.S. and Canada, a roughly neutral weight to Europe and
overweights Asia, Japan and the emerging markets. At present, lower
valuations exist in the markets where the Fund is overweight, compared with
the U.S., where we feel valuations are inflated.
Q Do you have any closing thoughts?
A Developed equity markets ended the six-month period strongly, thus
potentially moving out of the consolidation phase that had been evident
between mid-October 2009 and early March 2010. However, it is difficult to
predict whether this trend will continue or if we will see a pullback into
the trading range of the previous several months, especially given the
recent downward pressure on the markets as a result of sovereign-debt
concerns.
Going forward, we believe that global economic conditions will continue to
improve despite continued market volatility. Over the longer term, our
research has shown that valuation matters a great deal in stock selection,
which we believe could benefit our investments approach for the Fund. We
believe that the markets remain in the early stages of a normalization
process. The relative performance of the value factors that we look for
(such as low price-to-book and low price-to-sales ratios) bottomed out
early last year, but has since bounced back. We believe this trend will
continue, and will benefit our investment approach for the Fund over the
next three to five years.
Please refer to the Schedule of Investments on pages 13-23 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.
6 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10
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.
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10 7
Portfolio Summary | 4/30/10
Portfolio Diversification
- --------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[The following data is represented by a pie chart in the printed material.]
International Common Stocks 56.6%
U.S. Common Stocks 41.4%
Depositary Receipts for International Stocks 0.9%
Index Put Options 0.7%
International Preferred Stocks 0.4%
Geographical Distribution
- --------------------------------------------------------------------------------
(As a percentage of equity holdings)
United States 41.3%
Japan 13.2%
United Kingdom 5.2%
Germany 4.9%
France 4.9%
Netherlands 4.3%
Switzerland 3.1%
Austria 2.8%
Hong Kong 2.7%
Spain 2.6%
People's Republic of China 2.4%
Australia 2.1%
Bermuda 1.6%
Singapore 1.5%
Norway 1.5%
Italy 1.4%
South Korea 1.4%
Finland 1.0%
Other (individually less than 1%) 2.1%
10 Largest Holdings
- --------------------------------------------------------------------------------
(As a percentage of equity holdings)*
1. El Paso Corp. 1.64%
- --------------------------------------------------------------------------------
2. Regions Financial Corp. 1.51
- --------------------------------------------------------------------------------
3. International Paper Co. 1.39
- --------------------------------------------------------------------------------
4. McKesson Corp. 1.26
- --------------------------------------------------------------------------------
5. Computer Sciences Corp. 1.24
- --------------------------------------------------------------------------------
6. Marathon Oil Corp. 1.21
- --------------------------------------------------------------------------------
7. Motorola, Inc. 1.19
- --------------------------------------------------------------------------------
8. Danaher Corp. 1.15
- --------------------------------------------------------------------------------
9. Sysco Corp. 1.07
- --------------------------------------------------------------------------------
10. Orica, Ltd. 1.05
- --------------------------------------------------------------------------------
* 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.
8 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10
Prices and Distributions | 4/30/10
Net Asset Value per Share
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Class 4/30/10 10/31/09
- --------------------------------------------------------------------------------
A $8.05 $7.45
- --------------------------------------------------------------------------------
Distributions per Share: 11/1/09-4/30/10
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
- --------------------------------------------------------------------------------
A $ -- $ -- $ --
- --------------------------------------------------------------------------------
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10 9
Performance Update | 4/30/10 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, 2010)
- --------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
- --------------------------------------------------------------------------------
Life-of-Class
(6/3/08) -10.45% -10.45%
- --------------------------------------------------------------------------------
1 Year 35.07 27.37
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2010)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
7.63% 1.30%
- --------------------------------------------------------------------------------
[The following data is represented by a mountain chart in the printed material.]
Value of $10,000 Investment
Pioneer Global
Diversified MSCI
Equity Fund World Index
6/08 9,425 10,000
4/09 6,202 6,528
4/10 8,376 8,993
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.
10 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10
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, 2009 through April 30, 2010.
- --------------------------------------------------------------------------------
Share Class A
- --------------------------------------------------------------------------------
Beginning Account Value on 11/1/09 $1,000.00
- --------------------------------------------------------------------------------
Ending Account Value (after expenses) on 4/30/10 $1,080.50
- --------------------------------------------------------------------------------
Expenses Paid During Period* $ 6.71
- --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.30%,
multiplied by the average account value over the period, multiplied by
181/365 (to reflect the partial year period).
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10 11
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, 2009 through April 30, 2010.
- --------------------------------------------------------------------------------
Share Class A
- --------------------------------------------------------------------------------
Beginning Account Value on 11/1/09 $1,000.00
- --------------------------------------------------------------------------------
Ending Account Value (after expenses) on 4/30/10 $1,018.35
- --------------------------------------------------------------------------------
Expenses Paid During Period* $ 6.51
- --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.30%,
multiplied by the average account value over the period, multiplied by
181/365 (to reflect the partial year period).
12 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10
Schedule of Investments | 4/30/10 (unaudited)
- --------------------------------------------------------------------------------
Shares Value
- --------------------------------------------------------------------------------
PREFERRED STOCK -- 0.4%
Automobiles & Components -- 0.4%
Automobile Manufacturers -- 0.4%
88 Volkswagen AG $ 8,484
- --------------------------------------------------------------------------------
TOTAL PREFERRED STOCK
(Cost $12,742) $ 8,484
- --------------------------------------------------------------------------------
COMMON STOCKS -- 93.0%
ENERGY -- 11.8%
Coal & Consumable Fuels -- 0.5%
4,000 China Coal Energy Co.* $ 5,991
2,000 Yanzhou Coal Mining, Ltd.* 5,582
----------
$ 11,573
- --------------------------------------------------------------------------------
Integrated Oil & Gas -- 6.6%
1,245 BP Amoco Plc $ 10,837
28,000 China Petroleum & Chemical, Ltd. 22,396
693 Eni S.p.A. 15,533
347 Gazprom OAO (A.D.R.)* 8,057
201 Lukoil Holding OAO (A.D.R.) 11,467
851 Marathon Oil Corp. 27,360
208 OMV AG* 7,485
771 Repsol SA 18,094
663 Royal Dutch Plc 20,716
315 Total SA 17,066
----------
$ 159,011
- --------------------------------------------------------------------------------
Oil & Gas Drilling -- 0.7%
88 Diamond Offshore Drilling, Inc. $ 6,961
276 Fred Olsen Energy Asa* 10,211
----------
$ 17,172
- --------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.9%
440 Aker Asa $ 11,608
142 Fugro NV CVA* 9,264
----------
$ 20,872
- --------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 1.6%
2,140 JX Holdings, Inc.* $ 11,936
414 Neste Oil Oyj 6,725
947 Valero Energy Corp. 19,688
----------
$ 38,349
- --------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.5%
3,052 EL PASO Corp. $ 36,929
----------
Total Energy $ 283,906
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10 13
Schedule of Investments | 4/30/10 (unaudited) (continued)
- --------------------------------------------------------------------------------
Shares Value
- --------------------------------------------------------------------------------
MATERIALS -- 7.7%
Construction Materials -- 0.3%
92 Holcim, Ltd.* $ 6,897
- --------------------------------------------------------------------------------
Diversified Chemical -- 2.6%
181 Akzo Nobel NV $ 10,638
981 Orica, Ltd. 23,695
332 PPG Industries, Inc. 23,363
56 Solvay SA 5,327
----------
$ 63,023
- --------------------------------------------------------------------------------
Paper Packaging -- 0.5%
128 Mayr-Melnhof Karton AG $ 12,470
- --------------------------------------------------------------------------------
Paper Products -- 1.7%
1,172 International Paper Co. $ 31,339
300 Nippon Unipac Holding Corp.* 8,445
----------
$ 39,784
- --------------------------------------------------------------------------------
Specialty Chemicals -- 1.0%
529 Koninklijke DSM NV $ 23,579
- --------------------------------------------------------------------------------
Steel -- 1.6%
2,409 BHP Steel, Ltd.* $ 5,778
56 Salzgitter AG 4,553
571 Voestalpine AG 21,553
11,000 Xingda International Holdings, Ltd.* 7,450
----------
$ 39,334
----------
Total Materials $ 185,087
- --------------------------------------------------------------------------------
CAPITAL GOODS -- 10.9%
Aerospace & Defense -- 1.4%
399 Finmeccanica S.p.A. $ 5,104
216 General Dynamics Corp. 16,494
148 United Technologies Corp. 11,093
----------
$ 32,691
- --------------------------------------------------------------------------------
Building Products -- 0.5%
2,000 Nippon Sheet Glass Co., Ltd.* $ 6,619
258 Wienerberger AG* 4,836
----------
$ 11,455
- --------------------------------------------------------------------------------
Construction & Engineering -- 0.7%
801 KBR, Inc. $ 17,686
- --------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 0.9%
1,000 Hino Motors, Ltd. $ 5,013
100 Man AG 9,467
1,000 Weichai Power Co., Ltd.* 8,117
----------
$ 22,597
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
14 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10
- --------------------------------------------------------------------------------
Shares Value
- --------------------------------------------------------------------------------
Electrical Component & Equipment -- 1.0%
1,000 Panasonic Electric Works Co., Ltd.* $ 12,340
102 Schneider Electric SA 11,650
----------
$ 23,990
- --------------------------------------------------------------------------------
Industrial Conglomerates -- 1.4%
320 Philips Electronics NV $ 10,812
197 Rheinmetall AG 13,806
2,423 Tomkins Plc 9,207
----------
$ 33,825
- --------------------------------------------------------------------------------
Industrial Machinery -- 3.6%
1,000 Amada Co., Ltd.* $ 8,214
285 Andritz AG 17,591
308 Danaher Corp. 25,958
1,047 IMI Plc 11,279
417 Metso Oyj 15,971
91 Schindler Holding AG 7,999
----------
$ 87,012
- --------------------------------------------------------------------------------
Trading Companies & Distributors -- 1.4%
1,000 Itochu Corp* $ 8,696
1,000 Marubeni Corp.* 5,924
1,000 Mitsui & Co. Ltd.* 15,087
400 Sumitomo Corp.* 4,840
----------
$ 34,547
----------
Total Capital Goods $ 263,803
- --------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.4%
Human Resource & Employment Services -- 0.4%
178 Randstad Holdings NV* $ 9,073
----------
Total Commercial Services & Supplies $ 9,073
- --------------------------------------------------------------------------------
TRANSPORTATION -- 2.1%
Air Freight & Couriers -- 0.3%
439 Deutsche Post AG* $ 7,108
- --------------------------------------------------------------------------------
Airlines -- 1.3%
572 Deutsche Lufthansa AG* $ 9,484
2,000 Singapore Airlines, Ltd. 21,953
----------
$ 31,437
- --------------------------------------------------------------------------------
Marine -- 0.2%
1,000 Nippon Yusen Kabushiki Kaisha Corp.* $ 4,107
- --------------------------------------------------------------------------------
Railroads -- 0.3%
2 West Japan Railway Co.* $ 7,280
----------
Total Transportation $ 49,932
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10 15
Schedule of Investments | 4/30/10 (unaudited) (continued)
- --------------------------------------------------------------------------------
Shares Value
- --------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 3.9%
Auto Parts & Equipment -- 1.9%
400 Aisin Seiki Co., Ltd.* $ 12,045
296 Autoliv, Inc.* 16,206
300 Denso Corp.* 8,691
300 Toyota Industries Corp.* 8,747
----------
$ 45,689
- --------------------------------------------------------------------------------
Automobile Manufacturers -- 2.0%
500 Honda Motor Co., Ltd.* $ 16,892
6,000 Mazda Motor Corp.* 17,877
197 PSA Peugeot SA* 5,873
200 Toyota Motor Co.* 7,723
----------
$ 48,365
----------
Total Automobiles & Components $ 94,054
- --------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 2.9%
Apparel, Accessories & Luxury Goods -- 0.7%
9,000 Anta Sports Products, Ltd. $ 15,989
- --------------------------------------------------------------------------------
Consumer Electronics -- 0.8%
1,000 Sharp Corp.* $ 13,046
200 Sony Corp.* 6,836
----------
$ 19,882
- --------------------------------------------------------------------------------
Footwear -- 0.6%
4,500 Yue Yuen Industrial Holdings, Ltd. $ 15,624
- --------------------------------------------------------------------------------
Leisure Products -- 0.8%
472 Hasbro, Inc. $ 18,106
----------
Total Consumer Durables & Apparel $ 69,601
- --------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.4%
Hotels, Resorts & Cruise Lines -- 0.4%
2,631 Thomas Cook Group Plc $ 9,999
----------
Total Consumer Services $ 9,999
- --------------------------------------------------------------------------------
MEDIA -- 1.1%
Cable & Satellite -- 0.7%
779 Comcast Corp. $ 15,377
- --------------------------------------------------------------------------------
Movies & Entertainment -- 0.4%
385 Vivendi SA $ 10,132
----------
Total Media $ 25,509
- --------------------------------------------------------------------------------
RETAILING -- 0.5%
Department Stores -- 0.5%
384 J.C. Penney Co., Inc. $ 11,201
----------
Total Retailing $ 11,201
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10
- --------------------------------------------------------------------------------
Shares Value
- --------------------------------------------------------------------------------
FOOD & DRUG RETAILING -- 2.3%
Drug Retail -- 0.5%
321 CVS/Caremark Corp. $ 11,855
- --------------------------------------------------------------------------------
Food Distributors -- 1.0%
764 Sysco Corp. $ 24,097
- --------------------------------------------------------------------------------
Food Retail -- 0.8%
862 SUPERVALU, Inc. $ 12,844
925 Tesco Plc 6,145
----------
$ 18,989
----------
Total Food & Drug Retailing $ 54,941
- --------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 5.8%
Agricultural Products -- 1.1%
645 Archer Daniels Midland Co. $ 18,021
2,000 Chaoda Modern Agriculture, Ltd.* 2,258
5,000 China Agri-Industries, Ltd.* 6,620
----------
$ 26,899
- --------------------------------------------------------------------------------
Packaged Foods & Meats -- 2.1%
478 ConAgra, Inc. $ 11,697
7,502 Goodman Fielder, Ltd. 10,082
370 The J.M. Smucker Co. 22,596
226 Unilever NV CVA 6,906
----------
$ 51,281
- --------------------------------------------------------------------------------
Soft Drinks -- 1.0%
344 PepsiCo, Inc. $ 22,436
- --------------------------------------------------------------------------------
Tobacco -- 1.6%
344 Imperial Tobacco Group Plc $ 9,806
549 Altria Group, Inc. 11,633
194 British American Tobacco Plc* 6,085
214 Reynolds American, Inc. 11,432
----------
$ 38,956
----------
Total Food, Beverage & Tobacco $ 139,572
- --------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.7%
Household Products -- 0.7%
187 Energizer Holdings, Inc.* $ 11,426
119 Reckitt Benckiser Plc* 6,168
----------
$ 17,594
----------
Total Household & Personal Products $ 17,594
- --------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 3.0%
Health Care Distributors -- 1.2%
438 McKesson Corp. $ 28,387
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10 17
Schedule of Investments | 4/30/10 (unaudited) (continued)
- --------------------------------------------------------------------------------
Shares Value
- --------------------------------------------------------------------------------
Health Care Equipment -- 1.2%
273 Baxter International, Inc. $ 12,891
382 Medtronic, Inc.* 16,690
----------
$ 29,581
----------
Health Care Services -- 0.6%
287 Fresenius Medical Care AG $ 15,552
----------
Total Health Care Equipment & Services $ 73,520
- --------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 5.7%
Biotechnology -- 0.4%
171 Amgen, Inc.* $ 9,809
- --------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.7%
334 Thermo Fisher Scientific, Inc.* $ 18,464
- --------------------------------------------------------------------------------
Pharmaceuticals -- 4.6%
300 Abbott Laboratories, Inc. $ 15,348
200 Astellas Pharma, Inc.* 7,018
295 Eli Lilly & Co. 10,316
280 Johnson & Johnson Co. 18,004
290 Novartis AG 14,793
815 Pfizer, Inc. 13,627
76 Roche Holdings AG 12,000
281 Sanofi-Aventis SA* 19,238
----------
$ 110,344
----------
Total Pharmaceuticals & Biotechnology $ 138,617
- --------------------------------------------------------------------------------
BANKS -- 6.3%
Diversified Banks -- 4.9%
1,127 Banco Popular Espanol SA $ 7,962
1,186 Banco Santander Central Hispano SA 14,898
70 Barclays Plc 368
217 BNP Paribas SA 14,912
4,500 Boc Hong Kong Holdings, Ltd. 10,864
1,098 Dnb Nor Asa 12,896
1,846 HSBC Holding Plc 18,780
4,000 Industrial & Commercial Bank Of China, Ltd. 10,017
248 National Bank of Canada 15,142
245 Societe Generale SA 13,034
----------
$ 118,873
- --------------------------------------------------------------------------------
Regional Banks -- 1.4%
3,856 Regions Financial Corp. $ 34,087
----------
Total Banks $ 152,960
- --------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.7%
Asset Management & Custody Banks -- 1.0%
745 The Bank of New York Mellon Corp. $ 23,192
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10
- --------------------------------------------------------------------------------
Shares Value
- --------------------------------------------------------------------------------
Diversified Capital Markets -- 1.1%
306 CS Group* $ 13,995
195 Deutsche Bank AG* 13,474
----------
$ 27,469
- --------------------------------------------------------------------------------
Diversified Financial Services -- 1.4%
4,980 Citigroup, Inc.* $ 21,763
305 J.P. Morgan Chase & Co. 12,987
----------
$ 34,750
- --------------------------------------------------------------------------------
Investment Banking & Brokerage -- 1.2%
133 Goldman Sachs Group, Inc. $ 19,312
1,476 ICAP Plc 8,485
----------
$ 27,797
----------
Total Diversified Financials $ 113,208
- --------------------------------------------------------------------------------
INSURANCE -- 5.0%
Life & Health Insurance -- 2.1%
870 Aegon NV* $ 6,089
214 Aflac, Inc. 10,905
362 Lincoln National Corp. 11,074
180 Prudential Financial, Inc. 11,441
400 Unum Group, Inc. 9,788
----------
$ 49,297
- --------------------------------------------------------------------------------
Multi-Line Insurance -- 0.8%
57 Allianz AG* $ 6,543
293 AXA SA* 5,823
31 Zurich Financial Services AG 6,910
----------
$ 19,276
- --------------------------------------------------------------------------------
Property & Casualty Insurance -- 1.6%
289 Allstate Corp. $ 9,442
375 Assured Guaranty, Ltd. 8,081
2,000 NKSJ Holdings, Inc.* 14,518
371 QBE Insurance Group, Ltd. 7,215
----------
$ 39,256
- --------------------------------------------------------------------------------
Reinsurance -- 0.5%
46 Muenchener Rueckversicherungs Gesellschaft AG* $ 6,500
149 Swiss Reinsurance, Ltd. 6,494
----------
$ 12,994
----------
Total Insurance $ 120,823
- --------------------------------------------------------------------------------
REAL ESTATE -- 1.3%
Diversified Real Estate Activities -- 0.8%
3,000 Henderson Land Development, Ltd. $ 18,877
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10 19
Schedule of Investments | 4/30/10 (unaudited) (continued)
- --------------------------------------------------------------------------------
Shares Value
- --------------------------------------------------------------------------------
Real Estate Development -- 0.5%
14,000 Allgreen Properties, Ltd. $ 12,907
----------
Total Real Estate $ 31,784
- --------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 2.0%
Application Software -- 0.4%
572 Nuance Communications, Inc.* $ 10,450
- --------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 1.2%
533 Computer Sciences Corp.* $ 27,924
- --------------------------------------------------------------------------------
Internet Software & Services -- 0.4%
20 Google, Inc.* $ 10,509
----------
Total Software & Services $ 48,883
- --------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 4.7%
Communications Equipment -- 1.1%
3,788 Motorola, Inc.* $ 26,781
- --------------------------------------------------------------------------------
Computer Hardware -- 0.6%
1,000 Fujitsu, Ltd.* $ 7,077
2,000 NEC Corp.* 6,606
----------
$ 13,683
- --------------------------------------------------------------------------------
Computer Storage & Peripherals -- 0.2%
300 Seiko Epson Corp.* $ 5,331
- --------------------------------------------------------------------------------
Electronic Components -- 1.5%
360 LG Display Co., Ltd.* $ 15,258
300 OMRON Corp. 6,984
1,000 Taiyo Yuden Co., Ltd.* 15,291
----------
$ 37,533
- --------------------------------------------------------------------------------
Electronic Equipment & Instruments -- 0.2%
1,000 Hitachi, Ltd. $ 4,388
- --------------------------------------------------------------------------------
Office Electronics -- 1.1%
200 Canon, Inc.* $ 9,130
1,000 Ricoh Co.* 17,090
----------
$ 26,220
----------
Total Technology Hardware & Equipment $ 113,936
- --------------------------------------------------------------------------------
SEMICONDUCTORS -- 2.8%
598 Marvell Technology Group, Ltd.* $ 12,349
1,802 Micron Technology, Inc.* 16,849
1,903 ON Semiconductor Corp.* 15,110
15 Samsung Electronics Co., Ltd.* 11,343
1,356 STmicroelectronics NV 12,682
----------
$ 68,333
----------
Total Semiconductors $ 68,333
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10
- --------------------------------------------------------------------------------
Shares Value
- --------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 3.7%
Integrated Telecommunication Services -- 2.6%
672 Deutsche Telekom AG $ 8,737
200 Nippon Telegraph & Telephone Corp.* 8,117
2,206 Qwest Communications International, Inc. 11,527
3,279 Telecom Italia S.p.A.* 3,703
422 Telefonica SA 9,475
754 Verizon Communications, Inc. 21,783
----------
$ 63,342
- --------------------------------------------------------------------------------
Wireless Telecommunication Services -- 1.1%
1 KDDI Corp.* $ 4,847
46 SK Telecom Co., Ltd.* 7,098
6,301 Vodafone Group Plc 13,988
----------
$ 25,933
----------
Total Telecommunication Services $ 89,275
- --------------------------------------------------------------------------------
UTILITIES -- 3.3%
Electric Utilities -- 1.4%
209 E.On AG $ 7,739
1,863 Enel S.p.A. 9,715
1,017 Iberdrola SA 8,100
524 Public Power Corp.* 8,506
----------
$ 34,060
- --------------------------------------------------------------------------------
Gas Utilities -- 0.3%
223 Atmos Energy Corp. $ 6,596
- --------------------------------------------------------------------------------
Independent Power Producer & Energy Traders -- 0.8%
1,532 International Power Plc $ 7,730
502 NRG Energy, Inc.* 12,133
----------
$ 19,863
- --------------------------------------------------------------------------------
Multi-Utilities -- 0.8%
849 Xcel Energy, Inc. $ 18,466
----------
Total Utilities $ 78,985
- --------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $2,220,543) $2,244,596
- --------------------------------------------------------------------------------
RIGHTS/WARRANTS -- 0.0%
REAL ESTATE -- 0.0%
Diversified Real Estate Activities -- 0.1%
600 Henderson Land Development Co., Exp 6/23/10* $ -
- --------------------------------------------------------------------------------
TOTAL RIGHTS/WARRANTS
(Cost $0) $ -
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10 21
Schedule of Investments | 4/30/10 (unaudited) (continued)
- --------------------------------------------------------------------------------
Shares Value
- --------------------------------------------------------------------------------
PURCHASED OPTIONS -- 0.6%
Put Option -- 0.6%
2 NIKKEI Index, expiring June 2010 at $10,500 $ 2,261
5 DJ Euro Stoxx, expiring June 2010 at $2,900 12,527
----------
$ 14,788
- --------------------------------------------------------------------------------
TOTAL PURCHASED OPTIONS
(Cost $15,390) $ 14,788
- --------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 94.0%
(Cost $2,248,674)(a)(b) $2,267,868
- --------------------------------------------------------------------------------
WRITTEN OPTIONS -- (0.2)%
Put Option -- (0.2)%
(5) DJ Euro Stoxx, expiring June 2010 at $2,600 $ (3,581)
(2) NIKKEI Index, Expiring June 2010 at $9,500 (370)
----------
$ (3,951)
- --------------------------------------------------------------------------------
TOTAL WRITTEN OPTIONS
(Cost $((4,336)) $ (3,951)
- --------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 6.2% $ 149,978
- --------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $2,413,895
================================================================================
* Non-income producing security.
