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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, 2010 through April 30, 2011
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 High
Yield Fund
--------------------------------------------------------------------------------
Semiannual Report | April 30, 2011
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PGHYX
Class B PGHBX
Class C PGYCX
Class Y GHYYX
Class Z PGHZX
[LOGO] PIONEER
Investments(R)
visit us: pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 16
Schedule of Investments 18
Financial Statements 59
Notes to Financial Statements 68
Approval of Investment Advisory Agreement 80
Trustees, Officers and Service Providers 84
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 1
President's Letter
Dear Shareowner,
The U.S. economy is moving forward on a slow path to recovery. We believe the
theme for the economy in 2011 may be modest but positive growth. The private
sector is showing signs of slow but steady improvement, led by higher capital
investment, solid exports, improved consumption, and gradually rising demand for
consumer auto loans and commercial loans. At the same time, the risks to a
steady recovery remain substantial, including the continued delays in the
housing sector's recovery, rising oil prices, and the fiscal drag of U.S.
federal and state budget cuts. We are concerned about the long-term risk of
inflation in an environment of accommodative Fed policy, continued low nominal
and "real" interest rates and rising commodity prices.
The recovery process may occur more slowly than many would like, and will almost
certainly be accompanied by short-term market swings. But our investment
professionals are finding good opportunities to invest. Through the first
quarter of 2011, although bonds remained popular with investors, we believed
there was value in the equity market. In both equity and bond markets, we are
finding good opportunities to invest using the same disciplined approach we have
used at Pioneer since 1928, which is to focus on identifying undervalued
individual securities with the greatest potential for success, carefully
weighing risk against reward. Our teams of investment professionals continually
monitor and analyze the relative valuations of different sectors and securities
globally to help build portfolios that we believe can help you achieve your
investment goals.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. The strategy has generally performed well for many
investors. For instance, bond markets certainly rewarded investors for most of
2010, even though equity valuations seemed quite reasonable and were inexpensive
relative to bonds and compared with historic levels -- conditions which
represented potentially good value for long-term investors.
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 | 4/30/11
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 shareowner report regarding market or economic trends
or the factors influencing the Trust's historical or future performance are
statements of the opinion of the Trust's 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 | 4/30/11 3
Portfolio Management Discussion | 4/30/11
Helped both by mounting evidence of improving business conditions and by the
Federal Reserve Board's (the Fed's) injections of more liquidity into the
financial system, higher-yielding investments generated healthy returns over the
six months ended April 30, 2011. In the following interview, Andrew Feltus
discusses the factors that influenced the performance of Pioneer Global High
Yield Fund during the six-month period. Mr. Feltus, senior vice president and
portfolio manager at Pioneer, is a member of Pioneer's Fixed-Income team and is
responsible for the daily management of the Fund, along with Tracy Wright, vice
president and portfolio manager at Pioneer.
Q How did the Fund perform during the six months ended April 30, 2011?
A Pioneer Global High Yield Fund Class A shares returned 7.72% at net asset
value over the six months ended April 30, 2011, while the Fund's benchmarks,
the Bank of America Merrill Lynch (BofA ML) High Yield Master II Index and
the BofA ML Global High Yield and Emerging Markets Plus Index, returned 6.14%
and 4.66%, respectively. During the same period, the average return of the
514 mutual funds in Lipper's High Current Yield Funds category was 6.11%. On
April 30, 2011, the 30-day standardized SEC yield of the Fund's Class A
shares was 7.12%.
Q What was the environment like for investing in high-yield securities during
the six months ended April 30, 2011?
A It was a good market for higher-yielding, lower-rated securities, and it was
propelled by two forces. First, the Fed's second round of quantitative
easing, which involved Fed purchases of U.S. Treasury securities in the open
market to inject more liquidity into the financial system, provided stimulus
for the market. Second, investors saw growing signs that the economy was
turning the corner and moving away from the risk of falling again into
recession (also known as a "double-dip" recession). Corporate profits
continued to climb, while bank lending activity improved, consumer spending
increased, and even the jobs market showed progress, although at a moderate
pace. Meanwhile, investors saw relatively low default rates in the high-yield
bond market as further evidence of the creditworthiness of lower-rated debt.
As a consequence, the yield differences, or spreads, between high-yield bonds
compared with Treasuries continued to contract, and high-yield bonds
outperformed other fixed-income securities. Consistent with the overall trend
favoring higher-risk securities, lower-rated credits outperformed high-rated
securities within the high-yield universe.
4 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
Q What were your principal investment strategies for the Fund over the six
months ended April 30, 2011, and how did they affect the Fund's performance?
A We continued to focus on high-yield corporate bonds, especially the debt of
U.S. corporations. For example, on April 30, 2011, the end of the six-month
period, nearly 62% of the Fund's assets were invested in U.S. high-yield
debt. The emphasis on high-yield corporates helped the Fund's performance,
especially because security selection among the high-yield investments was
quite good, as we took advantage of Pioneer's emphasis on fundamental
analysis of high-yield debt. However, an underweighting of lower-rated
high-yield bonds, such as CCC-rated securities, tended to hold back the
Fund's results when they outperformed during the period.
The Fund was underweighted in emerging markets debt relative to the BofA ML
Global High Yield and Emerging Markets Plus Index, and the underexposure
helped relative performance, as the emerging markets sector turned in a
negative overall performance during the six-month period. However, among
the Fund's holdings in the emerging markets, we emphasized corporate
securities rather than sovereign debt, and that positioning, in addition to
the Fund's exposure to emerging markets currencies, such as those of Brazil
and Colombia, had a positive influence on relative performance. As of April
30, 2011, nearly 27% of the Fund's investments were in emerging markets
debt.
The Fund's exposure to foreign currencies helped performance relative to
many traditional domestic high-yield strategies. As of April 30, 2011,
roughly 8.25% of the Fund's portfolio was invested in securities
denominated in foreign currencies. In general, the U.S. dollar declined in
value relative to foreign currencies, partly as a result of the lower
interest rates in the United States and partly because of mounting concerns
about the country's growing national debt.
During the six months ended April 30, 2011, we increased the Fund's
investments in floating-rate bank loans, which accounted for just over 9%
of invested assets at the end of the period. The floating-rate bank loans
exposure held back the Fund's performance, as floating-rate securities
underperformed due to declining interest rates. The Fund had a small
position in catastrophe-linked bonds, which are securities sold by
property-and-casualty reinsurance companies to spread out the risks
associated with property claims from large national disasters. The March
2011 earthquake and resulting tsunami in Japan caused the entire
catastrophe-linked group to decline in value. Moreover, the Fund also had a
very small investment in a catastrophe-linked bond issued by Muteki, which
had direct exposure to the damage in Japan. The bond plummeted in value
after the disaster in Japan.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 5
At the end of the period, 1.5% of the Fund's assets were invested in
catastrophe-linked bonds.
The Fund's small out-of-index exposures to asset-backed bonds and municipal
bonds also held back performance results during the six-month period,
although not significantly. The investments in asset-backed bonds performed
positively during the period, even though they proved to be a drag on
benchmark-relative performance. During the six-month period, we added
investments in higher-yielding municipal bonds when we saw good values
following a decline in the overall prices of municipals. We were attracted
to municipals by their low prices and the fact that they offered
tax-advantaged yields comparable to the yields of bonds in the taxable
sector. As of April 30, 2011, about 3.4% of the Fund's portfolio was
invested in municipal securities. All of the Fund's municipal holdings were
backed by specific revenue sources, such as industrial developments
(revenue bonds), rather than by general state or municipal tax receipts
(general obligation bonds). While the investments in municipal bonds held
back the Fund's benchmark-relative performance during the six-month period,
they still generated positive results overall.
Q Did the Fund invest in any derivative securities during the six months ended
April 30, 2011, and if so, did they affect performance?
A We did invest the Fund in currency forward contracts to reduce the volatility
associated with investments in foreign currencies. While these investments
did reduce volatility during the six months ended April 30, 2011, they did
prove to be a minor drag on the Fund's total return when the euro gained in
value relative to the U.S. dollar.
Q What were some of the individual investments that affected the Fund's
performance, either positively or negatively, during the six months ended
April 30, 2011?
A Security selection was positive for the Fund overall, especially individual
investments in convertible securities, which received a boost in performance
as the equity markets rallied and prices of convertible securities moved in
sympathy with stocks. In fact, four of the top-performing Fund holdings for
the six-month period were convertible securities. They included the
convertible debt of WESCO International, a distributor of electrical
industrial products; Sino Forest, a Chinese paper products corporation;
Cubist Pharmaceuticals, which specializes in drugs treating infectious
diseases; and Ford Motor, the U.S. automotive corporation. Another
convertible security that helped the Fund's performance was the debt of
Massey Energy, which appreciated in value when the company was acquired.
Several high-yield bond investments also added to the Fund's performance
results when their issuing companies were acquired by other corporations,
including debt of
6 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
Frac Tech Service, Terremark Worldwide and Global Crossing. Other
investments that helped boost performance were asset-backed securities
issued by Dunkin Donuts, and the corporate bonds of INEOS and Ono Finance.
The latter two investments were denominated in the euro and gained in value
as the currency appreciated.
We did have a few disappointments in the Fund's portfolio, however,
including the Muteki catastrophe-linked bond mentioned earlier. Other
investments that proved to be a drag on results included bonds of Blaze
Recycling, a metals recycling specialist; CEDC Finance Corporation
International, a U.S.-based liquor distributor in Eastern Europe; Alliance
One, a tobacco processor; and Horizon Lines, a shipping company. The only
Fund investment that actually defaulted during the six-month period was the
debt of Blaze Recycling, which eventually was converted into equity.
Q What is your investment outlook?
A We think that high-yield bonds should be able to maintain their
outperformance of other fixed-income sectors as the current economic
expansion persists and corporate profits continue to grow. However, we feel
that investors should not expect a repeat of the strong absolute returns
high-yield bonds have generated over the past 18 months. Investors also
should be mindful that Treasury interest rates eventually could start to rise
and that the trend will erode the performance of fixed-income securities
generally, although we believe high-yield bonds still have the potential to
outperform.
Please refer to the Schedule of Investments on pages 18-58 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 securities 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,
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 7
making it more susceptible to any economic, political, or regulatory
developments or other risks affecting those industries and sectors.
These risks may increase share price volatility.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes.
8 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
Portfolio Summary | 4/30/11
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[The following data was represented as a pie chart in the printed material]
Corporate Bonds 70.4%
Senior Secured Loans 6.8%
Temporary Cash Investments 6.3%
Convertible Corporate Bonds 5.6%
Municipal Bonds 3.3%
Asset Backed Securities 3.1%
Collateralized Mortgage Obligations 1.8%
Foreign Government Bonds 1.5%
U.S. Common Stocks 0.7%
Preferred Stocks 0.3%
Depositary Receipts for International Stocks 0.1%
U.S. Government Agency Obligation 0.1%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. Minerva Overseas II, 10.875%, 11/15/19 (144A) 0.88%
2. WESCO International, Inc., 6.0%, 9/15/29 0.84
3. Ford Motor Co., 4.25%, 11/15/16 0.74
4. Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A) 0.71
5. DynCorp International, Inc., 10.375%, 7/1/17 0.68
6. True Move Co., Ltd., 10.75%, 12/16/13 (144A) 0.66
7. Ineos Group Holdings Plc, 7.875%, 2/15/16 (144A) 0.65
8. Foresight Energy LLC, 9.625%, 8/15/17 (144A) 0.65
9. Energisa SA, 9.5%, 1/29/49 0.62
10. Alliance One International, Inc., 10.0%, 7/15/16 0.60
* The list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 9
Prices and Distributions | 4/30/11
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------
Class 4/30/11 10/31/10
--------------------------------------------
A $ 10.94 $ 10.53
--------------------------------------------
B $ 10.94 $ 10.53
--------------------------------------------
C $ 10.90 $ 10.49
--------------------------------------------
Y $ 10.75 $ 10.35
--------------------------------------------
Z $ 11.29 $ 10.86
--------------------------------------------
Distributions per Share: 11/1/10-4/30/11
--------------------------------------------------------------------------------
---------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
---------------------------------------------------------------------
A $ 0.3877 $ -- $ --
---------------------------------------------------------------------
B $ 0.3445 $ -- $ --
---------------------------------------------------------------------
C $ 0.3501 $ -- $ --
---------------------------------------------------------------------
Y $ 0.4027 $ -- $ --
---------------------------------------------------------------------
Z $ 0.4153 $ -- $ --
---------------------------------------------------------------------
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). The BofA ML High Yield Master II Index
is a commonly accepted measure of the performance of high-yield securities.
Index returns are calculated monthly, assume reinvestment of dividends and,
unlike Fund returns, do not reflect any fees, expenses or sales charges. It is
not possible to invest directly in an index.
The indices defined here pertain to the "Value of $10,000 and Value of $5
million Investment" charts appearing on pages 11-15.
10 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
Performance Update | 4/30/11 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, 2011)
-------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
-------------------------------------------------------------
Life-of-Class
(8/27/01) 10.96% 10.43%
5 Years 7.80 6.80
1 Year 15.27 10.10
-------------------------------------------------------------
-------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2011)
-------------------------------------------------------------
Gross Net
-------------------------------------------------------------
1.15% 1.10%
-------------------------------------------------------------
[The following data was represented as a mountain chart in the printed material]
Value of $10,000 Investment
BofA ML
BofA ML Global
Pioneer Global High Yield and
Global High High Yield Emerging Markets
Yield Fund Master II Index Plus Index
---------- --------------- ----------
8/31/2001 $9,550 $10,000 $10,000
4/30/2002 $10,163 $10,157 $10,198
4/30/2003 $12,102 $11,601 $10,974
4/30/2004 $14,238 $13,332 $12,591
4/30/2005 $16,148 $14,714 $13,406
4/30/2006 $18,021 $16,192 $14,621
4/30/2007 $20,478 $18,298 $16,436
4/30/2008 $19,860 $18,615 $16,300
4/30/2009 $14,069 $15,967 $13,906
4/30/2010 $22,757 $22,394 $20,053
4/30/2011 $26,232 $25,398 $22,735
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.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 11
Performance Update | 4/30/11 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, 2011)
-------------------------------------------------------------
If If
Period Held Redeemed
-------------------------------------------------------------
Life-of-Class
(11/21/03) 8.24% 8.24%
5 Years 6.95 6.95
1 Year 14.45 10.45
-------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2011)
-------------------------------------------------------------
Gross Net
-------------------------------------------------------------
1.92% 1.92%
-------------------------------------------------------------
[The following data was represented as a mountain chart in the printed material]
Value of $10,000 Investment
BofA ML
BofA ML Global
Pioneer Global High Yield and
Global High High Yield Emerging Markets
Yield Fund Master II Index Plus Index
---------- --------------- ----------
11/30/2003 $10,000 $10,000 $10,000
4/30/2004 $10,277 $10,322 $10,396
4/30/2005 $11,563 $11,391 $11,069
4/30/2006 $12,811 $12,536 $12,072
4/30/2007 $14,430 $14,166 $13,571
4/30/2008 $13,879 $14,411 $13,458
4/30/2009 $9,745 $12,361 $11,481
4/30/2010 $15,660 $17,337 $16,557
4/30/2011 $17,923 $19,663 $18,772
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 is 4%
and declines over five years. 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 3/1/12 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 taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
12 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
Performance Update | 4/30/11 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, 2011)
-------------------------------------------------------------
If If
Period Held Redeemed
-------------------------------------------------------------
Life-of-Class
(11/21/03) 8.19% 8.19%
5 Years 7.01 7.01
1 Year 14.50 14.50
-------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2011)
-------------------------------------------------------------
Gross Net
-------------------------------------------------------------
1.82% 1.82%
-------------------------------------------------------------
[The following data was represented as a mountain chart in the printed material]
Value of $10,000 Investment
BofA ML
BofA ML Global
Pioneer Global High Yield and
Global High High Yield Emerging Markets
Yield Fund Master II Index Plus Index
---------- --------------- ----------
11/30/2003 $10,000 $10,000 $10,000
4/30/2004 $10,211 $10,322 $10,396
4/30/2005 $11,487 $11,391 $11,069
4/30/2006 $12,724 $12,536 $12,072
4/30/2007 $14,343 $14,166 $13,571
4/30/2008 $13,810 $14,411 $13,458
4/30/2009 $9,699 $12,361 $11,481
4/30/2010 $15,592 $17,337 $16,557
4/30/2011 $17,853 $19,663 $18,772
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.
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 C shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus 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 | 4/30/11 13
Performance Update | 4/30/11 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
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, 2011)
-------------------------------------------------------------
If If
Period Held Redeemed
-------------------------------------------------------------
Life-of-Class
(8/27/01) 10.95% 10.95%
5 Years 8.17 8.17
1 Year 15.42 15.42
-------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2011)
-------------------------------------------------------------
Gross Net
-------------------------------------------------------------
0.73% 0.73%
-------------------------------------------------------------
[The following data was represented as a mountain chart in the printed material]
Value of $5 Million Investment
BofA ML
BofA ML Global
Pioneer Global High Yield and
Global High High Yield Emerging Markets
Yield Fund Master II Index Plus Index
---------- --------------- ----------
8/31/2001 $5,000,000 $5,000,000 $5,000,000
4/30/2002 $5,321,689 $5,078,451 $5,099,187
4/30/2003 $6,336,876 $5,800,388 $5,486,921
4/30/2004 $7,455,037 $6,666,235 $6,295,632
4/30/2005 $8,455,462 $7,356,993 $6,702,939
4/30/2006 $9,273,435 $8,096,111 $7,310,627
4/30/2007 $10,571,854 $9,149,031 $8,218,063
4/30/2008 $10,314,673 $9,307,316 $8,150,044
4/30/2009 $7,343,406 $7,983,255 $6,952,847
4/30/2010 $11,896,374 $11,196,830 $10,026,281
4/30/2011 $13,730,689 $12,698,956 $11,367,668
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 shown for Class Y shares for periods prior to the inception of
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.
14 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
Performance Update | 4/30/11 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, 2011)
-------------------------------------------------------------
If If
Period Held Redeemed
-------------------------------------------------------------
Life-of-Class
(8/27/01) 11.33% 11.33%
5 Years 8.50 8.50
1 Year 15.73 15.73
-------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2011)
-------------------------------------------------------------
Gross Net
-------------------------------------------------------------
0.91% 0.90%
-------------------------------------------------------------
[The following data was represented as a mountain chart in the printed material]
Value of $10,000 Investment
BofA ML
BofA ML Global
Pioneer Global High Yield and
Global High High Yield Emerging Markets
Yield Fund Master II Index Plus Index
---------- --------------- ----------
8/31/2001 $10,000 $10,000 $10,000
4/30/2002 $10,643 $10,157 $10,198
4/30/2003 $12,674 $11,601 $10,974
4/30/2004 $14,910 $13,332 $12,591
4/30/2005 $16,911 $14,714 $13,406
4/30/2006 $18,872 $16,192 $14,621
4/30/2007 $21,329 $18,298 $16,436
4/30/2008 $20,875 $18,615 $16,300
4/30/2009 $15,151 $15,967 $13,906
4/30/2010 $24,518 $22,394 $20,053
4/30/2011 $28,375 $25,398 $22,735
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 shown for Class Z shares 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.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 15
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
1. Divide your account value by $1,000
Example: an $8,600 account value [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, 2010 through April 30, 2011.
---------------------------------------------------------------------------------------------------------
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 11/1/10
---------------------------------------------------------------------------------------------------------
Ending Account Value $ 1,077.20 $ 1,072.90 $ 1,073.70 $ 1,079.10 $ 1,079.30
(after expenses)
on 4/30/11
---------------------------------------------------------------------------------------------------------
Expenses Paid $ 5.41 $ 9.61 $ 9.00 $ 3.76 $ 3.61
During Period*
---------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.05%, 1.87%,
1.75%, 0.73%, and 0.70% for Class A, B, C, Y and Z shares, respectively,
multiplied by the average account value over the period, multiplied by
181/365 (to reflect the partial year period).
16 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
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, 2010 through April 30, 2011.
---------------------------------------------------------------------------------------------------------
Share Class A B C Y Z
---------------------------------------------------------------------------------------------------------
Beginning Account Value $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00
on 11/1/10
---------------------------------------------------------------------------------------------------------
Ending Account Value $ 1,019.59 $ 1,015.52 $ 1,016.12 $ 1,021.17 $ 1,021.32
(after expenses)
on 4/30/11
---------------------------------------------------------------------------------------------------------
Expenses Paid $ 5.26 $ 9.35 $ 8.75 $ 3.66 $ 3.51
During Period*
---------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.05%, 1.87%,
1.75%, 0.73%, and 0.70% for Class A, B, C, Y and Z shares, respectively,
multiplied by the average account value over the period, multiplied by
181/365 (to reflect the partial year period).
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 17
Schedule of Investments | 4/30/11 (Consolidated) (unaudited)
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
-------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 5.7%
ENERGY -- 0.5%
Coal & Consumable Fuels -- 0.4%
11,070,000 BB-/NR Massey Energy Co., 3.25%, 8/1/15 $ 12,467,588
-------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.1%
1,885,000 BB+/Ba3 Chesapeake Energy Co.,
2.5%, 5/15/37 (b) $ 2,066,431
--------------
Total Energy $ 14,534,019
-------------------------------------------------------------------------------------------------
MATERIALS -- 1.5%
Construction Materials -- 0.4%
11,050,000 NR/NR Cemex SAB de CV, 3.75%, 3/15/18 $ 11,174,313
1,950,000 B/B2 Cemex SAB de CV, 4.875%, 3/15/15 1,954,875
--------------
$ 13,129,188
-------------------------------------------------------------------------------------------------
Forest Products -- 1.1%
12,459,000 BB/NR Sino-Forest Corp., 4.25%, 12/15/16 $ 17,084,404
12,150,000 BB/Ba2 Sino-Forest Corp., 5.0%, 8/1/13 16,478,438
--------------
$ 33,562,842
--------------
Total Materials $ 46,692,030
-------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.1%
Construction & Farm Machinery & Heavy Trucks -- 0.2%
5,380,000 B/B1 Navistar International Corp.,
3.0%, 10/15/14 $ 8,184,325
-------------------------------------------------------------------------------------------------
Electrical Component & Equipment -- 0.1%
1,250,000 B/B2 General Cable Corp., 4.5%, 11/15/29 $ 1,918,750
-------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.8%
10,923,000 B/NR WESCO International, Inc.,
6.0%, 9/15/29 $ 25,559,820
--------------
Total Capital Goods $ 35,662,895
-------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.2%
Marine -- 0.2%
9,481,000 CC/Ca Horizon Lines, Inc., 4.25%, 8/15/12 (b) $ 8,094,404
--------------
Total Transportation $ 8,094,404
-------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.7%
Automobile Manufacturers -- 0.7%
12,029,000 B+/Ba3 Ford Motor Co., 4.25%, 11/15/16 (b) $ 22,434,085
--------------
Total Automobiles & Components $ 22,434,085
-------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.2%
Tobacco -- 0.2%
5,135,000 B-/Caa1 Alliance One International, Inc.,
5.5%, 7/15/14 $ 5,475,194
--------------
Total Food, Beverage & Tobacco $ 5,475,194
-------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.1%
Health Care Services -- 0.1%
2,203,000 B+/B2 Omnicare Inc., 3.25%, 12/15/35 $ 2,059,805
--------------
Total Health Care Equipment & Services $ 2,059,805
------------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 0.3%
Biotechnology -- 0.3%
7,600,000 NR/NR Cubist Pharmaceuticals, Inc.,
2.5%, 11/1/17 $ 10,146,000
--------------
Total Pharmaceuticals & Biotechnology $ 10,146,000
------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Real Estate Operating Companies -- 0.1%
1,900,000 B-/B3 Forest City Enterprises Co.,
5.0%, 10/15/16 $ 3,056,625
--------------
Total Real Estate $ 3,056,625
------------------------------------------------------------------------------------------------
SEMICONDUCTORS -- 0.9%
4,650,000 NR/NR JA Solar Holdings Co., 4.5%, 5/15/13 $ 4,458,188
8,850,000 NR/NR Renesola, Ltd., 4.125%, 3/15/18 9,109,659
3,687,000 NR/NR SunPower Corp., 4.75%, 4/15/14 4,074,135
11,919,000 B/NR Suntech Power, 3.0%, 3/15/13 11,114,468
--------------
$ 28,756,450
--------------
Total Semiconductors $ 28,756,450
------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.1%
Integrated Telecommunication Services -- 0.1%
2,485,000 B+/B1 MasTec, Inc., 4.0%, 6/15/14 $ 3,948,041
--------------
Total Telecommunication Services $ 3,948,041
------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $132,738,975) $ 180,859,548
------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
Shares
---------------------------------------------------------------------------------------
PREFERRED STOCKS -- 0.3%
CONSUMER SERVICES -- 0.0%
Hotels, Resorts & Cruise Lines -- 0.0%
17,350 Perseus Holding Corp.* $ 433,750
-------------
Total Consumer Services $ 433,750
---------------------------------------------------------------------------------------
BANKS -- 0.0%
Diversified Banks -- 0.0%
445 Wells Fargo & Co., 7.5%, 12/31/49 $ 480,369
-------------
Total Banks $ 480,369
---------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 19
Schedule of Investments | 4/30/11 (Consolidated) (unaudited) (continued)
--------------------------------------------------------------------------------------------
Floating S&P/Moody's
Shares Rate (d) Ratings Value
--------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.3%
Diversified Financial Services -- 0.3%
280,000 GMAC Capital Trust, Inc.* $ 7,268,800
--------------
Total Diversified Financials $ 7,268,800
--------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $7,467,249) $ 8,182,919
--------------------------------------------------------------------------------------------
COMMON STOCKS -- 0.8%
ENERGY -- 0.1%
Oil & Gas Drilling -- 0.1%
46,147 Rowan Companies, Inc.* $ 1,924,330
--------------
Total Energy $ 1,924,330
--------------------------------------------------------------------------------------------
MATERIALS -- 0.5%
Commodity Chemicals -- 0.0%
55,345 Georgia Gulf Corp.* $ 2,179,486
--------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.3%
6,615,974 Blaze Recycling and Metals LLC
Class A Units $ 4,565,022
95,846 Freeport-McMoRan Copper & Gold, Inc.
