OMB APPROVAL
OMB Number: 3235-0570
Expires: August 31, 2013
Estimated average burden
hours per response.....18.9
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 October 31, 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 Aggregate Bond Fund
--------------------------------------------------------------------------------
Annual Report | October 31, 2011
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PGABX
Class C PGCBX
Class Y PGYBX
[LOGO]PIONEER
Investments(R)
visit us: 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 14
Schedule of Investments 16
Financial Statements 39
Notes to Financial Statements 46
Report of Independent Registered Public Accounting Firm 56
Trustees, Officers and Service Providers 58
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11 1
President's Letter
Dear Shareowner,
During the first three quarters of 2011, the U.S. economy struggled to gain
solid footing. The economy went through a soft patch in the first half, and the
second half, so far, has been highlighted by the U.S. government's battle over
the debt ceiling and Standard & Poor's downgrade of the U.S. Treasury's credit
rating from the top rating of "AAA" for the first time in history. After
rallying nicely in the first half, U.S. equity markets reacted sharply this
summer to the political stalemate and the downgrade. There has been continued
pressure on equities due to concerns about the growing European sovereign-debt
crisis and its potential impact on the global economy.
Despite legitimate reasons for concern, we believe there are also reasons for
optimism that the U.S. economy will continue to exhibit modest growth and is
not headed into a severe recession. Corporations continue to post solid
earnings and, for the most part, are maintaining their positive earnings
outlooks. They also have strong balance sheets with improved net leverage and
high cash levels. Auto production has rebounded following the Japanese
supply-chain interruptions caused by the earthquake and tsunami last spring.
Retail sales growth year-over-year has remained steady despite low consumer
confidence. And despite high unemployment in the U.S., private sector
employment has grown consistently, albeit modestly, since February 2010. There
are certainly risks to our outlook, including possible contagion from the
European sovereign-debt and banking crisis, the fiscal drag from federal and
state budget cuts in the U.S., as well as potential "negative feedback loops"
from capital-market volatility. But broadly speaking, we think the subpar
economic recovery is consistent with recoveries from other "balance
sheet"-caused recessions.
The difficult recovery process has been accompanied by wide market swings.
While this is a challenging environment, our investment professionals continue
to focus on finding good opportunities to invest in both equity and bond
markets using the same disciplined approach Pioneer has used since 1928. Our
approach is to identify 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.
2 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
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. 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
us.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 Fund's historical or future performance are
statements of opinion 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 | Annual Report | 10/31/11 3
Portfolio Management Discussion | 10/31/11
Global fixed-income investments generally delivered positive results for the 12
months ended October 31, 2011, despite significant changes and even turmoil in
the market environment. Over the period, investors weighed the sometimes
competing effects of persistent growth trends and rising concerns about the
credit-worthiness of some European sovereign bonds. In the following interview,
Charles Melchreit discusses the performance of Pioneer Global Aggregate Bond
Fund during the 12 months ended October 31, 2011. Mr. Melchreit, vice president
and portfolio manager at Pioneer, is responsible for the daily management of
the Fund, along with Mr. Tanguy Le Saout, Head of Government Bond and
Value-at-Risk Portfolios for Pioneer in Europe.
Q How did the Fund perform over the 12 months ended October 31, 2011?
A Pioneer Global Aggregate Bond Fund Class A shares returned 3.22% at net asset
value over the 12 months ended October 31, 2011, while the Fund's
benchmark, the Barclays Capital Global Aggregate Bond Index (the Barclays
Index), returned 4.07%. Over the same period, the average total return of
the 167 mutual funds in Lipper's Global Income Funds category was 2.41%. At
the end of the period, on October 31, 2011, the 30-day standardized SEC
yield of the Fund's Class A shares was 2.62% with fees waived, and 1.99%
without fees waived.
Q What was the investment environment like for fixed-income securities over the
12 months ended October 31, 2011?
A Over the first six months of the period, the improving global economy led to
solid performance by credit-sensitive securities, including corporate bonds
and commercial mortgage-backed and asset-backed securities. The environment
shifted, however, during the final six months of the period as investors
grew more averse to credit risk and to any exposure to the sovereign-debt
problems of some European nations, particularly Greece and Italy. As the
countries struggled with their national debt and appealed for assistance
for some type of financial relief, investors began realizing that
sovereign-debt investments were not risk-free. At the same time, political
disagreements in the United States about fiscal and monetary policies
raised worries about the ability of government leaders in the U.S. to make
decisions about economic issues. The worries increased sharply in the
summer of 2011 when Congress and the Obama administration staged a
contentious debate over raising the nation's debt ceiling. Almost
immediately following the debate, the Standard & Poor's (S&P) rating agency
lowered the AAA rating of U.S. Treasury securities for the first time since
one of S&P's predecessor firms assigned the AAA rating to the U.S. in
4 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
1917. In reaction, investor confidence in the health of the economy fell,
causing a general flight to perceived quality and away from credit risk.