(A.D.R.) American Depositary Receipt.
(a) At April 30, 2010, the net unrealized gain on investments based on cost
for federal income tax purposes of $2,248,721 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $ 268,597
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (249,450)
---------
Net unrealized gain $ 19,147
=========
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10
(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 41.3%
Japan 13.2
United Kingdom 5.2
Germany 4.9
France 4.9
Netherlands 4.3
Switzerland 3.1
Austria 2.8
Hong Kong 2.7
Spain 2.6
People's Republic of China 2.4
Australia 2.1
Bermuda 1.6
Singapore 1.5
Norway 1.5
Italy 1.4
South Korea 1.4
Finland 1.0
Other (individually less than 1%) 2.1
-----
100.0%
=====
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended April 30, 2010 aggregated $312,207 and $301,532,
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 following is a summary of the inputs used as of April 30, 2010, in valuing
the Fund's assets:
- -----------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
- -----------------------------------------------------------------------------------------
Common stocks $976,555 $1,268,041 $ -- $2,244,596
Preferred stock -- 8,484 -- 8,484
Purchased options 14,788 -- -- 14,788
Written options (3,951) -- -- (3,951)
- -----------------------------------------------------------------------------------------
Total $987,392 $1,276,525 $ -- $2,263,917
=========================================================================================
Other Financial Instruments* $ -- $ 6,170 $ -- $ 6,170
======================================================
* Other financial instruments Include foreign exchange contracts
The accompanying notes are an integral part of these financial statements.
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10 23
Statement of Assets and Liabilities | 4/30/10 (unaudited)
ASSETS:
Investment in securities, at value (cost $2,248,674) $2,267,868
Cash 166,931
Futures Collateral 11,250
Foreign currencies, at value (cost $5,329) 5,216
Receivables --
Dividends and foreign taxes withheld 6,454
Forward foreign currency portfolio hedge contracts, open-net 6,170
Other 1,190
- -----------------------------------------------------------------------------------
Total assets $2,465,079
- -----------------------------------------------------------------------------------
LIABILITIES:
Payables --
Variation margin $ 2,190
Due to affiliates 54
Open option contracts written (premiums received $4,336) 3,950
Accrued expenses 30,861
Due to Pioneer Investment Management, Inc. 14,125
- -----------------------------------------------------------------------------------
Total liabilities $ 51,184
- -----------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $2,996,734
Undistributed net investment income 5,645
Accumulated net realized loss on investments, foreign currency
transactions, futures and options contracts (617,732)
Net unrealized gain on investments and purchased options 19,194
Net unrealized gain on forward foreign currency contracts, written
options and other assets and liabilities denominated in foreign
currencies 6,379
Net unrealized gain on futures contracts 3,675
- -----------------------------------------------------------------------------------
Total net assets $2,413,895
===================================================================================
NET ASSET VALUE PER SHARE:
(No par value, Unlimited number of shares authorized)
Class A (based on $2,413,895/300,000 shares) $ 8.05
MAXIMUM OFFERING PRICE:
Class A ($8.05 [divided by] 94.25%) $ 8.54
===================================================================================
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10
Statement of Operations (unaudited)
For the Six Months Ended 4/30/10
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $1,534) $ 23,318
Interest 12
Income from securities loaned, net 2
- ---------------------------------------------------------------------------------------------
Total investment income $ 23,332
- ---------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 8,751
Transfer agent fees and expenses 22
Distribution fees 2,917
Shareholder communications expense 6
Administrative reimbursements 349
Custodian fees 8,787
Registration fees 4,386
Professional fees 21,473
Printing expense 5,956
Fees and expenses of nonaffiliated trustees 3,615
Miscellaneous 2,252
- ---------------------------------------------------------------------------------------------
Total expenses $ 58,514
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (43,345)
- ---------------------------------------------------------------------------------------------
Net expenses $ 15,169
- ---------------------------------------------------------------------------------------------
Net investment income $ 8,163
- ---------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES AND OPTIONS CONTRACTS, AND FOREIGN
CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ (10,239)
Futures contracts 11,250
Written options 12,880
Forward foreign currency contracts and other assets, written
options and liabilities denominated in foreign currencies 3,770 $ 17,661
- ---------------------------------------------------------------------------------------------
Change in net unrealized gain (loss) on:
Investments $ 147,727
Futures contracts 4,725
Forward foreign currency contracts and other assets, written
options and liabilities denominated in foreign currencies (409) $ 152,043
- ---------------------------------------------------------------------------------------------
Net gain on investments, futures and options contracts, and
foreign currency transactions $ 169,704
- ---------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 177,867
=============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10 25
Statement of Changes in Net Assets
For the Six Months Ended 4/30/10 and the Year Ended 10/31/09, respectively
- -------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/10 Year Ended
(unaudited) 10/31/09
- -------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 8,163 $ 27,794
Net realized gain (loss) on investments, futures and options
contracts and foreign currency transactions 17,661 (531,465)
Change in net unrealized gain on investments, futures and
options contracts, and foreign currency transactions 152,043 904,129
- -------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 177,867 $ 400,458
- -------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.00 and $0.04 per share, respectively) -- $ (11,040)
- -------------------------------------------------------------------------------------------------
Total distributions to shareowners -- $ (11,040)
- -------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares -- $ 110
- -------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions -- $ 110
- -------------------------------------------------------------------------------------------------
Net increase in net assets $ 177,867 $ 389,528
NET ASSETS:
Beginning of period 2,236,028 1,846,500
- -------------------------------------------------------------------------------------------------
End of period $2,413,895 $2,236,028
- -------------------------------------------------------------------------------------------------
Undistributed (Distributions in excess of) net investment income $ 5,645 $ (2,518)
- -------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
'10 Shares '10 Amount '09 Shares '09 Amount
(unaudited) (unaudited)
- -------------------------------------------------------------------------------------------------
Class A
Shares sold -- -- -- $110
- ------------------------------------------------------------------------------------------------
Net increase -- -- -- $110
================================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10
Financial Highlights
- -----------------------------------------------------------------------------------------------------
Six Months 6/3/08 (a)
Ended (Commencement
4/30/10 Year Ended of Operations)
(unaudited) 10/31/09 to 10/31/08
- -----------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 7.45 $ 6.15 $ 10.00
- -----------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.03 $ 0.09 $ 0.03
Net realized and unrealized gain (loss) on
investments, written options and futures
contracts and foreign currency transactions 0.57 1.25 (3.88)
- -----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from
investment operations $ 0.60 $ 1.34 $ (3.85)
Distributions to shareowners:
Net investment income -- (0.04) --
- -----------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.60 $ 1.30 $ (3.85)
- -----------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.05 $ 7.45 $ 6.15
=====================================================================================================
Total return* 8.05% 21.89% (38.50%)***
Ratio of net expenses to average net assets 1.30%** 1.30% 1.30%**
Ratio of net investment income to average net
assets 0.70%** 1.47% 0.93%**
Portfolio turnover rate 28%** 62% 38%***
Net assets, end of period (in thousands) $2,414 $2,236 $ 1,847
Ratios with no waiver of fees and assumption of
expenses by the Adviser
Net expenses 5.01%** 7.63% 8.95%**
Net investment loss (3.01)%** (4.86)% (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 | 4/30/10 27
Notes to Financial Statements | 4/30/10
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. The Fund is registered under the
Investment Company Act of 1940 as a diversified, open-end management investment
company. The Fund was first publicly offered 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, 2010 are owned by PFD. The Fund's
investment objective is to seek long-term capital growth.
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 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 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
28 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10
(NYSE) is open, as of the close of regular trading on the NYSE. In computing
the net asset value, securities that have traded on an exchange are fair
valued using 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 available, generally are fair
valued using the mean between the last bid and asked prices. Securities for
which market prices and/or quotations are not readily available or are
considered to be unreliable 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
daily adjustments to the valuation of securities of non-U.S. issuers by an
independent service using fair value methods is appropriate for the Fund.
The Fund may also use fair value methods if it is determined that a
significant event has occurred after the close of the exchange or market on
which the security trades and prior to the determination of the Fund's net
asset value. Thus, the valuation of the Fund's securities may differ from
exchange prices. At April 30, 2010, there were no securities that were
valued using fair value methods (other than securities that were valued
using prices supplied by independent pricing services). Short-term fixed
income securities with remaining maturities of sixty days or less generally
are valued at amortized cost.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have passed
are recorded as soon as the Fund becomes aware of the ex-dividend data in
the exercise of reasonable diligence. Interest income is recorded on the
accrual basis. Dividend and interest income are reported net of
unrecoverable foreign taxes withheld at the applicable country rates.
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 | 4/30/10 29
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. 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 six months ended April 30, 2010, 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 April 30, 2010, 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,
or as from paid-in capital, depending on the type of book/tax differences
that may exist.
30 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the year ended October 31, 2009 was as follows:
- --------------------------------------------------------------------------------
2009
- --------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $11,040
Long-term capital gain --
- --------------------------------------------------------------------------------
Total $11,040
================================================================================
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2009:
- --------------------------------------------------------------------------------
2009
- --------------------------------------------------------------------------------
Distributable earnings:
Capital loss carryforward $ (636,397)
Unrealized depreciation (124,309)
- --------------------------------------------------------------------------------
Total $ (760,706)
================================================================================
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, 2010.
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A 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 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
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10 31
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. The average
number of contracts open during the six months ended April 30, 2010 was 2.
At April 30, 2010, open futures contracts were as follows.
- --------------------------------------------------------------------------------
Number of
Contracts Settlement Fair Unrealized
Type Long/(Short) Month Value Gain
- --------------------------------------------------------------------------------
S&P 500 2 6/10 $118,340 $3,675
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, 2010, are
summarized as follows:
- --------------------------------------------------------------------------------
Number of Premiums
Contracts Received
- --------------------------------------------------------------------------------
Options outstanding at beginning of period 7 $9,687
Options opened 14 13,826
Options exercised -- --
Options closed 14 19,177
Options expired -- --
Options outstanding at end of period 7 $4,336
I. 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
32 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10
fair value of the securities loaned, which is invested in temporary
investments. Credit Suisse AG, 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 payments in lieu of dividends
or interest on the securities loaned. Gain or loss on the fair 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 fair value of the loaned
securities. If the required market value of the collateral is less than the
fair value of the loaned securities, the borrower is required to deliver
additional collateral for the account of the Fund prior to the close of
business on that day. 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 is required to return the cash collateral to the
borrower and could suffer a loss if the value of the collateral, as
invested, has declined.
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, 2010, the net management fee
(excluding waivers and/or assumption of expenses) was equivalent to 0.75% of
the Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 1.30% of the average daily net assets
attributable to Class A shares This expense limitation is in effect through
March 1, 2012 for Class A shares. There can be no assurance that PIM will
extend the expense limitation agreement beyond the date referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is $2
in management fees, administrative costs and certain other reimbursements
payable to PIM at April 30, 2010.
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.
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10 33
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts.
For the six months ended April 30, 2010, such out-of-pocket expenses by class
of shares were as follows:
- --------------------------------------------------------------------------------
Shareholder Communications:
- --------------------------------------------------------------------------------
Class A $6
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $35 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at April 30, 2010.
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 $17 in distribution fees payable to PFD at April 30, 2010.
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). Shares
purchased as part of an exchange remain subject to any CDSC that applied to the
original purchase of those shares. Proceeds from the CDSCs are paid to PFD. For
the six months ended April 30, 2010, no CDSCs were paid to PFD.
5. Forward Foreign Currency Contracts
At April 30, 2010, the Fund had entered into various forward foreign currency
contracts that obligate the Fund to deliver or take delivery of currencies at
specified future maturity dates. Alternatively, prior to the settlement date of
a forward foreign currency contract, the Fund may close out such contract by
entering into an offsetting hedge contract. At April 30, 2010, the Fund had no
outstanding settlement hedges. The average number of contracts open during the
six months ended April 30, 2010 was 7,910,513. Open portfolio hedges at April
30, 2010, were as follows:
34 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10
- --------------------------------------------------------------------------------
Net Unrealized
Settlement Appreciation/
Contracts to Deliver In Exchange For Date (Depreciation)
- --------------------------------------------------------------------------------
JPY 7,000,000 EUR 57,694 6/9/10 $2,262
EUR 77,331 USD 105,000 6/9/10 $ 418
EUR 38,741 GBP 35,000 6/9/10 $3,490
- --------------------------------------------------------------------------------
Total $6,170
================================================================================
6. Additional Disclosures about Derivative Instruments and Hedging Activities:
Fair values of derivative instruments as of April 30, 2010:
Derivatives Not Accounted
for as Hedging Instruments
under Accounting Standards
Codification (ASC) 815 Asset Derivatives 2010 Liabilities Derivatives 2010
(formerly FASB ------------------------------ ----------------------------
Balance Sheet Balance Sheet
Statement 133) Location Fair Value Location Fair Value
- ----------------------------- --------------- ------------ -------------- -----------
Foreign Exchange Contracts Receivables* $6,170 Payables $--
- ---------------------------------------------------------------------------------------------
Index futures contracts Receivable** $3,675 Payable $--
- ---------------------------------------------------------------------------------------------
Total $9,845 $--
=============================================================================================
* Foreign exchange contracts are shown as a net receivable on the Statement of
Assets and Liabilities
** Represents the net unrealized appreciation on futures. Payable for variation
margin on open future contracts reflects unsettled variation margin.
The effect of derivative instruments on the Statement of Operations for the six
months ended April 30, 2010 was as follows:
Derivatives Not Accounted Change in
for as Hedging Instruments Unrealized Gain
under Accounting Standards Realized Gain or (Loss) on
Codification (ASC) 815 on Derivatives Derivatives
(formerly FASB Location of Gain or (Loss) On Recognized Recognized
Statement 133) Derivatives Recognized in Income in Income in Income
- ----------------------------- ------------------------------------------ ---------------- ----------------
Foreign Exchange Contracts Net realized gain on forward foreign $ 3,770
currency contracts and other assets and
liabilities denominated in foreign
currencies
Index futures contracts Net realized gain on futures contracts $11,250
Foreign Exchange Contracts Change in unrealized loss on forward $ (409)
foreign currency contracts and other
assets and liabilities denominated in
foreign currencies
Index futures contracts Change in net unrealized gain on futures $4,725
contracts
Subsequent Events
In preparing these financial statements, PIM has evaluated the impact of all
events and transactions for potential recognition or disclosure and has
determined that there were no subsequent events requiring recognition or
disclosure in the financial statements.
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10 35
Approval of Investment Advisory Agreement (unaudited)
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Global Diversified Equity Fund (the Fund) pursuant to an investment
advisory agreement between PIM and the Fund. In order for PIM to remain the
investment adviser of the Fund, the Trustees of the Fund must determine
annually whether to renew the investment advisory agreement for the Fund.
The contract review process began in March 2009 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the
process. In July 2009, the Trustees approved the format of the contract review
materials and submitted their formal request to PIM to furnish information
necessary to evaluate the terms of the investment advisory agreement. The
contract review materials were provided to the Trustees in August 2009. After
reviewing and discussing the materials, the Trustees submitted a request for
additional information to PIM in September 2009, and materials were provided in
response to this request. Meetings of the independent Trustees of the Fund were
held in July, September, October, and November, 2009 to review and discuss the
contract review materials. In addition, the Trustees took into account the
information related to the Fund provided to the Trustees at each regularly
scheduled meeting.
At a meeting held on November 10, 2009, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for
the Fund, its research process and its process for trade execution. The
Trustees considered the resources of PIM and the personnel of PIM who provide
investment management services to the Fund. The Trustees considered the
non-investment resources and personnel of PIM involved in PIM's services to the
Fund, including PIM's compliance and legal resources and personnel. The
Trustees also considered the substantial attention and high priority given by
PIM's senior management to the Pioneer fund complex.
36 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory
agreement.
Performance of the Fund
The Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the first quintile of its Morningstar
category for the one year period ended June 30, 2009. (In all quintile rankings
referred to throughout this disclosure, first quintile is most favorable to the
Fund's shareowners. Thus, highest relative performance would be first quintile
and lowest relative expenses would also be first quintile.) The Trustees
concluded that the investment performance of the Fund was satisfactory.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund
in comparison to the management fees of its peer group of funds as classified
by Morningstar and the expense ratios of a peer group of funds selected on the
basis of criteria determined by the independent Trustees for this purpose using
data provided by Strategic Insight Mutual Trust Research and Consulting, LLC
(Strategic Insight), an independent third party.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2009 was in the second quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period.
The Trustees also considered that the Fund's expense ratio for the twelve
months ended June 30, 2009 was in the first quintile relative to its Strategic
Insight peer group for the comparable period. The Trustees considered the
breakpoints in the management fee schedule and the reduced fee rates above
certain asset levels.
The Trustees also reviewed management fees charged by PIM to its institutional
and other clients. In evaluating the fees associated with PIM's client
accounts, the Trustees took into account the respective demands, resources and
complexity associated with the Fund and client accounts. The Trustees noted
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10 37
that in some instances the fee rates for those clients were lower than the
management fee for the Fund and considered that, under the investment advisory
agreement with the Fund, PIM performs additional services for the Fund that it
does not provide to those other clients or services that are broader in scope,
including oversight of the Fund's other service providers and activities
related to compliance and the extensive regulatory and tax regimes to which the
Fund is subject.
The Trustees concluded that the management fee payable by the Fund to PIM was
reasonable in relation to the nature and quality of the services provided by
PIM. The Trustees also concluded that the Fund's expense ratio was reasonable
taking into account the nature and quality of services provided by PIM and the
contractual expense limitation agreed to by PIM with respect to the Fund.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in
connection with the Pioneer Funds as fund assets grow and the extent to which
any such economies of scale are shared with funds and fund shareholders. The
Trustees recognize that economies of scale are difficult to identify and
quantify and that, among other factors that may be relevant, are the following:
fee levels, expense subsidization, investment by PIM in research and analytical
capabilities and PIM's commitment and resource allocation to the Funds. The
Trustees noted that profitability also may be an indicator of the availability
of any economies of scale, although profitability may vary for other reasons
particularly, for example during the difficult year in 2008 for financial
markets, as the level of services was maintained notwithstanding a significant
decline in PIM's fee revenues from the Funds. Accordingly, the Trustees
concluded that economies of scale, if any, were being appropriately shared with
the Fund.
38 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with
the Fund. The Trustees considered the character and amount of fees paid by the
Fund, other than under the investment advisory agreement, for services provided
by PIM and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
also considered the benefits to the Fund and to PIM and its affiliates from the
use of "soft" commission dollars generated by the Fund to pay for research and
brokerage services. The Trustees considered the intangible benefits to PIM by
virtue of its relationship with the Fund and the other Pioneer funds. The
Trustees concluded that the receipt of these benefits was reasonable in the
context of the overall relationship between PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors,
the Trustees, including all of the independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10 39
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
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.
40 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10
This page for your notes.
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10 41
This page for your notes.
42 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10
This page for your notes.
Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10 43
This page for your notes.
44 Pioneer Global Diversified Equity Fund | Semiannual Report | 4/30/10
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
- --------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
- --------------------------------------------------------------------------------
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 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, 2010
- --------------------------------------------------------------------------------
Ticker Symbols:
Class A PGHYX
Class B PGHBX
Class C PGYCX
Class Y GHYYX
Class Z PGHZX
[LOGO]PIONEER
Investment(R)
visit us: pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 8
Prices and Distributions 9
Performance Update 10
Comparing Ongoing Fund Expenses 15
Schedule of Investments 17
Financial Statements 54
Notes to Financial Statements 63
Approval of Investment Advisory Agreement 74
Trustees, Officers and Service Providers 78
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 1
President's Letter
Dear Shareowner,
Stock and bond markets around the globe have begun to recover over the past year
from one of their most tumultuous periods in history. This is a welcome relief,
and we are generally optimistic about the prospects for the economy going
forward. Still, challenges remain. Unemployment is high; consumer demand and
loan growth are weak; and housing has not returned to normal.
At Pioneer, we have long advocated the benefits of investing for the long term.
This strategy has generally performed well for many investors. Those who
remained invested in the market during the downturn have most likely seen their
portfolios start to recover over the past year, as the Dow Jones Industrial
Average climbed back from the depressed levels we saw in early 2009. Many bond
investors have similarly seen a strong rebound, with a broad-based recovery
occurring across many different fixed-income asset classes. The riskiest asset
classes, such as high-yield bonds, outperformed other fixed-income asset classes
during most of 2009.
At Pioneer, we are not changing the approach to investing that we have used for
more than 80 years. We remain focused on company fundamentals and risk
management. Our investment process is based on careful research into individual
companies, 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 opportunities for making money in many corners of
the markets around the globe, it takes research and experience to separate solid
investment opportunities from speculation.
Following this difficult period, many investors are rethinking their approach to
investing and risk management. Some are questioning whether the basic investment
principles they were taught in the past are still useful in today's markets.
Complicating matters is that financial markets remain unpredictable. Our advice,
as always, is to work closely with a trusted financial advisor to discuss your
goals and work together to develop an investment strategy that meets your
individual needs. There is no single best strategy that works for every
investor.
2 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
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. We greatly appreciate your trust in us and we thank
you for investing with Pioneer.
Sincerely,
/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 | 4/30/10 3
Portfolio Management Discussion | 4/30/10
The world economy continued its rebound during the six months ended April 30,
2010, leading to improved corporate profitability and strong performance by
high-yield bonds both in the United States and abroad. In the following
interview, Andrew Feltus and Tracy Wright discuss the factors that influenced
the performance of Pioneer Global High Yield Fund over the six months. Mr.
Feltus, senior vice president, and Tracy Wright, assistant portfolio manager,
both members of Pioneer's fixed-income team, are responsible for daily
management of the Fund.
Q How did the Fund perform during the six months ended April 30, 2010?
A The Fund performed very well, outpacing both its benchmark indices and its
competitive fund peers. For the six month ended April 30, 2010, Pioneer
Global High Yield Fund Class A shares returned 13.22% at net asset value,
while the Fund's benchmarks, the Bank of America/Merrill Lynch (BofA ML)
Global High Yield and Emerging Markets Plus Index and the BofA ML High
Yield Master II Index, returned 8.53% and 11.65%, respectively. Over the
same period, the average return of the 486 mutual funds in Lipper's High
Current Yield category was 10.79%. On April 30, 2010, the 30-day SEC yield
on the Fund's Class A shares was 8.14%.
Q What factors contributed to the Fund's strong relative performance over the
six months ended April 30, 2010?
A As investors gained added confidence in an economic recovery, high-yield
bonds, emerging market debt and other credit-sensitive securities continued
the performance rally that began in March of 2009. A steady drumbeat of
encouraging economic data throughout the world emboldened investors to
accept more risk. The U.S. economy, as reflected by gross domestic product
(GDP), began growing again and corporate profits began rising. Even
unemployment, typically a lagging indicator of economic progress, appeared
to begin to stabilize in the final two months of the period. In that
environment, the Fund benefited by maintaining its emphasis on domestic
high-yield bonds, foreign high-yield securities and emerging market debt.
The Fund's overweighting of high-yield corporates was helpful, as was an
underweighting of emerging market sovereign debt. The Fund's relative
performance also was aided by the decision to underweight European
securities and the euro currency relative to the BofA ML Global High Yield
and Emerging Markets Plus Index (the GHY EMP Index), as the euro came under
pressure when government fiscal problems in Europe, most notably in Greece,
raised investor anxieties. The euro, for example, lost 11.4% of its value
relative to the U.S. dollar. While 17% of the GHY EMP Index was represented
by the euro bloc, the Fund had just 7.75% of its assets invested in
4 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
the euro bloc and other European currencies at period end, and part of that
was invested in Norwegian currency, which proved more resilient than the
euro.