(Class B) 5,274,405
--------------
$ 9,839,427
--------------------------------------------------------------------------------------------
Forest Products -- 0.0%
244,090 Ainsworth Lumber Co., Ltd.,* $ 799,788
--------------------------------------------------------------------------------------------
Steel -- 0.2%
127,393 KNIA Holdings, Inc.* $ 890,474
134,106 Vale SA (A.D.R.) 4,009,769
--------------
$ 4,900,243
--------------
Total Materials $ 17,718,944
--------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.0%
Building Products -- 0.0%
894 Panolam Holdings Co.* $ 438,060
--------------
Total Capital Goods $ 438,060
--------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.2%
Auto Parts & Equipment -- 0.2%
106,166 Lear Corp. $ 5,429,329
--------------
Total Automobiles & Components $ 5,429,329
--------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.0%
Diversified Financial Services -- 0.0%
24,638 BTA Bank JSC* $ 346,755
--------------
Total Diversified Financials $ 346,755
--------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
--------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Shares Rate (d) Ratings Value
--------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.0%
Real Estate Development -- 0.0%
159,647 Newhall Land Development LLC* $ 247,453
--------------
Total Real Estate $ 247,453
--------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.0%
Data Processing & Outsourced Services -- 0.0%
33,046 Perseus Holding Corp.* $ --
--------------
Total Software & Services $ --
--------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $22,377,551) $ 26,104,871
--------------------------------------------------------------------------------------------------
Principal
Amount ($)
--------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 3.2%
MATERIALS -- 0.1%
Aluminum -- 0.1%
805,793 0.84 AAA/Aaa Bayview Financial Acquisition, Floating
Rate Note, 8/28/44 $ 780,194
1,500,000 CCC/B3 Security National Mortgage Loan Trust,
6.55%, 4/25/37 1,327,176
--------------
$ 2,107,370
--------------
Total Materials $ 2,107,370
--------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.5%
Restaurants -- 0.5%
7,050,000 BBB-/Baa3 Dominos Pizza Master Issuer LLC,
5.261%, 4/25/37 $ 7,155,750
10,075,000 BB/Aaa Dominos Pizza Master Issuer LLC,
7.629%, 4/25/37 10,302,695
--------------
$ 17,458,445
--------------
Total Consumer Services $ 17,458,445
--------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.0%
Automobile Manufacturers -- 0.0%
550,000 BB/Ba1 AmeriCredit Automobile Receivables Trust,
6.23%, 7/9/18 $ 567,385
--------------
Total Automobiles & Components $ 567,385
--------------------------------------------------------------------------------------------------
BANKS -- 1.6%
Thrifts & Mortgage Finance -- 1.6%
2,837,523 1.16 AA+/Baa2 ACE 2004-HE4 M1, Floating Rate Note,
12/25/34 $ 2,174,405
507,170 0.35 CCC/Caa3 Ace Securities Corp., Floating Rate Note,
1/25/37 192,629
1,446,178 1.53 B-/Caa3 Amortizing Residential Collateral Trust,
Floating Rate Note, 1/25/32 576,224
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 21
Schedule of Investments | 4/30/11 (Consolidated) (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
---------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,480,000 0.68 CCC/Baa2 Bear Stearns Asset Backed Securities,
Inc., Floating Rate Note, 1/25/47 $ 649,273
4,667,167 0.91 A/Caa1 Bear Stearns Asset Backed Securities,
Inc., Floating Rate Note, 3/25/35 4,003,594
1,698,156 0.34 CCC/A1 BSABS 2006-4 A1, Floating Rate Note,
10/25/33 1,622,479
8,090,000 0.43 BBB+/Caa2 Carrington Mortgage Loan Trust, Floating
Rate Note, 12/25/36 5,660,330
795,225 0.36 AA/Ba3 Carrington Mortgage Loan Trust, Floating
Rate Note, 2/25/32 720,890
1,737,814 0.38 AA+/Ba3 Carrington Mortgage Loan Trust, Floating
Rate Note, 2/25/35 1,647,912
2,549,023 0.26 AAA/Ba3 Carrington Mortgage Loan Trust, Floating
Rate Note, 12/25/36 2,449,641
3,403,990 B/Caa1 Citigroup Mortgage Loan Trust, Inc.,
0.32375%, 7/25/45 2,805,310
1,576,667 0.51 AA-/Ba1 Countrywide Asset Backed Certificates,
Floating Rate Note, 4/25/36 1,256,716
2,699,311 BBB+/B2 Countrywide Asset-Backed Certificates,
0.50875%, 6/25/36 2,339,258
1,700,000 0.88 BB/Caa1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 11/25/34 1,167,028
3,925,000 0.38 BB+/B3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 6/25/47 3,639,963
1,520,708 0.42 BB-/Caa2 CWL 2006-19 2A2, Floating Rate Note,
3/25/37 1,137,231
10,998,929 0.71 CCC/Aaa CWL 2007-SD1 A1, Floating Rate Note,
3/25/47 5,513,004
920,299 0.96 AAA/Caa2 FBR Securitization Trust, Floating Rate
Note, 10/25/35 581,881
1,288,130 0.39 B-/B3 Gsamp Trust, Floating Rate Note, 1/25/37 1,166,420
4,000,000 BBB/Aaa LEAF II Receivables Funding LLC,
5.5%, 10/20/13 3,668,558
2,996,315 0.35 CCC/Caa3 Lehman XS Trust, Floating Rate Note,
8/25/36 1,529,763
6,527,771 0.61 CC/Ca Lehman XS Trust, Floating Rate Note,
12/25/35 1,950,146
1,499,136 0.33 B/Caa1 Morgan Stanley ABS Corp., Floating Rate
Note, 10/25/36 1,349,108
1,476,112 0.37 AAA/Baa2 Residential Asset Mortgage, Products, Inc.,
Floating Rate Note, 10/25/35 1,326,148
341,463 0.49 B-/Ba2 Residential Asset Securities, Floating Rate
Note, 1/25/35 309,300
--------------
$ 49,437,211
--------------
Total Banks $ 49,437,211
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.9%
Diversified Financial Services -- 0.6%
422,531 0.85 B-/Ba3 Aircraft Finance Trust, Floating Rate Note,
5/15/24 $ 392,953
10,182,837 0.83 B-/Caa1 Aircraft Finance Trust, Floating Rate Note,
5/15/24 6,211,531
2,483,285 B/B1 Ellington Loan Acquisition,
1.0625%, 5/27/37 2,302,756
5,377,000 0.34 BBB/B2 Home Equity Asset Trust, Floating Rate
Note, 3/25/37 4,434,170
17,704,465 CCC/Ca Long Beach Mortgage Loan Trust,
0.45063%, 3/25/46 6,961,555
--------------
$ 20,302,965
----------------------------------------------------------------------------------------------------
Specialized Finance -- 0.3%
1,102,000 0.65 CCC+/Caa2 Lease Investment, Floating Rate Note,
7/15/31 $ 716,300
12,652,000 0.61 CCC+/Caa2 Lease Investment, Floating Rate Note,
7/15/31 8,097,280
--------------
$ 8,813,580
--------------
Total Diversified Financials $ 29,116,545
----------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Mortgage Real Estate Investment Trust -- 0.1%
2,400,000 NR/NR Real Estate Asset Trust, 8.75%, 11/25/48 $ 2,418,240
--------------
Total Real Estate $ 2,418,240
----------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $97,063,940) $ 101,105,196
----------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 1.8%
MATERIALS -- 0.1%
Forest Products -- 0.1%
4,315,000 BB/B1 T SRA R 2006-1 F, 7.5296%,
10/15/36 (144A) $ 4,560,189
--------------
Total Materials $ 4,560,189
----------------------------------------------------------------------------------------------------
BANKS -- 0.7%
Thrifts & Mortgage Finance -- 0.7%
17,015,318 2.26 AAA/Aaa Bayview Commercial Asset Trust, Floating
Rate Note, 4/25/36 $ 729,957
1,000,000 CCC+/NR Commercial Mortgage Pass Through
Certificates, 6.85%, 8/15/33 986,111
1,389,226 B/Caa1 Countrywide Alternative Loan Trust,
5.25%, 8/25/35 1,321,415
2,710,854 B-/Ba1 Countrywide Home Loans, 4.5%, 9/25/35 2,553,354
2,387,205 0.58 CCC/C Countrywide Home Loans, Floating Rate
Note, 3/25/35 636,212
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 23
Schedule of Investments | 4/30/11 (Consolidated) (unaudited) (continued)
--------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
--------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,834,451 0.71 D/C DSLA 2005-AR6 2A1C, Floating Rate
Note, 10/19/45 $ 188,154
596,629 NR/NR First Horizon Asset Securities, Inc.,
5.663817%, 11/25/34 511,719
289,882 0.99 AAA/Baa3 Impac CMB Trust, Floating Rate Note,
4/25/35 231,486
748,901 0.32 D/B3 Impac Securities Assets Corp., Floating
Rate Note, 11/25/36 709,613
1,300,000 NR/Baa3 JP Morgan Chase Commercial Mortgage
Securities Corp., 5.53853%, 7/12/37 1,054,541
3,005,617 AA/B3 JP Morgan Mortgage Trust, 4.89%,
2/25/35 2,577,443
1,749,985 2.86 NR/B1 JP Morgan Mortgage Trust, Floating Rate
Note, 10/25/35 1,342,159
1,265,923 2.99 B+/B1 JP Morgan Mortgage Trust, Floating Rate
Note, 11/25/35 1,218,636
3,302,255 0.47 D/C Luminent Mortgage Trust, Floating Rate
Note, 7/25/36 126,324
1,873,666 0.57 BBB-/Caa1 Structured Asset Mortgage Investments,
Inc., Floating Rate Note, 9/25/45 1,221,226
4,166,802 CCC/NR WaMu Mortgage Pass Through Certificates,
5.56151%, 12/25/36 3,823,220
4,022,332 0.49 AAA/Caa1 WaMu Mortgage Pass-Through Certificates,
Floating Rate Note, 4/25/45 3,431,435
--------------
$ 22,663,005
--------------
Total Banks $ 22,663,005
--------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Diversified Financial Services -- 0.1%
1,687,445 NR/B3 Credit Suisse Mortgage Capital
Certificates, 5.0%, 4/25/37 $ 1,626,363
--------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.1%
3,450,000 BBB-/NR Bear Stearns Commercial Mortgage,
6.94%, 2/15/35 $ 3,420,826
--------------
Total Diversified Financials $ 5,047,189
--------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.4%
Mortgage Real Estate Investment Trust -- 0.4%
701,892 AAA/B1 American Home Mortgage Investment,
2.45469%, 6/25/45 $ 578,684
3,000,000 BBB-/B2 Credit Suisse First Boston Mortgage,
5.51%, 3/15/35 2,756,917
9,000,000 A/NR Credit Suisse First Boston Mortgage
Securities Corp., 7.08%, 12/15/35 8,894,099
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
--------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
--------------------------------------------------------------------------------------------------
Mortgage Real Estate Investment Trust -- (continued)
2,557,494 BB/Caa1 Deutsche ALT-A Securities, Inc.,
5.5%, 11/25/35 $ 2,246,498
--------------
$ 14,476,198
--------------
Total Real Estate $ 14,476,198
--------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.3%
Integrated Telecommunication Services -- 0.3%
9,670,000 NR/B2 Global Tower Partners Acquisition,
7.87%, 5/15/37 $ 9,961,073
--------------
Total Telecommunication Services $ 9,961,073
--------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.1%
992,684 NR/B3 GSR Mortgage Loan Trust, 5.5%, 8/25/21 $ 955,709
830,521 BBB+/NR GSR Mortgage Loan Trust,
5.7199%, 2/25/34 729,131
--------------
$ 1,684,840
--------------
Total Government $ 1,684,840
--------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATION
(Cost $60,193,323) $ 58,392,494
--------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 72.3%
ENERGY -- 11.6%
Coal & Consumable Fuels -- 2.3%
15,063,000 BB-/B2 Berau Capital Resources, Ltd., 12.5%,
7/8/15 (144A) $ 17,924,970
12,200,000 BB/Ba3 Bumi Capital Pte, Ltd., 12.0%, 11/10/16 14,396,000
1,240,000 BB/Ba3 Bumi Investment Pte, Ltd., 10.75%,
10/6/17 1,435,300
18,160,000 B/Caa1 Foresight Energy LLC, 9.625%, 8/15/17
(144A) 19,658,200
2,850,000 BB-/B2 International Coal Group, Inc., 9.125%,
4/1/18 (b) 3,227,625
2,706,000 B/B3 Murray Energy Corp., 10.25%, 10/15/15 2,908,950
6,395,000 B/B3 New World Resources BV, 7.375%,
5/15/15 (144A) 9,749,532
2,070,000 B/B2 Penn Virginia Resource Partner LP, 8.25%,
4/15/18 2,214,900
--------------
$ 71,515,477
--------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.1%
2,950,000 BBB/Baa3 Petroleum Co. of Trinidad & Tobago, Ltd.,
9.75%, 8/14/19 $ 3,525,250
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 25
Schedule of Investments | 4/30/11 (Consolidated) (unaudited) (continued)
-------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
-------------------------------------------------------------------------------------------------------
Oil & Gas Drilling -- 2.4%
23,000,000 NR/NR Aker Drilling AS, 11.0%, 2/24/16 $ 4,478,809
8,500,000 NR/NR Aker Drilling AS, 9.53%, 2/24/16 1,655,212
6,772,644 NR/NR DDI Holding AS, 9.3%, 1/19/12 (144A) 6,772,644
1,250,000 B-/Caa1 Hercules Offshore Inc., 10.5%, 10/15/17 1,312,500
9,607,550 NR/NR Norse Energy ASA, 6.5%,
7/14/13 (144A) 8,838,946
13,100,000 NR/NR Ocean Rig UDW, Inc., 9.5%, 4/27/16 13,100,000
13,640,000 B-/B3 Offshore Group Investment, Inc.,
11.5%, 8/1/15 15,225,650
2,915,000 B+/B1 Parker Drilling Co., 9.125%, 4/1/18 3,228,363
8,730,000 B/B3 Pioneer Drilling Co., 9.875%, 3/15/18 9,428,400
NOK 17,000,000 11.65 NR/NR Sevan Drilling ASA, Floating Rate Note,
12/7/12 3,371,277
10,880,000 BB-/B2 Trinidad Drilling, Ltd., 7.875%, 1/15/19 11,532,800
--------------
$ 78,944,601
-------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 1.9%
3,943,000 B-/Caa1 Aquilex Holdings LLC,
11.125%, 12/15/16 $ 4,076,076
3,745,000 B+/B1 Complete Production Service Co.,
8.0%, 12/15/16 3,950,975
1,600,000 0.00 NA/NA DP Producer AS, Floating Rate Note,
12/5/11 (144A) (e) 16,000
17,815,000 B-/B2 Expro Finance Luxembourg SCA,
8.5%, 12/15/16 (b) 17,414,163
1,275,000 BB/B2 Frac Tech Services LLC, 7.125%,
11/15/18 1,357,875
910,944 10.50 NR/NR Nexus ASA, Floating Rate Note,
3/7/12 (e) 911
5,200,000 NR/NR Sevan Marine ASA, 12.0%, 8/10/15 5,564,000
NOK 29,500,000 NR/NR Sevan Marine ASA, 13.25%, 8/10/15 6,026,155
31,500,000 NR/NR Sevan Marine ASA, 14.0%, 12/22/14 6,043,814
10,198,000 3.62 NR/NR Sevan Marine ASA, Floating Rate Note,
5/14/13 (144A) 9,229,190
NOK 32,463,000 11.99 NR/NR Sevan Marine ASA, Floating Rate Note,
10/24/12 (144A) 6,499,727
--------------
$ 60,178,886
-------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 4.0%
2,325,000 B/B3 Antero Resources Finance LLC, 9.375%,
12/01/17 $ 2,551,688
2,534,000 B-/B3 Carrizo Oil & Gas, Inc.,
8.625%, 10/15/18 2,705,045
2,125,000 B-/Caa1 Chaparral Energy, Inc., 8.25%, 9/1/21 2,247,188
2,750,000 BB+/Ba3 Chesapeake Energy Co., 6.25%, 1/15/17 4,284,334
4,750,000 B/B2 Comstock Resources, Inc.,
8.375%, 10/15/17 5,011,250
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
--------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
--------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- (continued)
3,540,000 B/B2 Comstock Resources, Inc.,
7.75%, 4/1/19 $ 3,637,350
3,715,000 B-/Caa1 Energy Partners, Ltd., 8.25%, 2/15/18 3,687,138
6,035,000 CCC+/Caa1 Goodrich Petroleum Corp.,
8.875%, 3/15/19 6,095,350
6,025,000 BB-/B2 Hilcorp Energy, Inc., 9.0%,
6/1/16 (144A) 6,296,125
6,000,000 B/B2 Linn Energy LLC, 8.625%,
4/15/20 (144A) 6,630,000
45,000,000 B-/NR Norwegian Energy Co., AS,
12.9%, 11/20/14 9,097,079
12,000,000 NR/NR Norwegian Energy Corp.,
10.25%, 4/27/16 2,308,133
4,755,000 BBB/Baa3 Novatek Finance, Ltd., 6.604%, 2/3/21 5,004,638
2,200,000 B-/Caa1 Oasis Petroleum, Inc., 7.25%, 8/1/11 2,222,000
8,500,000 B+/B3 Petrohawk Energy Corp., 7.25%, 8/15/18 9,031,250
5,000,000 B+/B3 Petrohawk Energy Corp.,
7.25%, 8/15/18 (144A) 5,312,500
6,460,000 B/Caa1 Petroquest Energy Co., 10.0%, 9/1/17 6,847,600
7,260,000 BB-/B1 Plains Exploration & Production Co.,
7.625%, 4/1/20 7,786,350
3,040,000 BB-/B1 Plains Exploration & Production Co.,
8.625%, 10/15/19 3,385,800
2,535,000 BB-/B1 Plains Exploration & Production Co.,
10.0%, 3/1/16 2,864,550
4,875,000 B-/B3 Quicksilver Resources, Inc.,
7.125%, 4/1/16 4,862,813
3,370,000 B/B2 Quicksilver Resources, Inc.,
9.125%, 8/15/19 3,698,575
3,520,000 B/B3 SandRidge Energy, Inc., 7.5%, 3/15/21 3,704,800
2,120,000 B/B3 SandRidge Energy, Inc., 8.75%, 1/15/20 2,332,000
6,015,000 B/B3 SandRidge Energy, Inc., 8.0%, 6/1/18 (b) 6,360,863
1,590,000 3.92 B/B3 SandRidge Energy, Inc., Floating Rate
Note, 4/1/14 1,578,528
4,469,000 B/Caa1 Stone Energy Corp., 8.625%, 2/1/17 4,670,105
3,675,000 B/Caa1 Venoco, Inc., 8.875%, 2/15/19 3,688,781
--------------
$ 127,901,833
--------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.4%
4,049,000 BB/Ba3 Coffeyville Resources LLC, 9.0%, 4/1/15 $ 4,413,410
8,240,000 BB+/Ba1 Tesoro Corp., 9.75%, 6/1/19 9,373,000
--------------
$ 13,786,410
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 27
Schedule of Investments | 4/30/11 (Consolidated) (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
----------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.5%
2,360,000 8.38 BB/Ba1 Enterprise Products Operating Co., Floating
Rate Note, 8/1/66 $ 2,563,550
5,030,000 BB/Ba1 Enterprise Products Operating Co.,
7.0%, 6/1/67 5,023,713
7,343,000 BB/Ba1 Southern Union Co., 7.2%, 11/1/66 7,214,498
--------------
$ 14,801,761
--------------
Total Energy $ 370,654,218
----------------------------------------------------------------------------------------------------
MATERIALS -- 11.0%
Aluminum -- 0.7%
7,459,624 6.83 CCC+/B2 Noranda Aluminum Acquisition Corp.,
Floating Rate Note, 5/15/15 $ 7,254,484
13,315,000 B/B2 Novelis, Inc., 8.75%, 12/15/20 14,879,513
--------------
$ 22,133,997
----------------------------------------------------------------------------------------------------
Commodity Chemicals -- 1.3%
11,343,000 NR/WR Basell Finance Co., 8.1%,
3/15/27 (144A) $ 12,704,160
11,100,000 CCC+/B3 Hexion US Finance Corp., 8.875%,
2/1/18 (144A) 12,043,500
4,755,000 BB-/B1 Nova Chemicals Corp.,
8.625%, 11/1/19 (b) 5,462,306
11,320,000 NR/B1 Rain CII Carbon LLC and CII Carbon Corp.,
8.0%, 12/1/18 11,886,000
--------------
$ 42,095,966
----------------------------------------------------------------------------------------------------
Construction Materials -- 1.5%
12,050,000 CCC+/B3 AGY Holding Corp., 11.0%, 11/15/14 $ 11,718,625
2,080,000 B-/NR C10 - EUR Capital SPV, Ltd., BVI,
6.277%, 5/29/49 2,252,929
1,047,000 6.28 B-/BBB- C10 Capital SPV, Ltd., Floating Rate Note,
12/31/49 820,352
3,434,000 6.64 B-/NR C8 Capital SPV, Ltd., Floating Rate Note,
12/31/49 2,674,646
9,406,000 B/NR Cemex Finance LLC,
9.5%, 12/14/16 (144A) (b) 10,017,390
3,750,000 B/NR Cemex SAB de CV, 9.0%, 1/11/18 (b) 3,885,938
3,950,000 BB-/B1 Rearden G Holdings EINS GmbH,
7.875%, 3/30/20 (b) 4,285,750
9,515,000 B/B3 Texas Industries, Inc., 9.25%, 8/15/20 10,252,413
--------------
$ 45,908,043
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
-----------------------------------------------------------------------------------------------------
Diversified Chemical -- 1.2%
13,410,000 CCC/Caa2 Ineos Group Holdings Plc,
7.875%, 2/15/16 (144A) $ 19,797,631
9,025,000 CCC/Caa1 Momentive Performance Material, Inc.,
9.5%, 1/15/21 14,227,792
3,176,000 B+/B1 TPC Group LLC, 8.25%, 10/1/17 3,414,200
--------------
$ 37,439,623
-----------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.4%
8,725,000 B-/B3 Midwest Vanadium Pty, Ltd.,
11.5%, 2/15/18 $ 9,052,188
3,525,000 B-/NR Mirabela Nickel, Ltd., 8.75%, 4/15/18 3,604,313
--------------
$ 12,656,501
-----------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 1.4%
2,420,000 B-/B2 AEP Industries, Inc., 8.25%, 4/15/19 $ 2,480,500
700,000 B-/B3 Ardagh Glass Finance Plc,
8.75%, 2/1/20 (144A) 1,077,575
6,460,000 B-/B3 Ardagh Packaging Finance Plc,
9.25%, 10/15/20 10,196,085
5,000,000 B-/B3 Ardagh Packaging Finance Plc,
9.125%, 10/15/20 5,525,000
6,305,000 CCC+/B3 BWAY Holding Co., 10.0%, 6/15/18 (b) 6,919,738
7,100,000 CCC+/Caa1 BWAY Parent Co., Inc., 10.125%,
11/1/15 7,313,000
4,345,000 BB-/Ba3 Crown Americas LLC/Crown Americas
Capital Corp II, 6.25%, 2/1/21 4,464,488
2,900,000 BB-/Ba1 Crown European Holdings SA,
7.125%, 8/15/18 4,453,482
1,450,000 BB+/Ba2 OI European Group BV, 6.75%, 9/15/20 2,175,644
--------------
$ 44,605,512
-----------------------------------------------------------------------------------------------------
Paper Packaging -- 1.5%
2,200,771 NR/NR Bio Pappel SAB de CV, 6.0%, 8/27/16 $ 1,980,694
15,426,044 NR/NR Bio Pappel SAB de CV, 6.0%, 8/27/16 13,883,440
EURO 6,800,000 B/B2 Nordenia Holdings GM, 9.75%, 7/15/17 11,048,019
9,430,000 B/B3 Packaging Dynamics Corp.,
8.75%, 2/1/16 9,771,838
10,400,000 B/B3 US Corrugated, Inc., 10.0%, 6/1/13 10,192,000
--------------
$ 46,875,991
-----------------------------------------------------------------------------------------------------
Paper Products -- 1.1%
15,165,000 B/B3 Exopack Holding Corp., 11.25%, 2/1/14 $ 15,657,863
2,745,000 BB/Ba1 Fibria Overseas Finance, Ltd.,
6.75%, 3/3/21 2,889,113
15,915,000 BB-/Ba3 Grupo Papelero Scribe SA,
8.875%, 4/7/20 (144A) (b) 15,119,250
--------------
$ 33,666,226
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 29
Schedule of Investments | 4/30/11 (Consolidated) (unaudited) (continued)
--------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
--------------------------------------------------------------------------------------------------
Precious Metals & Minerals -- 0.0%
500,000 BB-/Ba3 Alrosa Finance SA,
8.875%, 11/17/14 (144A) $ 575,750
--------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.1%
1,909,000 BB-/B1 Nova Chemicals Corp., 7.875%, 9/15/25 $ 1,925,704
--------------------------------------------------------------------------------------------------
Steel -- 1.8%
12,950,000 CCC+/Caa2 Algoma Acquisition Corp.,
9.875%, 6/15/15 (144A) $ 12,059,688
5,300,000 NR/Ba1 China Oriental Group, Ltd.,
8.0%, 8/18/15 5,591,500
3,020,000 B+/B2 Evraz Group SA, 9.5%, 4/24/18 (144A) 3,510,750
4,475,000 B+/B3 Ferrexpo Finance Plc, 7.875%, 4/7/16 (b) 4,620,080
4,340,000 B/B3 JMC Steel Group, Inc., 8.25%, 3/15/18 4,546,150
8,100,000 NR/B2 Metinvest BV, 10.25%, 5/20/15 9,112,500
8,750,000 NR/B2 Metinvest BV, 8.75%, 2/14/18 9,384,375
4,890,000 CCC+/Caa1 Ryerson, Inc., 12.0%, 11/1/15 5,281,200
2,505,000 CC/Ca Zlomrex International Finance SA,
8.5%, 2/1/14 (144A) 2,936,271
--------------
$ 57,042,514
--------------
Total Materials $ 344,925,827
--------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 5.4%
Aerospace & Defense -- 1.2%
6,800,000 B/B3 ADS Tactical, Inc., 11.0%, 4/1/18 $ 7,038,000
19,238,000 B/B1 DynCorp International, Inc.,
10.375%, 7/1/17 (b) 20,584,660
2,885,000 BB/Ba3 Esterline Technologies Corp.,
7.0%, 8/1/20 3,079,738
2,600,000 B-/B3 GeoEye, Inc., 8.625%, 10/1/16 2,756,000
2,890,000 B+/Ba3 Huntington Ingalls Industires, Inc.,
6.875%, 3/15/18 3,041,725
2,310,000 B+/Ba3 Huntington Ingalls Industries, Inc.,
7.125%, 3/15/21 2,431,275
--------------
$ 38,931,398
--------------------------------------------------------------------------------------------------
Building Products -- 0.4%
4,658,000 BB+/Ba3 Building Materials Corp., 7.5%, 3/15/20 $ 4,931,658
3,905,000 BB+/Ba3 Building Materials Corp., 6.75%, 5/1/21 3,958,694
3,271,000 NR/WR Industrias Unidas SA de CV,
11.5%, 11/15/16 (144A) (e) 2,502,315
--------------
$ 11,392,667
--------------------------------------------------------------------------------------------------
Construction & Engineering -- 1.1%
6,900,000 B+/Ba3 Abengoa Finance SAU, 8.875%, 11/1/17 $ 7,003,500
3,350,000 BB-/Ba3 Dycom Investments, Inc.,
7.125%, 1/15/21 3,463,063
The accompanying notes are an integral part of these financial statements.
30 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
---------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
---------------------------------------------------------------------------------------------------
Construction & Engineering -- (continued)
11,300,000 B+/Ba3 Empresas ICA SAB de CV, 8.9%, 2/4/21 $ 11,752,000
9,175,000 B+/Caa1 New Enterprise Stone & Lime Co.,
11.0%, 9/1/18 9,209,406
--------------
$ 31,427,969
---------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 0.4%
1,075,000 B/B2 Accuride Corp., 9.5%, 8/1/18 $ 1,198,625
3,840,000 B+/Caa1 American Railcar Co., 7.50%, 3/1/14 3,945,600
4,005,000 B-/NR Commercial Vehicle Group, Inc.,
7.875%, 4/15/19 4,095,113
4,290,000 B+/B1 Titan International, Inc.,
7.875%, 10/1/17 4,611,750
--------------
$ 13,851,088
---------------------------------------------------------------------------------------------------
Electrical Component & Equipment -- 0.4%
10,825,000 B/B3 Coleman Cable, Inc., 9.0%, 2/15/18 $ 11,447,438
1,540,000 B/B3 WireCo WorldGroup, 9.5%, 5/15/17 1,655,500
--------------
$ 13,102,938
---------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.3%
2,000,000 BB-/Ba3 Mark IV Europe SCA, 8.875%, 12/15/17 $ 3,130,717
7,800,000 BBB/Baa3 Votorantim Cimentos SA, 7.25%, 4/5/41 7,702,500
--------------
$ 10,833,217
---------------------------------------------------------------------------------------------------
Industrial Machinery -- 1.2%
7,800,000 B+/B1 Altra Holdings, Inc., 8.125%, 12/1/16 $ 8,482,500
5,322,000 NR/WR Indalex Holding, Inc., 11.5%, 2/1/14 (e) 93,135
5,080,000 B/B3 Liberty Tire Recycling LLC, 11.0%,
10/1/16 5,689,600
7,782,000 CCC+/B3 Mueller Water Products, Inc.,
7.375%, 6/1/17 7,723,635
14,700,000 B+/Aaa WPE International, Inc.,
10.375%, 9/30/20 15,582,000
--------------
$ 37,570,870
---------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.4%
2,325,000 B/B2 Avis Budget Car Rental LLC,
7.75%, 5/15/16 $ 2,400,563
9,940,000 NR/B3 Intcomex, Inc., 13.25%, 12/15/14 10,461,850
1,171,000 B/B1 Wesco Distribution, Inc., 7.5%, 10/15/17 1,209,058
--------------
$ 14,071,471
--------------
Total Capital Goods $ 171,181,618
---------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.5%
Diversified Support Services -- 0.4%
13,050 NR/Caa1 Msx International, Inc.,
12.5%, 4/1/12 (144A) $ 11,223,000
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 31
Schedule of Investments | 4/30/11 (Consolidated) (unaudited) (continued)
------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 0.1%
6,510,000 NR/WR Aleris International, Inc.,
10.0%, 12/15/16 (e) $ 651
3,022,531 CCC+/Caa2 New Reclamation Group, Inc.,
8.125%, 2/1/13 (144A) 4,036,218
--------------
$ 4,036,869
--------------
Total Commercial Services & Supplies $ 15,259,869
------------------------------------------------------------------------------------------------
TRANSPORTATION -- 2.1%
Air Freight & Couriers -- 0.5%
2,275,000 B/B2 AMGH Merger Sub, Inc. 9.25%, 11/1/18 $ 2,451,313
8,811,000 CCC+/Caa1 Ceva Group Plc, 11.5%, 4/1/18 (144A) 9,615,004
2,445,000 CCC+/Caa1 Ceva Group Plc, 11.625%, 10/1/16 2,704,781
--------------
$ 14,771,098
------------------------------------------------------------------------------------------------
Airlines -- 0.4%
468,619 B/B1 Continental Airlines, Inc., 8.499%,
5/1/11 $ 463,933
11,163,000 B+/Ba3 Gol Finance LLP, 9.25%, 7/20/20 (144A) 11,944,410
1,845,703 BBB+/Baa2 United Air Lines, Inc., 9.75%, 1/15/17 2,099,488
--------------
$ 14,507,831
------------------------------------------------------------------------------------------------
Airport Services -- 0.3%
4,826,250 B/B2 Aeropuertos Argentina 2000 SA,
10.75%, 12/1/20 $ 5,260,613
5,550,000 B/B2 Aguila 3 SA, 7.875%, 1/31/18 5,674,875
--------------
$ 10,935,488
------------------------------------------------------------------------------------------------
Railroads -- 0.1%
2,100,000 CCC/Caa3 Florida East Coast Holdings Corp.,
10.5%, 8/1/17 $ 2,220,750
------------------------------------------------------------------------------------------------
Trucking -- 0.8%
7,930,000 NR/Ba2 Inversiones Alsacia SA, 8.0%, 8/18/18 $ 7,590,755
9,515,000 B-/Caa1 Swift Services Holdings, Inc.,
10.0%, 11/15/18 10,442,713
6,125,000 B/B3 Syncreon Global Ireland, Ltd.,
9.5%, 5/1/18 6,370,000
--------------
$ 24,403,468
--------------
Total Transportation $ 66,838,635
------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.8%
Auto Parts & Equipment -- 1.6%
2,525,000 CCC+/Caa1 Allison Transmission Co.,
11.25%, 11/1/15 (144A) $ 2,796,185
1,510,000 BB+/Ba3 Lear Corp., 8.125%, 3/15/20 1,676,100
4,300,000 B+/B1 Pinafore LLC/Pinafore, Inc.,
9.0%, 10/1/18 4,697,750
16,550,000 12.00 CCC-/Caa3 Stanadyne Corp., Floating Rate Note,
2/15/15 16,963,750
The accompanying notes are an integral part of these financial statements.