Almost paradoxically, despite the ratings downgrade by S&P, U.S. Treasuries
outperformed during the investor flight to quality and away from credit
risk.
Q How did the Fund's positioning affect its performance relative to the
benchmark Barclays Index in the changing investment environment
characterizing the 12 months ended October 31, 2011?
A In the first half of the Fund's fiscal year, overweighted positions in
corporate bonds and other credit-sensitive securities, combined with an
underweighting of U.S. Treasuries, resulted in solid relative performance.
In the second half of the period, however, the Fund's benchmark-relative
performance was held back by our emphasis on the credit sectors and a
portfolio underweighting of the perceived safest government bonds--those of
the United States and Germany. The global flight to quality during the
period also resulted in the appreciation of the Japanese yen, and the
Fund's low exposure to that currency also detracted from benchmark-relative
results. However, the Fund's lack of any exposure to Greece and its low
exposure to Italy tended to help relative performance, although one of the
Fund's Italian government bond holdings actually gained ground amid the
turmoil.
Q How did the Fund's currency positioning affect its performance over the 12
months ended October 31, 2011?
A Currency often is the major performance driver of investments in global
investment-grade securities. Over the 12-month period ended October 31,
2011, global currency markets were particularly volatile. Throughout the
period, we maintained an overweighted portfolio position in the U.S. dollar
(USD). The USD positioning tended to hurt the Fund's relative performance
when the dollar declined in value compared with major foreign currencies in
the first half of the Fund's fiscal year. But the focus on the USD in the
portfolio tended to support performance in the final six months of the
Fund's fiscal year as the dollar gained against the euro and many emerging
market currencies. In addition, performance was also helped by the Fund's
exposure to commodity-linked currencies, such as those of Canada, Australia
and Norway.
Q How did the Fund's exposure to interest-rate changes affect its performance
over the 12 months ended October 31, 2011?
A Overall, the Fund's duration positioning generated mixed results over the
12-month period, helping performance in the first half of the Fund's fiscal
year and detracting from performance in the second half. Because we were
concerned that interest rates would begin to rise and thus cut into the
value
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11 5
of longer-maturity, high-quality bonds, we maintained a generally shorter
duration in the Fund's portfolio than that of the Barclays Index benchmark
throughout the full 12-month period. (Duration is a measure of a
portfolio's price sensitivity to changes in interest rates.)
As noted previously, the shorter duration positioning helped the Fund's
performance in the first half of the fiscal year, but did not help in the
second half of the year when rising concerns about inflation led to
stronger performance from longer-maturity government securities of the
United Kingdom, Germany and Canada, where central banks tightened monetary
policy and raised short-term rates. Those negative effects were partially
offset by the fact that the Fund had a somewhat longer duration positioning
in U.S. Treasuries, which tended to rally during the general flight to
quality in the second half of the Fund's fiscal year.
Q How did sector positioning affect the Fund's performance over the 12 months
ended October 31, 2011?
A The Fund's overall underweight positioning in sovereign government bonds
helped support results, especially given the lack of portfolio exposure to
any Greek government bonds and limited exposure to the bonds of Portugal,
Spain and Italy. We added positions in Irish government bonds during the
final six months of the period, and that also supported relative
performance as the market reacted favorably to the Irish government's
financial reform measures. Holding back results, however, was our decision
to invest the Fund in some higher-quality emerging market sovereigns,
notably bonds of Indonesia and Singapore. The bonds underperformed when
emerging markets fell out of favor in the closing months of the 12-month
period.
The Fund's very low exposure to high-yield corporate bonds helped
performance as the sector performed poorly over the second half of the
annual reporting period. Just 5.3% of the Fund's net assets were invested
in domestic high-yield bonds at the end of the period on October 31, 2011.