As of April 30, 2010, U.S. dollar high-yield developed market corporate
bonds accounted for 58.6% of the Fund's net assets, while 30.5% of Fund
assets were invested in emerging markets and 5.9% were invested in non-U.S.
dollar high-yield corporate bonds. The Fund also had about 5.8% of net
assets invested in floating-rate loans, 6.5% of assets in non-government
agency mortgage-backed securities, and 1.5% of assets in
catastrophe-linked, insurance industry bonds. The latter three groups of
investments all have floating-rate features, which should give the Fund
protection against the potential of rising interest rates as the economic
recovery advances. The Fund's total foreign currency exposure was about 9%
of net assets at the end of the six-month period, including 1.3% in
currencies of emerging market countries, including Brazil, Turkey,
Argentina and Colombia.
Q What were some of the individual investments that most influenced the
Fund's performance during the six months ended April 30, 2010?
A The Fund had very strong security selection, thanks to rigorous fundamental
analysis by Pioneer's bond research team. Some of the Fund's strongest
gains came from corporate bonds that had fallen dramatically during the
credit crisis of 2007 and 2008, but then snapped back sharply on improved
results. These included securities of: NCO Group, a debt collection
corporation; MSX International, an administrator of automobile warranty
programs; and Commercial Vehicle Group, a manufacturer of parts for the
truck industry. Other strong performers included securities of: Lear, a
manufacturer of components for the automotive industry that was reorganized
after filing for bankruptcy; and Niagara, a steel company that underwent a
restructuring. Several of the Fund's investments in convertible bonds also
helped performance significantly, as corporate profitability improved and
the convertible securities appreciated in value in sympathy with the
underlying equities. These included securities of Ford Motor and WESCO, an
electrical components distributor.
Seven of the 10 most significant detractors from the Fund's performance
during the six-month period were securities linked to the euro. These
included bonds of Impress Holdings, a European glass packaging company, and
PA Resources, a Swedish oil corporation. Outside Europe, one disappointing
investment was the bond of Scribe, a Mexican box and container-board
company. While the company's underlying operations performed as expected,
the bond nevertheless underperformed. In the United States, two
disappointing investments were the bonds of two Native American casino
operations, the Mashantucket Tribe's Foxwoods facility complex in
Connecticut and the Shingle Springs facility in California.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 5
Despite disappointments by euro-linked investments generally, one Fund
position in Greece performed relatively well: the securities of Fage, a
Greek dairy company. The corporation earns more than half its profits from
sales of yogurt in the United States, where it recently completed work on a
new manufacturing plant, a move which should improve corporate efficiency
and U.S. revenues.
Q What is your investment outlook?
A We believe the economic recovery will continue to advance in 2010, which
should lead to growing corporate profits, supporting the performance of
both high-yield corporate bonds and floating-rate bank loans. At this
point, it is difficult to anticipate the investment environment in 2011 in
the United States, however, as the market will be reacting to anticipated
tax increases and the phase-in of national health care changes, as well as
tighter monetary policy in China and tighter fiscal policy in Europe. In
the near term, economic fundamentals look healthy. In the high-yield
market, bond prices still appear attractive, especially after a market
pullback in early May 2010, after the end of the six-month period. We
expect to continue to de-emphasize investments in Europe in the Fund's
portfolio, as we anticipate European growth to continue to underperform
other markets.
Please refer to the Schedule of Investments on pages 17-53 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.
6 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
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.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 7
Portfolio Summary | 4/30/10
Portfolio Diversification
- --------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA IS A REPRESENTATION OF A PIE CHART IN THE PRINTED MATERIAL]
U.S. Corporate Bonds 74.7%
Convertible Corporate Bonds 6.6%
Senior Secured Loans 5.6%
Temporary Cash Investments 4.3%
Asset Backed Securities 3.6%
Collateralized Mortgage Obligations 2.1%
Foreign Government Bonds 1.1%
Common Stocks 0.9%
Preferred Stocks 0.7%
Municipal Bonds 0.3%
Warrants 0.1%
10 Largest Holdings
- --------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. WESCO International, Inc., 6.0%, 9/15/29 0.87%
2. NCO Group, Inc., 11.875%, 11/15/14 0.85
3. True Move Co., Ltd., 10.75%, 12/16/13 (144A) 0.83
4. Exopack Holding Corp., 11.25%, 2/1/14 0.80
5. NII Holdings, Inc., 3.125%, 6/15/12 0.75
6. CII Carbon LLC, 11.125%, 11/15/15 0.75
7. Alliance One International, Inc., 10.0%, 7/15/16 0.72
8. Hologic, Inc., 2.0%, 12/15/37 0.70
9. Minerva Overseas II, 10.875%, 11/15/19 (144A) 0.68
10. Grupo Papelero Scribe SA, 8.875%, 4/7/20 (144A) 0.67
* 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.
8 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
Prices and Distributions | 4/30/10
Net Asset Value per Share
- --------------------------------------------------------------------------------
- -------------------------------------------
Class 4/30/10 10/31/09
- -------------------------------------------
A $ 10.22 $ 9.39
- -------------------------------------------
B $ 10.21 $ 9.37
- -------------------------------------------
C $ 10.18 $ 9.34
- -------------------------------------------
Y $ 10.07 $ 9.25
- -------------------------------------------
Z $ 10.53 $ 9.67
- -------------------------------------------
Distributions per Share: 10/31/09-4/30/10
- --------------------------------------------------------------------------------
- -------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
- -------------------------------------------------------------
A $ 0.3880 $ -- $ --
- -------------------------------------------------------------
B $ 0.3449 $ -- $ --
- -------------------------------------------------------------
C $ 0.3474 $ -- $ --
- -------------------------------------------------------------
Y $ 0.3994 $ -- $ --
- -------------------------------------------------------------
Z $ 0.4100 $ -- $ --
- -------------------------------------------------------------
Index Definition
- --------------------------------------------------------------------------------
The Bank of America (BofA) 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 10-14.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 9
Performance Update | 4/30/10 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 Bank of America (BofA)/Merrill Lynch (ML) Global High
Yield Master II Index and the Bank of America (BofA)/Merrill Lynch (ML) Global
High Yield and Emerging Markets Plus Index.
Average Annual Total Returns
(As of April 30, 2010)
- ----------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
- ----------------------------------------------------------------------
Life-of-Class
(8/27/01) 10.47% 9.89%
5 Years 7.10 6.12
1 Year 61.75 54.37
- ----------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2010)
- ----------------------------------------------------------------------
Gross Net
- ----------------------------------------------------------------------
1.32% 1.10%
- ----------------------------------------------------------------------
[THE FOLLOWING DATA IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED
MATERIAL]
Value of $10,000 Investment
Pioneer Global BofA/ML Global High BofA/ML Global High Yield and
High Yield Fund Yield Master II Index Emerging Markets Plus Index
8/01 $ 9,550 $10,000 $10,000
4/02 $10,163 $10,157 $10,198
4/03 $12,102 $11,601 $10,974
4/04 $14,238 $13,332 $12,591
4/05 $16,148 $14,714 $13,406
4/06 $18,021 $16,192 $14,621
4/07 $20,478 $18,298 $16,436
4/08 $19,860 $18,615 $16,300
4/09 $14,069 $15,967 $13,906
4/10 $22,757 $22,394 $20,053
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 4.50% sales charge. All results are historical and assume the
reinvestment of dividends and capital gains. Other share classes are available
for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects 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.
10 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
Performance Update | 4/30/10 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 Bank
of America (BofA)/Merrill Lynch (ML) Global High Yield Master II Index and the
Bank of America (BofA)/Merrill Lynch (ML) Global High Yield and Emerging Markets
Plus Index.
Average Annual Total Returns
(As of April 30, 2010)
- ----------------------------------------------------------
If If
Period Held Redeemed
- ----------------------------------------------------------
Life-of-Class
(11/21/03) 7.31% 7.31%
5 Years 6.25 6.25
1 Year 60.70 56.70
- ----------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2010)
- ----------------------------------------------------------
Gross Net
- ----------------------------------------------------------
2.08% 2.00%
- ----------------------------------------------------------
[THE FOLLOWING DATA IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED
MATERIAL]
Value of $10,000 Investment
Pioneer Global BofA/ML Global High BofA/ML Global High Yield and
High Yield Fund Yield Master II Index Emerging Markets Plus Index
11/03 $10,000 $10,000 $10,000
4/04 $10,277 $10,322 $10,396
4/05 $11,563 $11,391 $11,069
4/06 $12,811 $12,536 $12,072
4/07 $14,430 $14,166 $13,571
4/08 $13,879 $14,411 $13,458
4/09 $ 9,745 $12,361 $11,481
4/10 $15,660 $17,337 $16,557
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.
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 3/1/11 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.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 11
Performance Update | 4/30/10 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 Bank
of America (BofA)/Merrill Lynch (ML) Global High Yield Master II Index and the
Bank of America (BofA)/Merrill Lynch (ML) Global High Yield and Emerging Markets
Plus Index.
Average Annual Total Returns
(As of April 30, 2010)
- ----------------------------------------------------------
If If
Period Held Redeemed
- ----------------------------------------------------------
Life-of-Class
(11/21/03) 7.24% 7.24%
5 Years 6.30 6.30
1 Year 60.76 60.76
- ----------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2010)
- ----------------------------------------------------------
Gross Net
- ----------------------------------------------------------
1.98% 1.98%
- ----------------------------------------------------------
[THE FOLLOWING DATA IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED
MATERIAL]
Value of $10,000 Investment
Pioneer Global BofA/ML Global High BofA/ML Global High Yield and
High Yield Fund Yield Master II Index Emerging Markets Plus Index
11/03 $10,000 $10,000 $10,000
4/04 $10,211 $10,322 $10,396
4/05 $11,487 $11,391 $11,069
4/06 $12,724 $12,536 $12,072
4/07 $14,343 $14,166 $13,571
4/08 $13,810 $14,411 $13,458
4/09 $ 9,699 $12,361 $11,481
4/10 $15,592 $17,337 $16,557
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 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 | 4/30/10
Performance Update | 4/30/10 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 Bank
of America (BofA)/Merrill Lynch (ML) Global High Yield Master II Index and the
Bank of America (BofA)/Merrill Lynch Global High Yield and Emerging Markets Plus
Index.
Average Annual Total Returns
(As of April 30, 2010)
- ----------------------------------------------------------
If If
Period Held Redeemed
- ----------------------------------------------------------
Life-of-Class
(8/27/01) 10.45% 10.45%
5 Years 7.07 7.07
1 Year 62.00 62.00
- ----------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2010)
- ----------------------------------------------------------
Gross Net
- ----------------------------------------------------------
0.78% 0.78%
- ----------------------------------------------------------
[THE FOLLOWING DATA IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED
MATERIAL]
Value of $10,000 Investment
Pioneer Global BofA/ML Global High BofA/ML Global High Yield and
High Yield Fund Yield Master II Index Emerging Markets Plus Index
8/01 $10,000 $10,000 $10,000
4/02 $10,643 $10,157 $10,198
4/03 $12,674 $11,601 $10,974
4/04 $14,910 $13,332 $12,591
4/05 $16,911 $14,714 $13,406
4/06 $18,547 $16,192 $14,621
4/07 $21,144 $18,298 $16,436
4/08 $20,629 $18,615 $16,300
4/09 $14,687 $15,967 $13,906
4/10 $23,793 $22,394 $20,053
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.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 13
Performance Update | 4/30/10 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 Bank
of America (BofA)/Merrill Lynch (ML) Global High Yield Master II Index and the
Bank of America (BofA)/Merrill Lynch Global High Yield and Emerging Markets Plus
Index.
Average Annual Total Returns
(As of April 30, 2010)
- ----------------------------------------------------------
If If
Period Held Redeemed
- ----------------------------------------------------------
Life-of-Class
(8/27/01) 10.83% 10.83%
5 Years 7.71 7.71
1 Year 61.83 61.83
- ----------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2010)
- ----------------------------------------------------------
Gross Net
- ----------------------------------------------------------
1.23% 0.90%
- ----------------------------------------------------------
[THE FOLLOWING DATA IS A REPRESENTATION OF A MOUNTAIN CHART IN THE PRINTED
MATERIAL]
Value of $10,000 Investment
Pioneer Global BofA/ML Global High BofA/ML Global High Yield and
High Yield Fund Yield Master II Index Emerging Markets Plus Index
8/01 $10,000 $10,000 $10,000
4/02 $10,643 $10,157 $10,198
4/03 $12,674 $11,601 $10,974
4/04 $14,910 $13,332 $12,591
4/05 $16,911 $14,714 $13,406
4/06 $18,872 $16,192 $14,621
4/07 $21,329 $18,298 $16,436
4/08 $20,875 $18,615 $16,300
4/09 $15,151 $15,967 $13,906
4/10 $24,518 $22,394 $20,053
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 on
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 3/1/12 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.
14 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
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, 2009 through April 30, 2010.
- ------------------------------------------------------------------------------------------
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 11/1/09
- ------------------------------------------------------------------------------------------
Ending Account Value $ 1,132.20 $ 1,128.60 $ 1,129.30 $ 1,134.50 $ 1,133.90
(after expenses)
on 4/30/10
- ------------------------------------------------------------------------------------------
Expenses Paid $ 5.82 $ 10.19 $ 9.61 $ 3.81 $ 4.76
During Period*
- ------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.10%, 1.93%,
1.82%, 0.72%, and 0.90% multiplied by the average account value over the
period, multiplied by 181/365 (to reflect the partial year period).
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 15
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Global High Yield Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from November 1, 2009 through April 30, 2010.
- ------------------------------------------------------------------------------------------
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 11/1/09
- ------------------------------------------------------------------------------------------
Ending Account Value $ 1,019.34 $ 1,015.22 $ 1,015.77 $ 1,021.22 $ 1,020.33
(after expenses)
on 4/30/10
- ------------------------------------------------------------------------------------------
Expenses Paid $ 5.51 $ 9.64 $ 9.10 $ 3.61 $ 4.51
During Period*
- ------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.10%, 1.93%,
1.82%, 0.72%, and 0.90% multiplied by the average account value over the
period, multiplied by 181/365 (to reflect the partial year period).
16 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
Schedule of Investments | 4/30/10 (unaudited)
- -----------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- -----------------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 6.8%
ENERGY -- 0.3%
Coal & Consumable Fuels -- 0.1%
$ 2,300,000 BB-/NR Massey Energy Co., 3.25% 8/1/15 $ 1,934,875
- -----------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.1%
1,160,000 NA/NA Carrizo Oil & Gas, Inc., 4.875%, 6/1/28 $ 1,038,200
1,885,000 BB/Ba3 Chesapeake Energy, Inc., 2.5%, 5/15/37 1,552,769
--------------
$ 2,590,969
--------------
Total Energy $ 4,525,844
- -----------------------------------------------------------------------------------------------------------------
MATERIALS -- 1.0%
Construction Materials -- 0.1%
1,950,000 B/B2 Cemex SAB de CV. 4.875%, 3/15/15 $ 2,237,625
- -----------------------------------------------------------------------------------------------------------------
Forest Products -- 0.9%
12,150,000 BB/Ba2 Sino Forest Corp., 5.0%, 8/1/13 (144A) $ 13,745,295
7,100,000 BB/NR Sino-Forest Corp., 4.25%, 12/15/16 7,579,250
--------------
$ 21,324,545
--------------
Total Materials $ 23,562,170
- -----------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.6%
Construction & Farm Machinery & Heavy Trucks -- 0.4%
7,505,000 B/B1 Navistar International Corp., 3.0%,
10/15/14 $ 8,799,613
- -----------------------------------------------------------------------------------------------------------------
Electrical Component & Equipment -- 0.3%
2,350,000 NR/NR JA Solar Holdings Co., 4.5%, 5/15/13 $ 2,047,438
2,000,000 BB-/NR SunPower Corp., 1.25%, 2/15/27 1,797,500
5,329,000 B/NR Suntech Power Co., 3.0%, 3/15/13 4,622,908
--------------
$ 8,467,846
- -----------------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.9%
11,923,000 B/NR WESCO International, Inc., 6.0%,
9/15/29 $ 19,643,143
--------------
Total Capital Goods $ 36,910,602
- -----------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.4%
Marine -- 0.4%
9,481,000 CCC+/Caa2 Horizon Lines, Inc., 4.25%, 8/15/12 $ 8,461,793
--------------
Total Transportation $ 8,461,793
- -----------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.6%
Automobile Manufacturers -- 0.6%
8,424,000 CCC/B3 Ford Motor Co., 4.25%, 11/15/16 $ 13,109,850
--------------
Total Automobiles & Components $ 13,109,850
- -----------------------------------------------------------------------------------------------------------------
MEDIA -- 0.6%
Advertising -- 0.4%
8,010,000 B+/Ba2 Interpublic Group Cos., 4.25%, 3/15/23 $ 8,580,713
- -----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 17
Schedule of Investments | 4/30/10 (unaudited) (continued)
- -----------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- -----------------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.2%
$ 6,343,000 B-/NR Live Nation, Inc., 2.875%, 7/15/27 $ 5,875,204
- -------------
Total Media $ 14,455,917
- -----------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.3%
Tobacco -- 0.3%
5,135,000 B-/Caa1 Alliance One International, Inc., 5.5%,
7/15/14 (144A) (b) $ 6,283,956
--------------
Total Food, Beverage & Tobacco $ 6,283,956
- -----------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.1%
Health Care Equipment -- 0.7%
17,562,000 BB-/NR Hologic, Inc., 2.0%, 12/15/37 $ 15,805,800
- -----------------------------------------------------------------------------------------------------------------
Health Care Services -- 0.4%
11,631,000 B+/B3 Omnicare, Inc., 3.25%, 12/15/35 $ 9,959,041
--------------
Total Health Care Equipment & Services $ 25,764,841
- -----------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Real Estate Operating Companies -- 0.1%
1,900,000 B-/B3 Forest City Enterprises, Inc., 5.0%,
10/15/16 $ 2,527,000
--------------
Total Real Estate $ 2,527,000
- -----------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.1%
Electronic Equipment & Instruments -- 0.1%
1,665,000 B+/NR L-1 Identity Solutions, Inc., 3.75%,
5/15/27 $ 1,581,750
--------------
Total Technology Hardware & Equipment $ 1,581,750
- -----------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.7%
Wireless Telecommunication Services -- 0.7%
17,800,000 B-/NR NII Holdings, Inc., 3.125%, 6/15/12 $ 16,910,000
--------------
Total Telecommunication Services $ 16,910,000
- -----------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $123,016,429) $ 154,093,723
- -----------------------------------------------------------------------------------------------------------------
Shares
- -----------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 0.8%
MATERIALS -- 0.3%
Diversified Metals & Mining -- 0.3%
70,700 Freeport-MC Copp., 6.75%, 5/1/10 $ 7,536,479
--------------
Total Materials $ 7,536,479
- -----------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.0%
Hotels, Resorts & Cruise Lines -- 0.0%
17,350 Persues Holding Corp.*(f) $ --
--------------
Total Consumer Services $ --
- -----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
- -----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Shares Rate (d) Ratings Value
- -----------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.5%
Diversified Financial Services -- 0.3%
6,740 Bank of America Corp., 7.25%, 12/31/49 $ 6,618,612
- -----------------------------------------------------------------------------------------------------------------
Multi-Sector Holding -- 0.2%
60,000 Vale Capital, Ltd., 5.5%, 6/15/10 $ 3,387,600
--------------
Total Diversified Financials $ 10,006,212