32 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
-----------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
-----------------------------------------------------------------------------------------------
Auto Parts & Equipment -- (continued)
4,365,000 CCC/Caa1 Stanadyne Corp., 10.0%, 8/15/14 $ 4,468,669
11,154,000 B+/B1 Tower Automotive Holdings USA LLC,
10.625%, 9/1/17 (b) 12,478,538
4,260,000 CCC+/B3 Uncle Acquisition 2010 Corp.,
8.625%, 2/15/19 4,526,250
--------------
$ 47,607,242
-----------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.2%
5,000,000 B+/B1 Hyva Global BV, 8.625%, 3/24/16 $ 5,175,000
-----------------------------------------------------------------------------------------------
Tires & Rubber -- 0.0%
1,545,000 B+/B1 Goodyear Tire & Rubber Co.,
10.5%, 5/15/16 $ 1,749,713
800,000 B+/B1 Goodyear Tire & Rubber Co.,
8.25%, 8/15/20 (b) 889,000
--------------
$ 2,638,713
--------------
Total Automobiles & Components $ 55,420,955
-----------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 2.0%
Homebuilding -- 0.6%
8,750,000 CCC/Caa2 Beazer Homes USA, Inc.,
9.125%, 6/15/18 $ 8,728,125
1,600,000 CCC/Caa2 Beazer Homes USA, Inc.,
9.125%, 5/15/19 1,596,000
7,435,000 BB-/Ba3 Desarrolladora Homex SAB de CV,
9.5%, 12/11/19 (144A) 8,308,613
--------------
$ 18,632,738
-----------------------------------------------------------------------------------------------
Housewares & Specialties -- 1.1%
2,400,000 B-/Caa1 Reynolds Group Holdings, Ltd.,
8.25%, 2/15/21 $ 2,439,000
6,075,000 B/Caa1 Reynolds Group Issuer, Inc.,
9.0%, 4/15/19 6,401,531
7,490,000 B-/Caa1 Reynolds Group Issuer, Inc.,
8.5%, 5/15/18 (144A) 7,714,700
11,165,000 CCC+/B3 Yankee Acquisition Corp.,
9.75%, 2/15/17 (b) 11,918,638
5,775,000 CCC+/Caa1 YCC Holdings LLC/Yankee Finance, Inc.,
10.25%, 2/15/16 5,948,250
--------------
$ 34,422,119
-----------------------------------------------------------------------------------------------
Leisure Products -- 0.2%
5,000,000 B-/B2 Icon Health & Fitness, Inc.,
11.875%, 10/15/16 $ 5,206,250
-----------------------------------------------------------------------------------------------
Textiles -- 0.1%
3,670,000 B/B1 Polymer Group, Inc., 7.75%, 2/1/19 $ 3,816,800
--------------
Total Consumer Durables & Apparel $ 62,077,907
-----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 33
Schedule of Investments | 4/30/11 (Consolidated) (unaudited) (continued)
-------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
-------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 2.6%
Casinos & Gaming -- 1.6%
9,750,000 NR/WR Buffalo Thunder Revenue Authority,
9.375%, 12/15/14 (e) $ 3,558,750
8,025,000 B/B2 Codere Finance SA,
8.25%, 6/15/15 (144A) 12,191,096
2,052,000 B-/NR Little Traverse Bay Bands of Odawa
Indians, 9.0%, 8/31/20 1,846,800
8,640,000 8.25 BB/Ba2 Lottomatica S.p.A., Floating Rate Note,
3/31/66 (144A) 13,278,561
5,965,000 NR/WR Mashantucket Pequot Tribe,
8.5%, 11/15/15 (144A) (e) 745,625
EURO 6,335,000 B/B3 Peermont Global, Ltd.,
7.75%, 4/30/14 (144A) 8,365,617
4,631,000 B/Caa1 Pinnacle Entertainment, Inc.,
8.75%, 5/15/20 (b) 4,978,325
1,850,000 BB-/B1 Scientific Games Corp., 7.875%, 6/15/16 1,942,500
3,500,000 BB-/B1 Scientific Games International Corp.,
8.125%, 9/15/18 3,683,750
1,725,000 CCC/Caa2 Shingle Springs Tribal,
9.375%, 6/15/15 (144A) 1,207,500
5,095,000 NR/WR Station Casinos, Inc.,
6.625%, 3/15/18 (e) 510
--------------
$ 51,799,034
-------------------------------------------------------------------------------------------------------
Education Services -- 0.1%
4,225,000 B/B2 Cambium Learning Group, Inc.,
9.75%, 2/15/17 $ 4,256,688
-------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.2%
4,977,000 B-/B3 Grupo Posadas SAB de CV,
9.25%, 1/15/15 $ 4,889,903
-------------------------------------------------------------------------------------------------------
Restaurants -- 0.7%
15,915,000 CCC+/Caa1 Burger King Capital Corp.,
0.0%, 4/15/19 (b) $ 9,389,850
5,675,000 B-/B3 Burger King Corp., 9.875%, 10/15/18 (b) 6,001,313
6,381,000 CCC+/Caa2 Dunkin Finance Corp., 9.625%, 12/1/18 6,508,620
--------------
$ 21,899,783
--------------
Total Consumer Services $ 82,845,408
-------------------------------------------------------------------------------------------------------
MEDIA -- 3.0%
Advertising -- 0.6%
3,800,000 B-/B3 Affinity Group, Inc., 11.5%, 12/1/16 $ 4,018,500
5,549,000 B+/B2 MDC Partners, Inc.,
11.0%, 11/1/16 (144A) 6,214,880
10,450,000 B-/Caa2 Sitel LLC/Sitel Finance Corp.,
11.5%, 4/1/18 9,849,125
--------------
$ 20,082,505
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
-------------------------------------------------------------------------------------------------
Broadcasting -- 2.1%
10,900,000 B+/B2 CCO Holdings LLC/CCO Holdings Capital
Corp., 7.0%, 1/15/19 $ 11,417,750
2,680,000 B/B1 Entravision Communications Corp.,
8.75%, 8/1/17 2,874,300
5,186,000 B/B1 Hughes Network Systems LLC,
9.5%, 4/15/14 5,341,580
840,000 B/B1 Hughes Network Systems LLC,
9.5%, 4/15/14 865,200
13,065,000 CCC+/Caa3 Intelsat Bermuda, Ltd.,
11.5%, 2/4/17 (144A) 14,306,175
3,968,235 CCC+/Caa3 Intelsat Bermuda, Ltd., 11.5%, 2/4/17 4,345,217
9,250,000 B/B2 Nara Cable Funding, Ltd.,
8.875%, 12/1/18 14,188,603
1,925,000 CCC+/Caa2 Ono Finance II Plc, 11.125%, 7/15/19 3,106,142
2,285,000 B-/Caa1 Telesat Canada/Telesat LLC,
11.0%, 11/1/15 2,542,063
4,245,000 B-/Caa1 Telesat Canada/Telesat LLC,
12.5%, 11/1/17 5,051,550
2,065,000 B/B2 Ziggo Bond Co., BV, 8.0%, 5/15/18 3,220,976
--------------
$ 67,259,556
-------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.1%
2,060,000 B-/B3 Regal Entertainment Group, Inc.,
9.125%, 8/15/18 $ 2,209,350
-------------------------------------------------------------------------------------------------
Publishing -- 0.2%
6,135,000 B-/Caa1 Interactive Data Corp., 10.25%, 8/1/18 $ 6,844,206
--------------
Total Media $ 96,395,617
-------------------------------------------------------------------------------------------------
RETAILING -- 1.5%
Automotive Retail -- 0.0%
1,432,000 B-/Caa1 Sonic Automotive, Inc.,
9.0%, 3/15/18 (b) $ 1,539,400
-------------------------------------------------------------------------------------------------
Department Stores -- 0.4%
10,955,000 B/NR Grupo Famsa SAB de CV,
11.0%, 7/20/15 $ 11,886,175
-------------------------------------------------------------------------------------------------
Distributors -- 0.8%
24,137,000 B/B3 Minerva Overseas II, Ltd.,
10.875%, 11/15/19 (144A) $ 26,852,413
-------------------------------------------------------------------------------------------------
Internet Retail -- 0.3%
7,415,000 B/B3 Ticketmaster, Inc., 10.75%, 8/1/16 $ 8,110,156
--------------
Total Retailing $ 48,388,144
-------------------------------------------------------------------------------------------------
FOOD & DRUG RETAILING -- 0.3%
Food Distributors -- 0.3%
9,421,000 BB-/B2 C&S Group Enterprise LLC,
8.375%, 5/1/17 (144A) (b) $ 9,868,498
--------------
Total Food & Drug Retailing $ 9,868,498
-------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 35
Schedule of Investments | 4/30/11 (Consolidated) (unaudited) (continued)
--------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
--------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 3.9%
Agricultural Products -- 0.3%
5,000,000 BB/Ba2 Cosan SA Industria E Comercio SA de CV,
8.25%, 2/15/49 $ 5,012,500
4,959,000 B+/B3 Southern States Cooperative, Inc.,
11.25%, 5/15/15 5,355,720
--------------
$ 10,368,220
--------------------------------------------------------------------------------------------------------
Brewers -- 0.0%
120,000 BBB+/A3 Cia Brasileira de Bebida SA de CV, 8.75%,
9/15/13 $ 137,100
--------------------------------------------------------------------------------------------------------
Distillers & Vintners -- 0.3%
320,792 NR/NR Belvedere SA, 0.0%, 4/11/14 $ 161,832
EURO 4,171,607 NR/NR Belvedere SA, 7.692%, 4/11/14 (e) 2,228,267
8,112,000 B/B1 CEDC Finance Corp., International, Inc.,
9.125%, 12/1/16 (144A) (b) 7,848,360
--------------
$ 10,238,459
--------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 2.7%
6,000,000 NR/B1 Bertin, Ltd., 10.25%, 10/5/16 (144A) $ 6,675,000
4,450,000 B-/B3 Blue Merger Sub, Inc.,
7.625%, 2/15/19 (b) 4,555,688
12,305,000 NR/B2 Corp Pesquera Inca SAC,
9.0%, 2/10/17 (144A) 12,920,250
7,158,000 NR/B2 Fabrica de Productos Sa de CV,
9.25%, 2/23/17 (144A) 7,082,841
9,500,000 B-/B3 FAGE Dairy Industry, Ltd.,
9.875%, 2/1/20 (144A) (b) 9,595,000
2,969,595 NR/NR Independencia International, Ltd.,
12.0%, 12/30/16 (144A) (e) 22,272
9,590,000 BB/B1 JBS Finance II, Ltd., 8.25%, 1/29/18 9,949,625
20,248,000 B+/B1 Marfrig Overseas, Ltd.,
9.5%, 5/4/20 (144A) 21,462,880
3,783,000 B+/B1 Marfrig Overseas, Ltd.,
9.625%, 11/16/16 (144A) 4,066,725
9,885,000 BB-/B3 Pilgrim's Pride Corp.,
7.875%, 12/15/18 (b) 9,267,188
--------------
$ 85,597,469
--------------------------------------------------------------------------------------------------------
Tobacco -- 0.6%
17,855,000 B+/B2 Alliance One International, Inc.,
10.0%, 7/15/16 $ 18,256,738
--------------
Total Food, Beverage & Tobacco $ 124,597,986
--------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.2%
Personal Products -- 0.2%
5,880,000 B/B2 Revlon Consumer Products Corp.,
9.75%, 11/15/15 $ 6,409,200
--------------
Total Household & Personal Products $ 6,409,200
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 2.0%
Health Care Equipment -- 0.4%
8,850,000 CCC+/Caa2 Accellent, Inc., 10.0%, 11/1/17 $ 8,938,500
2,871,000 B+/B1 Accellent, Inc., 8.375%, 2/1/17 3,075,559
--------------
$ 12,014,059
------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.3%
4,200,000 B-/B3 Vanguard Health Holding Co., II LLC,
7.75%, 2/1/19 (b) $ 4,368,000
5,835,000 CCC+/Caa1 Vanguard Health Systems, Inc.,
0.0%, 2/1/16 3,778,163
--------------
$ 8,146,163
------------------------------------------------------------------------------------------------
Health Care Services -- 1.0%
6,964,000 B-/Caa1 BioScrip, Inc., 10.25%, 10/1/15 $ 6,964,000
7,903,000 B-/B2 Gentiva Health Services, Inc.,
11.5%, 9/1/18 8,969,905
5,975,000 CCC+/Caa1 Surgical Care Affiliates, Inc.,
10.0%, 7/15/17 (144A) 6,169,188
10,447,362 CCC+/B3 Surgical Care Affiliates, Inc.,
8.875%, 7/15/15 (144A) (PIK) 10,734,664
--------------
$ 32,837,757
------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.2%
5,550,000 B-/B2 Inverness Medical Innovations, Inc.,
7.875%, 2/1/16 $ 5,910,750
------------------------------------------------------------------------------------------------
Health Care Technology -- 0.1%
3,000,000 B-/B3 MedAssets, Inc., 8.0%, 11/15/18 $ 3,082,500
--------------
Total Health Care Equipment & Services $ 61,991,229
------------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 1.3%
Biotechnology -- 0.8%
5,750,000 B/Caa1 ConvaTec Healthcare SA,
10.5%, 12/15/18 $ 6,195,625
7,200,000 B/B3 Grifols, Inc., 8.25%, 2/1/18 7,470,000
10,302,000 B+/B3 Lantheus Medical Imaging, Inc.,
9.75%, 5/15/17 10,714,080
--------------
$ 24,379,705
------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.5%
9,461,554 B/Caa1 Catalent Pharma Solution, Inc.,
9.5%, 4/15/17 (144A) $ 9,674,439
6,423,000 B+/B3 PharmaNet Development Group, Inc.,
10.875%, 4/15/17 7,097,415
--------------
$ 16,771,854
--------------
Total Pharmaceuticals & Biotechnology $ 41,151,559
------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 37
Schedule of Investments | 4/30/11 (Consolidated) (unaudited) (continued)
--------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
--------------------------------------------------------------------------------------------------
BANKS -- 2.0%
Diversified Banks -- 1.7%
1,200,000 2.21 BB+/Ba1 Alfa Div Payment Rights Finance, Inc.,
Floating Rate Note, 12/15/11 (144A) $ 1,190,814
6,430,000 NR/NR Asian Development Bank, Ltd., 14.0%,
8/7/12 4,544,544
6,875,000 BB/NR Banco de Credito del Sur, 9.75%,
11/6/69 7,641,851
8,825,000 B/B2 Banco de Galicia y Buenos Aires SA,
8.75%, 5/4/18 8,983,850
4,284,000 NR/Ba1 Banco Industrial SA de CV, 8.5%,
4/27/20 4,541,040
2,870,000 NR/B2 Banco Macro SA, 9.75%, 12/18/36 2,855,650
6,230,000 7.88 NR/Ba2 Banco Macro SA, Floating Rate Note,
6/7/12 4,641,350
3,880,000 NR/B2 Centercredit International, Inc., 8.625%,
1/30/14 (144A) 3,943,244
10,450,000 AAA/NR International Finance Corp., 9.25%,
3/15/13 6,616,737
268,495 B/NR JSC Temirbank, 14.0%, 6/30/22 320,852
2,750,000 9.20 CCC/Caa1 Kazkommerts Finance 2 BV, Floating Rate
Note, 11/29/49 2,227,500
1,400,000 B/B2 Kazkommerts International BV, 8.0%,
11/3/15 1,417,500
3,080,000 BBB+/Baa2 Societe Generale SA, 8.75%, 10/29/49 3,249,400
--------------
$ 52,174,332
--------------------------------------------------------------------------------------------------
Regional Banks -- 0.2%
3,165,000 8.50 NR/Ba3 Banco Inter Peru SA de CV, Floating Rate
Note, 4/23/70 (144A) $ 3,138,414
2,700,000 BB/Baa3 Capital One Capital, Inc., 10.25%,
8/15/39 2,916,000
--------------
$ 6,054,414
--------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.1%
3,900,000 BB-/Ba1 Alfa Bank OJSC Via Alfa Bond, Inc.,
7.875%, 9/25/17 $ 4,124,250
--------------
Total Banks $ 62,352,996
--------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.3%
Consumer Finance -- 0.5%
10,495,000 NR/NR Tarjeta Naranja SA, 9.0%, 2/1/17 $ 10,819,044
3,030,000 B+/B2 TMX Finance LLC, 13.25%,
7/15/15 (144A) 3,393,600
--------------
$ 14,212,644
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
38 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
--------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
--------------------------------------------------------------------------------------------------
Diversified Financial Services -- 1.2%
1,300,000 B-/NR ATLAS VI Capital, Ltd., 11.5694%, 4/7/14 $ 1,844,779
4,410,796 NR/NR BTA Bank JSC, 0.0%, 7/1/20 (144A) 304,345
2,135,047 NR/NR BTA Bank JSC, 10.75%, 7/1/18 (144A) 2,239,131
483,765 NR/NR BTA Bank JSC, 7.2%, 7/1/25 (144A) 328,960
2,000,000 6.66 BB+/NR Caelus Re II, Ltd., Floating Rate Note,
5/24/13 2,003,600
16,410,000 AAA/Aaa European Investment Bank, Ltd.,
0.0%, 3/2/15 7,937,710
680,000 AAA/Aaa European Investment Bank, Ltd.,
10.0%, 9/10/13 465,864
3,900,000 AAA/Aaa European Investment Bank, Ltd.,
14.0%, 7/5/16 3,143,998
1,135,000 BB/NR Ibis Re, Ltd., 11.2775%, 5/10/12 1,169,845
250,000 6.20 B+/NR Ibis Re, Ltd., Floating Rate Note,
5/3/13 (144A) 248,775
1,500,000 6.20 BB/NR Ibis Re, Ltd., Floating Rate Note,
5/3/13 (144A) 1,462,200
800,000 A+/Aa3 JPMorgan Chase & Co., 0.0%, 10/4/17 275,749
5,000,000 BB/NR Lodestone Re, Ltd., 0.0%, 1/8/14 4,917,500
4,000,000 8.37 BB/NR Lodestone Re, Ltd., Floating Rate Note,
5/17/13 (144A) 3,988,800
500,000 6.38 B/NR Mariah Re, Ltd., Floating Rate Note,
1/8/14 494,400
4,000,000 BB-/NR Queen Street II Capital, Ltd.,
0.0%, 4/9/14 3,945,600
1,500,000 6.76 BB/NR Residential Reinsurance 2010, Ltd.,
Floating Rate Note, 6/6/13 (144A) 1,509,300
250,000 13.16 B-/NR Residential Reinsurance 2010, Ltd.,
Floating Rate Note, 6/6/13 (144A) 251,000
1,750,000 BB-/NR Residential Reinsurance 2010, Ltd.,
0.0%, 6/6/13 1,703,450
--------------
$ 38,235,006
--------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.6%
20,515,000 5.79 BBB-/Baa2 Goldman Sachs Capital Corp., Floating
Rate Note, 12/29/49 $ 17,694,188
--------------------------------------------------------------------------------------------------
Multi-Sector Holding -- 0.1%
5,075,000 B/B2 Constellation Enterprises LLC,
10.625%, 2/1/16 $ 5,278,000
--------------------------------------------------------------------------------------------------
Specialized Finance -- 0.9%
6,360,000 BBB/Baa3 Cantor Fitzgerald LP, 7.875%, 10/15/19 $ 6,756,336
1,142,857 BBB-/Baa2 Glencore Finance Europe AG, 8.0%,
2/28/49 1,154,286
9,315,000 B+/B2 National Money Mart Co.,
10.375%, 12/15/16 10,386,225
2,915,000 CCC-/Caa3 NCO Group, Inc., 11.875%, 11/15/14 (b) 2,546,981
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 39
Schedule of Investments | 4/30/11 (Consolidated) (unaudited) (continued)
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
-----------------------------------------------------------------------------------------------------
Specialized Finance -- (continued)
9,825,000 7.68 CCC-/Caa2 NCO Group, Inc., Floating Rate Note,
11/15/13 $ 8,719,688
--------------
$ 29,563,516
--------------
Total Diversified Financials $ 104,983,354
-----------------------------------------------------------------------------------------------------
INSURANCE -- 3.2%
Insurance Brokers -- 1.4%
11,140,000 CCC/Caa1 Alliant Holdings, Inc.,
11.0%, 5/1/15 (144A) $ 11,780,550
11,241,000 CCC+/Caa1 Hub International Holdings, Inc.,
10.25%, 6/15/15 (144A) 11,690,640
4,300,000 CCC+/B3 Hub International Holdings, Inc.,
9.0%, 12/15/14 (144A) 4,477,375
4,840,000 B-/B3 Towergate Finance Plc, 10.5%, 2/15/19 8,370,960
4,841,000 CCC/Caa1 Usi Holdings Corp.,
9.75%, 5/15/15 (144A) 4,962,025
4,532,000 6.68 CCC/B3 Usi Holdings Corp., Floating Rate Note,
11/15/14 4,384,710
--------------
$ 45,666,260
-----------------------------------------------------------------------------------------------------
Life & Health Insurance -- 0.2%
5,230,000 BBB+/Baa3 Prudential Financial, Inc.,
8.875%, 6/15/38 $ 6,406,750
-----------------------------------------------------------------------------------------------------
Multi-Line Insurance -- 0.4%
3,570,000 BB/Baa3 Liberty Mutual Group, Inc.,
7.0%, 3/15/37 (144A) $ 3,516,450
5,170,000 10.75 BB/Baa3 Liberty Mutual Group, Inc., Floating Rate
Note, 6/15/58 (144A) 7,031,200
918,450 BB-/NR Sul America Participacoes SA,
8.625%, 2/15/12 950,596
--------------
$ 11,498,246
-----------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.1%
3,695,000 BB/Ba2 White Mountains Re Group, Ltd.,
7.506%, 5/29/49 $ 3,629,783
-----------------------------------------------------------------------------------------------------
Reinsurance -- 1.1%
1,875,000 7.19 BB+/NR Blue Fin, Ltd., Floating Rate Note,
4/10/12 $ 1,848,563
250,000 13.79 BB-/NR Blue Fin, Ltd., Floating Rate Note,
4/16/12 (Cat Bond) (144A) 260,975
1,000,000 8.92 BB/NR Caelus Re, Ltd., Floating Rate Note,
6/7/11 998,300
1,000,000 10.52 BB/NR East Lane Re III, Ltd., Floating Rate Note,
3/16/12 1,005,400
2,700,000 BB+/NR Foundation Re III, Ltd., 0.0%, 2/25/15 2,645,460
2,500,000 5.91 BB+/A2 Foundation Re III, Ltd., Floating Rate Note,
2/3/14 (Cat Bond) 2,469,250
The accompanying notes are an integral part of these financial statements.