- -----------------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $12,363,160) $ 17,542,691
- -----------------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 0.9%
ENERGY -- 0.1%
Oil & Gas Equipment & Services -- 0.1%
8,037,315 Skeie Drilling & Production ASA* $ 1,294,671
--------------
Total Energy $ 1,294,671
- -----------------------------------------------------------------------------------------------------------------
MATERIALS -- 0.3%
Commodity Chemicals -- 0.2%
255,986 Georgia Gulf Corp.* $ 5,257,952
- -----------------------------------------------------------------------------------------------------------------
Forest Products -- 0.1%
244,090 Ainsworth Lumber Co., Ltd.* $ 1,099,137
- -----------------------------------------------------------------------------------------------------------------
Steel -- 0.0%
127,393 KNIA Holdings, Inc.,*(f) $ 988,566
--------------
Total Materials $ 7,345,655
- -----------------------------------------------------------------------------------------------------------------
CAPITAL GOODS - 0.0%
Building Products - 0.0%
894 Panolam Holdings Co. (f) $ 438,060
--------------
Total Capital Goods $ 438,060
- -----------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.5%
Auto Parts & Equipment -- 0.5%
143,815 Lear Corp.* $ 11,674,902
--------------
Total Automobiles & Components $ 11,674,902
- -----------------------------------------------------------------------------------------------------------------
MEDIA -- 0.0%
Cable & Satellite -- 0.0%
24,008 Charter Communication, Inc.,*(b) $ 909,903
--------------
Total Media $ 909,903
- -----------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.0%
Real Estate Development -- 0.0%
159,647 Newhall Land Development LLC* $ 311,312
--------------
Total Real Estate $ 311,312
- -----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 19
Schedule of Investments | 4/30/10 (unaudited) (continued)
- -----------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Shares Rate (d) Ratings Value
- -----------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.0%
Data Processing & Outsourced Services -- 0.0%
33,046 Perseus Holding Corp.*(f) $ --
--------------
Total Software & Services $ --
- -----------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $17,353,379) $ 21,974,503
- -----------------------------------------------------------------------------------------------------------------
Principal
Amount
- -----------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 3.7%
CONSUMER SERVICES -- 0.3%
Restaurants -- 0.3%
$ 1,300,000 BBB-/Baa3 Dunkin Brands Master Finance LLC,
5.779%, 6/20/31 $ 1,274,104
6,240,000 BB/Ba3 Dunkin Brands Master Finance LLC,
8.28%, 6/20/31 (144A) 5,729,568
--------------
$ 7,003,672
--------------
Total Consumer Services $ 7,003,672
- -----------------------------------------------------------------------------------------------------------------
FOOD & DRUG RETAILING -- 0.5%
Food Retail -- 0.5%
3,150,000 BBB-/Baa3 Dominos Pizza Master Issuer LLC, 5.261%,
4/25/37 $ 2,916,188
10,075,000 BB/Aaa Dominos Pizza Master Issuer LLC, 7.629%,
4/25/37 8,563,750
--------------
$ 11,479,938
--------------
Total Food & Drug Retailing $ 11,479,938
- -----------------------------------------------------------------------------------------------------------------
BANKS -- 2.2%
Thrifts & Mortgage Finance -- 2.2%
2,837,523 1.24 AA+/Aa1 ACE 2004-HE4 M1, Floating Rate Note,
12/25/34 $ 2,174,576
709,490 0.43 CCC/Caa3 Ace Securities Corp., Floating Rate Note,
1/25/37 376,442
889,833 0.32 CCC/Ca ACE Securities Corp., Floating Rate Note,
7/25/36 349,363
2,073,839 1.51 B-/Ba1 Amortizing Residential Collateral Trust,
Floating Rate Note, 1/25/32 961,568
1,185,801 1.39 AA/Baa2 Amortizing Residential Collateral Trust,
Floating Rate Note, 6/25/32 660,440
1,076,440 0.62 AAA/Aaa Bayview Financial Acquisition, Floating
Rate Note, 8/28/44 969,923
1,671,341 AAA/B3 Bear Stearns Asset Backed Securities,
Inc., 0.3656%, 1/25/37 1,278,452
1,480,000 0.68 CCC/Baa2 Bear Stearns Asset Backed Securities,
Inc., Floating Rate Note, 1/25/47 589,121
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
- -----------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- -----------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
$ 4,720,000 0.91 A/Baa1 Bear Stearns Asset Backed Securities,
Inc., Floating Rate Note, 3/25/35 $ 3,468,340
2,260,718 0.47 CCC/A1 BSABS 2006-4 A1, Floating Rate Note,
10/25/33 2,060,664
8,090,000 0.43 BBB+/Caa2 Carrington Mortgage Loan Trust, Floating
Rate Note, 12/25/36 4,584,279
988,725 0.44 AA/Ba3 Carrington Mortgage Loan Trust, Floating
Rate Note, 2/25/32 889,290
3,001,313 0.46 AA+/Ba3 Carrington Mortgage Loan Trust, Floating
Rate Note, 2/25/35 2,769,786
3,800,000 0.33 A/B3 Carrington Mortgate Loan Trust, Floating
Rate Note, 10/25/36 3,068,983
1,897,423 0.59 AA-/Ba1 Countrywide Asset Backed Certificates,
Floating Rate Note, 4/25/36 1,657,198
1,700,000 0.88 BB/A1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 11/25/34 975,619
3,925,000 0.46 BB+/B3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 6/25/47 3,357,834
1,712,634 0.50 BB-/Caa2 CWL 2006-19 2A2, Floating Rate Note,
3/25/37 1,379,528
5,139,737 0.79 B/Aaa CWL 2007-SD1 A1, Floating Rate Note,
3/25/47 2,253,790
1,113,268 0.69 AAA/A2 FBR Securitization Trust, Floating Rate
Note, 10/25/35 705,016
1,800,000 0.36 B-/Ba2 Gsamp Trust, Floating Rate Note, 1/25/37 1,544,317
3,409,451 0.35 CCC/B2 Lehman XS Trust, Floating Rate Note,
8/25/36 1,604,857
7,415,392 0.69 CC/Caa2 Lehman XS Trust., Floating Rate Note,
12/25/35 2,167,319
1,682,666 0.41 B/Ba2 Morgan Stanley ABS Capital, Inc., Floating
Rate Note, 10/25/36 1,417,321
1,651,926 0.34 B/Baa2 Morgan Stanley ABS Capital, Inc., Floating
Rate Note, 2/25/37 1,465,910
601,467 0.34 BB-/A2 Morgan Stanley ABS Capital, Inc., Floating
Rate Note, 2/25/37 556,086
1,823,328 0.33 CCC/Ba3 Option One Mortgage Loan Trust, Floating
Rate Note, 7/25/36 1,133,332
1,844,446 0.50 AAA/Baa2 Residential Asset Mortgage Products, Inc.,
Floating Rate Note, 10/25/35 1,653,020
426,956 0.57 B-/Ba2 Residential Asset Securities, Floating Rate
Note, 1/25/35 382,476
4,428,120 BB-/Ba3 Saxon Asset Securities, 0.34594%,
11/25/36 4,199,181
--------------
$ 50,654,031
--------------
Total Banks $ 50,654,031
- -----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 21
Schedule of Investments | 4/30/10 (unaudited) (continued)
- -----------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- -----------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.7%
Consumer Finance -- 0.1%
$ 2,324,069 0.44 B-/B3 Novastar Home Equity Loan, Floating Rate
Note, 3/25/37 $ 2,215,798
- -----------------------------------------------------------------------------------------------------------------
Diversified Financial Services -- 0.6%
1,051,379 B-/Ba3 Aircraft Finance Trust, 0.84%, 5/15/24 $ 788,535
11,105,541 0.82 B-/Caa1 Aircraft Finance Trust, Floating Rate Note,
5/15/24 5,108,549
3,922,272 B/Baa3 Ellington Loan Acquisition, 1.0625%,
5/27/37 3,401,065
5,377,000 0.34 BBB/Ba1 Home Equity Asset Trust, Floating Rate
Note, 3/25/37 4,314,025
--------------
$ 13,612,174
--------------
Total Diversified Financials $ 15,827,972
- -----------------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $90,541,256) $ 84,965,613
- -----------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 2.2%
MATERIALS -- 0.2%
Forest Products -- 0.2%
4,315,000 BB/B1 T SRA R 2006-1 F 7.5296%, 10/15/36
(144A) $ 4,114,353
--------------
Total Materials $ 4,114,353
- -----------------------------------------------------------------------------------------------------------------
BANKS -- 1.5%
Thrifts & Mortgage Finance -- 1.5%
19,378,584 2.26 AAA/Aaa Bayview Commercial Asset Trust, Floating
Rate Note, 4/25/36 $ 1,162,715
4,087,797 B/Caa1 Countrywide Alternative Loan Trust, 5.25%,
8/25/35 3,536,777
1,539,885 CCC/Caa2 Countrywide Alternative Loan Trust, 5.5%,
11/25/35 1,363,201
2,840,686 CCC/Caa2 Countrywide Alternative Loan Trust, 5.5%,
11/25/35 2,169,093
2,383,879 0.69 B/Baa3 Countrywide Alternative Loan Trust,
Floating Rate Note, 9/25/35 1,527,902
3,066,272 B-/Ba1 Countrywide Home Loan Trust, 4.5%,
9/25/35 2,594,708
939,832 CCC/NR Countrywide Home Loan Mortgage, 5.5%,
11/25/35 766,920
1,394,511 5.50 NR/B2 Countrywide Home Loan Mortgage, 5.5%,
9/25/35 1,325,272
1,261,003 0.59 CCC/Ba1 Countrywide Home Loans, Floating Rate
Note, 3/25/35 481,094
2,665,652 0.58 CCC/B3 Countrywide Home Loans, Floating Rate
Note, 3/25/35 725,767
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
- -----------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- -----------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
$ 3,983,954 0.71 D/Ca DSLA 2005-AR6 2A1C, Floating Rate
Note, 10/19/45 $ 612,897
325,002 0.99 AAA/A3 Impac CMB Trust, Floating Rate Note,
4/25/35 236,918
1,010,349 0.32 D/Caa2 Impac Securities Assets Corp., Floating
Rate Note, 11/25/36 886,359
1,840,744 3.76 NR/B1 JP Morgan Mortgage Trust, Floating Rate
Note, 10/25/35 1,425,207
2,765,339 4.94 B+/B1 JP Morgan Mortgage Trust, Floating Rate
Note, 11/25/35 2,723,068
8,801,702 0.60 CC/Ca Luminent Mortgage Trust, Floating Rate
Note, 7/25/36 816,226
4,890,000 NR/B1 SBA CMBS Trust, 7.825%, 11/15/36 5,073,303
2,019,663 0.65 BBB-/Baa1 Structured Asset Mortgage Investments,
Inc., Floating Rate Note, 9/25/45 1,251,195
4,552,929 0.57 AAA/Aa1 WAMU Mortgage Pass-Through
Certificates, Floating Rate Note, 4/25/45 3,814,217
2,328,605 NR/Ba2 Wells Fargo Mortgage Backed Securities,
5.5%, 11/25/35 2,239,615
--------------
$ 34,732,454
--------------
Total Banks $ 34,732,454
- -----------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.4%
Integrated Telecommunication Services -- 0.4%
9,670,000 NA/B2 Global Tower Partners Acquisition, 7.87%,
5/15/37 $ 9,670,000
--------------
Total Telecommunication Services $ 9,670,000
- -----------------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.1%
1,494,955 NR/B3 GSR Mortgage Loan Trust, 5.5%, 8/25/21 $ 1,395,214
--------------
Total Government $ 1,395,214
- -----------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost $55,578,528) $ 49,912,021
- -----------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 76.9%
ENERGY -- 12.3%
Coal & Consumable Fuels -- 2.2%
4,750,000 BB+/Ba1 Adaro Indonesia PT, 7.625%,
10/22/19 (b) $ 4,981,800
12,000,000 BB/Ba3 Bumi Capital Pte, Ltd., 12.0%,
11/10/16 (b) 13,245,600
1,650,000 BB/B1 Consol Energy, Inc., 8.0%, 4/1/17 (144A) 1,742,813
3,300,000 BB/B1 Consol Energy, Inc., 8.25%,
4/1/20 (144A) 3,514,500
8,512,000 BB-/B1 Drummond Co., Inc., 9.0%,
10/15/14 (144A) 8,916,320
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 23
Schedule of Investments | 4/30/10 (unaudited) (continued)
- ---------------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- ---------------------------------------------------------------------------------------------------------------------
Coal & Consumable Fuels -- (continued)
$ 3,060,000 B+/B2 Indo Integrated Energy II BV, 9.75%,
11/5/16 $ 3,274,200
750,000 B/B2 Indo Intergrate Energy BV, 8.5%, 6/1/12 791,220
2,850,000 BB-/Caa1 International Coal Group, 9.125%,
4/1/18 (b) 2,949,750
6,395,000 B/B3 New World Resources BV, 7.375%,
5/15/15 (144A) 8,257,951
1,500,000 B/B2 Penn Virginia Resource Partner LP, 8.25%,
4/15/18 1,530,000
--------------
$ 49,204,154
- ---------------------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.1%
2,950,000 BBB/Baa3 Petroleum Co of Trinidad & Tobago, Ltd.,
9.75%, 8/14/19 (b) $ 3,451,500
- ---------------------------------------------------------------------------------------------------------------------
Oil & Gas Drilling -- 1.1%
8,203,792 NR/NR DDI Holding AS, 9.3%, 1/19/12 (144A) $ 8,121,754
983,833 NA/NA DDI Holdings AS, 9.3%, 4/23/12 (144A) 947,234
1,250,000 B/B2 Hercules Offshore, Inc., 10.5%, 10/15/17 1,287,500
2,815,000 B+/B1 Parker Drilling Co., 9.125%,
4/1/18 (144A) 2,878,338
13,500,000 NR/NR Petrolia Drilling ASA, 12.0%,
6/20/12 (144A) 1,190,315
7,350,000 B/B3 Pioneer Drilling Co., 9.875%,
3/15/18 (144A) 7,570,500
NOK 17,000,000 11.65 NA/NA Sevan Drilling ASA, Floating Rate Note,
12/7/12 2,738,402
--------------
$ 24,734,043
- ---------------------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 1.3%
6,910,000 B+/B1 Complete Production Service, 8.0%,
12/15/16 $ 7,065,475
1,600,000 0.00 NA/NA DP Producer AS, Floating Rate Note,
12/5/11 (144A) (e) 16,000
4,750,000 B+/B1 Expro Finance Luxembourg SCA, 8.5%,
12/15/16 4,868,750
910,944 0.50 NA/NA Nexus ASA, Floating Rate Note,
3/7/12 (e) 9,109
NOK 13,000,000 NR/NR PetroJack AS, 11.0%, 4/19/10 (e) 242,472
1,156,159 0.00 NR/B3 PetroProd, Ltd., Floating Rate Note,
1/12/12 (e) 1,156
4,500,000 3.62 NR/NR Sevan Marine ASA, Floating Rate Note,
5/14/13 (144A) 3,847,500
7,500,000 NA/NA Sevan Marine ASA, 9.25%,
12/20/11 (144A) 7,387,500
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
- ---------------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- ---------------------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- (continued)
NOK 20,500,000 11.99 NA/NA Sevan Marine ASA, Floating Rate Note,
10/24/12 (144A) $ 3,128,391
4,231,200 NA/NA Skeie Drilling & Production ASA,
11.25%, 3/8/13 (e) 3,554,208
--------------
$ 30,120,561
- ---------------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 5.7%
$ 1,830,000 B/Caa1 Antero Resources Finance Corp.,
9.375%, 12/1/17 $ 1,894,050
3,305,000 B+/B2 Berry Petroleum Co., 10.25%, 6/1/14 3,660,288
1,225,000 BB-/B1 Bill Barrett Corp., 9.875%, 7/15/16 1,316,875
EURO 2,550,000 BB/Ba3 Chesapeake Energy Co., 6.25%, 1/15/17 3,292,850
4,750,000 B/B2 Comstock Resources, Inc.,
8.375%, 10/15/17 4,904,375
4,100,000 BB/B1 Continental Resources, Inc.,
8.25%, 10/1/19 4,407,500
1,130,000 BB/B1 Denbury Resources, Inc., 9.75%, 3/1/16 1,248,650
6,025,000 BB-/B2 HilCorp. Energy LLP, 9.0%, 6/1/16
(144A) 6,205,750
4,535,000 B/B3 Linn Energy LLC, 11.75%,
5/15/17 (144A) 5,169,900
6,000,000 B/B3 Linn Energy LLC, 8.625%,
4/15/20 (144A) 6,225,000
6,500,000 NA/NA Norse Energy ASA, 10.0%, 7/13/10 1,091,122
11,303,000 NA/NA Norse Energy ASA,
6.5%, 7/14/11 (144A) 10,172,700
45,000,000 B-/NR Norwegian Energy Co., ASA,
12.9%, 11/20/14 8,046,833
NOK 39,000,000 B-/NR PA Resources AB, 9.56%, 3/9/11 6,414,474
2,150,000 B/Caa1 PetroQuest Energy, Inc.,
10.375%, 5/15/12 2,203,750
7,260,000 BB-/B1 Plains Exploration & Production Co.,
7.625%, 4/1/20 7,269,075
3,040,000 BB-/B1 Plains Exploration & Production Co.,
8.625%, 10/15/19 3,214,800
2,535,000 BB-/B1 Plains Exploration & Production Co.,
10.0%, 3/1/16 (b) 2,807,513
5,635,000 B-/B3 Quicksilver Resources, Inc.,
7.125%, 4/1/16 5,451,863
5,620,000 B/B2 Quicksilver Resources, Inc.,
9.125%, 8/15/19 6,027,450
1,815,000 B+/B3 SandRidge Energy, Inc.,
8.75%, 1/15/20 (144A) 1,824,075
7,260,000 B+/B3 SandRidge Energy, Inc., 8.0% 6/1/18 7,132,950
8,115,000 B+/B3 SandRidge Energy, Inc., 8.625, 4/1/15 8,175,863
1,590,000 5.04 B+/B3 SandRidge Energy, Inc., Floating Rate
Note, 4/1/14 1,492,256
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 25
Schedule of Investments | 4/30/10 (unaudited) (continued)
- -----------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- -----------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- (continued)
$ 4,469,000 BB-/Caa1 Stone Energy Corp., 8.625%, 2/1/17 $ 4,413,138
13,900,000 BBB-/Baa2 TNK-BP Finance SA,
7.875%, 3/13/18 (144A) 15,012,000
--------------
$ 129,075,100
- -----------------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 1.1%
4,500,000 BB-/Ba3 Coffeyville Resources LLC, 9.0%, 4/1/15 $ 4,590,000
1,600,000 B+/B1 Holly Energy Partners LP,
6.25%, 3/1/15 (144A) 1,616,000
580,000 B/B2 Petroplus Finance, Ltd.,
7.0%, 5/17 (144A) 527,800
10,700,000 B/B2 Petroplus Finance, Ltd.,
9.37%, 9/15/19 (144A) 10,218,500
8,240,000 BB+/Ba1 Tesoro Corp., 9.75%, 6/1/19 8,858,000
--------------
$ 25,810,300
- -----------------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.8%
2,360,000 BB/Ba1 Enterprise Products, Flating Rate Note,
8/1/66 $ 2,454,400
5,030,000 BB/Ba1 Enterprise Products Operating LP,
7.0%, 6/1/67 4,728,200
12,008,000 BB/Ba1 Southern Union Co., 7.2%, 11/1/66 11,227,480
--------------
$ 18,410,080
--------------
Total Energy $ 280,805,738
- -----------------------------------------------------------------------------------------------------------------
MATERIALS -- 10.8%
Aluminum -- 1.1%
11,515,000 NR/WR Asia Aluminum Holdings, Ltd., 8.0%,
12/23/11 (144A) (e) $ 1,482,556
16,460,000 CCC+/B3 CII Carbon LLC, 11.125%, 11/15/15 16,830,350
7,077,822 6.83 CCC/Caa1 Noranda Aluminum Acquisition, Inc.,
Floating Rate Note, 5/15/15 6,104,621
1,550,000 B-/Caa1 Novelis, Inc., 7.25%, 2/15/15 1,526,750
--------------
$ 25,944,277
- -----------------------------------------------------------------------------------------------------------------
Commodity Chemicals -- 1.5%
11,343,000 NR/WR Basell Finance Co., 8.1%,
3/15/27 (144A) (e) $ 11,002,710
9,000,000 CCC+/B3 Hexion Finance Escrow LLC,
8.875%, 2/1/18 (144A) (b) 8,853,750
4,100,000 CCC+/Caa1 Hexion US Fin/Nova Scotia,
9.75%, 11/15/14 4,233,250
4,835,000 B+/B1 Nova Chemicals Corp.,
8.375%, 11/1/16 (144A) 5,016,313
4,755,000 B+/B1 Nova Chemicals Corp.,
8.625%, 11/1/19 (144A) (b) 4,968,975
--------------
$ 34,074,998
- -----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
- ---------------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- ---------------------------------------------------------------------------------------------------------------------
Construction Materials -- 1.3%
$ 15,675,000 CCC+/B3 AGY Holding Corp., 11.0%, 11/15/14 $ 13,794,000
3,434,000 6.64 B-/NR C8 Capital SPV, Ltd., Floating Rate Note,
12/31/49 2,504,897
9,406,000 B/NR Cemex Finance LLC, 9.5%,
12/14/16 (144A) 9,500,060
3,825,000 BB-/B1 Rearden G Holdings EINS GmbH,
7.875%, 3/30/20 (b) 3,953,138
--------------
$ 29,752,095
- ---------------------------------------------------------------------------------------------------------------------
Diversified Chemical -- 0.7%
EURO 12,065,000 CCC-/Caa3 Ineos Group Holdings Plc,
7.875%, 2/15/16 (144A) $ 13,451,545
3,320,000 NR/WR Nell AF Sarl, 8.375%,
8/15/15 (144A) (e) 1,060,741
500,000 NR/WR Nell AF Sarl, 8.375%,
8/15/15 (144A) (e) 115,000
--------------
$ 14,627,286
- ---------------------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 1.1%
6,125,902 B/B2 Blaze Recycling & Metals LLC,
13.0%, 7/16/12 $ 4,969,638
6,000,000 B/B2 FMG Finance Pty, Ltd.,
10.625%, 9/1/16 (144A) 7,050,000
11,575,000 NR/Ba3 Prime Dig Pte, Ltd., 11.75%, 11/3/14 12,674,625
--------------
$ 24,694,263
- ---------------------------------------------------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 0.3%
3,000,000 BB+/B1 CF Industries Holdings, Inc.,
6.875%, 5/1/18 $ 3,127,500
3,074,000 BB+/B1 CF Industries Holdings, Inc.,
7.125%, 5/1/20 3,235,385
--------------
$ 6,362,885
- ---------------------------------------------------------------------------------------------------------------------
Forest Products -- 0.3%
5,188,000 BB/Ba2 Sino-Forest Corp., 10.25%,
7/28/14 (144A) (b) $ 5,732,740
- ---------------------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 1.0%
3,758,000 CCC+/B2 AEP Industries, Inc., 7.875%, 3/15/13 $ 3,739,210
1,700,000 B/B3 Ardagh Glass Finance Plc, 8.75%,
2/1/20 (144A) 2,364,968
EURO 4,295,000 BB-/B1 Consol Glass, Ltd.,
7.625%, 4/15/14 (144A) 5,660,547
EURO 8,250,000 B-/B3 Impress Metal Pack Holding BV,
9.25%, 9/15/14 (144A) 11,477,050
--------------
$ 23,241,775
- ---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 27
Schedule of Investments | 4/30/10 (unaudited) (continued)
- ---------------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- ---------------------------------------------------------------------------------------------------------------------
Paper Packaging -- 1.1%
$ 13,738,222 NR/NR Corp. Durango SAB de CV, 6.0%,
8/27/16 $ 10,921,886
4,655,000 B-/B3 Graphic Packaging Co., 9.5%, 8/15/13 4,783,013
10,400,000 B/NR US Corrugated, Inc., 10.0%, 6/1/13 9,152,000
--------------
$ 24,856,899
- ---------------------------------------------------------------------------------------------------------------------
Paper Products -- 0.9%
1,195,000 BB/Ba3 Clearwater Paper Corp., 10.625%,
6/15/16 $ 1,327,944
17,020,000 B-/B3 Exopack Holding Corp., 11.25%, 2/1/14 17,913,550
--------------
$ 19,241,494
- ---------------------------------------------------------------------------------------------------------------------
Precious Metals & Minerals -- 0.1%
2,500,000 B+/Ba3 Alrosa Finance SA, 8.875%,
11/17/14 (144A) (b) $ 2,700,000
- ---------------------------------------------------------------------------------------------------------------------
Steel -- 1.4%
12,810,000 CCC+/Caa2 Algoma Acquisition Corp.,
9.875%, 6/15/15 (144A) $ 12,233,550
EURO 10,800,000 NR/WR Bulgaria Steel Finance BV,
12.0%, 5/4/13 (e) 898,595
1,200,000 B+/B3 Essar Steel Algoma, Inc.,
9.375%, 3/15/15 1,230,000
5,350,000 B/B2 Evraz Group SA, 8.875%,
4/24/13 (144A) 5,590,750
3,020,000 B/B2 Evraz Group SA, 9.5%, 4/24/18 (144A) 3,201,200
3,060,000 CCC+/Caa1 Ryerson, Inc., 12.0%, 11/1/15 3,308,625
4,233,000 BB+/Ba2 Steel Dynamics, Inc.,
7.625%, 3/15/20 (144A) 4,381,155
2,505,000 CC/Ca Zlomrex International Finance SA,
8.5%, 2/1/14 (144A) 1,734,088
--------------
$ 32,577,963
--------------
Total Materials $ 243,806,675
- ---------------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 5.6%
Aerospace & Defense -- 0.9%
8,540,000 B-/B3 Aeroflex, Inc., 11.75%, 2/15/15 $ 9,340,625
8,835,000 B/B1 GeoEye, Inc., 9.625%, 10/1/15 9,199,444
--------------
$ 18,540,069
- ---------------------------------------------------------------------------------------------------------------------
Building Products -- 0.5%
4,658,000 BB-/B3 Building Materials Corp., 7.5%, 3/15/20 $ 4,646,355
2,080,000 B-/NR C10 -- EUR Capital SPV, Ltd., BVI,
6.277%, 5/29/49 1,938,302
1,047,000 B-/BBB- C10 Capital SPV, Ltd., Floating Rate Note,
12/31/49 765,504
The accompanying notes are an integral part of these financial statements.
28 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
- -----------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- -----------------------------------------------------------------------------------------------------------------
Building Products -- (continued)
$ 3,271,000 D/Ca Industrias Unidas SA de CV, 11.5%,
11/15/16 (144A) (e) $ 1,942,156
2,815,000 BB/B1 USG Corp., 9.75%, 8/1/14 (144A) 3,040,200
--------------
$ 12,332,517
- -----------------------------------------------------------------------------------------------------------------
Construction & Engineering -- 0.4%
2,625,000 BB-/Ba3 Dycom Industries, Inc., 8.125%,
10/15/15 $ 2,533,125
6,575,000 B/B2 Esco Corp., 8.625%, 12/15/13 (144A) 6,805,125
370,000 6.65 B/B2 Esco Corp., Floating Rate Note,
12/15/13 (144A) 343,175
--------------
$ 9,681,425
- -----------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 0.9%
3,840,000 BB-/Caa1 American Railcar, Inc., 7.5%, 3/1/14 $ 3,744,000
10,320,000 CCC/Caa3 Commercial Vehicle Group, Inc., 8.0%,
7/1/13 8,539,800
3,480,000 CCC/Caa2 Greenbrier Co., Inc., 8.375%, 5/15/15 3,306,000
4,680,000 B-/B2 Titan Wheel International, Inc., 8.0%,
1/15/12 4,726,800
--------------
$ 20,316,600
- -----------------------------------------------------------------------------------------------------------------
Electrical Component & Equipment -- 0.3%
5,425,000 B/B3 Coleman Cable, Inc., 9.0%,
2/15/18 (144A) (b) $ 5,540,281
- -----------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.7%
3,590,000 B-/NA CIA Latino Americano, 9.75%, 5/10/12 $ 3,195,100
6,260,000 D/Ca Little Traverse Bay Odawa Inn,
10.25%, 2/15/14 (144A) (e) 1,643,250
4,768,000 CCC+/Caa1 Park-Ohio Industries, Inc.,
8.375%, 11/15/14 4,410,400
7,490,000 B-/Caa1 Reynolds Group Issuer, Inc.,
8.5%, 5/15/18 (144A) 7,546,175
--------------
$ 16,794,925
- -----------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 1.3%
9,800,000 B+/B1 Altra Holdings, Inc., 8.125%,
12/1/16 (144A) $ 9,959,270
5,322,000 NR/WR Indalex Holding, Inc., 11.5%, 2/1/14 (e) 59,873
12,135,000 B-/NR Industrias Metalurgicas Pescar SA,
11.25%, 10/22/14 11,467,575
9,685,000 B-/B3 Mueller Water Products, Inc., 7.375%,
6/1/17 8,813,350
--------------
$ 30,300,068
- -----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 29
Schedule of Investments | 4/30/10 (unaudited) (continued)
- ---------------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- ---------------------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.6%
$ 2,000,000 B/B3 Avis Budget Group, Inc., 9.625%,
3/15/18 $ 2,160,000
9,940,000 B-/B3 Intcomex, Inc., 13.25%, 12/15/14 10,039,400
1,500,000 B/B1 Wesco Distribution, Inc., 7.5%, 10/15/17 1,485,000
--------------
$ 13,684,400
--------------
Total Capital Goods $ 127,190,285
- ---------------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 1.0%
Commercial Printing -- 0.0%
990,000 B/B2 Sheridan Acquisition Corp.,
10.25%, 8/15/11 $ 980,100
- ---------------------------------------------------------------------------------------------------------------------
Diversified Support Services -- 0.6%
2,000,000 B+/B2 Iron Mountain, Inc., 8.375%, 8/15/21 $ 2,112,500
13,050 NR/B3 Msx International, Inc.,
12.5%, 4/1/12 (144A) 10,962,000
--------------
$ 13,074,500
- ---------------------------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 0.4%
6,510,000 D/WR Aleris International, Inc.,
10.0%, 12/15/16 (e) $ 32,550
2,110,000 D/WR Aleris International, Inc.,
9.0%, 12/15/14 (e) 8,862
1,530,000 B+/B2 Casella Waste Systems, Inc.,
11.0%, 7/15/14 1,660,050
EURO 3,022,531 CCC+/Caa1 New Reclamation Group,
8.125%, 2/1/13 (144A) 3,017,811
4,500,000 B-/Caa1 Waste Services, Inc., 9.5%, 4/15/14 4,623,750
--------------
$ 9,343,023
--------------
Total Commercial Services & Supplies $ 23,397,623
- ---------------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.3%
Airlines -- 1.0%
485,097 B/B1 Continental Airline, Inc., 8.499%, 5/1/11 $ 488,153
10,940,000 CCC+/B2 Delta Air Lines, Inc., 11.75%, 3/15/15 11,815,200
5,065,000 BB-/Ba2 Delta Air Lines, Inc., 9.5%, 9/15/14 5,362,569
2,326,012 B/B3 UAL Pass Through Trust, 8.03%, 7/1/11 2,303,682
2,000,000 BBB/Ba1 United Air Lines, Inc., 9.75%, 1/15/17 2,190,000
--------------
$ 22,159,604
- ---------------------------------------------------------------------------------------------------------------------
Railroads -- 0.2%
3,820,000 B+/B2 Kansas City Southern de Mexico Co.,
8.0%, 2/1/18 $ 3,982,350
- ---------------------------------------------------------------------------------------------------------------------
Trucking -- 0.1%
3,440,000 B/B3 Syncreon Global Ireland, Ltd.,
9.5%, 5/1/18 $ 3,461,500
--------------
Total Transportation $ 29,603,454
- ---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
- ---------------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- ---------------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.5%
Auto Parts & Equipment -- 1.5%
$ 7,525,000 CCC+/Caa2 Allison Transmission, Inc., 11.25%,
11/1/15 (144A) $ 8,127,000
4,500,000 B/B3 Hawk Corp., 8.75%, 11/1/14 4,494,375
1,510,000 BB-/B1 Lear Corp., 8.125%, 3/15/20 1,540,200
16,550,000 12.00 CCC-/Caa3 Stanadyne Corp., Floating Rate Note,
2/15/15 13,074,500
Auto Parts & Equipment -- (continued)
4,265,000 CCC/Caa1 Stanadyne Corp., 10.0%, 8/15/14 $ 4,030,425
2,290,000 B/B3 TRW Automotive, Inc., 8.875%, 12/1/17 2,430,263
--------------
$ 33,696,763
- ---------------------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.0%
1,315,000 B+/B1 Goodyear Tire & Rubber Co.,
10.5%, 5/15/16 $ 1,464,581
--------------
Total Automobiles & Components $ 35,161,344
- ---------------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.5%
Apparel, Accessories & Luxury Goods -- 0.0%
1,324,000 B+/B2 Levi Strauss & Co., 7.625%, 5/15/20 $ 1,337,240
- ---------------------------------------------------------------------------------------------------------------------
Homebuilding -- 1.0%
3,800,000 BB-/Ba3 Corporacion Geo SAB de CV,
8.875%, 9/25/14 (b) $ 4,075,500
7,435,000 BB-/Ba3 Desarrolladora Homex SAB de CV,
9.5%, 12/11/19 (144A) 7,899,688
1,490,000 BB-/B1 KB Homes, Inc., 9.1%, 9/15/17 1,605,475
1,600,000 B+/B1 Meritage Homes Corp., 6.25%, 3/15/15 1,540,000
3,909,000 NR/Ba3 Urbi Desarrollos Urbanos SA de CV,
9.5%, 1/21/20 4,241,265
2,620,000 B+/Ba3 Urbi Desarrollos Urbanosn SA de CV,
8.5%, 4/19/16 (144A) (b) 2,770,650
--------------
$ 22,132,578
- ---------------------------------------------------------------------------------------------------------------------
Housewares & Specialties -- 0.5%
11,165,000 CCC+/Caa1 Yankee Acquisition Corp., 9.75%,
2/15/17 (b) $ 11,667,425
--------------
Total Consumer Durables & Apparel $ 35,137,243
- ---------------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 2.2%
Casinos & Gaming -- 1.8%
9,750,000 NR/WR Buffalo Thunder Revenue Authority,
9.375%, 12/15/14 (e) $ 1,633,125
EURO 8,515,000 B/B2 Codere Finance SA, 8.25%,
6/15/15 (144A) 11,349,774
EURO 8,440,000 8.25 BB/Ba3 Lottomatica S.p.A., Floating Rate Note,
3/31/66 (144A) 11,685,191
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 31
Schedule of Investments | 4/30/10 (unaudited) (continued)
- ---------------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- ---------------------------------------------------------------------------------------------------------------------
Casinos & Gaming -- (continued)
$ 5,965,000 D/WR Mashantucket Pequot Tribe,
8.5%, 11/15/15 (144A) (e) $ 1,491,250
EURO 6,165,000 B/B3 Peermont Global, Ltd.,
7.75%, 4/30/14 (144A) 7,796,806
2,722,000 B/Caa1 Pinnacle Entertainment, Inc.,
8.75%, 5/15/20 2,718,598
3,471,000 BB-/B1 Scientific Games International, Inc.,
9.25%, 6/15/19 (144A) 3,740,003
1,725,000 CCC/Caa2 Shingle Springs Tribal,
9.375%, 6/15/15 (144A) 1,466,250
5,095,000 D/WR Station Casinos, Inc.,
6.625%, 3/15/18 (e) 44,581
--------------
$ 41,925,578
- ---------------------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.1%
3,020,000 B+/B2 Grupo Posadas SAB, 9.25%, 1/15/15 $ 3,163,450
- ---------------------------------------------------------------------------------------------------------------------
Restaurants -- 0.3%
5,750,000 BBB-/Ba2 Arcos Dorados SA, 7.5%, 10/1/19 $ 5,980,000
--------------
Total Consumer Services $ 51,069,028
- ---------------------------------------------------------------------------------------------------------------------
MEDIA -- 2.9%
Advertising -- 0.8%
5,549,000 B+/B2 MDC Partners, Inc., 11.0%, 11/1/16
(144A) $ 6,076,155
10,950,000 B-/Caa2 Sitel LLC/Sitel Finance Corp.,
11.5%, 4/1/18 11,114,250
--------------
$ 17,190,405
- ---------------------------------------------------------------------------------------------------------------------
Broadcasting -- 2.0%
462,000 B/B2 Clear Channel Worldwide Holdings, Inc.,
9.25%, 12/15/17 $ 493,185
1,848,000 B/B2 Clear Channel Worldwide Holdings, Inc.,
9.25%, 12/15/17 1,979,670
9,840,000 B/B1 Hughes Network System, Inc., 9.5%,
4/15/14 10,135,200
840,000 B/B1 Hughes Network Systems LLC,
9.5%, 4/15/14 865,200
11,476,792 CCC+/Caa3 Intelsat Bermuda, Ltd., 11.5%, 2/4/17 12,108,016
2,285,000 B-/Caa1 Telesat Canada / Telesat LLC,
11.0%, 11/1/15 2,559,200
6,950,000 B-/Caa1 Telesat Canada / Telesat LLC, 12.5%,
11/1/17 8,105,438
8,114,314 CCC/Caa2 Univision Communications, Inc.,
9.75%, 3/15/15 (PIK) (144A) (b) 7,363,740
3,010,000 B-/B2 Univision Communications, Inc.,
12.0%, 7/1/14 3,326,050
--------------
$ 46,935,699
- ---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
- ---------------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- ---------------------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.1%
$ 2,291,000 B/B1 Live Nation Entertainment, Inc.,
8.125%, 5/15/18 $ 2,354,003
--------------
Total Media $ 66,480,107
- ---------------------------------------------------------------------------------------------------------------------
RETAILING -- 1.7%
Apparel Retail -- 0.1%
EURO 610,000 10.46 CCC+/Caa1 Edcon Holdings Proprietary, Ltd., Floating
Rate Note, 6/15/15 (144A) $ 562,354
1,175,000 8.21 B+/B2 Edcon Proprietary, Ltd., Floating Rate
Note, 6/15/14 (144A) 1,231,823
--------------
$ 1,794,177
- ---------------------------------------------------------------------------------------------------------------------
Automotive Retail -- 0.1%
3,385,000 B-/Caa1 Sonic Automotive, Inc., 9.0%,
3/15/18 (144A) $ 3,520,400
- ---------------------------------------------------------------------------------------------------------------------
Distributors -- 0.7%
14,150,000 B-/B3 Minerva Overseas, Ltd., 10.875%,
11/15/19 (144A) (b) $ 15,317,375
- ---------------------------------------------------------------------------------------------------------------------
Internet Retail -- 0.5%
9,265,000 B/B1 Ticketmaster, Inc., 10.75%, 8/1/16 $ 10,423,125
- ---------------------------------------------------------------------------------------------------------------------
Specialty Stores -- 0.3%
6,430,000 B-/Caa1 Sally Holdings LLC, 10.5%, 11/15/16 (b) $ 7,056,925
--------------
Total Retailing $ 38,112,002
- ---------------------------------------------------------------------------------------------------------------------
FOOD & DRUG RETAILING -- 0.3%
Food Distributors -- 0.3%
6,346,000 BB-/B2 C&S Group Enterprise LLC, 8.375%,
5/1/17 (144A) $ 6,393,595
--------------
Total Food & Drug Retailing $ 6,393,595
- ---------------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 4.2%
Agricultural Products -- 0.4%
5,000,000 BB-/Ba3 Cosan SA Industria,
8.25%, 2/15/49 (144A) $ 4,950,000
2,000,000 B+/B3 Southern States Cooperative, Inc.,
11.25%, 5/15/15 1,985,000
--------------
$ 6,935,000
- ---------------------------------------------------------------------------------------------------------------------
Brewers -- 0.0%
120,000 BBB+/A3 Cia Brasileira de Bebida, 8.75%, 9/15/13 $ 140,880
- ---------------------------------------------------------------------------------------------------------------------
Distillers & Vintners -- 0.1%
EURO 4,171,607 NA/NA Belvedere SA, 7.692%, 4/11/14 (e) $ 1,943,710
- ---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 33
Schedule of Investments | 4/30/10 (unaudited) (continued)
- -----------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- -----------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 2.9%
$ 7,540,000 NR/B1 Bertin, Ltd., 10.25%, 10/5/16 (144A) $ 8,294,000
11,012,000 NR/B2 Corporacion Pesquera, Inc., SAC,
9.0%, 2/10/17 (144A) 11,190,945
7,158,000 NA/B2 Fabrica de Productos SA,
9.25%, 2/23/17 (144A) 7,188,328
9,500,000 B-/B3 Fage Dairy Industry SA,
9.875%, 2/1/20 (144A) 8,930,000
2,766,704 NR/NR Independencia International, Ltd.,
12.0%, 12/30/16 (144A) (b) 1,521,687
10,825,000 B+/B1 Marfrig Overseas, Ltd.,
9.5%, 5/4/20 (144A) 10,576,025
8,075,000 B+/B1 Marfrig Overseas, Ltd.,
9.625%, 11/16/16 (144A) 8,317,250
9,800,000 B-/B3 Minerva Overseas, Ltd.,
9.5%, 2/1/17 (144A) 9,996,000
--------------
$ 66,014,235
- -----------------------------------------------------------------------------------------------------------------
Tobacco -- 0.8%
15,355,000 B+/B2 Alliance One International, Inc.,
10.0%, 7/15/16 $ 16,276,300
3,500,000 B+/B2 Alliance One International, Inc.,
10.0%, 7/15/16 (144A) 3,710,000
--------------
$ 19,986,300
--------------
Total Food, Beverage & Tobacco $ 95,020,125
- -----------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.3%
Household Products -- 0.1%
2,415,000 B/B1 Cellu Tissue Holdings, Inc.,
11.5%, 6/1/14 $ 2,698,763
- -----------------------------------------------------------------------------------------------------------------
Personal Products -- 0.2%
4,050,000 B-/B3 Revlon Consumer Products Corp.,
9.75%, 11/15/15 $ 4,161,375
--------------
Total Household & Personal Products $ 6,860,138
- -----------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 2.7%
Health Care Equipment -- 0.4%
7,435,000 CCC+/Caa2 Accellent, Inc., 10.5%, 12/1/13 $ 7,490,763
- -----------------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.1%
2,252,960 BB-/B2 HCA, Inc., 9.625%, 11/15/16 $ 2,450,094
- -----------------------------------------------------------------------------------------------------------------
Health Care Services -- 1.4%
565,000 B+/Ba2 AMR Holdco/Emcar Holdco, Inc.,
10.0%, 2/15/15 $ 593,956
5,549,000 B-/B3 BioScrip, Inc., 10.25%, 10/1/15 5,687,725
6,845,000 BB-/NR Dasa Finance Corp.,
8.75%, 5/29/18 (144A) 7,392,600
The accompanying notes are an integral part of these financial statements.
34 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
- -----------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- -----------------------------------------------------------------------------------------------------------------
Health Care Services -- (continued)
$ 7,125,000 CCC+/Caa1 Surgical Care Affiliates LLC,
10.0%, 7/15/17 (144A) $ 7,178,438
10,447,362 B-/B3 Surgical Care Affiliates LLC,
8.875%, 7/15/15 (144A) (PIK) 10,525,717
--------------
$ 31,378,436
- -----------------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.6%
5,865,000 B-/B3 Biomet, Inc., 10.375%, 10/15/17 $ 6,451,500
2,470,000 B-/B3 Inverness Medical Innovation, Inc.,
9.0%, 5/15/16 2,519,400
5,550,000 B-/B2 Inverness Medical Innovations, Inc.,
7.875%, 2/1/16 5,466,750
--------------
$ 14,437,650
- -----------------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.2%
5,350,000 B-/Caa1 Multiplan, Inc., 10.375%,
4/15/16 (144A) $ 5,537,250
--------------
Total Health Care Equipment & Services $ 61,294,193
- -----------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 0.6%
Life Sciences Tools & Services -- 0.4%
4,832,596 B/Caa1 Catalent Pharma Solution, Inc.,
9.5%, 4/15/17 (144A) $ 4,905,085
3,898,000 B+/B3 PharmaNet Development Group, Inc.,
10.875%, 4/15/17 3,990,578
--------------
$ 8,895,663
- -----------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.2%
3,530,000 CCC+/Caa1 Phibro Animal Health Corp.,
13.0%, 8/1/14 (144A) $ 3,600,600
--------------
Total Pharmaceuticals & Biotechnology $ 12,496,263
- -----------------------------------------------------------------------------------------------------------------
BANKS -- 3.1%
Diversified Banks -- 2.7%
2,800,000 BB+/Ba1 Alfa Div Pymt Rights Finance, 7.24%,
12/15/11 (144A) $ 2,660,871
6,675,000 NR/Ba1 ATF Bank JSC, 9.25%,
4/12/12 (144A) (b) 7,042,125
3,360,000 NR/Ba1 ATF Bank BV, 9.0%, 5/11/16 (144A) 3,553,200
1,500,000 NR/B1 ATF Capital BV, 10.0%, 12/31/49 1,470,000
4,530,000 NR/Ba1 ATF Capital BV, 9.25%, 2/21/14 (144A) 4,847,100
8,175,000 BB/NR Banco de Credito SA, 9.75%, 11/6/69 9,449,000
2,790,000 NR/B2 Banco Macro SA, 8.5%, 2/1/17 2,650,500
2,870,000 NR/B2 Banco Macro SA, 9.75%, 12/18/36 2,611,700
6,230,000 8.44 NR/Ba2 Banco Macro SA, Floating Rate Note,
6/7/12 4,470,025
2,500,000 D/C BTA Finance Luxembourg SA,
8.25%, 12/31/49 (e) 187,500
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 35
Schedule of Investments | 4/30/10 (unaudited) (continued)
- -----------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- -----------------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
$ 5,380,000 NR/Ba3 Centercredit International BV,
8.625%, 1/30/14 (144A) $ 5,514,500
10,450,000 AAA/NR International Finance Corp.,
9.25%, 3/15/13 5,860,062
2,750,000 9.20 CCC/Caa1 Kazkommerts Finance 2 BV, Floating Rate
Note, 11/29/49 2,437,325
1,400,000 B/Ba3 Kazkommerts International BV,
8.0%, 11/3/15 1,340,500
2,465,000 B+/Ba3 Russian Stand Bank ZAO, 7.5%,
10/7/10 (144A) 2,462,535
3,410,000 D/WR Temir Capital BV, 9.5%, 5/21/14 (e) 1,091,200
7,070,000 D/C Turanalem Finance BV, 8.5%,
2/10/15 (144A) (e) 3,552,675
--------------
$ 61,200,818
- -----------------------------------------------------------------------------------------------------------------
Regional Banks -- 0.3%
4,415,000 8.50 NR/Ba3 Banco Inter Peru SA, Floating Rate Note,
4/23/70 (144A) $ 4,547,450
2,675,000 A-/Ba1 Wells Fargo & Co., Floating Rate Note,
12/29/49 2,782,000
--------------
$ 7,329,450
- -----------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.1%
3,190,000 B/B1 Hipotecaria Su Casita SA, 8.5%,
10/4/16 (144A) $ 2,552,000
--------------
Total Banks $ 71,082,268
- -----------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 6.8%
Asset Management & Custody Banks -- 0.2%
3,320,000 BB+/Baa3 Janus Capital Group, Inc., 6.95%,
6/15/17 $ 3,382,257
- -----------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.4%
5,155,584 NR/NR Egidaco Investments, Ltd., 18.0%,
6/24/11 $ 6,794,744
2,450,000 B+/B1 TVN Finance Corp., Plc, 10.75%,
11/15/17 3,625,230
--------------
$ 10,419,974
- -----------------------------------------------------------------------------------------------------------------
Diversified Financial Services -- 3.0%
8,112,000 B+/B1 CEDC Finance Corp., International, Inc.,
9.125%, 12/1/16 (144A) $ 8,598,720
1,095,000 CCC-/Caa3 Ceva Group Plc, 10.0%, 12/1/16 (144A) 1,246,351
8,811,000 CCC/Caa1 Ceva Group Plc, 11.5%, 4/1/18 (144A) 9,482,839
2,445,000 CCC/Caa1 Ceva Group Plc, 11.625%, 10/1/16 2,655,881
16,410,000 AAA/Aaa European Investment Bank, 0.0%, 3/2/15 6,735,275
3,841,000 BB/Ba1 Fibria Overseas Finance, Ltd.,
7.5%, 5/4/20 3,867,887
The accompanying notes are an integral part of these financial statements.
36 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
- -----------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- -----------------------------------------------------------------------------------------------------------------
Diversified Financial Services -- (continued)
$ 15,915,000 BB-/Ba3 Grupo Papelero Scribe SA,
8.875%, 4/7/20 (144A) (b) $ 15,046,041
1,135,000 BB-/NR Ibis Re, Ltd., 11.2775%, 5/10/12 1,232,270
250,000 B+/NR Ibis Re, Ltd., Floating Rate Note,
5/3/13 (144A) 249,850
1,500,000 6.20 BB/NR Ibis Re, Ltd., Floating Rate Note,
5/3/13 (144A) 1,499,400
800,000 B/NR Nelson Re, Ltd., 12.1725%, 6/21/10 805,200
500,000 7.07 NR/B1 Nelson Re, Ltd., Floating Rate Note,
6/6/11 488,250
2,130,000 BB/Ba2 New Communications Holdings, Inc.,
8.25%, 4/15/17 2,193,900
4,250,000 BB/Ba2 New Communications Holdings, Inc.,
8.5%, 4/15/20 4,377,500
8,470,000 BB/Ba2 New Communications Holdings, Inc.,
8.75%, 4/15/22 (b) 8,724,100
--------------
$ 67,203,464
- -----------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.6%
18,515,000 5.79 BBB/Baa2 Goldman Sachs Capital Corp., Floating
Rate Note, 2/29/49 $ 14,649,994
- -----------------------------------------------------------------------------------------------------------------
Specialized Finance -- 2.6%
8,180,000 B-/Caa1 Ace Cash Express, Inc.,
10.25%, 10/1/14 (144A) $ 6,789,400
6,360,000 BBB/Baa3 Cantor Fitzgerald LP, 7.875%, 10/15/19 6,451,101
2,700,000 BB/Baa3 Capital One Capital, 10.25%, 8/15/39 3,240,000
6,565,000 B+/B2 Dollar Financial Corp.,
10.375%, 12/15/16 (144A) 6,958,900
2,000,000 BBB-/Baa2 Glencore Finance Europe SA, 8.0%,
2/28/49 2,012,500
1,700,000 13.79 B-/NR Montana Re, Ltd., Floating Rate Note,
12/7/12 1,705,950
19,800,000 CCC+/Caa2 NCO Group, Inc., 11.875%, 11/15/14 19,255,500
12,325,000 7.68 CCC+/Caa1 NCO Group, Inc., Floating Rate Note,
11/15/13 10,907,625
750,000 B-/NR Successor X, Ltd., Cat Bond, 0.0%,
12/9/10 689,175
250,000 CC/NR Successor X, Ltd., Cat Bond, 11.87982%,
4/4/13 247,850
2,100,000 B-/NR Successor X, Ltd., Cat Bond, 9.87982%,
4/4/13 2,083,620
--------------
$ 60,341,621
--------------
Total Diversified Financials $ 155,997,310
- -----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 37
Schedule of Investments | 4/30/10 (unaudited) (continued)
- -----------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- -----------------------------------------------------------------------------------------------------------------
INSURANCE -- 4.0%
Insurance Brokers -- 1.7%
$ 11,140,000 CCC/Caa1 Alliant Holdings, Inc.,
11.0%, 5/1/15 (144A) $ 11,502,050
14,710,000 CCC+/Caa1 Hub International Holdings, Ltd.,
10.25%, 6/15/15 (144A) 14,342,250
400,000 CCC+/B3 Hub International Holdings, Ltd., 9.0%,
12/15/14 (144A) 390,000
4,841,000 CCC/Caa1 Usi Holdings Corp., 9.75%,
5/15/15 (144A) 4,659,463
7,132,000 6.68 CCC/B3 Usi Holdings Corp., Floating Rate Note,
11/15/14 6,080,030
--------------
$ 36,973,793
- -----------------------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.5%
5,425,000 BBB/Baa3 Delphi Financial Group, Inc.,
7.875%, 1/31/20 $ 5,830,302
5,230,000 BBB+/Baa3 Prudential Financial, Inc.,
8.875%, 6/15/38 5,883,750
--------------
$ 11,714,052
- -----------------------------------------------------------------------------------------------------------------
Multi-Line Insurance -- 0.6%
3,570,000 BB/Baa3 Liberty Mutual Group, 7.0%,
3/15/37 (144A) $ 3,163,888
8,500,000 10.75 BB/Baa3 Liberty Mutual Group, Floating Rate Note,
6/15/58 (144A) 9,902,500
1,420,531 BB-/NR Sul America Participacoes SA,
8.625%, 2/15/12 1,512,866
--------------
$ 14,579,254
- -----------------------------------------------------------------------------------------------------------------
Reinsurance -- 1.2%
1,375,000 15.20 B-/NR Atlas Reinsurance Plc, Floating Rate Note,
1/10/11, Cat Bond (144A) $ 1,850,972
1,875,000 7.19 BB+/NR Blue Fin, Ltd., Floating Rate Note,
4/10/12 1,758,375
250,000 13.80 BB-/NR Blue Fin, Ltd., Floating Rate Note,
4/16/12, Cat Bond (144A) 268,950
1,000,000 8.92 BB/NR Caelus Re, Ltd., Floating Rate Note,
6/7/11 991,000
2,550,000 18.03 B-/NR Carillon, Ltd., Floating Rate Note,
1/10/11 2,518,380
2,500,000 5.91 BB+/A2 Foundation Re III, Ltd., Floating Rate Note,
2/3/14, Cat Bond 2,507,500
2,600,000 12.03 NR/B3 Globecat, Ltd., Cat Bond, Floating Rate
Note, 1/2/13 (144A) 2,436,200
375,000 8.78 NR/B1 Globecat, Ltd., Cat Bond, Floating Rate
Note, 1/2/13 (144A) 375,525
1,000,000 8.56 BB+/NR Green Valley, Ltd., Floating Rate Note,
1/10/11 (144A) 1,326,193
The accompanying notes are an integral part of these financial statements.