40 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
--------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
--------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
2,600,000 12.03 NR/B3 Globecat, Ltd., Floating Rate Note,
1/2/13 (144A) (Cat Bond) $ 2,458,560
375,000 8.78 NR/B1 Globecat, Ltd., Floating Rate Note,
1/2/13 (144A) (Cat Bond) 371,175
1,900,000 1.88 BB+/NR Merna Reinsurance, Ltd., Floating Rate
Note, 4/8/13 1,910,640
1,700,000 13.56 B-/NR Montana Re, Ltd., Floating Rate Note,
12/7/12 1,657,160
250,000 12.00 B/NR MultiCat Mexico 2009, Floating Rate Note,
10/19/12 260,425
750,000 12.00 B/NR MultiCat Mexico 2009, Floating Rate Note,
10/19/12 796,725
250,000 10.40 B/NR MultiCat Mexico 2009, Floating Rate Note,
10/19/12 260,650
250,000 12.00 BB-/NR MultiCat Mexico 2009, Floating Rate Note,
10/19/12 257,000
325,000 7.20 NR/C Muteki Ltd., Floating Rate Note,
5/24/11 (Cat Bond) 390
1,800,000 12.25 BB/NR Mystic Re, Ltd., Floating Rate Note,
3/20/12 1,846,620
750,000 10.30 BB-/NR Mystic Re, Ltd., Floating Rate Note,
6/7/11 751,050
500,000 7.07 NR/B1 Nelson Re, Ltd., Floating Rate Note,
6/6/11 499,900
1,400,000 NR/B3 Nelson Re, Ltd., 11.62625%, 6/6/11 1,406,300
1,900,000 14.15 B-/NA Residential Re, Ltd., Floating Rate Note,
6/6/11 1,901,710
250,000 CC/NR Successor X, Ltd., 11.87982%, 4/4/13
(Cat Bond) 236,275
2,100,000 B-/NR Successor X, Ltd., 9.87982%, 4/4/13
(Cat Bond) 2,027,550
1,125,000 14.64 B-/NR Successor X, Ltd., Floating Rate Note,
12/13/13 1,105,088
2,600,000 16.14 NR/NR Successor X, Ltd., Floating Rate Note,
12/13/13 2,515,760
4,000,000 13.00 NR/NR Successor X, Ltd., Floating Rate Note,
2/25/14 3,852,400
--------------
$ 33,343,326
--------------
Total Insurance $ 100,544,365
--------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.2%
Diversified Real Estate Activities -- 0.6%
12,900,000 BB-/NR BR Malls International Finance, Ltd.,
8.5%, 12/31/99 $ 13,641,750
5,590,000 BB-/NR BR Malls International Finance Finance,
Ltd., 9.75%, 12/31/49 (144A) 5,911,425
--------------
$ 19,553,175
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 41
Schedule of Investments | 4/30/11 (Consolidated) (unaudited) (continued)
--------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
--------------------------------------------------------------------------------------------------
Real Estate Operating Companies -- 0.5%
6,750,000 B/B Alto Palermo SA,
7.875%, 5/11/17 (144A) $ 6,629,175
3,722,895 8.07 B/NR Alto Palermo SA, Floating Rate Note,
6/11/12 (144A) 1,619,459
8,405,000 B/NR IRSA Inversiones y Representacion SA,
8.5%, 2/2/17 (144A) (b) 8,362,975
--------------
$ 16,611,609
--------------------------------------------------------------------------------------------------
Specialized Real Estate Investment Trust -- 0.1%
1,650,000 B/B2 Sabra Health Care LP/Sabra Capital Corp.,
8.125%, 11/1/18 $ 1,728,375
--------------
Total Real Estate $ 37,893,159
--------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 1.5%
Application Software -- 0.6%
8,684,000 B/B3 Allen Systems Group, Inc.,
10.5%, 11/15/16 $ 8,901,100
9,840,000 CCC+/Caa2 Vangent, Inc., 9.625%, 2/15/15 9,901,500
--------------
$ 18,802,600
--------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.3%
3,597,000 B-/Caa1 First Data Corp., 12.625%, 1/15/21 $ 3,943,211
3,597,000 B-/Caa1 First Data Corp., 8.25%, 1/15/21 (b) 3,579,015
805,000 B-/Caa1 First Data Corp., 9.875%, 9/24/15 (b) 832,169
--------------
$ 8,354,395
--------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.2%
7,920,000 CCC+/Caa1 Activant Solutions, Inc., 9.5%, 5/1/16 $ 8,325,900
--------------------------------------------------------------------------------------------------
Systems Software -- 0.4%
12,144,117 NR/NR Pegasus Solutions, Inc.,
13.0%, 4/15/14 (PIK) $ 11,415,470
--------------
Total Software & Services $ 46,898,365
--------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.7%
Communications Equipment -- 0.2%
7,150,000 B/B3 CommScope, Inc., 8.25%, 1/15/19 $ 7,525,375
--------------------------------------------------------------------------------------------------
Computer Storage & Peripherals -- 0.3%
8,535,000 BB+/Ba1 Seagate HDD Cayman Ltd., 7.75%,
12/15/18 $ 9,047,100
--------------------------------------------------------------------------------------------------
Electronic Equipment & Instruments -- 0.2%
6,496,000 B/B1 Da-Lite Screen Co., Inc.,
12.5%, 4/1/15 (144A) $ 7,308,000
--------------
Total Technology Hardware & Equipment $ 23,880,475
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
42 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
---------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
---------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 7.2%
Alternative Carriers -- 1.6%
4,625,000 B-/B2 Cogent Communication Group, Inc.,
8.375%, 2/15/18 $ 4,798,438
13,606,000 B/B2 Global Crossing, Ltd., 12.0%, 9/15/15 15,919,020
5,266,000 CCC+/Caa2 Global Crossing, Ltd., 9.0%, 11/15/19 6,450,850
4,000,000 CCC+/Caa1 Paetec Escrow Corp., 9.875%, 12/1/18 4,330,000
11,765,000 B/Ba3 Paetec Holding, Inc.,
8.875%, 6/30/17 (144A) 12,838,556
4,500,000 CCC+/Caa1 Paetec Holdings Corp.,
9.5%, 7/15/15 (b) 4,725,000
--------------
$ 49,061,864
---------------------------------------------------------------------------------------------------
Integrated Telecommunication Services -- 3.2%
14,000,000 B/NR Bakrie Telecom Tbk PT,
11.5%, 5/7/15 (144A) $ 14,910,000
9,690,000 B-/B3 Broadview Networks Holdings, Inc.,
11.375%, 9/1/12 9,544,650
1,360,000 B/B2 Cincinnati Bell, Inc., 7.0%, 2/15/15 1,387,200
12,067,000 B/B2 Cincinnati Bell, Inc., 8.25%, 10/15/17 12,248,005
6,660,000 B/B2 Cincinnati Bell, Inc., 8.375%, 10/15/20 6,676,650
8,478,000 CCC+/B3 Cincinnati Bell, Inc., 8.75%, 3/15/18 (b) 8,138,880
5,440,000 BB/Ba2 Frontier Communications Corp.,
8.5%, 4/15/20 5,895,600
12,160,000 BB/Ba2 Frontier Communications Corp.,
8.75%, 4/15/22 13,163,200
2,145,000 B-/B3 Global Crossing UK Finance Plc,
10.75%, 12/15/14 2,252,250
6,460,000 B+/B1 Mastec, Inc., 7.625%, 2/1/17 6,605,350
2,650,000 B+/Ba3 Windstream Corp., 7.75%, 10/1/21 (b) 2,802,375
5,000,000 B+/Ba3 Windstream Corp., 7.75%, 10/15/20 (b) 5,300,000
3,040,000 B+/Ba3 Windstream Corp.,
7.75%, 10/15/20 (144A) 3,222,400
9,795,000 B+/Ba3 Windstream Corp., 8.125%, 9/1/18 10,554,113
--------------
$ 102,700,673
---------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 2.4%
7,850,000 B+/B3 Cricket Communications, Inc.,
7.75%, 10/15/20 (b) $ 8,016,813
3,000,000 CCC+/Caa1 Digicel Group, Ltd., 10.5%, 4/15/18 (b) 3,420,000
11,100,000 NR/B1 Digicel, Ltd., 8.25%, 9/1/17 (144A) 11,766,000
4,400,000 B/B2 MetroPCS Wireless, Inc.,
7.875%, 9/1/18 (b) 4,741,000
6,650,000 BB/Ba2 MTS International, Inc., 8.625%, 6/22/20 7,573,020
5,425,000 B+/B2 NII Capital Corp., 7.625%, 4/1/21 5,736,938
5,180,000 B+/B1 NII Capital Corp., 10.0%, 8/15/16 5,944,050
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 43
Schedule of Investments | 4/30/11 (Consolidated) (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
---------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- (continued)
2,300,000 NR/NR Richland Towers Funding LLC/ Seattle
Funding, 7.87%, 3/15/16 $ 2,284,820
2,000,000 B-/B2 True Move Co., Ltd.,
10.375%, 8/1/14 (144A) 2,165,000
18,455,000 B-/B2 True Move Co., Ltd.,
10.75%, 12/16/13 (144A) 20,023,675
3,625,000 BB/Ba3 VIP Finance Ireland, Ltd., 7.748%, 2/2/21 3,824,375
--------------
$ 75,495,691
--------------
Total Telecommunication Services $ 227,258,228
---------------------------------------------------------------------------------------------------
UTILITIES -- 4.0%
Electric Utilities -- 1.8%
10,585,000 B-/NR CIA Transporte Energia SA de CV,
8.875%, 12/15/16 (144A) (b) $ 10,373,300
2,640,000 NR/Ba2 Dubai Electricity & Water Authority,
7.375%, 10/21/20 2,633,400
10,845,000 NR/Ba2 Dubai Electricity & Water Authority,
8.5%, 4/22/15 11,875,275
6,156,000 B-/B2 Empresa Distribuidora Y Comercial SA de
CV, 9.75%, 10/25/22 6,340,680
17,750,000 NR/Ba2 Energisa SA, 9.5%, 1/29/49 18,726,250
994,605 B+/Ba2 FPL Energy National Wind Funding, Inc.,
6.125%, 3/25/19 (144A) 962,031
1,074,740 B+/Ba2 FPL Energy Wind Funding, Inc.,
6.876%, 6/27/17 (144A) 1,011,599
4,000,000 CC/Caa3 Texas Competitive Electric Holdings LLC,
15.0%, 4/1/21 (b) 3,540,000
2,695,000 CCC/B2 Texas Competitive Electric Holdings Co.,
LLC/TCEH Finance, 11.5%, 10/1/20 2,769,113
--------------
$ 58,231,648
---------------------------------------------------------------------------------------------------
Gas Utilities -- 0.5%
3,237,000 B-/B2 Star Gas Partners LP /Star Gas Finance
Co., 8.875%, 12/1/17 $ 3,350,295
9,377,000 B/B2 Transportadora De Gas del Sur,
7.875%, 5/14/17 (144A) 9,330,115
--------------
$ 12,680,410
---------------------------------------------------------------------------------------------------
Independent Power Producer & Energy Traders -- 1.4%
6,025,000 B+/B1 Calpine Corp., 7.875%, 7/31/20 $ 6,491,938
16,000,000 NR/B1 Inkia Energy, Ltd., 8.375%, 4/4/21 16,360,000
641,723 NR/Ba1 Juniper Generation, Inc.,
6.79%, 12/31/14 (144A) 609,014
5,025,000 BB-/B1 NRG Energy, Inc., 7.625%, 1/15/18 5,276,250
4,300,000 BB-/B1 NRG Energy, Inc., 7.625%, 1/15/18 4,547,250
The accompanying notes are an integral part of these financial statements.
44 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
---------------------------------------------------------------------------------------------------------
Independent Power Producer & Energy Traders -- (continued)
1,857,000 BB/Ba2 NSG Holdings, Inc., 7.75%, 12/15/25 $ 1,857,000
7,200,000 NR/B2 Star Energy Geothermal, Inc.,
11.5%, 2/12/15 (b) 8,324,611
--------------
$ 43,466,063
---------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.3%
7,732,804 NR/NR Ormat Funding Corp., 8.25%, 12/30/20 $ 7,616,812
--------------
Total Utilities $ 121,994,933
---------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $2,183,920,055) $2,283,812,545
---------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATION -- 0.1%
23,000,000 1.48 NR/Aaa Government National Mortgage Association,
Floating Rate Note, 10/16/52 $ 1,857,183
---------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATION
(Cost $1,809,853) $ 1,857,183
---------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 1.5%
BRL 8,200,000 BBB-/Baa3 Brazilian Government, 10.25%, 1/10/28 $ 5,609,180
15,971,000 B/B2 City of Buenos Aires,
12.5%, 4/6/15 (144A) 17,967,375
2,950,000 BBB+/Baa3 Ireland Government Bond, 4.5%, 4/18/20 2,934,825
3,150,000 BBB+/Baa3 Ireland Government Bond,
5.0%, 10/18/20 3,162,493
2,100,000 BBB+/Baa3 Ireland Government Bond,
5.9%, 10/18/19 2,274,592
9,425,000 B/B3 Provincia de Buenos Aires Argentina,
10.875%, 1/26/21 8,941,969
2,600,000 B/NR Provincia de Neuquen Argentina,
7.875%, 4/26/21 2,619,500
COP 6,986,000,000 BBB-/Ba1 Republic of Colombia, 12.0%, 10/22/15 5,059,685
--------------
$ 48,569,619
---------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $44,415,212) $ 48,569,619
---------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 3.4%
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) $ 460,680
--------------
Total Commercial Services & Supplies $ 460,680
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 45
Schedule of Investments | 4/30/11 (Consolidated) (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
---------------------------------------------------------------------------------------------------
GOVERNMENT -- 3.4%
Municipal Airport -- 0.5%
900,000 NR/NR Greater Orlando Aviation Authority,
6.5%, 11/15/36 $ 811,197
7,845,000 CCC+/B3 Houston Texas Airport Revenue,
6.75%, 7/1/29 7,620,555
15,000 B/B3 New Jersey Economic Development
Authority Special Facility Revenue,
7.0%, 11/15/30 14,618
8,140,000 B/B3 New Jersey Economic Development
Authority, 6.25%, 9/15/29 7,419,529
--------------
$ 15,865,899
---------------------------------------------------------------------------------------------------
Municipal Development -- 1.6%
3,755,000 CCC+/NR Alliance Airport Authority Texas,
5.25%, 12/1/29 $ 2,455,094
16,590,000 CCC+/NR Alliance Airport Authority Texas,
5.75%, 12/1/29 11,580,981
5,875,000 NR/Ba3 Brunswick & Glynn County Development
Authority, 5.55%, 3/1/26 5,382,146
12,000,000 CCC+/NR Dallas-Fort Worth International Airport,
5.5%, 11/1/30 8,081,280
4,150,000 CCC+/Caa2 Dallas-Fort Worth Texas International
Airport Revenue, 6.375%, 5/1/35 3,019,623
18,140,000 B+/B1 Port of Corpus Christi Authority of Nueces
County, 6.7%, 11/1/30 18,208,206
--------------
$ 48,727,330
---------------------------------------------------------------------------------------------------
Municipal General -- 0.6%
3,545,000 BB/B1 County of Cook Illinois, 6.5%, 10/15/40 $ 3,560,527
9,785,000 BB-/B1 Illinois Finance Authority,
6.5%, 10/15/40 9,827,858
8,875,000 12.00 NR/NR Non-Profit PFD FDG TR I, Floating Rate
Note, 9/15/37 5,494,424
--------------
$ 18,882,809
---------------------------------------------------------------------------------------------------
Municipal Pollution -- 0.7%
2,045,000 NR/Ba3 Bedford County Economic Development
Authority, 6.3%, 12/1/25 $ 2,000,092
4,550,000 BBB-/NR Butler Industrial Development Board,
5.75, 9/1/28 4,239,736
4,610,000 B/Caa2 Ohio State Pollution Control Revenue,
5.6%, 8/1/32 3,634,616
3,980,000 B/Caa2 Ohio State Pollution Control Revenue,
5.65%, 3/1/33 3,149,772
4,390,000 NR/NR Parish of St James Louisiana,
7.7%, 10/1/22 4,389,737
The accompanying notes are an integral part of these financial statements.
46 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
----------------------------------------------------------------------------------------------------
Municipal Pollution -- (continued)
6,960,000 B/Caa2 Pennsylvania Economic Development
Financing Authority, 6.0%, 6/1/31 $ 5,843,546
--------------
$ 23,257,499
--------------
Total Government $ 106,733,537
----------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $114,330,761) $ 107,194,217
----------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN INTERESTS** -- 7.0%
ENERGY -- 0.2%
Coal & Consumable Fuels -- 0.2%
6,000,000 11.26 NR/NR Bumi Resources Tbk, Term Loan, 8/15/13 $ 6,000,000
----------------------------------------------------------------------------------------------------
Oil & Gas Equipment And Services -- 0.0%
1,302,448 6.00 NR/NR Aquilex Holdings LLC, Term Loan, 4/1/16 $ 1,306,518
--------------
Total Energy $ 7,306,518
----------------------------------------------------------------------------------------------------
MATERIALS -- 0.9%
Commodity Chemicals -- 0.1%
1,740,638 6.00 NR/B2 CPG International I, Inc., Term Loan,
1/26/17 $ 1,749,341
----------------------------------------------------------------------------------------------------
Diversified Chemical -- 0.6%
4,644,226 7.50 B/B1 Ineos Group Holdings Plc, Term B1 Facility
(new), 12/16/13 $ 7,230,687
5,103,294 8.00 B/B1 Ineos Group Holdings Plc, Term C1 Facility
(new), 12/16/14 7,945,418
1,279,116 7.50 NR/NR Ineos U.S. Finance Corp., Term B2 Facility
Loan, 12/16/13 1,326,683
1,259,088 8.00 NR/NR Ineos U.S. Finance Corp., Term C2 Facility
Loan, 12/16/14 1,305,910
--------------
$ 17,808,698
----------------------------------------------------------------------------------------------------
Steel -- 0.2%
7,452,959 10.50 NR/NR Niagara Corp., Term Loan (New), 6/29/14 $ 7,415,694
--------------
Total Materials $ 26,973,733
----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.5%
Aerospace & Defense -- 0.5%
3,799,904 5.28 NR/NR DAE Aviation Holdings, Tranche B1 Term
Loan, 7/31/14 $ 3,842,653
491,958 3.56 B-/B1 Hunter Defense Technology, Term Loan,
8/22/14 482,119
3,901,850 6.56 BB/B1 Hunter Defense Technologies, Inc., Series
1 New Term Loan, 8/22/14 3,823,813
2,500,000 8.25 B-/Caa2 IAP Worldwide Services, Inc., Term Loan
(First Lien), 12/20/12 2,498,438
3,660,578 5.28 NR/NR Standard Aero, Ltd., Tranche B2 Term
Loan, 7/31/14 3,701,759
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 47
Schedule of Investments | 4/30/11 (Consolidated) (unaudited) (continued)
--------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
--------------------------------------------------------------------------------------------------
Aerospace & Defense -- (continued)
498,287 5.50 NR/Ba2 Tasc, Inc., Tranche A Term Loan,
12/18/14 $ 499,222
--------------
$ 14,848,004
--------------------------------------------------------------------------------------------------
Building Products -- 0.0%
500,000 9.00 BB/Ba2 Goodman Group Global Group, Inc., Term
Loan (Second Lien), 10/30/17 $ 518,958
398,000 5.75 BB/Ba2 Goodman Group Global Group, Inc., Initial
Term Loan (First Lien), 10/29/16 402,103
--------------
$ 921,061
--------------------------------------------------------------------------------------------------
Electrical Component & Equipment -- 0.0%
891,000 5.51 NR/NR Scotsman Industries, Inc., Term Loan,
4/30/16 $ 895,455
--------------
Total Capital Goods $ 16,664,520
--------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.3%
Environmental & Facilities Services -- 0.2%
7,082,763 7.25 BB-/Baa3 Brickman Holdings, Ltd., Tranche B Term
Loan, 9/21/16 $ 7,239,171
--------------------------------------------------------------------------------------------------
Research & Consulting Services -- 0.1%
1,409,122 7.75 NR/NR Wyle Services Corp., 2010 Incremental
Term Loan, 3/25/16 $ 1,414,406
--------------
Total Commercial Services & Supplies $ 8,653,577
--------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.2%
Air Freight & Couriers -- 0.2%
779,050 5.27 NR/B1 Ceva Group Plc, U.S. Term Loan, 11/4/13 $ 766,391
508,620 5.31 NR/NR Ceva Group Plc, Additional Pre-Funded
Term Loan, 11/4/13 500,355
794,899 5.27 NR/NR Ceva Group Plc, EGL Term Loan, 11/4/13 781,982
--------------
$ 2,048,728
--------------
Total Transportation $ 2,048,728
--------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.1%
Auto Parts & Equipment -- 0.1%
2,060,366 2.99 B+/B2 Allison Transmission, Inc., Term Loan,
8/7/14 $ 2,060,624
284,224 2.15 NR/NR Federal Mogul Corp., Tranche C Term Loan,
12/28/15 277,696
557,080 2.17 NR/NR Federal Mogul Corp., Tranche B Term Loan,
12/29/14 544,284
1,476,232 4.25 NR/NR Pinafore LLC/Pinafore, Inc., Term B-1
Loan, 9/21/16 1,492,094
--------------
$ 4,374,698
--------------
Total Automobiles & Components $ 4,374,698
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
48 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
-----------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.1%
Housewares & Specialties -- 0.1%
310,000 4.25 NR/NR Reynolds Group Holdings, Ltd., U.S. Term
Loan 2011, 2/9/18 $ 312,131
1,700,000 5.00 NR/NR Reynolds Group Holdings, Ltd., European
Term Loan 2011, 2/9/18 2,522,379
--------------
$ 2,834,510
--------------
Total Consumer Durables & Apparel $ 2,834,510
-----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Education Services -- 0.0%
781,897 2.46 NR/NR Cengage Learning Acquisitions, Inc., Term
Loan, 7/4/14 $ 754,083
-----------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.1%
3,434,375 7.00 NR/NR Targus Information Corp., Initial Term Loan,
12/8/16 $ 3,477,305
--------------
Total Consumer Services $ 4,231,388
-----------------------------------------------------------------------------------------------------
MEDIA -- 0.3%
Broadcasting -- 0.0%
1,000,000 2.71 NR/NR CCO Holdings LLC, Incremental Term Loan
(Third Lien), 9/6/14 $ 989,063
-----------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.2%
5,267,997 6.75 CCC/B2 WideOpenWest LLC, Series A Term Loan
(New), 6/18/14 $ 5,294,337
-----------------------------------------------------------------------------------------------------
Publishing -- 0.1%
3,989,950 4.75 NR/NR Interactive Data Corp., Term Loan,
1/29/17 $ 4,022,045
--------------
Total Media $ 10,305,445
-----------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.5%
Packaged Foods & Meats -- 0.5%
2,800,000 11.25 NR/NR Pierre Foods, Inc., Term Loan (Second
Lien), 7/29/17 $ 2,854,250
13,432,500 7.00 NR/NR Pierre Foods, Inc., Term Loan (First Lien),
7/29/16 13,552,835
--------------
$ 16,407,085
--------------
Total Food, Beverage & Tobacco $ 16,407,085
-----------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Personal Products -- 0.1%
1,514,700 6.00 NR/Ba1 Revlon Consumer Products Corp., Term
Loan, 3/11/15 $ 1,525,232
--------------
Total Household & Personal Products $ 1,525,232
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 49
Schedule of Investments | 4/30/11 (Consolidated) (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.7%
Health Care Facilities -- 0.1%
2,970,000 6.50 B+/B1 Ardent Health Services LLC, Term Loan,
9/15/15 $ 2,987,324
----------------------------------------------------------------------------------------------------
Health Care Services -- 1.3%
3,276,184 8.50 B/B1 Avita, Inc., NAMM Term Loan, 4/1/14 $ 3,303,486
10,467,500 4.75 BB-/Ba2 Gentiva Health Services, Inc., Term B
Borrowing Loan, 8/17/16 10,598,344
186,200 4.75 NR/NR InVentiv Health, Inc., Term B-1 Loan,
8/4/16 187,247
373,333 1.63 NR/NR InVentiv Health, Inc., Term B-2 Loan
8/4/16 375,200
1,538,394 4.75 NR/NR InVentiv Health, Inc., Term B Loan,
5/7/16 1,549,932
5,100,000 7.00 B+/B1 National Mentor Holdings, Inc., Tranche B
Term Loan, 2/9/17 5,049,000
4,278,713 8.25 NR/NR National Specialty Hospitals, Inc., Initial
Term Loan, 2/3/17 4,273,364
4,950,000 7.25 NR/NR Prime Healthcare Services, Inc., Term B
Loan, 4/28/15 4,863,375
665,792 6.00 BB/Ba3 RehabCare Group, Inc., Term B Loan,
11/1/15 670,230
3,813,333 7.50 B+/Ba2 Sun HealthCare Group, Inc., Term Loan,
10/18/16 3,818,100
4,610,000 0.00 NR/NR Surgery Center Holdings, Inc., Term Loan,
2/6/17 4,650,338
1,471,313 7.75 NR/NR Virtual Radiologic Corp., Term Loan,
12/22/16 1,471,313
--------------
$ 40,809,929
----------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.1%
4,710,000 4.46 B-/B1 Alere, Inc., Term Loan (Second Lien),
6/26/15 $ 4,705,587
----------------------------------------------------------------------------------------------------
Health Care Technology -- 0.1%
3,112,607 6.25 NR/NR Physician Oncology Services LP, Effective
Date Term Loan, 1/31/17 $ 3,104,826
----------------------------------------------------------------------------------------------------
Managed Health Care -- 0.1%
3,276,184 8.50 B/B1 Aveta, Inc., MMM Term Loan, 4/14/15 $ 3,303,486
--------------
Total Health Care Equipment & Services $ 54,911,152
----------------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 0.3%
Biotechnology -- 0.3%
6,174,525 5.50 NR/NR Axcan Intermediate Holdings, Inc., Term
Loan, 1/25/17 $ 6,174,528
1,500,000 0.00 NR/NR Grifols SA, Foreign Tranche B Term Loan,
1/4/16 2,248,812
The accompanying notes are an integral part of these financial statements.
50 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
---------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
---------------------------------------------------------------------------------------------------
Biotechnology -- (continued)
575,000 0.00 NR/NR Grifols, Inc., U.S. Tranche B Term Loan,
6/4/16 $ 581,376
162,804 6.50 NR/NR Harvard Drug Group LLC, Delayed Draw
Term Loan, 4/8/16 162,804
1,184,031 6.50 NR/NR Harvard Drug Group LLC, Term Loan,
4/8/16 1,184,031
--------------
$ 10,351,551
--------------
Total Pharmaceuticals & Biotechnology $ 10,351,551
---------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Diversified Financial Services -- 0.2%
2,441,264 0.00 B/B2 Bakrie & Brothers Tbk PT, Tranche B Vallar
Loan, 3/5/12 $ 2,441,264
3,058,736 0.00 NR/NR Long Haul Holdings, Ltd., Tranche A Vallar
Loan, 3/5/12 3,058,736
--------------
$ 5,500,000
---------------------------------------------------------------------------------------------------
Specialized Finance -- 0.0%
930,345 8.00 B-/B2 NCO Group, Inc., Term B Advance,
5/15/13 $ 922,926
--------------
Total Diversified Financials $ 6,422,926
---------------------------------------------------------------------------------------------------
INSURANCE -- 0.9%
Insurance Brokers -- 0.6%
2,749,312 3.30 NR/NR Alliant Holdings I, Inc., Term Loan,
8/21/14 $ 2,735,566
3,361,875 6.75 NR/NR Alliant Holdings I, Inc., Tranche D
Incremental Term Loan, 8/21/14 3,403,898
745,318 2.81 B/NR HUB International Holdings, Inc., Delayed
Draw Term Loan, 6/13/14 740,380
5,565,362 6.75 B/NR HUB International Holdings, Inc.,
Additional Term Loan, 6/13/14 5,582,753
3,315,684 2.81 B/NR HUB International Holdings, Inc., Initial
Term Loan, 6/13/14 3,293,718
589,286 2.72 B/B2 USI Holdings Corp., Tranche B Term Loan,
5/5/14 583,393
2,846,650 7.00 B/B2 USI Holdings Corp., Series C Term Loan
(New), 5/5/14 2,845,464
--------------
$ 19,185,172
---------------------------------------------------------------------------------------------------
Multi-Line Insurance -- 0.3%
4,409,766 2.82 B-/NR AmWins Group, Inc., Initial Term Loan,
6/8/13 $ 4,379,448
6,750,000 5.81 B-/NR AmWins Group, Inc., Initial Term Loan
(Second Lien), 6/8/13 6,243,750
--------------
$ 10,623,198
--------------
Total Insurance $ 29,808,370
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 51
Schedule of Investments | 4/30/11 (Consolidated) (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
---------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.0%
Real Estate Development -- 0.0%
1,287,000 7.50 B/Ba3 Ozburn-Hessey Logistics Holding Co., Term
Loan (First Lien), 4/7/16 $ 1,309,523
--------------
Total Real Estate $ 1,309,523
---------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.2%
Application Software -- 0.1%
3,500,000 9.75 BB-/NR Vertafore, Inc., Term Loan (Second Lien),
10/18/17 $ 3,570,000
---------------------------------------------------------------------------------------------------
Systems Software -- 0.1%
2,647,975 6.75 B+/B1 Telcordia Technologies, Inc., Term Loan,
4/9/16 $ 2,657,078
--------------
Total Software & Services $ 6,227,078
---------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.2%
Electronic Components -- 0.2%
4,189,500 5.00 NR/NR Scitor Corp., Term Loan, 9/26/14 $ 4,205,211
--------------
Total Technology Hardware & Equipment $ 4,205,211
---------------------------------------------------------------------------------------------------
UTILITIES -- 0.2%
Electric Utilities -- 0.2%
8,805,543 3.74 BBB-/Ba1 Texas Competitive Electric Holdings, Inc.,
Initial Tranche B-2 Term Loan, 10/10/14 $ 7,070,851
--------------
Total Utilities $ 7,070,851
---------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN
INTERESTS
(Cost $216,547,828) $ 221,632,096
---------------------------------------------------------------------------------------------------
RIGHTS/WARRANTS -- 0.0%
ENERGY -- 0.0%
Oil & Gas Exploration & Production -- 0.0%
11,303,000 Norse Energy Corp., ASA* $ 32,368
5,925,293 Norse Energy Corp., ASA CW15* 395,923
1,130,300 Penoro Energy Corp., ASA-CW11* 6,474
--------------
Total Energy $ 434,765
---------------------------------------------------------------------------------------------------
TOTAL RIGHTS/WARRANTS
(Cost $1,460,197) $ 434,765
---------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 6.5%
Repurchase Agreements -- 1.6%
16,700,000 BNP Paribas Securities, Inc., 0.05%,
dated 4/29/11, repurchase price of
$16,700,000 plus accrued interest on
5/2/11 collateralized by $17,034,000
Government National Mortgage
Association I, 5.5%, 12/15/39 $ 16,700,000
The accompanying notes are an integral part of these financial statements.
52 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
---------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
---------------------------------------------------------------------------------------------------
Repurchase Agreements -- (continued)
16,700,000 Deutschebank, 0.04%, dated 4/29/11,
repurchase price of $16,700,000 plus
accrued interest on 5/2/11 collateralized
by $17,034,000 Federal National
Mortgage Association, 5.5 - 7.0%,
8/1/37 - 2/1/38 $ 16,700,000
16,700,000 SG Americas Securities LLC, 0.05%,
dated 4/29/11, repurchase price of
$16,700,000 plus accrued interest on
5/2/11 collateralized by:
$6,725,428 Federal National
Mortgage Association, 4.0 - 7.0%,
2/1/34 - 10/1/40
$10,308,572 Freddie Mac Giant,
4.5 - 5.0%, 8/1/18 - 4/1/34 16,700,000
--------------
Total Repurchase Agreements $ 50,100,000
---------------------------------------------------------------------------------------------------
Securities Lending Collateral -- 4.9% (c)
Certificates of Deposit:
4,028,600 Bank of Nova Scotia, 0.27%, 9/29/11 $ 4,028,600
2,820,020 BBVA Group NY, 1.11%, 7/26/11 2,820,020
4,028,600 BNP Paribas Bank NY, 0.34%, 5/9/11 4,028,600
4,028,600 Canadian Imperial Bank of Commerce NY,
0.22%, 10/3/11 4,028,600
4,028,600 DnB NOR Bank ASA NY, 0.24%, 6/7/11 4,028,600
2,014,226 National Australia Bank NY,
0.29%, 10/19/11 2,014,226
4,432,335 RaboBank Netherland NV NY,
0.34%, 4/2/12 4,432,335
2,417,160 Royal Bank of Canada NY,
0.34%, 12/2/11 2,417,160
4,028,600 Skandinav Enskilda Bank NY,
0.38%, 6/7/11 4,028,600
2,417,160 SOCGEN NY, 0.28%, 7/14/11 2,417,160
1,611,440 SOCGEN NY, 0.37%, 6/10/11 1,611,440
1,208,580 SOCGEN NY, 0.18%, 5/20/11 1,208,580
4,028,600 Svenska NY, 0.28%, 5/12/11 4,028,600
2,820,020 Svenska NY, 0.20%, 7/19/11 2,820,020
4,028,600 Westpac Banking Corp. NY,
0.34%, 12/6/11 4,028,600
--------------
$ 47,941,141
---------------------------------------------------------------------------------------------------
Commercial Paper:
1,611,440 American Honda Finance,
0.34%, 1/11/12 $ 1,611,440
1,613,211 American Honda Finance,
1.06%, 6/20/11 1,613,211
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 53
Schedule of Investments | 4/30/11 (Consolidated) (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
---------------------------------------------------------------------------------------------------
Commercial Paper -- (continued)
1,476,881 Australia & New Zealand Banking Group,
0.91%, 8/4/11 $ 1,476,881
1,611,219 BBVLON, 0.55%, 5/9/11 1,611,219
2,416,949 BBVLON, 0.35%, 5/9/11 2,416,949
4,027,062 BCSFUN, 0.25%, 6/24/11 4,027,062
603,958 BCSFUN, 0.22%, 7/29/11 603,958
3,625,150 CBAPP, 0.26%, 5/23/11 3,625,150
4,093,655 Caterpillar Financial Services Corp.,
1.06%, 6/24/11 4,093,655
4,028,672 Federal Home Loan Bank, 0.27%, 6/1/11 4,028,672
402,822 General Electric Capital Corp.,
0.39%, 6/6/11 402,822
3,222,634 HSBC, 0.25%, 5/11/11 3,222,634
604,859 JPMorgan Chase & Co., 1.06%, 6/13/11 604,859
3,625,740 JPMorgan Chase & Co., 0.30%, 5/18/11 3,625,740
2,013,862 NABPP, 0.25%, 6/1/11 2,013,862
3,220,971 NORDNA, 0.27%, 7/18/11 3,220,971
3,221,269 PARFIN, 0.23%, 7/11/11 3,221,269
1,611,440 Royal Bank of Canada NY,
0.30%, 4/30/12 1,611,440
2,416,881 SANU, 0.68%, 5/13/11 2,416,881
2,414,808 SANU, 0.68%, 6/17/11 2,414,808
2,013,083 SANU, 0.68%, 6/1/11 2,013,083
2,416,994 SEB, 0.19%, 5/13/11 2,416,994
2,014,238 SOCNAM, 0.37%, 5/3/11 2,014,238
4,028,600 Toyota Motor Credit Corp., 0.34%, 9/8/11 4,028,600
1,209,748 Wachovia, 0.46%, 3/1/12 1,209,748
1,612,052 Wachovia, 0.43%, 10/15/11 1,612,052
806,296 Wells Fargo & Co., 0.39%, 1/24/12 806,296
--------------
$ 61,964,494
---------------------------------------------------------------------------------------------------
Tri-party Repurchase Agreements:
7,227,470 Barclays Capital Plc, 0.03%, 5/2/11 $ 7,227,470
8,057,201 Deutsche Bank AG, 0.03, 5/2/11 8,057,201
8,057,201 HSBC Bank USA NA, 0.03%, 5/2/11 8,057,201
8,057,201 RBS Securities, Inc., 0.04%, 5/2/11 8,057,201
--------------
$ 31,399,073
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
Shares
Money Market Mutual Funds:
7,251,481 Dreyfus Preferred Money Market Fund $ 7,251,481
7,251,481 Fidelity Prime Money Market Fund 7,251,481
--------------
$ 14,502,962
---------------------------------------------------------------------------------------
Total Securities Lending Collateral $ 155,807,670
---------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
54 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
--------------------------------------------------------------------------------------
Shares
--------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $205,907,670) $ 205,907,670
--------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 102.6%
(Cost $3,088,232,614) (a) $3,244,053,123
--------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- (2.6)% $ (82,586,346)
--------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $3,161,466,777
======================================================================================
* Non-income producing security.