38 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
- -----------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- -----------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
$ 1,900,000 0.00 BB+/NR Merna Reinurance, Ltd., Floating Rate
Note, 4/8/13 $ 1,898,480
250,000 10.40 B/NR MultiCat Mexico 2009, Floating Rate Note,
10/19/12 250,275
750,000 11.56 B/NR MultiCat Mexico 2009, Floating Rate Note,
10/19/12 790,500
250,000 10.40 B/NR MultiCat Mexico 2009, Floating Rate Note,
10/19/12 250,275
250,000 10.31 BB-/NR MultiCat Mexico 2009, Floating Rate Note,
10/19/12 246,750
325,000 7.20 NA/Ba2 Muteki, Ltd., Cat Bond, Floating Rate Note,
5/24/11 318,955
1,800,000 12.25 BB/NR Mystic Re, Ltd., Floating Rate Note,
3/20/12 1,956,960
750,000 10.54 BB-/NR Mystic Re, Ltd., Floating Rate Note,
6/7/11 761,475
435,000 7.45 BB+/NA Newton Re, Ltd., Cat Bond, Floating Rate
Note, 12/24/10 (144A) 433,043
745,000 9.75 BB/NA Newton Re, Ltd., Cat Bond, Floating Rate
Note, 12/24/10 (144A) 724,960
4,165,000 BBB+/BBB+ Platinum Underwriters HD, 7.5%, 6/1/17 4,532,699
1,900,000 14.15 B-/NA Residential Reinsurance, Ltd., Floating
Rate Note, 6/6/11 1,894,680
--------------
$ 28,092,147
--------------
Total Insurance $ 91,359,246
- -----------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.1%
Diversified Real Estate Activities -- 0.4%
8,190,000 BB-/NR BR Malls International Finance SA, 9.75%,
12/31/49 (144A) $ 8,538,075
- -----------------------------------------------------------------------------------------------------------------
Real Estate Operating Companies -- 0.7%
6,750,000 B-/B Alto Palermo SA, 7.875%,
5/11/17 (144A) $ 6,260,625
5,246,591 8.64 B-/NR Alto Palermo SA, Floating Rate Note,
6/11/12 (144A) 2,820,043
8,405,000 B-/NA Inversiones Y Rep SA, 8.5%,
2/2/17 (144A) (b) 8,068,800
--------------
$ 17,149,468
--------------
Total Real Estate $ 25,687,543
- -----------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 2.2%
Application Software -- 0.4%
9,840,000 CCC+/Caa2 Vangent , Inc., 9.625%, 2/15/15 $ 9,274,200
- -----------------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.6%
13,875,000 B-/Caa1 First Data Corp., 9.875%, 9/24/15 $ 12,695,625
- -----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 39
Schedule of Investments | 4/30/10 (unaudited) (continued)
- -----------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- -----------------------------------------------------------------------------------------------------------------
Internet Software & Services -- 0.5%
$ 10,983,000 B-/B1 Terremark Worldwide, Inc.,
12.0%, 6/15/17 $ 12,630,450
- -----------------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.3%
7,920,000 CCC/Caa1 Activant Solutions, Inc., 9.5%, 5/1/16 $ 7,623,000
- -----------------------------------------------------------------------------------------------------------------
Systems Software -- 0.4%
10,706,974 NR/NR Pegasus Solutions, Inc., 13.0%,
4/15/14 (PIK) (f) $ 8,030,231
--------------
Total Software & Services $ 50,253,506
- -----------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.7%
Electronic Equipment & Instruments -- 0.7%
6,496,000 B/B1 Da-Lite Screen Co., Inc., 12.5%, 4/1/15 $ 6,496,000
8,975,000 B/B1 Da-Lite Screen Co., Inc., 9.5%, 5/15/11 9,311,563
--------------
$ 15,807,563
--------------
Total Technology Hardware & Equipment $ 15,807,563
- -----------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 6.7%
Alternative Carriers -- 1.4%
11,765,000 B/B1 Paetec Holding Corp.,
8.875%, 6/30/17 (144A) (b) $ 12,103,244
12,430,000 B/B2 Global Crossing, Ltd.,
12.0%, 9/15/15 (144A) 13,952,675
4,500,000 CCC+/Caa1 Paetec Holdings Corp., 9.5%,
7/15/15 (b) 4,584,375
--------------
$ 30,640,294
- -----------------------------------------------------------------------------------------------------------------
Integrated Telecommunication Services -- 1.8%
14,690,000 CCC+/B3 Broadview Networks Holdings, Inc.,
11.375%, 9/1/12 $ 14,579,825
7,690,000 B+/Ba3 Cincinnati Bell, Inc., 8.25%, 10/15/17 7,805,350
5,054,000 B-/B2 Cincinnati Bell, Inc., 8.75%, 3/15/18 5,117,175
1,390,000 BB-/B2 GCI, Inc., 7.25%, 2/15/14 1,393,475
3,345,000 BB-/B2 GCI, Inc., 8.625%, 11/15/19 3,403,538
6,460,000 B+/B1 Mastec, Inc., 7.625%, 2/1/17 6,274,275
2,200,000 B-/B2 Time Warner Telecom LLC, 8.0%, 3/1/08 2,277,000
--------------
$ 40,850,638
- -----------------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 3.5%
12,100,000 B/NR Bakrie Telecom Tbk PT,
11.5%, 5/7/15 (144A) $ 12,100,000
6,320,000 B-/B3 Cricket Communications Inc.,
9.375%, 11/1/14 (b) 6,533,300
3,650,000 CCC+/Caa1 Digicel Group, Ltd., 10.5%, 4/15/18 (b) 3,896,375
14,000,000 NR/B1 Digicel, Ltd., 8.25%, 9/1/17 (144A) 14,315,000
5,000,000 B+/B3 Intelsat Jackson Holdings, Ltd., 8.5%,
11/1/19 (144A) 5,262,500
The accompanying notes are an integral part of these financial statements.
40 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
- -----------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- -----------------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- (continued)
$ 8,180,000 BB-/B1 NII Capital Corp.,
10.0%, 8/15/16 (144A) $ 9,079,800
3,315,000 B-/B2 True Move Co., Ltd.,
10.375%, 8/1/14 (144A) 3,356,438
18,455,000 B-/B2 True Move Co., Ltd.,
10.75%, 12/16/13 (144A) 18,824,100
6,475,000 BB+/Ba2 Vip Fin, Ltd., 9.125%, 4/30/18
(144A) (b) 7,373,406
--------------
$ 80,740,919
--------------
Total Telecommunication Services $ 152,231,851
- -----------------------------------------------------------------------------------------------------------------
UTILITIES -- 3.4%
Electric Utilities -- 1.2%
10,585,000 B-/NA CIA Transporte Energia SA, 8.875%,
12/15/16 (144A) $ 9,632,350
10,845,000 NR/Ba2 Dubai Electricity & Water Authority,
8.5%, 4/22/15 11,178,397
1,169,635 BB-/Ba2 FPL Energy National Wind Co.,
6.125%, 3/25/19 (144A) 1,128,908
1,303,985 BB-/Ba2 FPL Energy Wind Funding Co.,
6.876%, 6/27/17 (144A) 1,277,905
4,485,000 CCC/Caa2 TXU Energy Co., 10.25%, 11/1/15 (b) 3,363,750
--------------
$ 26,581,310
- -----------------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.6%
14,917,000 B-/B2 Transportadora De Gas del Sur, 7.875%,
5/14/17 (144A) $ 14,245,735
- -----------------------------------------------------------------------------------------------------------------
Independent Power Producer & Energy Traders -- 1.0%
2,100,000 BBB-/NR Colbun SA, 6.0%, 1/21/20 (144A) $ 2,128,921
5,245,000 BB-/Ba3 Intergen NV, 9.0%, 6/30/17 5,481,025
948,098 NR/Ba1 Juniper Generation LLC, 6.79%,
12/31/14 (144A) 883,693
3,046,000 BB-/Ba2 Listrindo Capital BV, 9.25%,
1/29/15 (144A) 3,260,621
11,700,000 NR/B2 Star Energy Geotherm, Ltd., 11.5%,
2/12/15 12,562,290
--------------
$ 24,316,550
- -----------------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.6%
5,860,000 BB/Ba2 NSG Holdings, Inc., 7.75%, 12/15/25 $ 5,332,600
8,300,723 NR/NR Ormat Funding Corp., 8.25%, 12/30/20 7,885,670
--------------
$ 13,218,270
--------------
Total Utilities $ 78,361,865
- -----------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $1,793,225,362) $1,753,608,965
- -----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 41
Schedule of Investments | 4/30/10 (unaudited) (continued)
- ---------------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- ---------------------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 1.1%
BRL 4,250,000 BBB-/Baa3 Brazilian Government, 10.25%, 1/10/28 $ 2,474,273
11,500,000 B-/B2 City of Buenos Aires,
12.5%, 4/6/15 (144A) 12,075,000
BRL 2,560,000 BBB-/Baa3 Federal Republic of Brazil,
5.875%, 1/15/19 2,755,840
BRL 2,480,000 BBB-/Baa3 Republic of Brazil, 12.5%, 1/5/22 1,641,911
COP 6,986,000,000 BB+/Ba1 Republic of Colombia, 12.0%, 10/22/15 4,486,445
1,250,000 BBB-/Baa3 Republic of Peru, 7.125%, 3/30/19 1,470,250
--------------
$ 24,903,719
- ---------------------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $22,160,693) $ 24,903,719
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 0.3%
COMMERCIAL SERVICES & SUPPLIES -- 0.0%
Environmental & Facilities Services -- 0.0%
$ 4,400,000 7.28 D/WR Ohio Air Quality Development, Floating
Rate Note, 6/8/22 (e) $ 440,000
--------------
Total Commercial Services & Supplies $ 440,000
- ---------------------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.3%
Municipal Airport -- 0.0%
15,000 B/B3 New Jersey Economic Development
Authority Special Facility Revenue,
7.0%, 11/15/30 $ 14,994
- ---------------------------------------------------------------------------------------------------------------------
Muni General -- 0.3%
8,875,000 12.00 NR/NR Non-Profit PFD Funding Trust Inc., Floating
Rate Note, 9/15/37 $ 6,547,975
--------------
Total Government $ 6,562,969
- ---------------------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $13,272,010) $ 7,002,969
- ---------------------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 5.7%**
ENERGY -- 0.0%
Oil & Gas Exploration & Production -- 0.0%
646,177 4.31 B/B3 Venoco, Inc., Second Lien Loan, 5/7/14 $ 621,137
--------------
Total Energy $ 621,137
- ---------------------------------------------------------------------------------------------------------------------
MATERIALS -- 0.4%
Diversified Chemical -- 0.1%
1,640,000 7.50 B/B2 Ineos U.S. Finance Corp., Term B2 Facility
Loan, 12/16/13 $ 1,640,513
1,640,000 8.00 B/B2 Ineos U.S. Finance Corp., Term C2 Facility
Loan, 12/16/14 1,640,513
--------------
$ 3,281,026
- ---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
42 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
- -----------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- -----------------------------------------------------------------------------------------------------------------
Steel -- 0.3%
$ 7,601,794 8.50 B/B3 Niagara Corp., Term Loan, 6/30/14 (f) $ 7,525,776
--------------
Total Materials $ 10,806,802
- -----------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.6%
Aerospace & Defense -- 0.1%
1,148,575 4.09 NR/NR DAE Aviation Holdings, Inc., Tranche B1
Term Loan, 7/31/14 $ 1,100,717
497,319 3.55 B-/B1 Hunter Defense Technology, Inc., Term
Loan, 8/22/14 466,237
1,119,159 4.09 NR/NR Standard Aero, Ltd., Tranche B2 Term
Loan, 7/31/14 1,072,527
Aerospace & Defense -- (continued)
213,281 5.50 NR/Ba2 Tasc, Inc., Tranche A Term Loan,
12/18/14 $ 213,814
405,234 5.75 NR/Ba2 Tasc, Inc., Tranche B Term Loan,
12/18/15 407,261
--------------
$ 3,260,556
- -----------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 0.1%
1,305,229 6.26 BB-/Ba3 Oshkosh Corp., Term B Loan, 12/6/13 $ 1,313,794
- -----------------------------------------------------------------------------------------------------------------
Electrical Component & Equipment -- 0.0%
900,000 0.00 B+/B1 Scotsman Industries, Inc., Term Loan,
4/30/16 $ 901,125
- -----------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.3%
7,500,000 8.29 B+/B1 PT Bukit Muitara Tbk, Term Loan,
12/30/10 $ 7,425,000
- -----------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.1%
1,470,750 6.25 NR/NR SIG Holding AG EL, European Term Loan,
11/5/15 $ 1,971,399
--------------
Total Capital Goods $ 14,871,874
- -----------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.1%
Diversified Support Services -- 0.0%
358,133 3.80 BB/Caa1 Rental Service Corp., Initial Term Loan
(Second Lien), 11/30/13 $ 348,822
- -----------------------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 0.1%
458,850 6.00 NR/Ba3 Advanced Disposal Services, Inc., Term B
Loan, 12/23/14 $ 462,865
643,640 2.29 BB-/Baa3 Brickman Holdings, Ltd., Tranche B Term
Loan, 1/23/14 630,767
--------------
$ 1,093,632
--------------
Total Commercial Services & Supplies $ 1,442,454
- -----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 43
Schedule of Investments | 4/30/10 (unaudited) (continued)
- ---------------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- ---------------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Air Freight & Couriers -- 0.1%
508,620 3.29 NR/Ba2 Ceva Group Plc, Additional Pre Funded
Term Loan, 11/4/13 $ 462,844
EURO 1,125,404 3.26 B-/B1 Ceva Group Plc, EGL Term Loan, 11/4/13 1,025,884
1,103,300 3.26 NR/Ba2 Ceva Group Plc, U.S. Term Loan, 11/4/13 1,004,003
--------------
$ 2,492,731
--------------
Total Transportation $ 2,492,731
- ---------------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.2%
Auto Parts & Equipment -- 0.2%
$ 2,142,971 3.01 BB-/B2 Allison Transmission, Inc., Term Loan,
8/7/14 $ 2,053,829
1,535,000 10.50 NR/NR HHI Holdings LLC, Term Loan, 3/11/15 1,560,423
--------------
$ 3,614,252
--------------
Total Automobiles & Components $ 3,614,252
- ---------------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.3%
Casinos & Gaming -- 0.3%
990,170 2.80 NR/NR Gateway Casinos & Entertainment, Inc.,
Delayed Draw Term Loan, 9/30/14 (e) $ 957,165
4,888,655 2.80 NR/NR Gateway Casinos & Entertainment, Inc.,
Term Advance Loan, 9/30/14 (e) 4,725,699
5,590,000 5.79 NR/NR Gateway Casinos & Entertainment, Inc.,
2nd Lien Advance Lien, 7/16/14 (e) 1,434,766
--------------
$ 7,117,630
--------------
Total Consumer Services $ 7,117,630
- ---------------------------------------------------------------------------------------------------------------------
MEDIA -- 0.4%
Cable & Satellite -- 0.4%
1,391,600 2.30 NR/NR Charter Communications, Inc., Term B-1
Loan, 3/5/14 $ 1,322,986
1,000,000 2.75 NR/NR Charter Communications, Inc., Term C
Loan, 10/28/14 930,834
1,072,201 2.50 B/B1 Knology, Inc., Term Loan, 6/30/12 1,064,160
5,303,126 6.78 CCC/B2 WideOpenWest LLC, 1st Lien Term Loan,
6/30/14 5,342,072
--------------
$ 8,660,052
--------------
Total Media $ 8,660,052
- ---------------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Household Products -- 0.0%
652,998 8.00 B-/B3 Spectrum Brands, Inc., Dollar B Term
Loan, 6/30/12 $ 653,162
33,670 8.00 B-/B3 Spectrum Brands, Inc., Letter of Credit,
6/30/12 33,679
--------------
$ 686,841
- ---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
44 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
- -----------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- -----------------------------------------------------------------------------------------------------------------
Personal Products -- 0.1%
$ 1,530,000 6.00 NR/NR Revlon Consumer Products Corp., Term
Loan, 8/15/15 $ 1,525,076
--------------
Total Household & Personal Products $ 2,211,917
- -----------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.6%
Health Care Facilities -- 0.1%
3,000,000 6.50 B+/B1 Ardent Health Services LLC, Term Loan,
7/19/15 $ 2,969,250
- -----------------------------------------------------------------------------------------------------------------
Health Care Services -- 0.3%
5,000,000 0.00 NR/B1 Prime Healthcare Services, Inc., Term B
Loan, 4/28/15 $ 4,900,000
867,825 6.00 BB/Ba3 RehabCare Group, Inc., Term B Loan,
11/1/15 873,249
673,313 7.00 CCC/B3 Rural/Metro Operating Co. LLC, Term Loan,
12/7/14 678,362
--------------
$ 6,451,611
- -----------------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.2%
4,710,000 4.50 BB/Ba2 IM U.S. Holding LLC, Term Loan, 6/26/15 $ 4,690,376
--------------
Total Health Care Equipment & Services $ 14,111,237
- -----------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 0.4%
Biotechnology -- 0.4%
3,321,610 5.50 NR/B1 Warner Chilcott Corp., Term A Loan,
10/30/14 $ 3,330,427
1,496,250 5.75 NR/B1 Warner Chilcott Corp., Term B-3 Loan,
4/30/15 1,500,300
1,528,792 5.75 NR/B1 Warner Chilcott Corp., Term B-1 Loan,
4/30/15 1,533,407
2,545,716 5.75 NR/B1 Warner Chilcott Corp., Term B-2 Loan,
4/30/15 2,553,400
--------------
$ 8,917,534
--------------
Total Pharmaceuticals & Biotechnology $ 8,917,534
- -----------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Consumer Finance -- 0.0%
26,009 7.00 BB/B1 Dollar Financial Corp., Canadian Borrower
Term Loan, 10/30/12 $ 25,229
19,124 7.00 BB/B1 Dollar Financial Corp., Delayed Draw Term
Loan, 12/31/14 18,551
--------------
$ 43,780
- -----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 45
Schedule of Investments | 4/30/10 (unaudited) (continued)
- -----------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- -----------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.2%
$ 3,399,210 3.29 B+/NR Ace Cash Express, Inc., Term Loan,
10/5/13 $ 3,084,783
995,475 7.50 B/B1 NCO Financial Systems, Inc., Term B
Advance, 5/15/13 984,691
--------------
$ 4,069,474
--------------
Total Diversified Financials $ 4,113,254
- -----------------------------------------------------------------------------------------------------------------
INSURANCE -- 1.1%
Insurance Brokers -- 0.7%
2,876,250 3.29 NR/NR Alliant Holdings I, Inc., Term Loan,
8/21/14 $ 2,757,605
3,616,825 6.75 B/NR HUB International Holdings, Inc.,
Additional Term Loan, 6/13/14 3,623,607
936,559 2.79 B/NR HUB International Holdings, Inc., Delayed
Draw Term Loan, 6/13/14 888,326
4,166,608 2.79 B/NR HUB International Holdings, Inc., Initial
Term Loan, 6/13/14 3,952,027
595,408 3.05 B/B2 Usi Holdings Corp., Tranche B Term Loan,
5/5/14 555,962
2,875,550 7.00 B/B2 Usi Holdings Corp., Series C New Term
Loan 5/5/14 2,815,163
--------------
$ 14,592,690
- -----------------------------------------------------------------------------------------------------------------
Multi-Line Insurance -- 0.4%
4,517,417 2.77 B-/NR AmWins Group, Inc., Initial Term Loan,
6/8/13 $ 4,238,841
6,750,000 5.78 B-/NR AmWins Group, Inc., Initial Term Loan
(Second Lien), 6/8/13 5,568,750
--------------
$ 9,807,591
--------------
Total Insurance $ 24,400,281
- -----------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Real Estate Development -- 0.1%
1,300,000 7.50 B/Ba3 Ozburn-Hessey Logistics Holding Co., Term
Loan (First Lien) 4/7/16 $ 1,313,000
--------------
Total Real Estate $ 1,313,000
- -----------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.2%
Systems Software -- 0.2%
3,011,875 8.50 CCC+/B1 Allen Systems Group, Inc., Term Loan (First
Lien), 10/18/13 $ 3,041,053
1,120,000 0.00 B+/B1 Telcordia Technologies, Inc., Term Loan,
4/9/16 1,125,426
--------------
$ 4,166,479
--------------
Total Software & Services $ 4,166,479
- -----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
46 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
- ---------------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- ---------------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.2%
Electronic Equipment & Instruments -- 0.2%
$ 5,219,910 4.52 NR/NR Scitor Corp., Term Loan, 9/26/14 $ 5,167,711
--------------
Total Technology Hardware & Equipment $ 5,167,711
- ---------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.4%
Integrated Telecommunication Services -- 0.4%
733,683 3.28 NR/NR Telesat Canada, Inc., U.S. Term II Loan,
10/31/14 $ 723,289
8,542,146 3.28 NR/NR Telesat Canada, Inc., U.S. Term I Loan,
10/31/14 8,421,134
--------------
$ 9,144,423
--------------
Total Telecommunication Services $ 9,144,423
- ---------------------------------------------------------------------------------------------------------------------
UTILITIES -- 0.3%
Electric Utilities -- 0.3%
1,487,525 3.75 BBB-/Ba1 Texas Competitive Electric Holdings, Inc.,
Delayed Draw Term Loan, 10/10/14 $ 1,208,710
7,742,357 3.75 BBB-/Ba1 Texas Competitive Electric Holdings, Inc.,
Initial Tranche B-2 Term Loan, 10/10/14 6,368,088
--------------
$ 7,576,798
--------------
Total Utilities $ 7,576,798
- ---------------------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN
INTERESTS
(Cost $135,911,653) $ 130,749,566
- ---------------------------------------------------------------------------------------------------------------------
RIGHTS/WARRANTS -- 0.1%
ENERGY -- 0.1%
Oil & Gas Exploration & Production -- 0.1%
NOK 11,303,000 Norse Energy Corp. ASA* $ 1,629,061
- ---------------------------------------------------------------------------------------------------------------------
TOTAL RIGHTS/WARRANTS
(Cost $1,460,198) $ 1,629,061
- ---------------------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 4.4%
Repurchase Agreements -- 0.5%
2,185,000 Bank of America, Inc., 0.20%, dated
4/30/10, repurchase price of
$2,185,000 plus accrued interest on
5/3/10 collateralized by $2,228,713
Tennessee Valley Authority Notes, 0.0%,
6/3/10 $ 2,185,000
2,185,000 BNP Paribas SA, 0.20%, dated 4/30/10,
repurchase price of $2,185,000 plus
accrued interest on 5/3/10 collateralized
by the following:
$2,015,981 Federal National Mortgage
Association (ARM) 2.701 - 5.812%,
12/1/34 - 11/1/39
$212,719 Federal Home Loan
Mortgage Corp., 3.631%, 5/1/35 2,185,000
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 47
Schedule of Investments | 4/30/10 (unaudited) (continued)
- -----------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- -----------------------------------------------------------------------------------------------------------------
Repurchase Agreements -- (continued)
$ 2,185,000 Deutsche Bank Securities, Inc., 0.20%,
dated 4/30/10, repurchase price of
$2,185,000 plus accrued interest on
5/3/10 collateralized by $2,228,700
Federal National Mortgage Association,
4.5 - 7.0%, 8/1/36 - 1/1/39 $ 2,185,000
2,185,000 JPMorgan, Inc., 0.20%, dated 4/30/10,
repurchase price of $2,185,000 plus
accrued interest on 5/3/10 collateralized
by the following:
$1,993,669 Government National
Mortgage Association I, 4.5 - 6.0%,
5/15/39 - 2/15/40
$233,657 Government National
Mortgage Association II, 6.0 - 7.5%,
3/20/30 - 2/20/38 2,185,000
2,185,000 SG Americas Securities LLC, 0.20%, dated
4/30/10, repurchase price of
$2,185,000 plus accrued interest on
5/3/10 collateralized by the following:
$635,964 Federal National Mortgage
Association, 5.0 - 6.0%,
9/1/36 - 2/1/40
$954,294 Federal National Mortgage
Association ARM, 3.651 - 5.018%,
7/1/35 - 7/1/39
$638,442 Freddie Mac Giant, 4.0%,
1/1/20 2,185,000
--------------
Total Repurchase Agreements $ 10,925,000
- -----------------------------------------------------------------------------------------------------------------
SECURITIES LENDING COLLATERAL -- 3.9% (d)
Certificates of Deposit:
2,107,568 Bank of Nova Scotia, 0.2%, 6/1/10 $ 2,107,568
2,331,380 Barclays, 0.30%, 7/23/10 2,331,380
2,331,397 BBVA NY, 0.265%, 6/1/10 2,331,397
709,043 BNP Paribas, 0.70%, 6/4/10 709,043