(A.D.R.) American Depositary Receipt.
WR Security rating withdrawn by either S&P or Moody's
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, 2011, the value of these securities amounted to $642,310,049
or 20.3% 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, 2011, the net unrealized gain on investments based on cost
for federal income tax purposes of $3,095,362,673, was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $236,134,520
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (87,444,070)
------------
Net unrealized gain $148,690,450
============
(b) At April 30, 2011, the following securities were out on loan:
---------------------------------------------------------------------------------
Principal
Amount ($) Description Value
---------------------------------------------------------------------------------
9,000,000 Burger King Capital Corp., 0.0%, 4/15/19 $ 5,310,000
5,618,000 Burger King Corp., 9.875%, 10/15/18 5,941,035
2,430,000 Blue Merger Sub, Inc., 7.625%, 2/15/19 2,487,713
3,539,000 BWAY Holding Co., 10.0%, 6/15/18 3,884,053
9,326,000 C&S Group Enterprise LLC, 8.375%, 5/1/17 (144A) 9,768,985
8,000,000 CEDC Finance Corp., International, Inc., 9.125%,
12/1/16 (144A) 7,740,000
3,909,000 Cemex Finance LLC, 9.5%, 12/14/16 (144A) 4,163,085
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 55
Schedule of Investments | 4/30/11 (Consolidated) (unaudited) (continued)
-------------------------------------------------------------------------------------
Principal
Amount ($) Description Value
-------------------------------------------------------------------------------------
14,515,000 Cemex SAB de CV, 9.0%, 1/11/18 $ 15,041,171
238,000 Chesapeake Energy Co., 2.5%, 5/15/37 260,907
8,393,000 Cincinnati Bell, Inc., 8.75%, 3/15/18 8,057,280
7,771,000 Cricket Communications, Inc., 7.75%, 10/15/20 7,936,134
1,632,000 Digicel Group, Ltd., 10.5%, 4/15/18 1,860,480
2,000,000 DynCorp International, Inc., 10.375%, 7/1/17 2,140,000
3,700,000 Expro Finance Luxembourg SCA, 8.5%, 12/15/16 3,616,750
1,639,000 FAGE Dairy Industry, Ltd., 9.875%, 2/1/20 (144A) 1,655,390
2,755,000 Ferrexpo Finance Plc, 7.875%, 4/7/16 2,844,317
2,854,000 First Data Corp., 8.25%, 1/15/21 2,839,730
113,000 First Data Corp., 9.875%, 9/24/15 116,814
1,986,413 Ford Motor Co., 4.25%, 11/15/16 3,704,660
700,000 Goodyear Tire & Rubber Co., 8.25%, 8/15/20 777,875
3,000,000 Grupo Papelero Scribe SA, 8.875%, 4/7/20 (144A) 2,850,000
9,386,000 Horizon Lines, Inc., 4.25%, 8/15/12 8,013,298
380,000 International Coal Group, Inc., 9.125%, 4/1/18 430,350
500,000 IRSA Inversiones y Representacion SA, 8.5%,
2/2/17 (144A) 497,500
1,980,000 MetroPCS Wireless, Inc., 7.875%, 9/1/18 2,133,450
1,000,000 NCO Group, Inc., 11.875%, 11/15/14 873,750
2,412,000 Nova Chemicals Corp., 8.625%, 11/1/19 2,770,785
2,252,000 Paetec Holdings Corp., 9.5%, 7/15/15 2,364,600
9,786,000 Pilgrim's Pride Corp., 7.875%, 12/15/18 9,174,375
1,688,000 Pinnacle Entertainment, Inc., 8.75%, 5/15/20 1,814,600
900,000 Rearden G Holdings EINS GmbH, 7.875%, 3/30/20 976,500
2,900,000 SandRidge Energy, Inc., 8.0%, 6/1/18 3,066,750
610,000 Sonic Automotive, Inc., 9.0%, 3/15/18 655,750
1,000,000 Star Energy Geothermal, Inc., 11.5%, 2/12/15 1,156,196
3,960,000 Texas Competitive Electric Holdings LLC, 15.0%, 4/1/21 3,504,600
7,798,000 Tower Automotive Holdings USA, LLC, 10.625%, 9/1/17 8,724,013
604,000 CIA Transporte Energia SA de CV, 8.875%,
12/15/16 (144A) 591,920
2,485,000 Vanguard Health Holding Co., II LLC, 7.75%, 2/1/19 2,584,400
2,600,000 Windstream Corp., 7.75%, 10/1/21 2,749,500
2,450,000 Windstream Corp., 7.75%, 10/15/20 2,597,000
2,139,000 Yankee Acquisition Corp., 9.75%, 2/15/17 2,283,383
-------------------------------------------------------------------------------------
Total $149,959,100
=====================================================================================
The accompanying notes are an integral part of these financial statements.
56 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
(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 1A).
(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 61.2%
Cayman Islands 4.4
Argentina 3.4
Canada 2.9
Mexico 2.9
Brazil 2.8
Norway 2.7
Netherlands 2.4
Bermuda 2.4
Luxembourg 2.3
United Kingdom 2.0
Ireland 2.0
Indonesia 1.0
France 1.0
Other (individually less than 1%) 6.6
-----
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, 2011 aggregated $931,161,286 and $575,637,656,
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.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 57
Schedule of Investments | 4/30/11 (Consolidated) (unaudited) (continued)
The following is a summary of the inputs used as of April 30, 2011, in valuing
the Fund's assets:
---------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
---------------------------------------------------------------------------------------------------------
Asset Backed Securities $ -- $ 101,105,196 $ -- $ 101,105,196
Collateralized Mortgage Obligations -- 58,392,494 -- 58,392,494
Corporate Bonds -- 2,283,812,545 -- 2,283,812,545
Convertible Corporate Bonds -- 180,859,548 -- 180,859,548
Municipal Bonds -- 106,733,537 460,680 107,194,217
Foreign Government Bonds -- 48,569,619 -- 48,569,619
Senior Floating Rate Loan Interests -- 221,632,096 -- 221,632,096
Common Stocks 19,963,862 247,453 5,893,556 26,104,871
Convertible Preferred Stocks 7,749,169 433,750 -- 8,182,919
Warrants 434,765 -- -- 434,765
US Government Agency Obligation -- 1,857,183 -- 1,857,183
Temporary Cash Investments -- 191,404,708 -- 191,404,708
Mutual funds 14,502,962 -- -- 14,502,962
---------------------------------------------------------------------------------------------------------
Total $ 42,650,758 $ 3,195,048,129 $ 6,354,236 $ 3,244,053,123
=========================================================================================================
Other Financial Instruments* $ -- $ (1,153,263) $ -- $ (1,153,263)
---------------------------------------------------------------------------------------------------------
* Other financial instruments include foreign exchange contracts
The following is a reconciliation of assets valued using significant observable
inputs (Level 3):
-----------------------------------------------------------------------------------------------------------
Senior
Floating
Rate Loan Common Municipal Corporate
Interests Stocks Bonds Bonds Total
-----------------------------------------------------------------------------------------------------------
Balance as of 10/31/10 $ 7,564,567 $ 1,328,534 $ 460,680 $ 8,552,195 $ 17,905,976
Realized gain (loss) 1,286 -- -- -- 1,286
Change in unrealized
appreciation (depreciation)(1) -- -- -- -- --
Net purchases (sales) (204,945) -- -- -- (204,945)
Transfers in and out of Level 3 (7,360,908) 4,565,022 -- (8,552,195) (11,348,081)
-----------------------------------------------------------------------------------------------------------
Balance as of 4/30/11 $ -- $ 5,893,556 $ 460,680 $ -- $ 6,354,236
===========================================================================================================
(1) Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized gain (loss) on investments in the Statement of
Operations.
* Transfers are calculated on the beginning of period values.
Net change in unrealized appreciation (depreciation) of
investments still held as of 4/30/11 $ (1,117,914)
------------
The accompanying notes are an integral part of these financial statements.
58 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
Statement of Assets and Liabilities | 4/30/11 (Consolidated) (unaudited)
ASSETS:
Investment in securities (including securities loaned of $149,959,100)
(cost $3,088,232,614) $3,244,053,123
Cash 13,571,747
Foreign currencies, at value (cost $7,040,164) 7,450,962
Receivables --
Investment securities sold 1,229,589
Fund shares sold 27,202,324
Dividends and interest 59,058,398
Forward foreign currency settlement contracts, net 890
Other 97,063
-------------------------------------------------------------------------------------------
Total assets $3,352,664,096
-------------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 20,601,719
Fund shares repurchased 8,529,522
Dividends 3,408,351
Upon return of securities loaned 155,807,670
Forward foreign currency portfolio hedge contracts, open-net 1,154,153
Due to affiliates 550,276
Unrealized depreciation on unfunded corporate loans 1,819
Accrued expenses 1,143,809
-------------------------------------------------------------------------------------------
Total liabilities $ 191,197,319
-------------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $3,268,197,590
Accumulated net investment loss (4,469,005)
Accumulated net realized loss on investments and foreign currency
transactions (257,519,433)
Net unrealized gain on investments 155,818,690
Net unrealized loss on forward foreign currency contracts and other
assets and liabilities denominated in foreign currencies (561,065)
-------------------------------------------------------------------------------------------
Total net assets $3,161,466,777
===========================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $1,211,649,270/110,782,867 shares) $ 10.94
Class B (based on $68,790,349/6,285,740 shares) $ 10.94
Class C (based on $548,744,474/50,323,413 shares) $ 10.90
Class Y (based on $1,310,146,286/121,841,875 shares) $ 10.75
Class Z (based on $22,136,398/1,960,574 shares) $ 11.29
MAXIMUM OFFERING PRICE:
Class A ($10.94 [divided by] 95.5% ) $ 11.46
===========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 59
Statement of Operations (Consolidated) (unaudited)
For the Six Months Ended 4/30/11
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $7,294) $ 152,769
Interest 122,302,733
Income from securities loaned, net 152,673
----------------------------------------------------------------------------------------------------
Total investment income $122,608,175
----------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 8,264,961
Transfer agent fees
Class A 581,756
Class B 55,605
Class C 167,347
Class Y 34,217
Class Z 4,698
Distribution fees
Class A 1,395,153
Class B 369,213
Class C 2,643,975
Shareholder communication expense 1,093,708
Administrative reimbursements 444,453
Custodian fees 74,965
Registration fees 95,643
Professional fees 63,451
Printing expense 51,167
Fees and expenses of nonaffiliated trustees 44,743
Miscellaneous 100,395
----------------------------------------------------------------------------------------------------
Total expenses $ 15,485,450
----------------------------------------------------------------------------------------------------
Net investment income $107,122,725
----------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
UNFUNDED CORPORATE LOANS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain on:
Investments $ 29,111,569
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies 3,067,050 $ 32,178,619
----------------------------------------------------------------------------------------------------
Change in net unrealized gain (loss) on:
Investments $ 82,955,954
Unfunded corporate loans (36,463)
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies (3,205,051) $ 79,714,440
----------------------------------------------------------------------------------------------------
Net gain on investments and foreign currency transactions $111,893,059
----------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $219,015,784
====================================================================================================
The accompanying notes are an integral part of these financial statements.
60 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
Statements of Changes in Net Assets
For the Six Months Ended 4/30/11 and the Year Ended 10/31/10, respectively
-----------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/11
(Consolidated) Year Ended
(unaudited) 10/31/10
-----------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 107,122,725 $ 171,352,607
Net realized gain (loss) on investments and foreign currency
transactions 32,178,619 (27,665,242)
Change in net unrealized gain (loss) on investments, unfunded
corporate loans and foreign currency transactions 79,714,440 283,215,212
-----------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 219,015,784 $ 426,902,577
-----------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.39 and $0.77 per share, respectively) $ (40,703,317) $ (84,181,285)
Class B ($0.34 and $0.69 per share, respectively) (2,403,573) (6,109,636)
Class C ($0.35 and $0.69 per share, respectively) (17,515,044) (34,338,055)
Class Y ($0.40 and $0.79 per share, respectively) (44,860,295) (38,488,064)
Class Z ($0.42 and $0.81 per share, respectively) (552,406) (478,741)
-----------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (106,034,635) $ (163,595,781)
-----------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $1,013,092,075 $1,773,933,406
Reinvestment of distributions 85,221,238 113,535,022
Cost of shares repurchased (737,617,684) (1,258,976,809)
-----------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 360,695,629 $ 628,491,619
-----------------------------------------------------------------------------------------------------
Net increase in net assets $ 473,676,778 $ 891,798,415
NET ASSETS:
Beginning of period 2,687,789,999 1,795,991,584
-----------------------------------------------------------------------------------------------------
End of period $3,161,466,777 $2,687,789,999
-----------------------------------------------------------------------------------------------------
Accumulated net investment loss $ (4,469,005) $ (5,557,095)
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 61
Statements of Changes in Net Assets (continued)
------------------------------------------------------------------------------------------------------
'11 Shares '11 Amount '10 Shares '10 Amount
(unaudited) (unaudited)
------------------------------------------------------------------------------------------------------
Class A
Shares sold 33,099,325 $352,986,049 76,506,487 $755,963,989
Reinvestment of distributions 2,905,465 31,115,791 6,064,818 60,194,825
Less shares repurchased (31,300,525) (332,532,721) (84,895,358) (838,841,672)
------------------------------------------------------------------------------------------------------
Net increase (decrease) 4,704,264 $ 51,569,119 (2,324,053) $(22,682,858)
======================================================================================================
Class B
Shares sold 118,677 $ 1,268,619 523,187 $ 5,148,813
Reinvestment of distributions 167,005 1,785,154 351,397 3,482,123
Less shares repurchased (1,604,553) (17,175,645) (3,559,373) (35,114,593)
------------------------------------------------------------------------------------------------------
Net decrease (1,318,871) $(14,121,872) (2,684,789) $(26,483,657)
======================================================================================================
Class C
Shares sold 5,153,499 $ 55,094,685 11,525,379 $113,677,297
Reinvestment of distributions 1,079,114 11,507,026 1,912,159 18,934,344
Less shares repurchased (5,893,083) (62,726,851) (12,878,243) (126,810,362)
------------------------------------------------------------------------------------------------------
Net increase 339,530 $ 3,874,860 559,295 $ 5,801,279
======================================================================================================
Class Y
Shares sold 55,900,973 $586,461,413 92,141,904 $893,563,267
Reinvestment of distributions 3,830,895 40,356,605 3,098,547 30,659,013
Less shares repurchased (30,463,781) (321,589,703) (25,982,082) (254,814,140)
------------------------------------------------------------------------------------------------------
Net increase 29,268,087 $305,228,315 69,258,369 $669,408,140
======================================================================================================
Class Z
Shares sold 1,562,631 $ 17,281,309 545,517 $ 5,580,040
Reinvestment of distributions 40,976 456,662 25,802 264,717
Less shares repurchased (325,598) (3,592,764) (331,626) (3,396,042)
------------------------------------------------------------------------------------------------------
Net increase 1,278,009 $ 14,145,207 239,693 $ 2,448,715
======================================================================================================
The accompanying notes are an integral part of these financial statements.
62 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
Financial Highlights
-------------------------------------------------------------------------------------------------------------------------
Six Months Ended
(Consolidated)
(unaudited) Year Ended Year Ended
4/30/11 10/31/10 10/31/09
-------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.53 $ 9.39 $ 7.56
-------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.40 $ 0.80 $ 0.90
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 0.40 1.11 1.98
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.80 $ 1.91 $ 2.88
-------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.39) $ (0.77) $ (1.05)
Net realized gain -- -- --
-------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.39) $ (0.77) $ (1.05)
-------------------------------------------------------------------------------------------------------------------------
Redemption Fee $ -- $ -- $ --
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.41 $ 1.14 $ 1.83
-------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.94 $ 10.53 $ 9.39
=========================================================================================================================
Total return* 7.72% 21.16% 43.56%
Ratio of net expenses to average net assets+ 1.05%** 1.10% 1.10%
Ratio of net investment income to average net assets+ 7.41%** 8.08% 11.68%
Portfolio turnover rate 41%** 49% 33%
Net assets, end of period (in thousands) $1,211,649 $1,118,216 $1,018,040
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Net expenses 1.05%** 1.15% 1.32%
Net investment income 7.41%** 8.03% 11.46%
Ratios with waiver of fees by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.05%** 1.10% 1.10%
Net investment income 7.41%** 8.08% 11.68%
=========================================================================================================================
---------------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended
10/31/08 10/31/07 10/31/06
---------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 12.30 $ 12.34 $ 11.88
---------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 1.03 $ 0.96 $ 0.90
Net realized and unrealized gain (loss) on investments and
foreign currency transactions (4.59) 0.04 0.49
---------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (3.56) $ 1.00 $ 1.39
---------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (1.07) $ (0.98) $ (0.90)
Net realized gain (0.11) (0.06) (0.03)
---------------------------------------------------------------------------------------------------------------
Total distributions $ (1.18) $ (1.04) $ (0.93)
---------------------------------------------------------------------------------------------------------------
Redemption Fee $ -- $ -- $ 0.00(a)
---------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (4.74) $ (0.04) $ 0.46
---------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.56 $ 12.30 $ 12.34
===============================================================================================================
Total return* (31.45)% 8.30% 12.12%
Ratio of net expenses to average net assets+ 1.10% 1.06% 1.10%
Ratio of net investment income to average net assets+ 9.25% 7.73% 7.44%
Portfolio turnover rate 25% 31% 41%
Net assets, end of period (in thousands) $ 759,925 $1,369,044 $ 659,845
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Net expenses 1.18% 1.06% 1.18%
Net investment income 9.17% 7.73% 7.37%
Ratios with waiver of fees by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.10% 1.06% 1.10%
Net investment income 9.25% 7.73% 7.44%
===============================================================================================================
(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.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 63
Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------
Six Months Ended
(Consolidated)
(unaudited) Year Ended Year Ended
4/30/11 10/31/10 10/31/09
----------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 10.53 $ 9.37 $ 7.54
----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.34 $ 0.70 $ 0.81
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 0.41 1.15 2.01
----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.75 $ 1.85 $ 2.82
----------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.34) $ (0.69) $ (0.99)
Net realized gain -- -- --
----------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.34) $ (0.69) $ (0.99)
----------------------------------------------------------------------------------------------------------------------
Redemption Fee $ -- $ -- $ --
----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.41 $ 1.16 $ 1.83
----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.94 $ 10.53 $ 9.37
======================================================================================================================
Total return* 7.29% 20.40% 42.42%
Ratio of net expenses to average net assets+ 1.87%** 1.92% 2.00%
Ratio of net investment income to average net assets+ 6.61%** 7.29% 10.88%
Portfolio turnover rate 41%** 49% 33%
Net assets, end of period (in thousands) $68,790 $80,179 $96,411
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Net expenses 1.87%** 1.92% 2.08%
Net investment income 6.61%** 7.29% 10.80%
Ratios with waiver of fees paid by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.87%** 1.92% 2.00%
Net investment income 6.61%** 7.29% 10.88%
======================================================================================================================
-------------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended
10/31/08 10/31/07 10/31/06
-------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 12.27 $ 12.31 $ 11.85
-------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.93 $ 0.86 $ 0.80
Net realized and unrealized gain (loss) on investments and
foreign currency transactions (4.57) 0.03 0.49
-------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (3.64) $ 0.89 $ 1.29
-------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.98) $ (0.87) $ (0.80)
Net realized gain (0.11) (0.06) (0.03)
-------------------------------------------------------------------------------------------------------------
Total distributions $ (1.09) $ (0.93) $ (0.83)
-------------------------------------------------------------------------------------------------------------
Redemption Fee $ -- $ -- $ 0.00(a)
-------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (4.73) $ (0.04) $ 0.46
-------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.54 $ 12.27 $ 12.31
===========================================================================================================
Total return* (32.02)% 7.41% 11.25%
Ratio of net expenses to average net assets+ 1.92% 1.86% 1.96%
Ratio of net investment income to average net assets+ 8.47% 6.93% 6.63%
Portfolio turnover rate 25% 31% 41%
Net assets, end of period (in thousands) $ 83,412 $155,523 $130,563
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Net expenses 1.92% 1.86% 1.96%
Net investment income 8.47% 6.93% 6.60%
Ratios with waiver of fees paid by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.92% 1.85% 1.96%
Net investment income 8.47% 6.94% 6.60%
===========================================================================================================
(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.
64 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
------------------------------------------------------------------------------------------------------------------------
Six Months Ended
(Consolidated)
(unaudited) Year Ended Year Ended
4/30/11 10/31/10 10/31/09
------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.49 $ 9.34 $ 7.51
------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.35 $ 0.73 $ 0.82
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 0.41 1.11 1.99
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.76 $ 1.84 $ 2.81
------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.35) $ (0.69) $ (0.98)
Net realized gain -- -- --
------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.35) $ (0.69) $ (0.98)
------------------------------------------------------------------------------------------------------------------------
Redemption Fee $ -- $ -- $ --
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.41 $ 1.15 $ 1.83
------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.90 $ 10.49 $ 9.34
========================================================================================================================
Total return* 7.37% 20.43% 42.56%
Ratio of net expenses to average net assets+ 1.75%** 1.82% 1.98%
Ratio of net investment income to average net assets+ 6.72%** 7.39% 10.78%
Portfolio turnover rate 41%** 49% 33%
Net assets, end of period (in thousands) $548,744 $524,777 $461,644
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Net expenses 1.75%** 1.82% 1.98%
Net investment income 6.72%** 7.39% 10.78%
Ratios with waiver of fees by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.75%** 1.82% 1.98%
Net investment income 6.72%** 7.39% 10.78%
========================================================================================================================
---------------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended
10/31/08 10/31/07 10/31/06
---------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 12.24 $ 12.28 $ 11.82
---------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.93 $ 0.86 $ 0.80
Net realized and unrealized gain (loss) on investments and
foreign currency transactions (4.57) 0.04 0.49
---------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (3.64) $ 0.90 $ 1.29
---------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.98) $ (0.88) $ (0.80)
Net realized gain (0.11) (0.06) (0.03)
---------------------------------------------------------------------------------------------------------------
Total distributions $ (1.09) $ (0.94) $ (0.83)
---------------------------------------------------------------------------------------------------------------
Redemption Fee $ -- $ -- $ 0.00(a)
---------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (4.73) $ (0.04) $ 0.46
---------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.51 $ 12.24 $ 12.28
===============================================================================================================
Total return* (32.08)% 7.48% 11.30%
Ratio of net expenses to average net assets+ 1.85% 1.82% 1.89%
Ratio of net investment income to average net assets+ 8.55% 6.96% 6.66%
Portfolio turnover rate 25% 31% 41%
Net assets, end of period (in thousands) $347,459 $598,195 $413,213
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Net expenses 1.85% 1.82% 1.89%
Net investment income 8.55% 6.96% 6.66%
Ratios with waiver of fees by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.85% 1.82% 1.89%
Net investment income 8.55% 6.96% 6.66%
===============================================================================================================
(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 | 4/30/11 65
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------
Six Months Ended
(Consolidated)
(unaudited) Year Ended Year Ended
4/30/11 10/31/10 10/31/09
--------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 10.35 $ 9.25 $ 7.46
--------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.41 $ 0.86 $ 0.94
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 0.39 1.03 1.91
--------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.80 $ 1.89 $ 2.85
Distributions to shareowners:
Net investment income (0.40) (0.79) (1.06)
Net realized gain -- -- --
--------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.40 $ 1.10 $ 1.79
--------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.75 $ 10.35 $ 9.25
====================================================================================================================
Total return* 7.91% 21.35% 43.78%
Ratio of net expenses to average net assets+ 0.73%** 0.73% 0.78%
Ratio of net investment income to average net assets+ 7.70%** 8.44% 11.43%
Portfolio turnover rate 41%** 49% 33%
Net assets, end of period (in thousands) $1,310,146 $959,148 $215,614
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Net expenses 0.73%** 0.73% 0.79%
Net investment income 7.70%** 8.44% 11.43%
Ratios with waiver of fees by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.73%** 0.73% 0.78%
Net investment income 7.70%** 8.44% 11.43%
====================================================================================================================
------------------------------------------------------------------------------------------------------------------
12/28/05 (a)
Year Ended Year Ended to
10/31/08 10/31/07 10/31/06
------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 12.10 $ 12.19 $ 11.95
------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 1.05 $ 0.97 $ 0.77
Net realized and unrealized gain (loss) on investments and
foreign currency transactions (4.48) (0.01) 0.23
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (3.43) $ 0.96 $ 1.00
Distributions to shareowners:
Net investment income (1.10) (0.99) (0.76)
Net realized gain (0.11) (0.06) --
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (4.64) $ (0.09) $ 0.24
------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.46 $ 12.10 $ 12.19
==================================================================================================================
Total return* (30.96)% 8.12% 8.63%(b)
Ratio of net expenses to average net assets+ 0.74% 0.70% 0.73%**
Ratio of net investment income to average net assets+ 9.82% 8.05% 7.66%**
Portfolio turnover rate 25% 31% 41%(b)
Net assets, end of period (in thousands) $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 0.74% 0.70% 0.73%**
Net investment income 9.82% 8.05% 7.66%**
Ratios with waiver of fees by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.74% 0.70% 0.73%**
Net investment income 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.
66 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
--------------------------------------------------------------------------------------------------------------------------
Six Months Ended
(Consolidated)
(unaudited) Year Ended Year Ended
4/30/11 10/31/10 10/31/09
--------------------------------------------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $ 10.86 $ 9.67 $ 7.79
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.44 $ 0.87 $ 1.00
Net realized and unrealized gain (loss) on investments and
foreign currency transactions 0.41 1.13 1.98
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.85 $ 2.00 $ 2.98
Distributions to shareowners:
Net investment income (0.42) (0.81) (1.10)
Net realized gain -- -- --
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.43 $ 1.19 $ 1.88
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.29 $ 10.86 $ 9.67
==========================================================================================================================
Total return* 7.93% 21.58% 43.69%
Ratio of net expenses to average net assets+ 0.70%** 0.90% 0.90%
Ratio of net investment income to average net assets+ 7.62%** 8.28% 11.46%
Portfolio turnover rate 41%** 49% 33%
Net assets, end of period (in thousands) $22,136 $ 7,416 $ 4,283
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Net expenses 0.70%** 0.91% 1.23%
Net investment income 7.62%** 8.27% 11.13%
Ratios with waiver of fees by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.70%** 0.90% 0.90%
Net investment income 7.62%** 8.28% 11.46%
==========================================================================================================================
-------------------------------------------------------------------------------------------------------
Year Ended 7/6/07 (a) to
10/31/08 10/31/07
-------------------------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $ 12.31 $ 12.65
-------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 1.07 $ 0.33
Net realized and unrealized gain (loss) on investments and
foreign currency transactions (4.37) (0.35)
-------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (3.30) $ (0.02)
Distributions to shareowners:
Net investment income (1.11) (0.32)
Net realized gain (0.11) --
-------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (4.52) $ (0.34)
-------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.79 $ 12.31
=======================================================================================================
Total return* (29.21)% (0.09)%(b)
Ratio of net expenses to average net assets+ 0.90% 0.69%**
Ratio of net investment income to average net assets+ 9.85% 8.30%**
Portfolio turnover rate 25% 31%(b)
Net assets, end of period (in thousands) $ 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 1.11% 0.69%**
Net investment income 9.64% 8.30%**
Ratios with waiver of fees by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.90% 0.69%**
Net investment income 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.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 67
Notes to Financial Statements | 4/30/11 (Consolidated) (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Global High Yield Fund (the Fund) is a series of Pioneer Series Trust
VII, a Delaware statutory trust. The Fund is registered under the Investment
Company Act of 1940 as a diversified, open-end management investment company.
The investment objective of the Fund is to maximize total return through a
combination of income and capital appreciation.
The Fund offers five classes of shares designated as Class A, Class B, Class C,
Class Y and Class Z shares. Class Y shares were first publicly offered on
December 28, 2005. Class Z shares were first publicly offered on July 6, 2007.
Effective December 31, 2009, Class B shares are no longer offered to new or
existing shareholders, except that dividends and/or capital gain distributions
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 the Fund more susceptible to
any economic, political, or regulatory developments or other risks affecting
those industries and sectors. The Fund's investments in foreign markets and
countries with limited developing markets may subject the Fund to a greater
degree of risk than 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
68 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
information regarding the Fund's principal risks. Please refer to that 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 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 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. Senior loans for which no reliable
price quotes are available 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. 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.
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 69
Securities or loans 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.
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, 2011, seven securities were valued using fair value methods (in
addition to securities valued using prices supplied by independent pricing
services) representing 0.67% of net assets. Inputs used when applying fair
value methods to value a security may include credit ratings, the financial
condition of the company, current market conditions and comparable
securities. 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.
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.
70 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
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 9.)
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.
The tax character of current year distributions will be determined at the end
of the current taxable year. The tax character of distributions paid during
the year ended October 31, 2010 was as follows:
-------------------------------------------------
2010
-------------------------------------------------
Distributions paid from:
Ordinary income $163,595,781
-------------------------------------------------
Total $163,595,781
=================================================
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
71
The following shows the components of distributable earnings on a federal
income tax-basis at October 31, 2010:
-------------------------------------------------------
2010
-------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 4,565,988
Capital loss carryforward (289,329,562)
Current year dividend payable (3,361,514)
Unrealized appreciation 68,413,126
-------------------------------------------------------
Total $ (219,711,962)
=======================================================
The difference between book-basis and tax-basis unrealized appreciation is
attributable to the tax deferral of losses on wash sales, adjustments
relating to catastrophe bonds, and the tax-basis adjustments on partnerships
and interest on defaulted bonds.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the Fund
and a wholly owned indirect subsidiary of UniCredit S.p.A. (UniCredit),
earned $91,815 in underwriting commissions on the sale of Class A shares
during the six months ended April 30, 2011.
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 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 B, Class C, Class Y and Class Z
shares can reflect different transfer agent and distribution expense rates.
72 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
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 payments in lieu of dividends or
interest on the securities loaned. Gain or loss on the value of the loaned
securities that may occur during the term of the loan will be for the account
of the Fund. The amount of the collateral is required to be adjusted daily to
reflect any price fluctuation in the value of the loaned securities. 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 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
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 73
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,
2011.
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, 2011, the effective management fee (excluding waivers
and/or assumption of expenses) was equivalent to 0.61% of the average daily net
assets.
74 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
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, Class B, Class C and Class Z shares. There can be no assurance that PIM
will extend the expense limitation agreement for a class of shares beyond the
date referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$111,277 in management fees, administrative costs and certain other
reimbursements payable to PIM at April 30, 2011.
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 relationship contracts. For the six months
ended April 30, 2011, such out-of-pocket expenses by class of shares were as
follows:
-----------------------------------------------
Shareholder Communications:
-----------------------------------------------
Class A $ 340,858
Class B 32,777
Class C 151,145
Class Y 567,253
Class Z 1,675
-----------------------------------------------
Total $1,093,708
===============================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $388,857 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at April 30, 2011.
4. Basis for Consolidation for the Pioneer Global High Yield Fund
The consolidated financial statements of the Fund include the accounts of the
Subsidiary. All intercompany accounts and transactions have been eliminated in
consolidation. The Subsidiary, a Delaware corporation, was incorporated on
February 10, 2011 and is wholly-owned and controlled by the Fund. It is
intended that the Fund will remain the sole shareholder of, and will continue
to control, the Subsidiary. The Subsidiary acts as an investment vehicle for
the Fund's interest in Blaze Recycling and Metals LLC, Class A Units. As
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 75
of April 30, 2011, the Subsidiary represented approximately $4,565,022 or
approximately 0.1% of the net assets of the Fund.
5. 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% 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 $50,142 in distribution fees payable to PFD at April 30, 2011.
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,
2011, CDSCs in the amount of $119,875 were paid to PFD.
6. 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.
76 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
The commitment fee is allocated among participating Funds based on an allocation
schedule set forth in the credit agreement. As of April 30, 2011, there were no
borrowings outstanding.
7. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result 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, 2011, the Fund's expenses
were not reduced under such arrangements.
8. Unfunded Loan Commitments
As of April 30, 2011, the fund had unfunded loan commitments of approximately
$1,099,060 (excluding unrealized depreciation on those commitments of $1,819 as
of April 30, 2011) which could be extended at the option of the borrower,
pursuant to the following loan agreements:
--------------------------------------------------------------------------------------------------
Net
Unrealized
Loan Shares Cost Value Loss
--------------------------------------------------------------------------------------------------
National Specialty Hospitals, Inc., Initial
Term Loan 746,287 $746,287 $745,354 $ (933)
--------------------------------------------------------------------------------------------------
Physician Oncology Services LLP, Delayed
Draw Term Loan 354,592 $354,592 $353,705 $ (886)
--------------------------------------------------------------------------------------------------
Total $ (1,819)
==================================================================================================
In addition, the Fund had the following bridge loan commitments outstanding at
April 30, 2011:
---------------------------------------------------------------------------------------------------
Net
Unrealized
Loan Shares Cost Value Gain
---------------------------------------------------------------------------------------------------
Echostar Satellite Services LLC, Senior
Unsecured Bridge Loan 7,550,000 $ 7,550,000 $ 7,550,000 $--
---------------------------------------------------------------------------------------------------
Emergency Medical Services Corp.,
Bridge Loan (First Lien) 15,750,000 $15,750,000 $15,750,000 $--
---------------------------------------------------------------------------------------------------
Endo Pharmaceuticals Holdings, Inc.,
Bridge Loan 12,400,000 $12,400,000 $12,400,000 $--
---------------------------------------------------------------------------------------------------
Kindred Healthcare, Inc., Senior Unsecured
Bridge Loan 10,500,000 $10,500,000 $10,500,000 $--
---------------------------------------------------------------------------------------------------
Silgan Holdings, Inc., Senior Subordinated
Bridge Loan 14,350,000 $14,350,000 $14,350,000 $--
---------------------------------------------------------------------------------------------------
Total $--
===================================================================================================
9. Forward Foreign Currency Contracts
During the six months ended April 30, 2011, the Fund 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
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 77
the settlement date of a forward foreign currency contract, the Fund may close
out such contract by entering into an offsetting contract. At April 31, 2011,
the Fund's gross forward currency settlement contracts receivable and payable
were $956,472 and $955,582 respectively, resulting in a net receivable of $890.
The average value of contracts open during the six months ended April 30, 2011
was $14,518,909.
Open portfolio hedges at April 30, 2011 were as follows:
-------------------------------------------------------------------------------------------------
Net
Contracts to In Exchange Settlement Unrealized
Currency Deliver For Date Gain/(Loss)
-------------------------------------------------------------------------------------------------
EUR (European Dollar) (1,300,000) $ (1,791,361) 6/08/11 $ (135,478)
EUR
(European Dollar) (10,500,000) $ (14,541,118) 6/15/11 $ (1,018,675)
-------------------------------------------------------------------------------------------------
Total $ (1,154,153)
=================================================================================================
10. Additional Disclosures about Derivative Instruments and Hedging Activities:
Values of derivative instruments as of April 30, 2011 were as follows:
Asset Derivatives 2011 Liabilities Derivatives 2011
---------------------------- ------------------------------
Balance Sheet Balance Sheet
Derivatives Location Value Location Value
--------------------------------------------------------------------------------------------
Foreign Exchange Contracts Receivables $890 Payables $1,154,153
--------------------------------------------------------------------------------------------
Total $890 $1,154,153
============================================================================================
The effect of derivative instruments on the Statement of Operations for the six
months ended April 30, 2011 was as follows:
-------------------------------------------------------------------------------------------------
Change in
Realized Gain Unrealized Gain
or (Loss) on or (Loss) on
Derivatives Derivatives
Location of Gain or (Loss) On Recognized Recognized
Derivatives Derivatives Recognized in Income in Income in Income
-------------------------------------------------------------------------------------------------
Foreign Exchange Net realized loss on forward foreign
Contracts currency contracts and other assets
and liabilities denominated in foreign
currencies $3,067,050
Foreign Exchange Change in unrealized gain on forward
Contracts foreign currency contracts and other
assets and liabilities denominated in
foreign currencies $(3,205,051)
78 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
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 | 4/30/11 79
Approval of Investment Advisory Agreement
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 2010 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
In July 2010, 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 July 2010 and September 2010. After
reviewing and discussing the materials, the Trustees submitted a request for
additional information to PIM, 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, 2010 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 16, 2010, 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. In addition, the Trustees
considered the arrangements put in place to retain key investment and other
personnel. The Trustees also considered the substantial
80 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
attention and high priority given by PIM's senior management to the Pioneer fund
complex.
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, 2010, in the fifth quintile of
its Morningstar category for the three year period ended June 30, 2010, and in
the second quintile of its Morningstar category for the five year period ended
June 30, 2010. (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 yield of the Fund for the
twelve months ended June 30, 2010 compared favorably to the yield of the Fund's
benchmark for the same period. 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, 2010 was in the fourth 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 noted that the Fund's
asset-weighted management fee for its latest fiscal year end was four
Pioneer Global High Yield Fund | Semiannual Report | 4/30/11 81
basis points higher than the median of the Fund's peer group and one basis point
higher than the last fund in the third quintile of the Fund's peer group. The
Trustees also considered that the Fund's peer group was largely comprised of
funds investing primarily in U.S. securities and that funds investing
substantially in non-U.S. securities, like the Fund, tend to have higher
management fees.
The Trustees considered that the Fund's expense ratio for the twelve months
ended June 30, 2010 was in the fourth quintile relative to its Strategic Insight
peer group for the comparable period. The Trustees considered that the Fund's
expense ratio was three basis points higher than the median expense ratio of its
peer group. The Trustees also considered the impact of the Fund's management fee
and non-management fee expenses on the Fund's expense ratio. The Trustees
considered the contractual expense limitation agreed to by PIM with respect to
the Fund.
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.
82 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
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 recent difficult periods 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 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 | 4/30/11 83
Trustees, Officers and Service Providers
Trustees Officers
John F. Cogan, Jr., Chairman John F. Cogan, Jr., President
David R. Bock Daniel K. Kingsbury, Executive
Mary K. Bush Vice President
Benjamin M. Friedman Mark E. Bradley, Treasurer
Margaret B.W. Graham Christopher J. Kelley, Secretary
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.
84 Pioneer Global High Yield Fund | Semiannual Report | 4/30/11
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.
Pioneer Global Aggregate
Bond Fund
--------------------------------------------------------------------------------
Semiannual Report | April 30, 2011
--------------------------------------------------------------------------------
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 34
Notes to Financial Statements 41
Approval of Investment Advisory Agreement 51
Trustees, Officers and Service Providers 55
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11 1
President's Letter
Dear Shareowner,
The U.S. economy is moving forward on a slow path to recovery. We believe the
theme for the economy in 2011 may be modest but positive growth. The private
sector is showing signs of slow but steady improvement, led by higher capital
investment, solid exports, improved consumption, and gradually rising demand
for consumer auto loans and commercial loans. At the same time, the risks to a
steady recovery remain substantial, including the continued delays in the
housing sector's recovery, rising oil prices, and the fiscal drag of U.S.
federal and state budget cuts. We are concerned about the long-term risk of
inflation in an environment of accommodative Fed policy, continued low nominal
and "real" interest rates and rising commodity prices.
The recovery process may occur more slowly than many would like, and will
almost certainly be accompanied by short-term market swings. But our investment
professionals are finding good opportunities to invest. Through the first
quarter of 2011, although bonds remained popular with investors, we believed
there was value in the equity market. In both equity and bond markets, we are
finding good opportunities to invest using the same disciplined approach we
have used at Pioneer since 1928, which is to focus on identifying undervalued
individual securities with the greatest potential for success, carefully
weighing risk against reward. Our teams of investment professionals continually
monitor and analyze the relative valuations of different sectors and securities
globally to help build portfolios that we believe can help you achieve your
investment goals.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. The strategy has generally performed well for many
investors. For instance, bond markets certainly rewarded investors for most of
2010, even though equity valuations seemed quite reasonable and were
inexpensive relative to bonds and compared with historic levels -- conditions
which represented potentially good value for long-term investors.
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.
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
2 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11
www.pioneerinvestments.com. We greatly appreciate your trust in us and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of 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 | 4/30/11 3
Portfolio Management Discussion | 4/30/11
With the support of an improving global economy, corporate bonds and other
securities with credit risk outpaced government debt during the six months
ended April 30, 2011. In the following interview, Charles Melchreit discusses
the factors that affected the performance of Pioneer Global Aggregate Bond Fund
during the six-month period. Mr. Melchreit, vice president and portfolio
manager at Pioneer, is a member of Pioneer's fixed-income team and is
responsible for the daily management of the Fund along with Mr. Tanguy Le
Saout, Head of Government Bond and Value-at-Risk (VaR) Portfolios for Pioneer
in Europe.
Q How did the Fund perform during the six months ended April 30, 2011?
A Pioneer Global Aggregate Bond Fund Class A shares returned 2.35% at net asset
value over the six months ended April 30, 2011, while the Fund's benchmark,
the Barclays Capital Global Aggregate Bond Index (the Barclays Index),
returned 1.72%. Over the same period, the average return of the 178 mutual
funds in Lipper's Global Income Funds category was 2.03%. On April 30,
2011, the 30-day standardized SEC yield of the Fund's Class A shares was
2.28%.
Q What was the investment environment like for global fixed-income securities
during the six months ended April 30, 2011?
A Investment-grade securities produced positive results for the six-month
period, with credit-sensitive securities outperforming government debt. As
evidence accumulated that the global economy had emerged from recession,
higher-yielding, lower-quality debt -- especially corporate bonds --
outpaced higher-quality securities carrying little credit exposure. In
addition to corporate bonds, asset-backed securities also performed better
than low-yielding sovereign government debt, which struggled both on fears
of increasing inflationary pressures and concerns about the sovereign debt
woes of some governments in Europe. In world currency markets, the euro
strengthened against the U.S. dollar, as investors were attracted to the
higher interest rates available in Europe. Late in the six-month period,
the yen weakened against the dollar because of central bank currency
intervention following the March 2011 earthquake and tsunami in Japan.
Q What were your principal investment strategies for the Fund over the six
months ended April 30, 2011, and how did they affect the Fund's
performance?
A Our focus on corporate bonds and other credit-sensitive, investment-grade
securities helped the Fund outperform both the Barclays Index and its
Lipper peers during the period. In addition, the Fund's overall currency
4 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11
positioning helped performance, as 43% of the Fund's net assets, on
average, were held in securities denominated in foreign currencies.
We maintained a large overweight to corporate bonds in the Fund's
portfolio, representing 28% of net assets on average, compared with a 16%
weighting in the Barclays Index benchmark. Most of the Fund's exposure to
corporate bonds was held in investment-grade debt. The Fund also was
overweighted to mortgage-backed and asset-backed securities (MBS and ABS),
which represented 21% of net assets on average, compared with a 17%
weighting in the Barclays Index. Consistent with that positioning, U.S.
Treasuries were significantly underweighted, representing an average 6% of
the Fund's net assets, compared with a 17% weighting in the Barclays Index.
An underweighted position in non-U.S. sovereign debt also helped
performance, as the Fund's exposure to the asset class represented, on
average, about 30% of net assets, compared with 36% in the Barclays Index.
In the Fund's currency positioning, overweighted exposures to the
currencies of Australia, Canada, Norway and Sweden all helped contribute to
outperformance of the benchmark, overcoming the negative effects of an
underweighted position in the euro, which gained against the dollar. We
de-emphasized the euro in the Fund's portfolio due to our concerns about
the sovereign government credit problems in Europe, as governments such as
Greece, Ireland and Portugal faced severe debt problems. However, the euro
performed better than we anticipated, helped by the higher interest rates
available in Europe as compared with the U.S.
Because we were concerned about the risk that interest rates would begin to
rise and undermine the value of bonds, we maintained a shorter duration in
the Fund's portfolio than that of Barclays Index, and the strategy helped
the Fund's performance. (Duration is a measure of a portfolio's price
sensitivity to changes in interest rates.) At the end of the period, on
April 30, 2011, the Fund's effective duration was 5.00 years.
Q What types of investments tended to have the greatest influence on the Fund's
performance, either positively or negatively, during the six months ended
April 30, 2011?
A The currency exposures of individual securities tended to have the greatest
impact on the Fund's relative performance. In particular, the Fund's
investments in Swedish Treasury bonds, short-term Australian debt, and
Canadian Housing Trust securities all provided a boost to performance when
the underlying currencies strengthened. Conversely, a position in a 30-year
Treasury bond held back performance, as did a small Fund investment in a
government security issued by Portugal. Investments in several Japanese
government securities also detracted from the Fund's relative performance
late in the period, as the Japanese yen weakened following the earthquake
and tsunami.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11 5
Q Did the Fund invest in any derivative securities during the six months ended
April 30, 2011, and, if so, did they have a material effect on performance?
A The Fund did invest in currency forward contracts to reduce its exposure to
the euro. The investments had a slight negative effect on Fund performance
when the euro strengthened. The Fund also invested in some U.S. Treasury
futures contracts, but the contracts did not have an impact on the Fund's
performance.
Q What is your investment outlook?
A We anticipate that interest rates will move higher, especially in the United
States, where we think the greatest risk is that the Federal Reserve Board
will wait too long and allow inflationary pressures to build before
tightening monetary policy. We already have seen interest rates in Europe
move higher because of the higher risks associated with sovereign
government debt as well as rising inflation.
In general, we think corporate bonds and other credit-sensitive securities,
both in the United States and in other developed economies, are fairly
priced and remain attractive as investment opportunities in light of our
expectation that the global economy should continue to expand. As a
consequence, we have maintained an overweight position to corporate credit
in the Fund's portfolio. One notable exception to this view, however,
pertains to the debt of major European banks. We have underweighted the
Fund significantly to investments in those securities, both because of the
banks' exposure to sovereign government problems in Europe and because of
the residual effects of the banks' early investments in U.S.
housing-related debt.
We have a positive view of opportunities in the MBS and ABS groups, where
we believe judicious security selection can add solid return potential. We
have a more favorable view of U.S. commercial mortgages, as well as foreign
asset-backed securities (excluding some housing-related bonds from
peripheral European markets, such as Spain and Ireland).
Looking ahead, we see improving opportunities in some global markets,
including those in higher-quality securities in Asia (ex-Japan), as several
economies in the region are supported by strong fiscal policies and
expanding middle classes that can support continued economic growth.
Please refer to the Schedule of Investments on pages 15-33 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
6 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11
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 the issuers of the
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.
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 | 4/30/11 7
Portfolio Summary | 4/30/11
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Foreign Government Bonds 35.2%
U.S. Corporate Bonds 30.6%
Collateralized Mortgage Obligations 14.8%
U.S. Government Securities 10.8%
Asset Backed Securities 5.0%
Municipal Bonds 2.7%
Preferred Stocks 0.5%
Convertible Corporate Bonds 0.4%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total debt holdings)*
1. Japan Government 5-Yr, 1.2%, 3/20/12 2.90%
--------------------------------------------------------------------------------
2. U.S. Treasury Notes, 4.75%, 2/15/41 2.33
--------------------------------------------------------------------------------
3. International Bank Recon & Development, Ltd., 5.75%, 10/21/19 1.92
--------------------------------------------------------------------------------
4. Bundesrepublik Deutschland, 6.5%, 7/4/27 1.88
--------------------------------------------------------------------------------
5. Japan Government 10-Yr, 1.7%, 9/20/16 1.65
--------------------------------------------------------------------------------
6. Canadian Government Bond, 2.0%, 6/1/16 1.62
--------------------------------------------------------------------------------
7. Federal National Mortgage Association, 6.5%, 4/1/38 1.56
--------------------------------------------------------------------------------
8. Canada Housing Trust No. 1, 3.55%, 9/15/13 1.55
--------------------------------------------------------------------------------
9. U.S. Treasury Inflation Notes, 2.5%, 1/15/29 1.51
--------------------------------------------------------------------------------
10. France Government Bond OAT, 3.0%, 10/25/15 1.41
--------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
8 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11
Prices and Distributions | 4/30/11
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 4/30/11 10/31/10
--------------------------------------------------------------------------------
A $11.27 $11.19
--------------------------------------------------------------------------------
C $11.28 $11.19
--------------------------------------------------------------------------------
Y $11.30 $11.22
--------------------------------------------------------------------------------
Distributions per Share: 11/1/10-4/30/11
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1770 $ -- $ --
--------------------------------------------------------------------------------
C $0.1280 $ -- $ --
--------------------------------------------------------------------------------
Y $0.1786 $ -- $ --
--------------------------------------------------------------------------------
Index Definitions
--------------------------------------------------------------------------------
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" and "Value
of $5 Million Investment" charts appearing on pages 10-12.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11 9
Performance Update | 4/30/11 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Global Aggregate Bond Fund at public offering price,
compared to that of the Barclays Capital Global Aggregate Bond Index.
Average Annual Total Returns
(As of April 30, 2011)
-------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
-------------------------------------------------------------------
Life-of-Class
(12/28/07) 7.28% 5.82%
1 Year 10.16 5.19
-------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2011)
-------------------------------------------------------------------
Gross Net
-------------------------------------------------------------------
2.35% 1.00%
-------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global Barclays Capital
Aggregate Bond Fund Global 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
4/11 12,140 12,345
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 | 4/30/11
Performance Update | 4/30/11 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Global Aggregate Bond Fund, compared to that of the
Barclays Capital Global Aggregate Bond Index.
Average Annual Total Returns
(As of April 30, 2011)
------------------------------------------------------------
If If
Period Held Redeemed
------------------------------------------------------------
Life-of-Class
(12/28/07) 6.41% 6.41%
1 Year 9.38 9.38
------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2011)
------------------------------------------------------------
Gross Net
------------------------------------------------------------
3.00% 1.90%
------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Global Barclays Capital
Aggregate Bond Fund Global 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
4/11 12,370 12,345
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). "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 3/1/12 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 | 4/30/11 11
Performance Update| 4/30/11 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
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, 2011)
------------------------------------------------------------
If If
Period Held Redeemed
------------------------------------------------------------
Life-of-Class
(12/28/07) 7.42% 7.42%
1 Year 10.23 10.23
------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2011)
------------------------------------------------------------
Gross Net
------------------------------------------------------------
1.86% 1.86%
------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Global Barclays Capital
Aggregate Bond Fund Global Aggregate Bond Index
------------------- ---------------------------
12/07 5,000,000 5,000,000
4/08 5,227,750 5,229,772
4/09 5,054,129 5,114,537
4/10 5,790,645 5,588,203
4/11 6,382,956 6,172,351
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 | 4/30/11
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
1. Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
2. Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Global Aggregate Bond Fund
Based on actual returns from November 1, 2010, through April 30, 2011.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00
on 11/1/10
--------------------------------------------------------------------------------
Ending Account Value $1,023.50 $1,019.80 $1,023.60
(after expenses) on 4/30/11
--------------------------------------------------------------------------------
Expenses Paid During Period* $5.02 $9.52 $5.32
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.00%, 1.90%,
and 1.06% for Class A, Class C, and Class Y shares respectively, multiplied
by the average account value over the period, multiplied by 181/365.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11 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, 2010, through April 30, 2011.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00
on 11/1/10
--------------------------------------------------------------------------------
Ending Account Value $1,019.84 $1,015.37 $1,019.54
(after expenses) on 4/30/11
--------------------------------------------------------------------------------
Expenses Paid During Period* $5.01 $9.49 $5.31
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.00%, 1.90%,
and 1.06% for Class A, Class C, and Class Y shares respectively, multiplied
by the average account value over the period, multiplied by 181/365.