2,564,518 CBA Financial, 0.27%, 1/3/11 2,564,518
2,331,380 Deutsche Bank, 0.30%, 7/19/10 2,331,380
2,331,380 DnB NOR Bank ASA NY, 0.19%, 5/19/10 2,331,380
2,331,423 Rabobank Nederland NY, 0.19%, 7/6/10 2,331,423
2,331,380 Royal Bank of Canada, 0.26%, 1/21/11 2,331,380
2,331,380 Svenska NY, 0.265%, 7/19/10 2,331,380
--------------
$ 21,700,849
- -----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
48 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
- -----------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- -----------------------------------------------------------------------------------------------------------------
Commercial Paper:
$ 932,552 American Honda Finance, 0.28%, 4/5/11 $ 932,552
2,654,770 Bank of America, 0.85%, 5/12/10 2,654,770
308,477 Caterpillar Financial Services, 0.34%,
8/20/10 308,477
1,165,450 CBAPP, 0.20%, 6/7/10 1,165,450
932,458 Ciesco, 0.19%, 5/20/10 932,458
2,330,256 CLIPPR, 0.28%, 7/2/10 2,330,256
2,110,256 CME, , Inc.,, 0.90%, 8/6/10 2,110,256
2,331,171 FASCO, 0.19%, 5/18/10 2,331,171
254,092 GE Capital Corp., 0.31%, 10/6/10 254,092
252,368 GE Capital Corp., 0.35%, 10/21/10 252,368
699,710 GE Capital Corp., 0.43%, 8/20/10 699,710
1,165,536 GE, 0.30%, 1/26/11 1,165,536
1,865,078 HNDAF, 0.17%, 5/4/10 1,865,078
2,797,625 INDFG, 0.20%, 5/3/10 2,797,625
233,134 INDFG, 0.21%, 5/4/10 233,134
259,986 John Deere Capital Corp., 0.33%,
7/16/10 259,986
1,972,594 JPMorgan Chase & Co., 0.57%, 9/24/10 1,972,594
1,398,649 Kithaw, 0.20%, 5/24/10 1,398,649
955,522 Kithaw, 0.16%, 5/5/10 955,522
931,979 NABPP, 0.28%, 7/19/10 931,979
932,505 Old LLC, 0.18%, 5/11/10 932,505
932,543 Ranger, 0.18%, 5/3/10 932,543
2,643,361 Santander, 0.30%, 7/23/10 2,643,361
2,330,183 SOCNAM, 0.28%, 7/6/10 2,330,183
699,396 SRCPP, 0.19%, 5/6/10 699,396
1,631,176 SRCPP, 0.26%, 7/7/11 1,631,176
453,113 STRAIT, 0.18%, 5/7/10 453,113
932,386 STRAIT, 0.20%, 6/2/10 932,386
1,165,635 TB LLC, 0.19%, 5/10/10 1,165,635
1,165,400 TB LLC, 0.23%, 6/9/10 1,165,400
2,331,380 Toyota Motor Credit Corp.,
0.23%, 1/10/11 2,331,380
357,192 US BanCorp., 0.30%, 5/28/10 357,192
499,644 US BanCorp., 0.65%, 5/6/10 499,644
233,238 US BanCorp., 0.66%, 6/4/10 233,238
2,329,765 VARFUN, 0.29%, 7/26/10 2,329,765
1,398,930 Wachovia, 0.36%, 3/22/11 1,398,930
657,108 Wal Mart Stores, , Inc.,, 0.22%, 7/1/10 657,108
932,333 WFC, 0.33%, 12/2/10 932,333
2,330,959 WSTPAC, 0.25%, 5/27/10 2,330,959
--------------
$ 49,507,910
- -----------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 49
Schedule of Investments | 4/30/10 (unaudited) (continued)
- -----------------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount Rate (d) Ratings Value
- -----------------------------------------------------------------------------------------------------------------
Tri-party Repurchase Agreements:
$ 3,497,070 Barclays, 0.18%, 5/3/10 $ 3,497,070
7,155,891 Deutsche Bank, 0.02%, 5/3/10 7,155,891
6,994,140 RBS Securities, , Inc.,, 0.01%, 5/3/10 6,994,140
--------------
$ 17,647,101
--------------
Total Securities Lending Collateral $ 88,855,860
- -----------------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $99,780,860) $ 99,780,860
- -----------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 102.9%
(Cost $2,364,663,529) (a) (g) $2,346,163,691
- -----------------------------------------------------------------------------------------------------------------
OTHER ASSETS AND
LIABILITIES -- (2.9)% $ (66,148,320)
- -----------------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $2,280,015,371
=================================================================================================================
* Non-Income producing security.
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, 2010, the value of these securities amounted to $851,598,879 or 36.5%
of total net assets.
** Senior floating rate loan interests in which the Fund invests generally
pay interest at rates that are periodically redetermined by reference to
a base lending rate plus a premium. These base lending rates are
generally (i) the lending rate offered by one or more major European
banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate
offered by one or more major 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, 2010, the net unrealized loss on investments based on cost
for federal income tax purposes of $2,373,187,954, was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $ 133,065,498
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (160,089,761)
-------------
Net unrealized loss $ (27,024,263)
=============
The accompanying notes are an integral part of these financial statements.
50 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
(b) At April 30, 2010, the following securities were out on loan:
- -------------------------------------------------------------------------------------------------
Principal
Amount ($) Description Value
- -------------------------------------------------------------------------------------------------
1,475,000 Alliance One International, Inc., 5.5%, 7/15/14 (144A) $ 1,805,031
2,288,000 Alrosa Finance SA, 8.875%, 11/17/14 (144A) 2,471,040
3,000,000 ATF Bank JSC, 9.25%, 4/12/12 (144A) 3,165,000
9,000,000 Bumi Capital Pte, Ltd., 12.0%, 11/10/16 9,934,200
599,000 Coleman Cable, Inc., 9.0%, 2/15/18 (144A) 611,729
2,100,000 Corporacion Geo SAB de CV, 8.875%, 9/25/14 2,252,250
6,256,000 Cricket Communications Inc., 9.375%, 11/1/14 6,467,140
2,380,000 Digicel Group Ltd., 10.5%, 4/15/18 2,540,650
1,400,000 New Communications Holdings, Inc., 8.75%, 4/15/22 1,442,000
3,000,000 Grupo Papelero Scribe SA, 8.875%, 4/7/20 (144A) 2,836,200
4,059,000 Hexion Finance Escrow LLC, 8.875%, 2/1/18 (144A) 3,993,041
2,403,000 Independencia International, Ltd., 12.0%, 12/30/16 (144A) 1,321,650
1,700,000 International Coal Group, 9.125%, 4/1/18 1,759,500
760,000 Inversiones Y Rep SA, 8.5%, 2/2/17 (144A) 729,600
180,000 Minerva Overseas, Ltd., 10.875%, 11/15/19 (144A) 194,850
2,500,000 Nova Chemicals Corp., 8.625%, 11/1/19 (144A) 2,612,500
4,252,000 Paetec Holdings Corp., 9.5%, 7/15/15 4,331,725
1,898,000 Paetec Holding Corp., 8.875%, 6/30/17 (144A) 1,952,568
318,000 Petroleum Co of Trinidad & Tobago, Ltd., 9.75%, 8/14/19 372,060
569,000 Plains Exploration & Production Co., 10.0%, 3/1/16 630,168
900,000 Adaro Indonesia PT, 7.625%, 10/22/19 943,920
1,000,000 Rearden G Holdings EINS GmbH, 7.875%, 3/30/20 1,033,500
6,365,000 Sally Holdings LLC, 10.5%, 11/15/16 6,985,588
1,228,000 Sino-Forest Corp., 10.25%, 7/28/14 (144A) 1,356,940
4,440,000 TXU Energy Co., 10.25%, 11/1/15 3,330,000
Univision Communications, Inc., 9.75%,
8,009,525 3/15/15 (PIK) (144A) 7,268,644
2,179,000 Urbi Desarrollos Urbanosn SA de CV, 8.5%, 4/19/16 (144A) 2,304,293
3,000,000 Vip Fin, Ltd., 9.125%, 4/30/18 (144A) 3,416,250
5,299,000 Yankee Acquisition Corp., 9.75%, 2/15/17 5,537,455
- -------------------------------------------------------------------------------------------------
Shares
- -------------------------------------------------------------------------------------------------
11,900 Charter Communication, Inc., * 451,010
- -------------------------------------------------------------------------------------------------
Total $84,050,500
================================================================================================
(c) Securities lending collateral is managed by Credit Suisse AG, New York
Branch.
(d) Debt obligation with a variable interest rate. Rate shown is rate at end
of period.
(e) Security is in default and is non-Income producing.
(f) Security is fair valued (see Note A).
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 51
Schedule of Investments | 4/30/10 (unaudited) (continued)
(g) Distributions of investments by country of issue (excluding temporary
cash investments) as a percentage of total investment in securities, is
as follows:
United States 62.5%
Norway 3.8
Canada 3.7
Argentina 3.3
Netherlands 2.9
Bermuda 2.8
Cayman Islands 2.7
Mexico 2.6
Brazil 2.6
Luxembourg 2.2
Indonesia 1.9
United Kingdom 1.3
Thailand 1.0
Other (individually less than 1.0%) 6.7
- --------------------------------------------------------------------------------
100.0%
================================================================================
NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise
denoted:
NOK Norwegian Krone
EURO Euro
BRL Brazilian Real
COP Colombian Peso
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended April 30, 2010 aggregated $675,837,380 and $367,859,522,
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.
52 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
The following is a summary of the inputs used as of April 30, 2010, in valuing
the Fund's assets:
- ----------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
- ----------------------------------------------------------------------------------------------------------
Asset backed securities $ -- $ 84,965,613 $ -- $ 84,965,613
Collateralized mortgage obligations -- 49,912,021 -- 49,912,021
Corporate bonds -- 1,745,578,734 8,030,231 1,753,608,965
Convertible bonds -- 154,093,723 -- 154,093,723
Municipal bonds -- 7,002,969 -- 7,002,969
Foreign government bonds -- 24,903,719 -- 24,903,719
Senior floating rate loan interests -- 123,223,790 7,525,776 130,749,566
Common stocks 20,236,565 311,312 1,426,626 21,974,503
Covertible preferred stocks 17,542,691 -- -- 17,542,691
Warrants 1,629,061 -- -- 1,629,061
Temporary cash investments -- 99,780,860 -- 99,780,860
- ----------------------------------------------------------------------------------------------------------
Total $ 39,408,317 $ 2,289,772,741 $ 16,982,633 $ 2,346,163,691
- ----------------------------------------------------------------------------------------------------------
Other Financial Instruments* $ -- $ (135,851) $ -- $ (135,851)
* Other financial instruments Include foreign exchange contracts
The following is a reconcilliation of assets valued using significant
observable inputs (Level 3):
- ----------------------------------------------------------------------------------------------------------
Senior
Floating Rate Corporate Common
Loan Interests Bonds Stocks Total
- ----------------------------------------------------------------------------------------------------------
Balance as of 10/31/09 $ 561,000 $ -- $ -- $ 561,000
Realized gain (loss) -- -- -- --
Change in unrealized appreciation
(depreciation) (11,000) -- -- (11,000)
Net purchases (sales) (550,000) 296,974 1,426,626 1,173,600
Transfers in and out of Level 3* 7,525,776 7,733,257 -- 15,259,033
- ----------------------------------------------------------------------------------------------------------
Balance as of 4/30/10 $ 7,525,776 $ 8,030,231 $ 1,426,626 $ 16,982,633
- ----------------------------------------------------------------------------------------------------------
* Transfers are calculated on the date of transfer.
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 53
Statement of Assets and Liabilities | 4/30/10 (unaudited)
ASSETS:
Investment in securities (including securities loaned of
$84,050,500) (cost $2,364,663,529) $2,346,163,691
Cash 10,796,301
Foreign currencies, at value (cost $17,441,097) 17,417,829
Receivables --
Investment securities sold 10,375,544
Fund shares sold 29,445,945
Dividends and interest 46,492,255
Due from Pioneer Investment Management, Inc. 111,130
Other 148,265
- -----------------------------------------------------------------------------------------
Total assets $2,460,950,960
- -----------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 62,685,564
Fund shares repurchased 24,300,828
Dividends 4,508,269
Upon return of securities loaned 88,855,860
Forward foreign currency portfolio hedge contracts, open-net 135,851
Due to affiliates 363,331
Accrued expenses 85,886
- -----------------------------------------------------------------------------------------
Total liabilities $ 180,935,589
- -----------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $2,590,584,570
Distributions in excess of net investment income (8,076,604)
Accumulated net realized loss on investments and foreign currency
transactions (283,168,044)
Net unrealized loss on investments (18,499,838)
Net unrealized loss on forward foreign currency contracts and other
assets and liabilities denominated in foreign currencies (824,713)
- -----------------------------------------------------------------------------------------
Total net assets $2,280,015,371
- -----------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $1,304,528,907/127,619,855 shares) $ 10.22
Class B (based on $90,781,529/8,887,923 shares) $ 10.21
Class C (based on $515,286,891/50,618,845 shares) $ 10.18
Class Y (based on $362,631,650/36,026,593 shares) $ 10.07
Class Z (based on $6,786,394/644,183 shares) $ 10.53
MAXIMUM OFFERING PRICE:
Class A ($10.22 [divided by] 95.5%) $ 10.70
=========================================================================================
The accompanying notes are an integral part of these financial statements.
54 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
Statement of Operations (unaudited)
For the Six Months Ended 4/30/10
INVESTMENT INCOME:
Dividends $ 629,886
Interest 93,265,758
Income from securities loaned, net 66,905
- ---------------------------------------------------------------------------------------------------------
Total investment income $ 93,962,549
- ---------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 6,198,380
Transfer agent fees
Class A 811,225
Class B 88,167
Class C 226,250
Class Y 12,492
Class Z 5,325
Distribution fees
Class A 1,414,676
Class B 469,332
Class C 2,397,923
Shareholder communications expense 546,543
Administrative reimbursements 298,276
Custodian fees 45,035
Registration fees 86,032
Professional fees 61,396
Printing expense 49,154
Fees and expenses of nonaffiliated trustees 30,856
Miscellaneous 63,076
- ---------------------------------------------------------------------------------------------------------
Total expenses $ 12,804,138
Less fees waived and expenses reimbursed by Pioneer
Investment Management, Inc. (259,536)
- ---------------------------------------------------------------------------------------------------------
Net expenses $ 12,544,602
- ---------------------------------------------------------------------------------------------------------
Net investment income $ 81,417,947
- ---------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investments $ (20,734,448)
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies 1,071,398 $ (19,663,050)
- ---------------------------------------------------------------------------------------------------------
Change in net unrealized gain on:
Investments $ 191,295,248
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies (2,947,772) $ 188,347,476
- ---------------------------------------------------------------------------------------------------------
Net gain on investments and foreign currency transactions $ 168,684,426
- ---------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 250,102,373
=========================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 55
Statements of Changes in Net Assets
For the Six Months Ended 4/30/10 and the Year Ended 10/31/09, respectively
Six Months
Ended
4/30/10 Year Ended
(unaudited) 10/31/09
- -------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 81,417,947 $ 143,652,413
Net realized loss on investments and foreign currency
transactions (19,663,050) (210,594,460)
Change in net unrealized gain (loss) on investments and foreign
currency transactions 188,347,476 555,224,732
- -------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 250,102,373 $ 488,282,685
- -------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.39 and $1.05 per share, respectively) $ (45,103,948) $ (101,244,569)
Class B ($0.34 and $0.99 per share, respectively) (3,355,082) (10,415,385)
Class C ($0.35 and $0.98 per share, respectively) (17,246,297) (45,563,837)
Class Y ($0.40 and $1.06 per share, respectively) (11,743,066) (11,938,602)
Class Z ($0.41 and $1.10 per share, respectively) (204,421) (337,941)
- -------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (77,652,814) $ (169,500,334)
- -------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 670,467,765 $ 851,625,371
Reinvestment of distributions 50,300,960 104,565,568
Cost of shares repurchased (409,194,497) (722,621,837)
- -------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from Fund share
transactions $ 311,574,228 $ 233,569,102
- -------------------------------------------------------------------------------------------------------
Net increase in net assets $ 484,023,787 $ 552,351,453
NET ASSETS:
Beginning of period 1,795,991,584 1,243,640,131
- -------------------------------------------------------------------------------------------------------
End of period $2,280,015,371 $1,795,991,584
- -------------------------------------------------------------------------------------------------------
Distributions in excess of net investment income $ (8,076,604) $ (11,841,737)
- -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
56 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
- --------------------------------------------------------------------------------------------------------
'10 Shares '10 Amount '09 Shares '09 Amount
(unaudited) (unaudited)
- --------------------------------------------------------------------------------------------------------
Class A
Shares sold 41,621,528 $408,253,958 71,305,346 $552,164,765
Reinvestment of distributions 3,285,786 32,247,563 9,804,275 70,947,511
Less shares repurchased (25,690,115) (251,652,202) (73,268,200) (544,674,791)
- --------------------------------------------------------------------------------------------------------
Net increase 19,217,199 $188,849,319 7,841,421 $ 78,437,485
========================================================================================================
Class B
Shares sold 392,929 $ 3,829,059 2,055,778 $ 15,719,320
Reinvestment of distributions 171,606 1,678,466 642,242 4,609,625
Less shares repurchased (1,966,012) (19,232,706) (3,478,051) (25,951,101)
- --------------------------------------------------------------------------------------------------------
Net decrease (1,401,477) $(13,725,181) (780,031) $ (5,622,156)
========================================================================================================
Class C
Shares sold 6,251,011 $ 61,052,941 15,362,901 $115,048,918
Reinvestment of distributions 874,764 8,547,036 2,979,837 21,429,790
Less shares repurchased (5,931,518) (57,510,118) (15,160,890) (111,625,672)
- --------------------------------------------------------------------------------------------------------
Net increase 1,194,257 $ 12,089,859 3,181,848 $ 24,853,036
========================================================================================================
Class Y
Shares sold 20,067,358 $194,139,432 20,695,368 $165,647,763
Reinvestment of distributions 795,558 7,710,203 1,014,867 7,421,633
Less shares repurchased (8,151,742) (79,556,452) (5,164,271) (38,226,131)
- --------------------------------------------------------------------------------------------------------
Net increase 12,711,174 $122,293,183 16,545,964 $134,843,265
========================================================================================================
Class Z
Shares sold 313,599 $ 3,192,375 405,717 $ 3,044,605
Reinvestment of distributions 11,612 117,692 20,137 157,009
Less shares repurchased (123,900) (1,243,019) (286,757) (2,144,142)
- --------------------------------------------------------------------------------------------------------
Net increase 201,311 $ 2,067,048 139,097 $ 1,057,472
========================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 57
Financial Highlights
- ------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/10 Year Ended Year Ended Year Ended Year Ended Year Ended
(unaudited) 10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
- ------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.39 $ 7.56 $ 12.30 $ 12.34 $ 11.88 $ 11.79
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment
operations:
Net investment income $ 0.41 $ 0.90 $ 1.03 $ 0.96 $ 0.90 $ 0.90
Net realized and unrealized gain (loss)
on investments and foreign currency transactions 0.81 1.98 (4.59) 0.04 0.49 0.09
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.22 $ 2.88 $ (3.56) $ 1.00 $ 1.39 $ 0.99
- ------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.39) $ (1.05) $ (1.07) $ (0.98) $ (0.90) $ (0.90)
Net realized gain -- -- (0.11) (0.06) (0.03) --
- ------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.39) $ (1.05) $ (1.18) $ (1.04) $ (0.93) $ (0.90)
- ------------------------------------------------------------------------------------------------------------------------------------
Redemption Fee $ -- $ -- $ -- $ -- $ 0.00(a) $ 0.00(a)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.83 $ 1.83 $ (4.74) $ (0.04) $ 0.46 $ 0.09
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.22 $ 9.39 $ 7.56 $ 12.30 $ 12.34 $ 11.88
====================================================================================================================================
Total return* 13.22% 43.56% (31.45)% 8.30% 12.12% 8.52%
Ratio of net expenses to average net assets+ 1.10%** 1.10% 1.10% 1.06% 1.10% 1.04%
Ratio of net investment income to average
net assets+ 8.33%** 11.68% 9.25% 7.73% 7.44% 7.40%
Portfolio turnover rate 38%** 33% 25% 31% 41% 36%
Net assets, end of period (in thousands) $1,304,529 $1,018,040 $759,925 $1,369,044 $ 659,845 $ 343,886
Ratios with no waiver of fees and assumption of
expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.15%** 1.32% 1.18% 1.06% 1.18% 1.18%
Net investment income 8.28%** 11.46% 9.17% 7.73% 7.37% 7.26%
Ratios with waiver of fees by the Adviser and
reduction for fees paid indirectly:
Net expenses 1.10%** 1.10% 1.10% 1.06% 1.10% 1.04%
Net investment income 8.33%** 11.68% 9.25% 7.73% 7.44% 7.40%
====================================================================================================================================
(a) 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.