14 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11
Schedule of Investments | 4/30/11 (unaudited)
----------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
----------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 0.3%
ENERGY -- 0.1%
Coal & Consumable Fuels -- 0.1%
20,000 BB-/NR Massey Energy Co., 3.25%, 8/1/15 $ 22,525
-----------
Total Energy $ 22,525
----------------------------------------------------------------------------------------------------------
SEMICONDUCTORS -- 0.2%
35,000 A-/NR Intel Corp., 2.95%, 12/15/35 $ 37,319
-----------
Total Semiconductors $ 37,319
----------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $49,307) $ 59,844
----------------------------------------------------------------------------------------------------------
Shares
PREFERRED STOCKS -- 0.5%
BANKS -- 0.3%
Diversified Banks -- 0.3%
50 Wells Fargo & Co., 7.5%, 12/31/49 $ 53,974
-----------
Total Banks $ 53,974
----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Diversified Financial Services -- 0.2%
1,000 Citigroup Capital XIII, 7.875%, 10/30/40 $ 27,760
-----------
Total Diversified Financials $ 27,760
----------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $78,884) $ 81,734
----------------------------------------------------------------------------------------------------------
Principal
Amount ($)
----------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 4.6%
MATERIALS -- 1.0%
Paper Products -- 0.4%
50,000 AAA/Aaa Chester Asset Receivables Dealings,
0.99338%, 4/15/16 $ 81,238
----------------------------------------------------------------------------------------------------------
Precious Metals & Minerals -- 0.1%
20,597 5.91 AA/Aa2 Origen Manufactured Housing, Floating
Rate Note, 1/15/35 $ 21,713
----------------------------------------------------------------------------------------------------------
Steel -- 0.5%
50,000 AAA/Aa2 First NLC Trust, 0.74719%, 9/25/35 $ 46,553
32,154 0.68 AA+/Aa3 Nomura Home Equity Loan, Inc., Floating
Rate Note, 5/25/35 30,918
-----------
$ 77,471
-----------
Total Materials $ 180,422
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11 15
Schedule of Investments | 4/30/11 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) ate (b) Ratings Value
-------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.9%
Auto Parts & Equipment -- 0.9%
50,000 AAA/NR Ford Auto Securitization, 2.431%,
11/17/14 $ 158,645
-----------
Total Automobiles & Components $ 158,645
-------------------------------------------------------------------------------------------------------
BANKS -- 1.2%
Diversified Banks -- 0.1%
19,614 0.24 AAA/Aa1 Wells Fargo Home Equity, Floating Rate
Note, 4/25/37 $ 19,067
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 1.1%
6,996 BBB/Baa3 Citigroup Mortgage Loan,
0.34606%, 1/25/37 $ 6,784
25,000 0.74 AA+/A3 Countrywide Asset Backed Certificates,
Floating Rate Note, 11/25/35 23,309
26,105 0.63 AAA/Baa2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 1/25/36 24,571
32,262 5.07 AAA/Ba2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 12/25/35 30,815
10,707 5.56 AAA/A2 CRMSI 2006-2 A3, Floating Rate Note,
9/25/36 10,741
8,307 0.69 A/A2 GSAMP Trust, Floating Rate Note,
3/25/35 7,968
8,748 0.64 AAA/Aa1 GSAMP Trust, Floating Rate Note,
9/25/35 8,429
4,684 0.32 B/Ba3 Morgan Stanley ABS Capital, Inc., Floating
Rate Note, 12/25/36 4,449
242 0.31 A-/Caa2 Morgan Stanley Ixis Real Estate, Floating
Rate Note, 11/25/36 234
41,322 0.52 AAA/Aa3 Option One Mortgage Loan Trust, Floating
Rate Note, 11/25/35 39,259
20,000 0.67 AA+/A3 RASC 2005-KS7 M1, Floating Rate Note,
8/25/35 19,117
-----------
$ 175,676
-----------
Total Banks $ 194,743
-------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.8%
Diversified Financial Services -- 0.5%
12,177 AA/NR DT Auto Owner Trust, 5.92%, 10/15/15 $ 12,222
27,509 NR/Aaa Edelweiss Auto Funding, Ltd., 1.317%,
1/11/14 40,450
50,000 0.75 AA-/A3 Long Beach Mortgage Loan Trust, Floating
Rate Note, 4/25/35 45,397
-----------
$ 98,069
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11
----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
----------------------------------------------------------------------------------------------------
Specialized Finance -- 0.3%
33,697 5.32 NR/Baa1 Irwin Home Equity Corp., Floating Rate
Note, 6/25/35 $ 32,625
9,559 0.63 AAA/Aaa New Century Home Equity Loan, Floating
Rate Note, 3/25/35 8,516
-----------
$ 41,141
-----------
Total Diversified Financials $ 139,210
----------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.4%
Mortgage Real Estate Investment Trust -- 0.4%
25,000 A+/NR FREMF Mortgage Trust,
4.437%, 11/25/17 $ 24,260
35,000 NR/NR FREMF Mortgage Trust,
5.163344%, 9/25/45 35,005
-----------
$ 59,265
-----------
Total Real Estate $ 59,265
----------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.3%
50,000 AAA/Aaa FHR 3211 PB, 5.5%, 2/15/33 $ 53,721
-----------
Total Government $ 53,721
----------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $761,687) $ 786,006
----------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 13.8%
MATERIALS -- 0.3%
Forest Products -- 0.3%
50,000 AAA/Aa1 TSTAR 2006-1A A, 5.668%, 10/15/36 $ 54,142
-----------
Total Materials $ 54,142
----------------------------------------------------------------------------------------------------
BANKS -- 9.9%
Thrifts & Mortgage Finance -- 9.9%
28,449 NR/Ba2 Bank of America Alternative Loan Trust,
5.0%, 7/25/19 $ 28,930
22,649 NR/Baa3 Bank of America Alternative Loan Trust,
6.0%, 3/25/34 23,217
31,012 0.71 NR/A1 Bank of America Alternative Loan Trust,
Floating Rate Note, 12/25/33 29,425
36,266 AAA/Aa3 Bank of America Alternative Loan Trust,
5.75%, 4/25/33 37,938
17,885 NR/Baa2 Bank of America Alternative Loan Trust,
5.5%, 9/25/33 18,459
25,408 AAA/NR Bank of America Funding Corp.,
5.5%, 1/25/36 26,155
189,040 AAA/A1 Bayview Commercial Asset Trust,
2.65868%, 7/25/37 16,541
116,686 AA/A3 Bayview Commercial Asset Trust,
2.83149%, 9/25/37 11,564
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11 17
Schedule of Investments | 4/30/11 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
100,000 AAA/Aaa Beluga Master Issuer BV,
1.181%, 4/28/99 $ 146,099
22,479 AAA/Aaa Citigroup Commercial Mortgage,
4.639%, 5/15/43 22,640
10,419 AAA/Ba1 Countrywide Alternative Loan Trust,
4.25%, 4/25/34 10,475
13,738 AAA/B2 Countrywide Alternative Loan Trust,
5.5%, 1/25/35 13,922
22,992 AAA/NR Countrywide Alternative Loan Trust,
5.5%, 8/25/34 22,655
17,649 AAA/Ba2 Countrywide Alternative Loan Trust,
5.5%, 4/25/34 17,830
25,962 0.71 AAA/NR Countrywide Alternative Loan Trust,
Floating Rate Note, 8/25/18 24,828
35,983 AAA/Baa3 Countrywide Home Loan Mortgage Pass
Through Trust, 4.867257%, 12/25/33 34,046
100,000 NR/Aaa Darrowby Plc, 2.3373%, 12/20/43 167,272
1,400,000 BBB/Baa2 Extended Stay America Trust,
1.165%, 1/5/16 27,145
20,876 A-/NR First Horizon Asset Securities, Inc.,
6.0%, 5/25/36 20,998
16,955 AAA/Aaa GS Mortgage Securities Corp., II,
7.12%, 11/18/29 17,961
25,443 AAA/Ba2 JP Morgan Mortgage Trust, 6.0%, 8/25/34 23,723
15,000 AAA/Aaa JPMCC 2002-C3 B, 5.146%, 7/12/35 15,587
7,994 4.98 AAA/A2 JPMMT 2004-A1 3A1, Floating Rate Note,
2/25/34 8,138
34,000 BBB+/NR LB-UBS Commercial Mortgage,
5.616%, 10/15/35 33,278
22,369 AAA/A3 Lehman Brothers Small Balance
Commercial, 5.41%, 12/25/36 22,025
25,884 AAA/NR Master Alternative Loans Trust,
5.5%, 2/25/35 26,643
21,718 AAA/NR Master Alternative Loans Trust,
4.5%, 1/25/15 21,707
14,358 AA/NR Master Alternative Loans Trust,
5.5%, 10/25/19 14,521
33,537 AAA/AAA Master Alternative Loans Trust,
6.0%, 7/25/34 33,882
15,969 6.73 BBB/NR Master Seasoned Securities Trust, Floating
Rate Note, 9/25/32 16,766
6,942 AAA/Aaa Merrill Lynch Mortgage Trust,
4.556%, 6/12/43 7,023
28,946 AAA/A1 MLCC Mortgage Investors, Inc.,
0.48344%, 3/25/30 26,177
16,743 0.49 AAA/Baa2 MLCC Mortgage Investors, Inc., Floating
Rate Note, 4/25/29 15,755
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
100,000 NR/NR Morgan Stanley Remic Trust,
5.0%, 11/26/36 $ 100,000
139,198 AAA/NR Paragon Secured Finance Plc,
1.1375%, 11/15/35 213,398
9,984 BBB/Baa1 RAAC Series, 6.0%, 1/25/32 10,091
26,306 AAA/NR Residential Asset Securitization Trust,
5.5%, 7/25/35 25,228
28,300 A+/NR Residential Asset Securitization Trust,
5.5%, 2/25/35 28,547
27,835 0.43 AAA/Baa2 Sequoia Mortgage Trust, Floating Rate
Note, 3/20/35 23,000
39,215 AAA/Aaa Wachovia Bank Commercial Mortgage,
4.957%, 8/15/35 39,418
6,004,139 0.01 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust, Floating Rate Note, 6/15/45 8,113
5,893 BB/NR WaMu Mortgage Pass Through Certificates,
4.82069%, 9/25/35 5,797
30,564 AAA/NR WaMu Mortgage Pass Through Certificates,
2.73272%, 1/25/35 29,988
18,119 0.49 AAA/Caa1 WaMu Mortgage Pass-Through Certificates,
Floating Rate Note, 4/25/45 15,457
97,334 NR/Aaa Wells Fargo Commercial Mortgage,
3.349%, 10/15/57 98,153
20,103 A/B1 Wells Fargo Mortgage, 5.5%, 10/25/35 20,274
15,086 0.00 A-/NR Wells Fargo Mortgage Backed, Floating
Rate Note, 4/25/36 14,895
32,758 AAA/A1 Wells Fargo Mortgage Backed Securities
Trust, 5.0%, 11/25/36 33,068
23,803 NR/B1 Wells Fargo Mortgage Backed Securities
Trust, 5.75%, 3/25/36 23,402
-----------
$ 1,672,154
-----------
Total Banks $ 1,672,154
-----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.2%
Consumer Finance -- 0.0%
12,150 AAA/Aaa GMAC Mortgage Corp., Loan Trust, 5.5%,
11/25/33 $ 12,272
-----------------------------------------------------------------------------------------------------
Diversified Financial Services -- 2.2%
21,919 AA-/NR Bank of America Mortgage Securities,
5.5%, 11/25/34 $ 22,949
7,100 AAA/NR Bank of America Mortgage Securities,
5.75%, 1/25/35 7,375
20,316 2.75 AAA/Aaa Bank of America Mortgage Securities,
Floating Rate Note, 6/25/34 18,913
12,705 5.12 AAA/NR Bank of America Mortgage Securities,
Floating Rate Note, 9/25/35 12,182
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11 19
Schedule of Investments | 4/30/11 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------------
Diversified Financial Services -- (continued)
7,519 AAA/NR Bank of America Mortgage Securities, Inc.,
5.0%, 8/25/33 $ 7,510
8,094 NR/A2 Citicorp Mortgage Securities, Inc.,
5.5%, 3/25/35 8,149
9,339 NR/B1 CMSI 2006-1 3A1, 5.0%, 2/25/36 9,410
21,010 AAA/Aaa Epic Plc, 1.015%, 10/28/16 33,530
9,254 AAA/Aaa Holland Euro-Denominated Mortgage,
1.096%, 8/18/39 13,697
20,770 5.50 AAA/B2 RALI 2004-QS16 1A1, Floating Rate Note,
12/25/34 21,025
58,412 NR/Ba1 Residential Accredited Loans, Inc.,
5.0%, 5/25/19 58,411
28,718 AAA/NR Residential Accredited Loans, Inc.,
6.0%, 10/25/34 29,020
21,688 0.81 AAA/Ba1 Residential Accredited Loans, Inc.,
Floating Rate Note, 1/25/34 20,235
36,046 4.25 AAA/Baa3 Residential Accredited Loans, Inc.,
Floating Rate Note, 1/25/34 36,451
28,255 NR/Ba3 Residential Accredited Loans, Inc.,
5.0%, 8/25/18 28,466
51,486 0.81 AAA/Baa1 Residential Accredited Loans, Inc.,
Floating Rate Note, 10/25/17 50,635
-----------
$ 377,958
-------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.0%
820 5.52 NR/Aaa Bear Stearns Commercial Mortgage,
Floating Rate Note, 4/12/38 $ 820
-------------------------------------------------------------------------------------------------------
Specialized Finance -- 1.0%
17,394 0.00 AAA/NR CW Capital Cobalt, Ltd., 5.174%, 8/15/48 $ 17,791
100,000 0.00 AAA/Aaa Permanent Master Issuer Plc,
2.577%, 7/15/42 147,591
-----------
$ 165,382
-----------
Total Diversified Financials $ 556,432
-------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.4%
Mortgage Real Estate Investment Trust -- 0.4%
19,814 1.61 AA+/Aa2 Credit Suisse First Boston Mortgage,
Floating Rate Note, 12/25/33 $ 19,015
50,000 BBB/A3 Credit Suisse First Boston Mortgage
Securities Corp., 6.448%, 9/15/34 50,005
-----------
$ 69,020
-----------
Total Real Estate $ 69,020
-------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost $2,322,185) $ 2,351,748
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11
---------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 29.1%
ENERGY -- 2.5%
Integrated Oil & Gas -- 0.1%
23,000 BBB+/Baa1 Marathon Oil Corp., 5.9%, 3/15/18 $ 26,114
---------------------------------------------------------------------------------------------------
Oil & Gas Drilling -- 0.2%
25,000 BBB-/Ba1 Pride International, Inc.,
6.875%, 8/15/20 $ 28,893
---------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.2%
25,000 BBB/Baa2 Weatherford International, Ltd.,
9.625%, 3/1/19 $ 32,422
---------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.1%
10,000 BBB/Baa1 Canadian National Resources, Inc.,
5.9%, 2/1/18 $ 11,393
---------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.6%
40,000 A/A2 Motiva Enterprises LLC,
5.75%, 1/15/20 (144A) $ 44,317
25,000 BBB/Baa2 Spectra Energy Capital Co.,
6.2%, 4/15/18 28,123
21,000 BBB/Baa2 Valero Energy Corp., 9.375%, 3/15/19 27,280
-----------
$ 99,720
---------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.3%
25,000 BBB/Baa3 Buckeye Partners LP, 6.05%, 1/15/18 $ 27,726
25,000 BBB/Baa2 DCP Midstream LP, 9.75%, 3/15/19 32,457
40,000 BB/Ba1 Enterprise Products Operating Co.,
7.0%, 6/1/67 39,950
10,000 BBB/Baa2 Kinder Morgan Energy Co.,
5.95%, 2/15/18 11,182
25,000 BBB-/Baa3 Plains All America Pipeline, LP,
6.125%, 1/15/17 27,839
10,000 A/A3 Questar Pipeline Co., 5.83%, 2/1/18 11,174
30,000 BBB-/Ba1 Rockies Express Pipeline LLC,
5.625%, 4/15/20 30,367
10,000 BBB/Baa2 Spectra Energy Capital LLC,
6.75%, 7/15/18 11,272
20,000 BB+/Baa3 Williams Companies, Inc.,
7.75%, 6/15/31 24,271
-----------
$ 216,238
-----------
Total Energy $ 414,780
---------------------------------------------------------------------------------------------------
MATERIALS -- 1.5%
Aluminum -- 0.1%
25,000 BBB-/Baa3 Alcoa, Inc., 6.15%, 8/15/20 $ 26,919
---------------------------------------------------------------------------------------------------
Commodity Chemicals -- 0.1%
20,000 BB-/B1 Nova Chemicals Corp., 8.375%, 11/1/16 $ 22,600
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11 21
Schedule of Investments | 4/30/11 (unaudited) (continued)
---------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------
Construction Materials -- 0.2%
30,000 BBB/Baa2 Holcim, Ltd., 6.0%, 12/30/19 (144A) $ 31,983
---------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.2%
35,000 BBB-/Baa3 AngloGold Ashanti Holdings, Ltd.,
5.375%, 4/15/20 $ 35,995
---------------------------------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 0.2%
25,000 BB+/Ba1 CF Industries Holdings, Inc.,
6.875%, 5/1/18 $ 28,219
---------------------------------------------------------------------------------------------------
Paper Products -- 0.1%
15,000 BBB/Ba1 Georgia-Pacific LLC, 5.4%, 11/1/20 $ 15,133
---------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.2%
25,000 BBB/Baa2 Cytec Industries, Inc., 8.95%, 7/1/17 $ 30,882
---------------------------------------------------------------------------------------------------
Steel -- 0.4%
30,000 BBB-/Baa3 ArcelorMittal, SA, 6.125%, 6/1/18 $ 32,458
25,000 BBB-/Baa3 Commercial Metals Co., 7.35%, 8/15/18 27,260
-----------
$ 59,718
-----------
Total Materials $ 251,449
---------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.9%
Aerospace & Defense -- 0.2%
30,000 BB/Ba3 Esterline Technologies, Inc.,
6.625%, 3/1/17 $ 31,425
---------------------------------------------------------------------------------------------------
Building Products -- 0.3%
55,000 BBB/Ba2 Masco Corp., 7.125% 3/15/20 $ 57,415
---------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 0.1%
10,000 BBB+/Baa2 Cummins, Inc., 6.75%, 2/15/27 $ 10,702
---------------------------------------------------------------------------------------------------
Electrical Component & Equipment -- 0.2%
25,000 B+/Ba2 Belden CDT, Inc., 7.0%, 3/15/17 $ 25,813
---------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.3%
3,000,000 BBB/Baa3 Genworth Financial Assurance Holdings,
Inc., 1.6%, 6/20/11 $ 36,858
10,000 A-/Baa1 Tyco International Finance SA,
8.5%, 1/15/19 12,767
-----------
$ 49,625
---------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.2%
15,000 BBB+/Baa1 Ingersoll-Rand Global Holding, Inc.,
9.5%, 4/15/14 $ 18,062
20,000 BBB-/Baa3 Valmont Industries, Inc.,
6.625%, 4/20/20 21,501
-----------
$ 39,563
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11
----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
----------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.6%
55,000 BBB-/BBB- Aviation Capital Group Corp.,
6.75%, 4/6/21 $ 55,431
40,000 BBB/Baa1 GATX Financial Corp., 6.0%, 2/15/18 43,265
-----------
$ 98,696
-----------
Total Capital Goods $ 313,239
----------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.2%
Office Services & Supplies -- 0.2%
25,000 BBB+/A2 Pitney Bowes, Inc., 5.6%, 3/15/18 $ 26,668
-----------
Total Commercial Services & Supplies $ 26,668
----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.3%
Airlines -- 0.1%
15,000 A-/Baa2 Delta Air Lines, Inc., 4.95%, 11/23/19 $ 15,000
----------------------------------------------------------------------------------------------------
Railroads -- 0.2%
25,000 BBB+/A3 Burlington Santa Fe Corp.,
5.75%, 3/15/18 $ 28,226
-----------
Total Transportation $ 43,226
----------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.7%
Automobile Manufacturers -- 0.7%
100,000 A-/A3 BMW Australia Finance, Ltd.,
6.5%, 2/28/14 $ 110,271
10,000 BBB+/Baa2 Nissan Motor Acceptance Corp.,
4.5%, 1/30/15 (144A) 10,514
-----------
$ 120,785
-----------
Total Automobiles & Components $ 120,785
----------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.2%
Household Appliances -- 0.2%
25,000 BBB-/Baa3 Whirlpool Corp., 5.5%, 3/1/13 $ 26,603
-----------
Total Consumer Durables & Apparel $ 26,603
----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.7%
Casinos & Gaming -- 0.2%
25,000 BBB/Baa2 International Game Technology, Inc.,
7.5%, 6/15/19 $ 28,765
----------------------------------------------------------------------------------------------------
Education Services -- 0.5%
30,000 AAA/Aaa Leland Stanford Junior University,
4.75%, 5/1/19 $ 32,399
50,000 AAA/Aaa Yale University, 2.9%, 10/15/14 52,231
-----------
$ 84,630
-----------
Total Consumer Services $ 113,395
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11 23
Schedule of Investments | 4/30/11 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
----------------------------------------------------------------------------------------------------
MEDIA -- 0.3%
Cable & Satellite -- 0.3%
25,000 BBB+/Baa1 British Sky Broadcasting, Ltd.,
6.1%, 2/15/18 (144A) $ 28,047
10,000 BBB/Baa2 Time Warner Cable, Inc., 8.25%, 4/1/19 12,406
5,000 BBB/Baa2 Time Warner Cable, Inc., 8.75, 2/14/19 6,341
-----------
$ 46,794
-----------
Total Media $ 46,794
----------------------------------------------------------------------------------------------------
RETAILING -- 0.3%
Internet Retail -- 0.3%
50,000 BBB-/Ba1 Expedia, Inc., 5.95%, 8/15/20 $ 49,250
-----------
Total Retailing $ 49,250
----------------------------------------------------------------------------------------------------
FOOD & DRUG RETAILING -- 0.1%
Drug Retail -- 0.1%
14,915 0.00 BBB+/Baa2 CVS Pass-Through Trust,
5.773%, 1/10/33 $ 15,402
-----------
Total Food & Drug Retailing $ 15,402
----------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.9%
Agricultural Products -- 0.3%
50,000 BBB-/Ba1 Viterra, Inc., 5.95%, 8/1/20 $ 50,536
----------------------------------------------------------------------------------------------------
Brewers -- 0.1%
20,000 A-/Baa1 Anheuser-Busch InBev Worldwide, Inc.,
7.75%, 1/15/19 $ 25,077
----------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.3%
45,000 BBB-/Baa2 Kraft Foods, Inc., 6.5%, 2/9/40 $ 50,194
----------------------------------------------------------------------------------------------------
Tobacco -- 0.2%
25,000 BBB/WR UST, Inc., 5.75%, 3/1/18 $ 26,746
-----------
Total Food, Beverage & Tobacco $ 152,553
----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.1%
Health Care Facilities -- 0.1%
5,000 BB-/B2 HCA, Inc., 9.125%, 11/15/14 $ 5,250
10,000 BB/Ba3 HCA, Inc., 8.5%, 4/15/19 11,100
-----------
$ 16,350
-----------
Total Health Care Equipment & Services $ 16,350
----------------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 0.2%
Biotechnology -- 0.2%
25,000 BBB+/Baa3 Biogen Idec, Inc., 6.0%, 3/1/13 $ 26,826
-----------
Total Pharmaceuticals & Biotechnology $ 26,826
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
BANKS -- 6.7%
Diversified Banks -- 4.7%
50,000 AAA/NR AXA Bank Europe SCF, 3.5%, 11/5/20 $ 69,526
80,000 5.18 AA-/Aa3 BNP Paribas SA, Floating Rate Note,
10/17/16 116,725
100,000 AAA/Aaa Cooperative Centrale Raiffeisen, 6.0%,
10/29/15 108,411
50,000 AAA/Aaa Inter-American Development Bank, Ltd.,
6.5%, 8/20/19 56,112
285,000 AAA/Aaa International Bank Recon & Development,
Ltd., 5.75%, 10/21/19 305,745
40,000 AAA/Aaa Rabobank Nederland NV, 0.0%, 3/3/15 18,906
80,000 3.63 A-/A2 Standard Chartered, Ltd., Floating Rate
Note, 2/3/17 117,893
-----------
$ 793,318
---------------------------------------------------------------------------------------------------------
Regional Banks -- 1.0%
40,000 BB/Baa3 Capital One Capital VI, 8.875%, 5/15/40 $ 42,250
25,000 A+/Aa3 Mellon Funding Corp., 5.5%, 11/15/18 27,756
65,000 8.25 BBB/Baa3 PNC Financial Services Group, Inc.,
Floating Rate Note, 5/29/49 68,795
20,000 AA-/Aa3 Wachovia Bank NA, 6.0%, 11/15/17 22,597
-----------
$ 161,398
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 1.0%
100,000 AAA/Aaa Cie de Financement Foncier SA,
4.625%, 12/28/12 $ 174,546
-----------
Total Banks $ 1,129,262
---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.0%
Asset Management & Custody Banks -- 0.2%
25,000 A-/A3 Eaton Vance Corp., 6.5%, 10/2/17 $ 28,718
---------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.5%
35,000 A+/A1 American Honda Finance, Inc.,
6.7%, 10/1/13 (144A) $ 39,111
25,000 A/A2 Caterpillar Financial, Inc., 7.05%, 10/1/18 30,634
30,000 B/B3 Springleaf Finance Corp.,
6.9%, 12/15/17 28,125
-----------
$ 97,870
---------------------------------------------------------------------------------------------------------
Diversified Financial Services -- 1.2%
20,000 BBB/Baa2 Alterra Finance LLC, 6.25%, 9/30/20 $ 20,504
65,000 AAA/Aaa European Investment Bank, Ltd.,
0.0%, 3/2/15 31,441
15,000 AA+/Aa2 General Electric Capital Corp.,
4.0%, 2/15/12 15,388
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11 25
Schedule of Investments | 4/30/11 (unaudited) (continued)
-------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------------
Diversified Financial Services -- (continued)
25,000 A+/Aa3 JPMorgan Chase & Co., 6.0%, 1/15/18 $ 27,821
100,000 BBB+/Baa1 JPMorgan Chase & Co., 7.9%, 4/29/49 109,873
-----------
$ 205,027
-------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 1.8%
110,000 5.79 BBB-/Baa2 Goldman Sachs Capital, Inc., Floating Rate
Note, 12/29/49 $ 94,875
35,000 BBB/Baa2 Jefferies Group, Inc., 5.125%, 4/13/18 35,221
25,000 BBB/Baa2 Jefferies Group, Inc., 6.875%, 4/15/21 27,406
10,000 A-/A2 Macquarie Group, Ltd., 6.0%, 1/14/20 10,205
50,000 A/A2 Merrill Lynch & Co., 5.45%, 2/5/13 53,218
10,000 A/A2 Morgan Stanley Co., 5.5%, 1/26/20 10,236
45,000 6.63 A/A2 Morgan Stanley Dean Witter Co., Floating
Rate Note, 4/1/18 50,237
25,000 BBB/Baa2 Raymond James Financial, Inc.,
4.25%, 4/15/16 25,655
-----------
$ 307,053
-------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.3%
41,000 BBB/Baa3 Cantor Fitzgerald LP, 7.875%, 10/15/19 $ 43,555
10,000 A+/A1 National Rural Utilities Corp.,
5.45%, 2/1/18 11,100
-----------
$ 54,655
-----------
Total Diversified Financials $ 693,323
-------------------------------------------------------------------------------------------------------
INSURANCE -- 2.8%
Life & Health Insurance -- 1.2%
35,000 BBB/Baa3 Delphi Financial Group, Inc.,
7.875%, 1/31/20 $ 38,827
25,000 BBB/Ba1 Lincoln National Corp., 6.05%, 4/20/67 24,813
15,000 A-/Baa2 Lincoln National Corp., 8.75%, 7/1/19 19,293
35,000 BBB/Baa2 MetLife, Inc., 10.75%, 8/1/39 49,350
45,000 A-/Baa2 Protective Life Corp., 7.375%, 10/15/19 50,990
25,000 A/Baa2 Prudential Financial, Inc.,
5.15%, 1/15/13 26,467
-----------
$ 209,740
-------------------------------------------------------------------------------------------------------
Multi-Line Insurance -- 0.5%
40,000 BBB/Baa3 Genworth Financial, Inc., 7.2%, 2/15/21 $ 40,138
45,000 BB/Baa3 Liberty Mutual Group, Inc., 7.0%,
3/15/37 (144A) 44,325
-----------
$ 84,463
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.6%
50,000 BBB-/Baa3 The Hanover Insurance Group, Inc.,
7.5%, 3/1/20 $ 53,669
25,000 BB-/Ba1 The Hanover Insurance Group, Inc.,
8.207%, 2/3/27 22,375
20,000 BB/Ba2 White Mountains Re Group, Ltd.,
7.506%, 5/29/49 19,647
-----------
$ 95,691
-----------------------------------------------------------------------------------------------------
Reinsurance -- 0.5%
40,000 BBB+/BBB+ Platinum Underwriters HD, 7.5%, 6/1/17 $ 42,846
35,000 BBB-/Baa3 Reinsurance Group of America, Inc.,
6.75%, 12/15/65 34,488
-----------
$ 77,334
-----------
Total Insurance $ 467,228
-----------------------------------------------------------------------------------------------------
REAL ESTATE -- 2.0%
Diversified Real Estate Activities -- 0.2%
35,000 A-/A2 WEA Finance LLC, 7.125%, 4/15/18 $ 41,004
-----------------------------------------------------------------------------------------------------
Diversified Real Estate Investment Trust -- 0.5%
40,000 BBB+/Baa1 Dexus Finance Pty, Ltd.,
7.125%, 10/15/14 $ 45,148
20,000 BBB/Baa2 Digital Realty Trust LP, 4.5%, 7/15/15 20,727
10,000 BBB/Baa2 Digital Realty Trust LP, 5.875%, 2/1/20 10,575
-----------
$ 76,450
-----------------------------------------------------------------------------------------------------
Office Real Estate Investment Trust -- 0.2%
25,000 BBB/Baa2 Mack-Cali Realty LP, 5.125%, 2/15/14 $ 26,740
-----------------------------------------------------------------------------------------------------
Retail Real Estate Investment Trust -- 0.2%
35,000 BB+/Baa3 Developers Diversified Realty, Inc.,
7.5%, 4/1/17 $ 40,212
-----------------------------------------------------------------------------------------------------
Specialized Real Estate Investment Trust -- 0.9%
10,000 BBB-/Baa2 Health Care REIT, Inc., 6.2%, 6/1/16 $ 11,068
25,000 BBB-/Baa3 Healthcare Realty Trust, Inc.,
6.5%, 1/17/17 28,036
25,000 BBB-/Baa2 Hospitality Properties Trust, Inc.,
7.875%, 8/15/14 28,110
45,000 BBB-/Baa3 Senior Housing Properties Trust, Inc.,
6.75%, 4/15/20 47,862
35,000 BBB-/Baa3 Ventas Realty LP/V, 6.5%, 6/1/16 36,209
-----------
$ 151,285
-----------
Total Real Estate $ 335,691
-----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.3%
Internet Software & Services -- 0.3%
45,000 NR/A2 GTP Towers Issuer LLC,
4.436%, 2/15/15 (144A) $ 46,236
-----------
Total Software & Services $ 46,236
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11 27
Schedule of Investments | 4/30/11 (unaudited) (continued)
------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
------------------------------------------------------------------------------------------------------
SEMICONDUCTORS -- 0.2%
Semiconductor Equipment -- 0.2%
25,000 BBB/Baa1 Klac Instruments Corp., 6.9%, 5/1/18 $ 28,287
-----------
Total Semiconductors $ 28,287
------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.5%
Alternative Carriers -- 0.1%
10,000 CCC+/Caa1 Paetec Holdings, Inc., 9.5%, 7/15/15 $ 10,500
------------------------------------------------------------------------------------------------------
Integrated Telecommunication Services -- 1.0%
40,000 BBB+/Baa1 Deutsche Telekom AG, 3.75%, 4/22/14 $ 48,995
20,000 BB/Baa3 Embarq Corp., 7.082%, 6/1/16 22,624
20,000 A/A2 Qtel International Finance, Ltd.,
6.5%, 6/10/14 22,075
50,000 A-/Baa1 Telefonica Emisiones SAU,
5.496%, 4/1/16 78,542
-----------
$ 172,236
------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.4%
35,000 B+/Ba2 Cricket Communications, Inc.,
7.75%, 5/15/16 $ 37,363
30,000 NR/A2 Crown Castle Towers LLC,
4.883%, 8/15/20 29,857
-----------
$ 67,220
-----------
Total Telecommunication Services $ 249,956
------------------------------------------------------------------------------------------------------
UTILITIES -- 1.3%
Electric Utilities -- 0.7%
10,000 BBB+/A3 CenterPoint Energy Houston Electric LLC,
7.0%, 3/1/14 $ 11,469
10,000 A-/Baa1 Commonwealth Edison Co.,
6.15%, 9/15/17 11,509
25,000 BBB/Baa3 Commonwealth Edison Co.,
6.95%, 7/15/18 27,839
10,000 BB+/Ba1 PPL Capital Funding, Inc., 6.7%, 3/30/67 9,938
35,000 BB+/Baa3 Public Service of New Mexico, Inc.,
7.95%, 5/15/18 39,623
10,000 BBB+/A3 West Penn Power Co., 5.95%, 12/15/17 11,287
-----------
$ 111,665
------------------------------------------------------------------------------------------------------
Independent Power Producer & Energy Traders -- 0.4%
44,297 NR/B1 Coso Geothermal Power Holdings, Inc.,
7.0%, 7/15/26 (144A) $ 36,980
38,840 BBB-/Baa3 Panoche Energy Center LLC, 6.88%,
7/31/29 (144A) 40,070
-----------
$ 77,050
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11
-----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-----------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.2%
25,000 BBB+/Baa2 NY State Gas and Electric, Co., 6.15%,
12/15/17 (144A) $ 27,433
-----------
Total Utilities $ 216,148
-----------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.4%
Government -- 0.4%
50,000 NR/NR European Bank for Redevelopment, Ltd.,
1.875%, 12/10/13 $ 83,857
-----------
Total Government $ 83,857
-----------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $4,415,190) $ 4,867,308
-----------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 10.1%
152,265 AAA/Aaa Federal Home Loan Mortgage Corp.,
6.5%, 8/1/37 $ 167,826
219,997 AAA/Aaa Federal National Mortgage Association,
6.5%, 4/1/38 247,254
95,417 AAA/Aaa Federal National Mortgage Association,
6.5%, 1/1/38 107,289
50,000 NR/NR Government National Mortgage
Association, 4.5%, 9/20/39 50,630
981,152 0.70 NR/NR Government National Mortgage
Association, Floating Rate Note,
11/16/51 52,167
25,000 AAA/Aaa U.S. Treasury Bonds, 6.25%, 8/15/23 31,395
206,124 AAA/Aaa U.S. Treasury Inflation Notes,
2.5%, 1/15/29 239,442
75,000 AAA/Aaa U.S. Treasury Notes, 8.75%, 8/25/17 169,670
10,000 AAA/Aaa U.S. Treasury Notes, 4.5%, 5/15/38 10,191
60,000 AAA/Aaa U.S. Treasury Notes, 4.5%, 2/15/36 61,491
100,000 AAA/Aaa U.S. Treasury Notes, 5.375%, 2/15/31 116,188
30,000 AAA/Aaa U.S. Treasury Notes, 4.25%, 5/15/39 29,245
60,000 AAA/Aaa U.S. Treasury Notes, 4.5%, 8/15/39 60,938
350,000 AAA/Aaa U.S. Treasury Notes, 4.75%, 2/15/41 369,797
-----------
$ 1,713,523
-----------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $1,463,414) $ 1,713,523
-----------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 33.1%
200,000 AAA/Aaa Australian Government ACGB,
5.75%, 6/15/11 $ 219,687
EURO 50,000 AAA/Aaa Austria Government Bond,
4.15%, 3/15/37 74,341
EURO 25,000 AA+/Aa1 Belgium Government Bond,
5.5%, 3/28/28 40,911
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11 29
Schedule of Investments | 4/30/11 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
---------------------------------------------------------------------------------------------------------
Foreign Government Bonds -- (continued)
EURO 129,000 AA/Aa2 Bonos Y Oblig Del ES, 4.4%, 1/31/15 $ 193,127
EURO 100,000 AAA/Aaa Bundesrepublik Deutschland,
3.25%, 1/4/20 149,814
EURO 150,000 AAA/Aaa Bundesrepublik Deutschland,
6.5%, 7/4/27 298,072
EURO 110,000 A+/Aa2 Buoni Poliennali DE, 4.75%, 2/1/13 168,573
CAD 225,000 AAA/Aaa Canada Housing Trust No. 1,
3.55%, 9/15/13 246,320
CAD 10,000 AAA/Aaa Canada Housing Trust No. 1,
3.35%, 12/15/20 10,357
CAD 25,000 AAA/Aaa Canada Housing Trust No. 1,
3.75%, 3/15/20 26,924
CAD 100,000 AAA/Aaa Canada Housing Trust No. 1,
3.8%, 6/15/21 106,962
CAD 250,000 AAA/Aaa Canadian Government Bond,
2.0%, 6/1/16 257,002
DKK 250,000 AAA/Aaa Denmark Government Bond,
4.5%, 11/15/39 56,859
DKK 170,000 AAA/Aaa Denmark Government Bond,
4.0%, 11/15/15 35,701
DKK 75,000 AAA/Aaa Denmark Government Bond,
6.0%, 11/15/11 15,331
EURO 25,000 AAA/Aaa France Government Bond,
4.0%, 10/25/38 36,668
EURO 150,000 AAA/Aaa France Government Bond OAT,
3.0%, 10/25/15 224,676
SEK 1,000,000 AAA/Aaa Government of Sweden, 5.5%, 10/8/12 173,313
EURO 117,000 AAA/Aaa Government of France, 3.75%, 4/25/21 175,929
IDR 200,000,000 BB+/NR Indonesia Recapitalization Bond,
14.245%, 6/15/13 26,942
IDR 100,000,000 BB+/NR Indonesia Recapitalization Bond,
14.275%, 12/15/13 13,831
IDR 50,000,000 BB+/Ba1 Indonesia Treasury Bond,
12.5%, 3/15/13 6,467
IDR 100,000,000 BB+/Ba1 Indonesia Treasury Bond,
11.0%, 12/15/12 12,534
IDR 25,000,000 NR/Ba1 Indonesia Treasury Bond, 9.0%, 9/15/13 3,082
EURO 65,000 BBB+/Baa3 Ireland Government Bond, 4.5%, 4/18/20 64,666
EURO 15,000 BBB+/Baa3 Ireland Government Bond,
5.0%, 10/18/20 15,059
EURO 10,000 BBB+/Baa3 Ireland Government Bond,
5.9%, 10/18/19 10,831
EURO 50,000 A+/Aa2 Italy Buoni Polienna, 3.75%, 8/1/16 73,809
EURO 25,000 A+/Aa2 Italy Buoni Polienna, 6.5%, 11/1/27 41,880
EURO 75,000 NR/Aa2 Italy Buoni Poliennali Del Tesoro,
2.25%, 11/1/13 108,748
The accompanying notes are an integral part of these financial statements.
30 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11
--------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
--------------------------------------------------------------------------------------------------------
Foreign Government Bonds -- (continued)
JPY 20,000,000 AA-/Aa2 Japan Government 10-Yr, 1.7%, 9/20/16 $ 261,800
JPY 17,000,000 AA/Aa3 Japan Government 20-Yr, 1.5%, 3/20/19 218,547
JPY 2,500,000 AA-/Aa2 Japan Government 30-Yr,
2.3%, 12/20/36 31,911
JPY 37,000,000 AA-/Aa2 Japan Government 5-Yr, 1.2%, 3/20/12 460,470
2,500 A/Baa1 Mexican Bonos, 9.5%, 12/18/14 24,016
EURO 100,000 NR/Aaa Netherlands Government Bond,
4.25%, 7/15/13 155,660
EURO 150,000 NR/Aaa Netherlands Government Bond,
5.0%, 7/15/11 224,254
EURO 91,000 NR/Aaa Netherlands Government Bond,
5.5%, 1/15/28 162,922
NOK 150,000 AAA/Aaa Norway Government Bond,
4.25%, 5/19/17 30,045
NOK 275,000 AAA/Aaa Norway Government Bond,
5.0%, 5/15/15 56,455
250,000 A/A2 Poland Government Bond, 5.0%, 4/25/16 91,285
EURO 50,000 BBB-/Baa1 Portugal Obrigacoes do Tesouro,
3.85%, 4/15/21 47,295
EURO 50,000 AAA/Aaa Republic of Austria, 4.35%, 3/15/19 78,812
EURO 110,000 AAA/Aaa Republic of Austria, 7.0%, 7/15/14 172,103
300,000 A/A3 South Africa Government Bond,
8.0%, 12/21/18 44,875
EURO 100,000 AA/Aa2 Spain Government Bond, 4.1%, 7/30/18 141,164
SEK 200,000 AAA/Aaa Sweden Government Bond,
3.75%, 8/12/17 34,294
SEK 500,000 AAA/Aaa Sweden Government Bond,
3.5%, 3/30/39 82,524
SEK 1,000,000 AAA/NR Sweden Government Bond,
4.25%, 3/12/19 177,946
SEK 150,000 AAA/Aaa Sweden Government Bond,
4.5%, 8/12/15 26,448
GBP 50,000 AAA/Aaa United Kingdom Gilt, 4.25%, 9/7/39 84,614
GBP 60,000 AAA/Aaa United Kingdom Treasury,
4.25%, 12/7/27 102,900
-----------
$ 5,598,756
--------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $5,249,878) $ 5,598,756
--------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 2.5%
GOVERNMENT -- 2.5%
Municipal Airport -- 0.1%
20,000 BBB/Baa2 Indianapolis Airport Authority,
5.1%, 1/15/17 $ 21,621
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11 31
Schedule of Investments | 4/30/11 (unaudited) (continued)
----------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
----------------------------------------------------------------------------------------------------
Municipal Development -- 0.3%
50,000 AA-/Aa3 California Statewide Communities
Development Authority, 6.0%, 8/15/42 $ 50,706
----------------------------------------------------------------------------------------------------
Municipal Higher Education -- 1.8%
50,000 AA+/Aa2 California State University Revenue,
5.0%, 11/1/39 $ 45,162
25,000 AAA/Aaa Connecticut State Health & Educational,
5.0%, 7/1/42 25,420
10,000 AAA/Aaa Massachusetts Health & Educational
Facilities, 5.5%, 7/1/36 10,670
70,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 5.5%, 11/15/36 75,362
20,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 6.0%, 7/1/36 22,117
25,000 AAA/Aaa Massachusetts State Health &
Educational, 5.5%, 7/1/32 29,141
30,000 AAA/Aaa Missouri State Health & Educational
Facilities, 5.0%, 11/15/39 30,733
50,000 AAA/Aaa New York State Dormitory Authority,
5.0%, 7/1/38 51,330
20,000 AAA/Aaa Texas A&M University, 5.0%, 7/1/30 21,385
-----------
$ 311,320
----------------------------------------------------------------------------------------------------
Municipal Water -- 0.3%
25,000 AAA/Aa1 City of Charleston South Carolina,
5.0%, 1/1/41 $ 25,713
20,000 AAA/Aa2 Hampton Roads Sanitation District,
5.0%, 4/1/38 20,268
-----------
$ 45,981
-----------
Total Government $ 429,628
----------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $419,732) $ 429,628
----------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 94.0%
(Cost $14,760,279) (a) $15,888,547
----------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 6.0% $ 1,022,467
----------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $16,911,014
====================================================================================================
WR Withdrawn Rating.
NR Not rated by either S&P or Moody's.
(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, 2011, the value of these securities amounted to $349,016 or 2.1% of
total net assets.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11
(a) At April 30, 2011, the net unrealized gain on investments based on cost
for federal income tax purposes of $14,760,279 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $1,222,922
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (94,654)
----------
Net unrealized gain $1,128,268
==========
(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 noted:
CAD Canadian Dollar
DKK Danish Kroner
EURO Euro
GBP British Pound Sterling
JPY Japanese Yen
NOK Norwegian Krone
IDR Indonesian Rupiah
SEK Swedish Krone
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended April 30, 2011 aggregated $6,266,875 and $2,738,004,
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, 2011, in valuing
the Fund's assets:
----------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $ 59,844 $ -- $ 59,844
Preferred Stocks 81,734 -- -- 81,734
Asset Backed Securities -- 786,006 -- 786,006
Collateralized Mortgage Obligations -- 2,351,748 -- 2,351,748
Corporate Bonds -- 4,867,308 -- 4,867,308
U.S. Government Agency Obligations -- 1,713,523 -- 1,713,523
Foreign Government Bonds -- 5,598,756 -- 5,598,756
Municipal Bonds -- 429,628 -- 429,628
----------------------------------------------------------------------------------------------
Total $ 81,734 $15,806,813 $ -- $15,888,547
==============================================================================================
Other Financial Instruments* $ (2,235) $ (7,356) $ -- $ (9,590)
==============================================================================================
* Other financial instruments include futures and foreign exchange contracts.
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11 33
Statement of Assets and Liabilities | 4/30/11 (unaudited)
ASSETS:
Investment in securities, at value (cost $14,760,279) $15,888,547
Cash 845,049
Futures Collateral 1,600
Foreign currencies, at value (cost $145,069) 156,294
Receivables --
Fund shares sold 3,890
Dividends and interest 185,005
Due from Pioneer Investment Management, Inc. 19,176
Other 26,854
-------------------------------------------------------------------------------------
Total assets $17,126,415
-------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 41,322
Fund shares repurchased 87,539
Dividends 22,949
Forward foreign currency portfolio hedge contracts, open-net 7,356
Due to affiliates 2,176
Accrued expenses 54,059
-------------------------------------------------------------------------------------
Total liabilities $ 215,401
-------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital 15,725,572
Distributions in excess of net investment income (20,072)
Accumulated net realized gain on investments, foreign currency
transactions, and futures contracts 69,907
Net unrealized gain on investments 1,128,268
Net unrealized gain on forward foreign currency contracts and other
assets and liabilities denominated in foreign currencies 9,574
Net unrealized loss on futures contracts (2,235)
-------------------------------------------------------------------------------------
Total net assets $16,911,014
=====================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $11,485,100/1,018,635 shares) $ 11.27
Class C (based on $3,408,060/302,119 shares) $ 11.28
Class Y (based on $2,017,854/178,565 shares) $ 11.30
MAXIMUM OFFERING PRICE:
Class A ($11.80 [divided by] 95.5%) $ 11.80
=====================================================================================
The accompanying notes are an integral part of these financial statements.
34 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11
Statement of Operations (unaudited)
For the Period Ended 4/30/11
INVESTMENT INCOME:
Dividends $ 492
Interest (net of foreign taxes withheld of $16) 303,332
----------------------------------------------------------------------------------------------------
Total investment income $ 303,824
----------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 35,389
Transfer agent fees and expenses
Class A 5,212
Class C 1,979
Class Y 110
Distribution fees
Class A 8,217
Class C 16,029
Shareholder communication expense 3,548
Administrative reimbursements 2,167
Custodian fees 3,426
Registration fees 66,264
Professional fees 31,966
Printing expense 7,477
Fees and expenses of nonaffiliated trustees 3,052
Miscellaneous 2,333
----------------------------------------------------------------------------------------------------
Total expenses $ 187,169
Less fees waived and expenses reimbursed by
Pioneer Investment Management, Inc. (101,043)
----------------------------------------------------------------------------------------------------
Net expenses $ 86,126
----------------------------------------------------------------------------------------------------
Net investment income $ 217,698
----------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS, AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain on:
Investments $ 5,431
Futures contracts 1,165
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies 63,311 $ 69,907
----------------------------------------------------------------------------------------------------
Change in net unrealized gain on:
Investments $ 148,975
Futures contracts (2,235)
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies (20,616) $ 126,124
----------------------------------------------------------------------------------------------------
Net gain on investments, futures contracts and foreign currency
transactions $ 196,031
----------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 413,729
====================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11 35
Statements of Changes in Net Assets
For the Six Months Ended 4/30/11 and the Year Ended 11/30/10, respectively
-------------------------------------------------------------------------------------------------
Six Months
Ended
4/30/11 Year Ended
(unaudited) 11/30/10
-------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 217,698 $ 373,430
Net realized gain (loss) on investments, futures contracts, and
foreign currency transactions 69,907 (2,128)
Change in net unrealized gain on investments, futures contracts
and foreign currency transactions 126,124 475,934
-------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 413,729 $ 847,236
-------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.18 and $0.40 per share, respectively) $ (107,029) $ (205,285)
Class C ($0.13 and $0.30 per share, respectively) (37,756) (93,978)
Class Y ($0.18 and $0.41 per share, respectively) (71,685) (130,900)
Net realized gain:
Class A ($0.00 and $0.01 per share, respectively) $ -- $ (5,781)
Class C ($0.00 and $0.01 per share, respectively) -- (3,080)
Class Y ($0.00 and $0.01 per share, respectively) (3,841)
-------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (216,470) $ (442,865)
-------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 7,419,846 $ 6,586,211
Reinvestment of distributions 88,176 170,192
Cost of shares repurchased (4,497,828) (3,979,991)
-------------------------------------------------------------------------------------------------
Net increase in net assets resulting from Fund share
transactions $ 3,010,194 $ 2,776,412
-------------------------------------------------------------------------------------------------
Net increase in net assets $ 3,207,453 $ 3,180,783
NET ASSETS:
Beginning of period 13,703,561 10,522,778
-------------------------------------------------------------------------------------------------
End of period $16,911,014 $13,703,561
-------------------------------------------------------------------------------------------------
Distributions in excess of net investment income $ (20,072) $ (38,992)
-------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11
----------------------------------------------------------------------------------------------
'11 Shares '11 Amount '10 Shares '10 Amount
----------------------------------------------------------------------------------------------
Class A
Shares sold 579,829 $ 6,396,190 249,681 $2,707,812
Reinvestment of distributions 6,529 71,998 12,059 129,397
Less shares repurchased (124,696) (1,361,614) (206,006) (2,197,810)
----------------------------------------------------------------------------------------------
Net increase 461,662 $ 5,106,574 55,734 $ 639,399
==============================================================================================
Class C
Shares sold 37,874 $ 415,057 89,259 $ 962,994
Reinvestment of distributions 1,468 16,150 3,808 40,774
Less shares repurchased (28,858) (314,779) (104,501) (1,108,874)
----------------------------------------------------------------------------------------------
Net increase (decrease) 10,484 $ 116,428 (11,434) $ (105,106)
==============================================================================================
Class Y
Shares sold 55,596 $ 608,599 271,098 $2,915,405
Reinvestment of distributions 3 28 2 21
Less shares repurchased (251,727) (2,821,435) (63,073) (673,307)
----------------------------------------------------------------------------------------------
Net increase (decrease) (196,128) $ (2,212,808) 208,027 $2,242,119
==============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11 37
Financial Highlights
---------------------------------------------------------------------------------------------------
Six Months 12/28/07 (a)
Ended (Commencement
4/30/11 Year Ended Year Ended of Operations)
(unaudited) 10/31/10 10/31/09 to 10/31/08
---------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 11.19 $10.84 $ 9.25 $10.00
---------------------------------------------------------------------------------------------------
Increase (decrease) from investment
operations:
Net investment income $ 0.19 $ 0.35 $ 0.39 $ 0.25
Net realized and unrealized gain (loss) on
investments, futures contracts and
foreign currency transactions 0.07 0.41 1.57 (0.75)
---------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from investment operations $ 0.26 $ 0.76 $ 1.96 $(0.50)
Distributions to shareowners:
Net investment income (0.18) (0.40) (0.37) (0.18)
Net realized gain -- (0.01) -- (0.02)
Tax return of capital -- -- -- (0.05)
---------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.08 $ 0.35 $ 1.59 $(0.75)
---------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.27 $11.19 $10.84 $ 9.25
===================================================================================================
Total return* 2.35% 7.21% 21.58% (5.18)%***
Ratio of net expenses to average net assets 1.00%** 1.00% 1.00% 1.00%**
Ratio of net investment income to average
net assets 3.29%** 3.26% 3.83% 3.23%**
Portfolio turnover rate 43%** 27% 28% 46%***
Net assets, end of period (in thousands) $11,485 $6,235 $5,434 $3,628
Ratios with no waiver of fees and
assumption of expenses by the Adviser:
Net expenses 2.59%** 2.35% 2.90% 3.16%**
Net investment income 1.69%** 1.91% 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.
38 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11
---------------------------------------------------------------------------------------------------
Six Months 12/28/07 (a)
Ended (Commencement
4/30/11 Year Ended Year Ended of Operations)
(unaudited) 10/31/10 10/31/09 to 10/31/08
---------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $11.19 $10.82 $ 9.23 $10.00
---------------------------------------------------------------------------------------------------
Increase (decrease) from investment
operations:
Net investment income $ 0.13 $ 0.25 $ 0.29 $ 0.18
Net realized and unrealized gain (loss) on
investments, futures contracts and
foreign currency transactions 0.09 0.43 1.58 (0.76)
---------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from investment operations $ 0.22 $ 0.68 $ 1.87 $(0.58)
Distributions to shareowners:
Net investment income (0.13) (0.30) (0.28) (0.12)
Net realized gain -- (0.01) -- (0.02)
Tax return of capital -- -- -- (0.05)
---------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.09 $ 0.37 $ 1.59 $(0.77)
---------------------------------------------------------------------------------------------------
Net asset value, end of period $11.28 $11.19 $10.82 $ 9.23
===================================================================================================
Total return* 1.98% 6.45% 20.55% (5.95)%***
Ratio of net expenses to average net assets 1.90%** 1.90% 1.89% 1.90%**
Ratio of net investment income to average
net assets 2.44%** 2.37% 2.94% 2.29%**
Portfolio turnover rate 43%** 27% 28% 46%***
Net assets, end of period (in thousands) $3,408 $3,264 $3,281 $2,471
Ratios with no waiver of fees and
assumption of expenses by the Adviser:
Net expenses 3.33%** 3.00% 3.57% 3.84%**
Net investment income 1.01%** 1.27% 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 | 4/30/11 39
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------
Six Months 12/28/07 (a)
Ended (Commencement
4/30/11 Year Ended Year Ended of Operations)
(unaudited) 10/31/10 10/31/09 to 10/31/08
---------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $11.22 $10.85 $ 9.25 $10.00
---------------------------------------------------------------------------------------------------
Increase (decrease) from investment
operations:
Net investment income $ 0.16 $ 0.34 $ 0.38 $ 0.27
Net realized and unrealized gain (loss) on
investments, futures contracts and
foreign currency transactions 0.10 0.45 1.59 (0.77)
---------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from investment operations $ 0.26 $ 0.79 $ 1.97 $(0.50)
Distributions to shareowners:
Net investment income (0.18) (0.41) (0.37) (0.18)
Net realized gain -- (0.01) -- (0.02)
Tax return of capital -- -- -- (0.05)
---------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.08 $ 0.37 $ 1.60 $(0.75)
---------------------------------------------------------------------------------------------------
Net asset value, end of period $11.30 $11.22 $10.85 $ 9.25
===================================================================================================
Total return* 2.36% 7.48% 21.69% (5.12)%***
Ratio of net expenses to average net assets 1.06%** 0.94% 1.00% 0.89%**
Ratio of net investment income to average
net assets 3.24%** 3.31% 3.83% 3.22%**
Portfolio turnover rate 43%** 27% 28% 46%***
Net assets, end of period (in thousands) $2,018 $4,205 $1,809 $1,542
Ratios with no waiver of fees and
assumption of expenses by the Adviser:
Net expenses 2.25%** 1.86% 2.48% 2.82%**
Net investment income 2.06%** 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.
40 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11
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 the Fund more susceptible to
any economic, political, or regulatory developments or other risks affecting
those industries and sectors. The Fund's investments in foreign markets and
countries with limited developing markets may subject the Fund to a greater
degree of risk than 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
that 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 | 4/30/11 41
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.
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, 2011, there were no securities that were valued using
fair value methods (other than securities valued using prices supplied by
independent pricing services). Inputs used when applying fair value methods
to value a security may include credit ratings, the financial condition of
the company, current market conditions and comparable securities. Short-term
fixed income securities with remaining maturities of sixty days or less
generally are valued at amortized cost.
42 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11
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 | 4/30/11 43
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 payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the year ended October 31, 2010 was as follows:
--------------------------------------------------------------------------------
2010
--------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $412,471
Long-term capital gain 12,702
Distribution in excess of net investment income 17,692
--------------------------------------------------------------------------------
Total $442,865
================================================================================
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2010:
--------------------------------------------------------------------------------
2010
--------------------------------------------------------------------------------
Distributable earnings:
Current year dividend payable $ (21,300)
Unrealized appreciation 1,009,483
--------------------------------------------------------------------------------
Total $ 988,183
================================================================================
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 $2,121 in underwriting commissions on the sale of Class A shares
during the six months ended April 30, 2011.
44 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A and Class C shares of the Fund, respectively (see
Note 4). Class Y 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 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 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
value of the loaned securities that may occur during the term of the loan
will be for the account of the Fund. The amount of the collateral is
required to be adjusted daily to reflect any price fluctuation in the value
of the loaned securities. 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.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11 45
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 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. The average number of contracts open during the six months ended
April 30, 2011 was 0.57.
At April 30, 2011, open futures contracts were as follows:
----------------------------------------------------------------------------------
Number of
Contracts Settlement Unrealized
Type Long/(Short) Month Value Gain/(Loss)
----------------------------------------------------------------------------------
U.S. 10 Year Note (1) 6/11 $(121,234) $(2,235)
----------------------------------------------------------------------------------
$(2,235)
==================================================================================
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.
46 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11
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 and Class C shares. There can be no assurance that PIM will extend the
expense limitation agreement for a class of shares beyond the date referred to
above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$538 in management fees, administrative costs and certain other reimbursements
payable to PIM at April 30, 2011.
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 six months ended April 30, 2011, such out-of-pocket expenses by class
of shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $1,116
Class C 805
Class Y 1,627
--------------------------------------------------------------------------------
Total $3,548
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $1,294 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at April 30, 2011.
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
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11 47
on the Statement of Assets and Liabilities is $344 in distribution fees payable
to PFD at April 30, 2011.
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 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, 2011, CDSCs in the amount of $617 were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result 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, 2011, the Fund's
expenses were not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At April 30, 2011, the Fund had entered into various forward foreign currency
contracts that obligate the Fund to deliver or take delivery of currencies at
specified future maturity dates. Alternatively, prior to the settlement date of
a forward foreign currency contract, the Fund may close out such contract by
entering into an offsetting contract. The average value of contracts open
during the six months ended April 30, 2011 was $476,580. There were no
outstanding settlement contracts at April 30, 2011. Open portfolio hedges at
April 30, 2011 were as follows:
-------------------------------------------------------------------------------------------------
Net Net
Contracts to In Exchange Settlement Unrealized
Currency deliver For USD Date Value Gain (Loss)
-------------------------------------------------------------------------------------------------
CAD
(Canadian Dollar) 300,000 $ 313,589 6/15/11 $ 316,773 $ 3,184
EUR
(Euro) (250,000) (352,649) 6/15/11 (370,471) (17,822)
GBP
(Pound Sterling) (200,000) (321,207) 6/15/11 (334,035) (12,828)
JPY
(Japanese Yen) (40,000,000) (507,699) 6/15/11 (493,120) 14,579
NOK
(Norwegian Krone) 1,700,000 318,006 6/25/11 323,537 5,531
-------------------------------------------------------------------------------------------------
Total $ (7,356)
=================================================================================================
48 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11
7. Additional Disclosures about Derivative Instruments and Hedging Activities
The effect of derivative instruments on the Statement of Operations for the six
months ended, April 30, 2011 was as follows:
----------------------------------------------------------------------------------------------------------
Change in
Unrealized
Realized Gain Gain or
or (Loss) (Loss) on
on Derivatives Derivatives
Location of Gain or (Loss) On Recognized Recognized
Derivatives Derivatives Recognized in Income in Income in Income
----------------------------------------------------------------------------------------------------------
Interest Rate Futures Net realized gain on futures contracts $1,165
Interest Rate Futures Change in net unrealized gain (loss) on $2,047
futures contracts
Foreign Exchange Contracts Net realized gain on forward foreign $63,311
currency contracts and other assets and
liabilities denominated in foreign
currencies
Foreign Exchange Contracts Change in unrealized gain (loss) on $(20,616)
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, 2011, 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 | 4/30/11 49
ADDITIONAL INFORMATION (unaudited)
The percentages of the Fund's ordinary income distributions that are exempt
from nonresident alien (NRA) tax withholding resulting from qualified interest
income and qualified short term gains were 68.42% and 0.0%, respectively.
50 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11
Approval of Investment Advisory Agreement
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 2010 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the
process. In July 2010, 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 July 2010 and
September 2010. After reviewing and discussing the materials, the Trustees
submitted a request for additional information to PIM, 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, 2010 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 16, 2010, 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. In
addition, the Trustees considered the arrangements put in place to retain key
investment and other personnel. The Trustees also considered the substantial
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11 51
attention and high priority given by PIM's senior management to the Pioneer
fund complex.
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 third quintile of its Morningstar
category for the one year period ended June 30, 2010. (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 yield of the Fund for the twelve months ended June 30, 2010 compared
favorably to the yield of the Fund's benchmark for the same period. 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, 2010 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 considered that the Fund's expense ratio for the twelve months
ended June 30, 2010 was in the first quintile relative to its Strategic Insight
peer group for the comparable period.
52 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11
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 recent difficult periods 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.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11 53
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.
54 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11
Trustees, Officers and Service Providers
Trustees Officers
John F. Cogan, Jr., Chairman John F. Cogan, Jr., President
David R. Bock Daniel K. Kingsbury, Executive
Mary K. Bush Vice President
Benjamin M. Friedman Mark E. Bradley, Treasurer
Margaret B.W. Graham Christopher J. Kelley, Secretary
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.
Sub-Administrator
State Street Bank and Trust Company
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at pioneerinvestments.com. This information is also available on
the Securities and Exchange Commission's web site at http://www.sec.gov.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11 55
This page for your notes.
56 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11
This page for your notes.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11 57
This page for your notes.
58 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11
This page for your notes.
Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11 59
This page for your notes.
60 Pioneer Global Aggregate Bond Fund | Semiannual Report | 4/30/11
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.
[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) 2011 Pioneer Investments 21910-03-0611
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.
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.
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees has
considered whether the provision of non-audit services that
were rendered to the Affiliates (as defined) that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.
Item 5. Audit Committee of Listed Registrants
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
Item 6. Schedule of Investments.
File Schedule I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment
Companies.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.
Not applicable to open-end management investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Series Trust VII
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date June 29, 2011
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date June 29, 2011
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date June 29, 2011
* Print the name and title of each signing officer under his or her signature.