58 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
- ------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/10 Year Ended Year Ended Year Ended Year Ended Year Ended
(unaudited) 10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
- ------------------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 9.37 $ 7.54 $ 12.27 $ 12.31 $ 11.85 $ 11.76
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment
operations:
Net investment income $ 0.35 $ 0.81 $ 0.93 $ 0.86 $ 0.80 $ 0.80
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 0.83 2.01 (4.57) 0.03 0.49 0.09
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.18 $ 2.82 $ (3.64) $ 0.89 $ 1.29 $ 0.89
- ------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.34) $ (0.99) $ (0.98) $ (0.87) $ (0.80) $ (0.80)
Net realized gain -- -- (0.11) (0.06) (0.03) --
- ------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.34) $ (0.99) $ (1.09) $ (0.93) $ (0.83) $ (0.80)
- ------------------------------------------------------------------------------------------------------------------------------------
Redemption Fee $ -- $ -- $ -- $ -- $ 0.00(a) $ 0.00(a)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.84 $ 1.83 $ (4.73) $ (0.04) $ 0.46 $ 0.09
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.21 $ 9.37 $ 7.54 $ 12.27 $ 12.31 $ 11.85
====================================================================================================================================
Total return* 12.86% 42.42% (32.02)% 7.41% 11.25% 7.62%
Ratio of net expenses to average net assets+ 1.93%** 2.00% 1.92% 1.86% 1.96% 1.91%
Ratio of net investment income to average
net assets+ 7.49%** 10.88% 8.47% 6.93% 6.63% 6.57%
Portfolio turnover rate 38%** 33% 25% 31% 41% 36%
Net assets, end of period (in thousands) $ 90,781 $ 96,411 $ 83,412 $155,523 $130,563 $ 98,462
Ratios with no waiver of fees and assumption of
expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.93%** 2.08% 1.92% 1.86% 1.96% 1.97%
Net investment income 7.49%** 10.80% 8.47% 6.93% 6.60% 6.51%
Ratios with waiver of fees paid by the Adviser
and reduction for fees paid indirectly:
Net expenses 1.93%** 2.00% 1.92% 1.85% 1.96% 1.91%
Net investment income 7.49%** 10.88% 8.47% 6.94% 6.60% 6.57%
====================================================================================================================================
(a) 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.
** 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 | 4/30/10 59
Financial Highlights (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/10 Year Ended Year Ended Year Ended Year Ended Year Ended
(unaudited) 10/31/09 10/31/08 10/31/07 10/31/06 10/31/05
- ------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.34 $ 7.51 $ 12.24 $ 12.28 $ 11.82 $ 11.74
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment Operations:
Net investment income $ 0.37 $ 0.82 $ 0.93 $ 0.86 $ 0.80 $ 0.80
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.82 1.99 (4.57) 0.04 0.49 0.08
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.19 $ 2.81 $ (3.64) $ 0.90 $ 1.29 $ 0.88
- ------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.35) $ (0.98) $ (0.98) $ (0.88) $ (0.80) $ (0.80)
Net realized gain -- -- (0.11) (0.06) (0.03) --
- ------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.35) $ (0.98) $ (1.09) $ (0.94) $ (0.83) $ (0.80)
- ------------------------------------------------------------------------------------------------------------------------------------
Redemption Fee $ -- $ -- $ -- $ -- $ 0.00(a) $ 0.00(a)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.84 $ 1.83 $ (4.73) $ (0.04) $ 0.46 $ 0.08
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.18 $ 9.34 $ 7.51 $ 12.24 $ 12.28 $ 11.82
====================================================================================================================================
Total return* 12.93% 42.56% (32.08)% 7.48% 11.30% 7.60%
Ratio of net expenses to average net assets+ 1.82%** 1.98% 1.85% 1.82% 1.89% 1.84%
Ratio of net investment income to average
net assets+ 7.60%** 10.78% 8.55% 6.96% 6.66% 6.63%
Portfolio turnover rate 38%** 33% 25% 31% 41% 36%
Net assets, end of period (in thousands) $515,287 $461,644 $347,459 $598,195 $413,213 $288,314
Ratios with no waiver of fees and assumption of
expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.82%** 1.98% 1.85% 1.82% 1.89% 1.91%
Net investment income 7.60%** 10.78% 8.55% 6.96% 6.66% 6.56%
Ratios with waiver of fees by the Adviser
and reduction for fees paid indirectly:
Net expenses 1.82%** 1.98% 1.85% 1.82% 1.89% 1.84%
Net investment income 7.60%** 10.78% 8.55% 6.96% 6.66% 6.63%
====================================================================================================================================
(a) 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.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
60 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
- ------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/10 Year Ended Year Ended Year Ended 12/28/05 (a)
(unaudited) 10/31/09 10/31/08 10/31/07 to 10/31/06
- -----------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.25 $ 7.46 $ 12.10 $ 12.19 $ 11.95
- -----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.44 $ 0.94 $ 1.05 $ 0.97 $ 0.77
Net realized and unrealized gain (loss) on
investments and foreign currency transactions 0.78 1.91 (4.48) (0.01) 0.23
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.22 $ 2.85 $ (3.43) $ 0.96 $ 1.00
- -----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.40) (1.06) (1.10) (0.99) (0.76)
Net realized gain -- -- (0.11) (0.06) --
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.82 $ 1.79 $ (4.64) $ (0.09) $ 0.24
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.07 $ 9.25 $ 7.46 $ 12.10 $ 12.19
===================================================================================================================================
Total return* 13.45% 43.78% (30.96)% 8.12% 8.63%(b)
Ratio of net expenses to average net assets+ 0.72%** 0.78% 0.74% 0.70% 0.73%**
Ratio of net investment income to average net assets+ 8.70%** 11.43% 9.82% 8.05% 7.66%**
Portfolio turnover rate 38%** 33% 25% 31% 41%(b)
Net assets, end of period (in thousands) $362,632 $215,614 $ 50,477 $ 23,414 $ 36
Ratios with no waiver of fees and assumption of
expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 0.72%** 0.79% 0.74% 0.70% 0.73%**
Net investment income 8.70%** 11.43% 9.82% 8.05% 7.66%**
Ratios with waiver of fees by the Adviser
and reduction for fees paid indirectly:
Net expenses 0.72%** 0.78% 0.74% 0.70% 0.73%**
Net investment income 8.70%** 11.43% 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.
** 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 | 4/30/10 61
Financial Highlights (continued)
The accompanying notes are an integral part of these financial statements.
- ------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/10 Year Ended Year Ended 7/6/07 (a)
(unaudited) 10/31/09 10/31/08 to 10/31/07
- ------------------------------------------------------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $ 9.67 $ 7.79 $ 12.31 $ 12.65
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.44 $ 1.00 $ 1.07 $ 0.33
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.83 1.98 (4.37) (0.35)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.27 $ 2.98 $ (3.30) $ (0.02)
- ------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.41) (1.10) (1.11) (0.32)
Net realized gain -- -- (0.11) --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.86 $ 1.88 $ (4.52) $ (0.34)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.53 $ 9.67 $ 7.79 $ 12.31
====================================================================================================================================
Total return* 13.39% 43.69% (29.21)% (0.09)%(b)
Ratio of net expenses to average net assets+ 0.90%** 0.90% 0.90% 0.69%**
Ratio of net investment income to average net assets+ 4.24%** 11.46% 9.85% 8.30%**
Portfolio turnover rate 38%** 33% 25% 31%(b)
Net assets, end of period (in thousands) $ 6,786 $ 4,283 $ 2,366 $ 97
Ratios with no waiver of fees and assumption of
expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 0.92%** 1.23% 1.11% 0.69%**
Net investment income 4.23%** 11.13% 9.64% 8.30%**
Ratios with waiver of fees by the Adviser
and reduction for fees paid indirectly:
Net expenses 0.90%** 0.90% 0.90% 0.69%**
Net investment income 4.24%** 11.46% 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.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
62 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
Notes to Financial Statements | 4/30/10
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. The Fund is 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 four classes of shares designated as Class A, Class C, Class Y
and Class Z shares. Class Y shares were first publicly offered on December 28,
2005. Class Z shares were first publicly offered on July 6, 2007. Effective as
of the close of business on December 31, 2009, Class B shares are no longer
offered to new or existing shareholders, except that dividends and/or capital
gain destributions may continue to be reinvested in Class B shares, and
shareholders may exchange their Class B shares for Class B shares of other
Pioneer funds, as permitted by existing exchange privileges. Each class of
shares represents an interest in the same portfolio of investments of the Fund
and has identical rights (based on relative net asset values) to assets and
liquidation proceeds. Share classes can bear different rates of class-specific
fees and expenses such as transfer agent and distribution fees. Differences in
class-specific fees and expenses will result in differences in net investment
income and, therefore, the payment of different dividends from net investment
income earned by each class. The Amended and Restated Declaration of Trust of
the Fund gives the Board the flexibility to specify either per share voting or
dollar-weighted voting when submitting matters for shareholder approval. Under
per share voting, each share of a class of the Fund is entitled to one vote.
Under dollar-weighted voting, a shareholder's voting power is determined not by
the number of shares owned, but by the dollar value of the shares on the record
date. Each share class has exclusive voting rights with respect to matters
affecting only that class, including with respect to the distribution plan for
that class. There is no distribution plan for Class Y shares or Class Z shares.
Class B shares convert to Class A shares approximately eight years after the
date of purchase.
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 High Yield Fund | Semiannual Report | 4/30/10 63
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 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.
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. Senior
floating rate loan interests (senior loans) are valued in accordance with
guidelines established by the Board of Trustees at the mean between the last
available bid and asked prices from one or more brokers or dealers as
obtained from Loan Pricing Corporation. For the limited number of senior
loans for which no reliable price quotes are available, such senior loans
will be valued by Loan Pricing Corporation through the use of pricing
matrices to determine valuations. Fixed income securities with remaining
maturity of more than sixty days are valued at prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings. Valuations may be supplemented by dealers and other
sources, as required. 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.
64 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
Equity securities that have traded on an exchange are valued at the last
sale price on the principal exchange where they are traded. Equity
securities that have not traded on the date of valuation, or securities for
which sale prices are not available, generally are valued using the mean
between the last bid and asked prices. Securities or loans for which market
prices and/or quotations are not readily available or are considered to be
unreliable are valued using fair value methods pursuant to procedures
adopted by the Board of Trustees and may include yield equivalents or a
pricing matrix.
Trading in foreign securities is substantially completed each day at various
times prior to the close of the NYSE. The values of such securities used in
computing the net asset value of the Fund's shares are determined as of such
times.
The Fund may use fair value methods if it is determined that a significant
event has occurred after the close of the exchange or market on which the
security trades and prior to the determination of the Fund's net asset
value. Thus, the valuation of the Fund's securities may differ from exchange
prices. At April 30, 2010 6 securities were valued using fair value methods
(other than securities valued using prices supplied by independent pricing
services) representing 0.74% of net assets. Inputs used in the valuation of
a security using fair value methods include credit ratings, the financial
condition of the company, current market conditions and comparable
securities. Short-term fixed income securities with remaining maturities of
sixty days or less generally are valued at amortized cost. Money market
mutual funds are valued at net asset value.
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on debt securities are accreted/amortized for
financial reporting purposes over the life of the respective securities, and
such accretion/amortization is included in interest income. Interest income
is recorded on the accrual basis, net of unrecoverable foreign taxes
withheld at the applicable country rates.
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, 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 | 4/30/10 65
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. 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 7)
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.
66 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the year ended October 31, 2009 was as follows:
- --------------------------------------------------------------------------------
2009
- --------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $169,500,334
Long-term capital gain --
- --------------------------------------------------------------------------------
Total $169,500,334
================================================================================
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2009:
- -------------------------------------------------------------------------------
2009
- -------------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 1,436,291
Capital loss carryforward (263,058,652)
Current year dividend payable (3,948,741)
Unrealized depreciation (217,447,656)
- -------------------------------------------------------------------------------
Total $ (483,018,758)
================================================================================
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 $135,944 in underwriting commissions on the sale of Class A shares
during the six months ended April 30, 2010.
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class B and Class C shares of the Fund,
respectively (see Note 5). Class Y and Class Z shares do not pay
distribution fees. All expenses and fees paid to the transfer agent, Pioneer
Investment Management Shareholder Services, Inc. (PIMSS), for its services,
are allocated among the classes of shares based on the number of accounts in
each class and the ratable allocation of related out-of-pocket expenses (see
Note 4).
The Fund declares as daily dividends substantially all of its net investment
income. All dividends are paid on a monthly basis. Short-term capital gain
distributions, if any, may be declared with the daily dividends.
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 67
by the Fund with respect to each class of shares are calculated in the same
manner and at the same time, except that net investment income dividends to
Class A, Class B, Class C, Class Y and Class Z shares can reflect 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 equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Fund's custodian or a subcustodian of the Fund. 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 investments. Credit Suisse AG, 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 or interest on the securities loaned. Gain or
loss on the fair 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 fair value of the loaned securities. If the required market value of
the collateral is less than the value of the loaned securities, the borrower
is required to deliver additional collateral for the account of the Fund
prior to the close of business on that day. 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 is 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. When the Fund is a seller of protection, the Fund would be
required to pay the
68 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
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 Fund as seller of
protection 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
described 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 at April 30,
2010.
2. Management Agreement
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%
of the next $500 million; and 0.45% of the excess over $2 billion. For the six
months ended April 30, 2010, the effective management fee (excluding waivers
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 69
and/or assumption of expenses) was equivalent to 0.66% of the average daily net
assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 1.10%, 2.00%, 2.00% and 0.90% of the
average daily net assets attributable to Class A, Class B, Class C and Class Z
shares, respectively. These expense limitations are in effect through March 1,
2012 for Class A and Class Z shares and through March 1, 2011 for Class B and
Class C shares. There can be no assurance that PIM will extend the expense
limitation agreement for any class of shares beyond the date referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$39,537 in management fees, administrative costs and certain other
reimbursements payable to PIM at April 30, 2010.
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 reimburses PIMSS for 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 2010, such out-of-pocket expenses by class of shares were as follows
- --------------------------------------------------------------------------------
Shareholder Communications:
- --------------------------------------------------------------------------------
Class A $379,259
Class B 24,830
Class C 97,534
Class Y 44,301
Class Z 619
- --------------------------------------------------------------------------------
Total $546,543
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $298,322 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at April 30, 2010.
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, Class B 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 also pays PFD 1.00%
70 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
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. Included in "Due to affiliates" reflected on the Statement of Assets
and Liabilities is $25,472 in distribution fees payable to PFD at April 30,
2010.
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 (within 12 months for purchases
made on or after April 1, 2009). 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.
Shares purchased as part of an exchange remain subject to any CDSC that applied
to the original purchase of those shares. There is no CDSC for Class Y or Class
Z shares. Proceeds from the CDSCs are paid to PFD. For the six months ended
April 30, 2010, CDSCs in the amount of $176,881 were paid to PFD.
5. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a $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 the amount available under
the facility or the limits set for borrowing by the Fund's prospectus and the
1940 Act. Interest on borrowings is payable at the higher of the London
Interbank Offered Rate (LIBOR) on the borrowing date plus 1.25% on an
annualized basis or the Federal Funds Rate on the borrowing date plus 1.25% on
an annualized basis. The Funds pay an 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, 2010, the average daily amount of borrowings
outstanding during the period was $2,359,254. The related weighted average
annualized interest rate for the period was 1.50%, and the total interest
expense on such borrowings was $26,564. As of April 30, 2010, there were no
borrowings outstanding.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 71
6. 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, 2010, the Fund's
expenses were not reduced under such arrangements.
7. Forward Foreign Currency Contracts
At April 30, 2010, the Fund had entered into various forward foreign currency
contracts that obligate the Fund to deliver or take delivery of currencies at
specified future maturity dates. Alternatively, prior to the settlement date of
a forward foreign currency contract, the Fund may close out such contract by
entering into an offsetting contract. The average number of contracts open
during the six months ended April 30, 2010 was 37,507,143. Open portfolio
hedges at April 30, 2010 were as follows:
- --------------------------------------------------------------------------------------------------------
Net Net
Contracts to In Exchange Settlement Fair Unrealized
Currency receive For USD Date Value Loss
- --------------------------------------------------------------------------------------------------------
EURO
(European Dollar) 9,750,000 $13,262,379 5/05/10 $12,979,356 $ (283,023)
EURO
(European Dollar (3,600,000) (4,940,280) 5/05/10 (4,793,108) 147,172
- --------------------------------------------------------------------------------------------------------
Total $ (135,851)
========================================================================================================
At April 30, 2010, there were no outstanding forward currency settlement
contracts.
8. Additional Disclosures about Derivative Instruments and Hedging Activities:
Fair values of derivative instruments as of April 30, 2010:
- -----------------------------------------------------------------------------------------------------
Derivatives Not
Accounted for as Hedging
Instruments under
Accounting Standards Asset Derivatives 2009 Liabilities Derivatives 2009
Codification (ASC) 815 ---------------------------------- --------------------------------
(formerly FASB Balance Sheet Balance Sheet
Statement 133) Location Fair Value Location Fair Value
- -----------------------------------------------------------------------------------------------------
Foreign Exchange Contracts Receivables* $-- Payables $ 135,851
- -----------------------------------------------------------------------------------------------------
Total $-- $ 135,851
=====================================================================================================
* Foreign exchange contracts are shown as a net receivable on the Statement of
Assets and Liabilities
72 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
The effect of derivative instruments on the Statement of Operations for the six
months ended April 30, 2010 was as follows:
- -----------------------------------------------------------------------------------------------------
Derivatives Not
Accounted for as
Hedging Instruments Change in
under Accounting Realized Gain Unrealized Gain
Standards or (Loss) on or (Loss) on
Codification (ASC) Derivatives Derivatives
815 (formerly FASB Location of Gain or (Loss) On Recognized Recognized
Statement 133) Derivatives Recognized in Income in Income in Income
- -----------------------------------------------------------------------------------------------------
Foreign Exchange Net realized gain on forward foreign
Contracts currency contracts and other assets and
liabilities denominated in foreign
currencies $1,071,398
Foreign Exchange Change in unrealized loss on forward
Contracts foreign currency contracts and other
assets and liabilities denominated in
foreign currencies $(2,947,772)
Subsequent Events
In preparing these financial statements, PIM has evaluated the impact of all
events and transactions for potential recognition or disclosure and has
determined that there were no subsequent events requiring recognition or
disclosure in the financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 73
Approval of Investment Advisory Agreement (unaudited)
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Global High Yield Fund (the Fund) pursuant to an investment advisory
agreement between PIM and the Fund. In order for PIM to remain the investment
adviser of the Fund, the Trustees of the Fund must determine annually whether
to renew the investment advisory agreement for the Fund.
The contract review process began in March 2009 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the
process. In July 2009, the Trustees approved the format of the contract review
materials and submitted their formal request to PIM to furnish information
necessary to evaluate the terms of the investment advisory agreement. The
contract review materials were provided to the Trustees in August 2009. After
reviewing and discussing the materials, the Trustees submitted a request for
additional information to PIM in September 2009, and materials were provided in
response to this request. Meetings of the independent Trustees of the Fund were
held in July, September, October, and November, 2009 to review and discuss the
contract review materials. In addition, the Trustees took into account the
information related to the Fund provided to the Trustees at each regularly
scheduled meeting.
At a meeting held on November 10, 2009, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for
the Fund, its research process and its process for trade execution. The
Trustees considered the resources of PIM and the personnel of PIM who provide
investment management services to the Fund. The Trustees considered the
non-investment resources and personnel of PIM involved in PIM's services to the
Fund, including PIM's compliance and legal resources and personnel. The
Trustees also considered the substantial attention and high priority given by
PIM's senior management to the Pioneer fund complex.
74 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory
agreement.
Performance of the Fund
The Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the fifth quintile of its Morningstar
category for the one and three year periods ended June 30, 2009 and in the
third quintile of its Morningstar category for the five year period ended June
30, 2009. (In all quintile rankings referred to throughout this disclosure,
first quintile is most favorable to the Fund's shareowners. Thus, highest
relative performance would be first quintile and lowest relative expenses would
also be first quintile.) The Trustees noted that the Fund's performance was
heavily impacted by its performance during the market events in 2008. They
discussed the reasons for the Fund's underperformance with PIM in view of the
Fund's investment approach and the market conditions present during the
relevant periods, and were satisfied with the information presented by PIM with
respect to the Fund's performance.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund
in comparison to the management fees of its peer group of funds as classified
by Morningstar and the expense ratios of a peer group of funds selected on the
basis of criteria determined by the independent Trustees for this purpose using
data provided by Strategic Insight Mutual Trust Research and Consulting, LLC
(Strategic Insight), an independent third party.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2009 was in the third quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period.
The Trustees also considered the breakpoints in the management fee schedule and
the reduced fee rates above certain asset levels. The Trustees considered that
the Fund's expense ratio for the twelve months ended June 30, 2009 was in the
fifth quintile relative to its Strategic Insight peer group for the comparable
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 75
period. The Trustees also considered the impact of the Fund's transfer agency
expenses on its expense ratio.
The Trustees also reviewed management fees charged by PIM to its institutional
and other clients. In evaluating the fees associated with PIM's client
accounts, the Trustees took into account the respective demands, resources and
complexity associated with the Fund and client accounts. The Trustees noted
that in some instances the fee rates for those clients were lower than the
management fee for the Fund and considered that, under the investment advisory
agreement with the Fund, PIM performs additional services for the Fund that it
does not provide to those other clients or services that are broader in scope,
including oversight of the Fund's other service providers and activities
related to compliance and the extensive regulatory and tax regimes to which the
Fund is subject. The Trustees concluded that the management fee payable by the
Fund to PIM was reasonable in relation to the nature and quality of the
services provided by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in
connection with the Pioneer Funds as fund assets grow and the extent to which
any such economies of scale are shared with funds and fund shareholders. The
Trustees recognize that economies of scale are difficult to identify and
quantify and that, among other factors that may be relevant, are the following:
fee levels, expense subsidization, investment by PIM in research and analytical
capabilities and PIM's commitment and resource allocation to the Funds. The
Trustees noted that profitability also may be an indicator of the availability
of any economies of scale, although profitability may vary for other reasons
particularly, for example during the difficult year in 2008 for financial
markets, as the level of services was maintained notwithstanding a significant
decline in PIM's fee revenues from the Funds. Accordingly, the Trustees
concluded that economies of scale, if any, were being appropriately shared with
the Fund.
76 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with
the Fund. The Trustees considered the character and amount of fees paid by the
Fund, other than under the investment advisory agreement, for services provided
by PIM and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
considered the intangible benefits to PIM by virtue of its relationship with
the Fund and the other Pioneer funds. The Trustees concluded that the receipt
of these benefits was reasonable in the context of the overall relationship
between PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors,
the Trustees, including all of the independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 77
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
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.
78 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
This page for your notes.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 79
This page for your notes.
80 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
This page for your notes.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 81
This page for your notes.
82 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
This page for your notes.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/10 83
This page for your notes.
84 Pioneer Global High Yield Fund | Semiannual Report | 4/30/10
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
- --------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
- --------------------------------------------------------------------------------
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.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2010 Pioneer Investments 19382-04-0610
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 28, 2010
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 28, 2010
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date June 28, 2010
* Print the name and title of each signing officer under his or her signature.