Among the Fund's investment-grade holdings, an overweight position in
industrial bonds, combined with good security selection in the group,
supported results, as did a slight overweight and good security selection
in the utilities sector. The Fund's significant overweight in the
financials sector was a major performance booster, especially when combined
with good security selection in the group. Our decision to avoid European
banks helped protect the Fund from the market's severe reaction to the
European sovereign-debt problems. Lastly, although the Fund's underweighted
position in government agency mortgages served as a drag on performance,
those effects were offset by the positive contributions from out-of-
benchmark investments in commercial mortgage-backed securities.
6 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
Q What is your investment outlook?
A We expect the global economic recovery to continue, despite recent problems,
and we anticipate maintaining an emphasis on credit-sensitive securities in
the Fund--including investment-grade corporate bonds--in the coming months.
Despite our general view, we believe Europe may fall into recession and we
continue to underweight the portfolio in the euro. We think Europe's
problems are more the result of dysfunctional politics than underlying
economic problems. In searching for investment opportunities for the Fund
in Europe, we expect to maintain our focus on countries whose economies are
less dependent on the euro currency, such as the Scandinavian countries,
and the United Kingdom and Poland.
Although the tightening monetary policies of the Chinese government have
raised concerns about a downturn in that country, which would have a major
impact on the global economy, we believe Chinese authorities have shown a
willingness to change direction if their economy appears to be weakening
too much. Outside China, we favor investments in Asian countries such as
Indonesia, which in general have stronger balance sheets than most European
nations and have been successful in developing sustainable domestic
markets. Despite the volatility that seems to be inherent in emerging
markets, we think the better-quality emerging Asian economies are becoming
increasingly reliable places in which to invest.
We are watching interest-rate trends carefully. The U.S. Federal Reserve
Board has signaled its intention to keep short-term rates low for the
foreseeable future, but we think longer-term rates eventually should start
to rise over time. The situation in Europe is changing, as the European
Central Bank recently has shown a new willingness to reduce interest rates
in response to threats of an impending recession.
Please refer to the Schedule of Investments on pages 16-38 for a full listing
of Fund securities.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11 7
The portfolio may invest in mortgage-backed securities, which during times of
fluctuating interest rates may increase or decrease more than other
fixed-income securities. Mortgage-backed securities are also subject to
pre-payments.
The portfolio may invest in derivative securities, which may include futures
and options. These types of instruments can increase price fluctuation.
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.
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.
Investments in high yield or lower-rated securities are subject to
greater-than-average risk.
Investing in foreign and/or emerging market securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
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 opinion as of the date of this report. These statements should
not be relied upon for any other purposes.
8 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
Portfolio Summary | 10/31/11
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 35.0%
Corporate Bonds 24.2%
U.S. Government Securities 16.7%
Collateralized Mortgage Obligations 15.6%
Asset Backed Securities 4.0%
Municipal Bonds 2.7%
Convertible Corporate Bonds 1.2%
Preferred Stocks 0.6%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. Fannie Mae, 5.0%, 7/1/40 3.72%
--------------------------------------------------------------------------------
2. U.S. Treasury Notes, 0.0%, 12/1/11 3.54
--------------------------------------------------------------------------------
3. Indonesia Treasury Bond, 7.375%, 9/15/16 2.15
--------------------------------------------------------------------------------
4. Japan Government 5-Yr, 1.2%, 3/20/12 2.14
--------------------------------------------------------------------------------
5. Canadian Treasury Bill, 0.0%, 11/10/11 2.14
--------------------------------------------------------------------------------
6. U.S. Treasury Notes, 4.75%, 2/15/41 1.61
--------------------------------------------------------------------------------
7. Japan Government Two Year Bond, 0.2%, 8/15/13 1.59
--------------------------------------------------------------------------------
8. Poland Government Bond, 5.25%, 10/25/17 1.57
--------------------------------------------------------------------------------
9. Japan Government 10-Yr, 1.7%, 9/20/16 1.45
--------------------------------------------------------------------------------
10. Government of Sweden, 5.5%, 10/8/12 1.39
--------------------------------------------------------------------------------
* 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.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11 9
Prices and Distributions | 10/31/11
Net Asset Value per Share
--------------------------------------------------------------------------------
Class 10/31/11 10/31/10
A $ 11.22 $ 11.19
--------------------------------------------------------------------------------
C $ 11.23 $ 11.19
--------------------------------------------------------------------------------
Y $ 11.30 $ 11.22
--------------------------------------------------------------------------------
Distributions per Share: 11/1/10-10/31/11
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
A $0.3220 $ -- $ --
--------------------------------------------------------------------------------
C $0.2230 $ -- $ --
--------------------------------------------------------------------------------
Y $0.3212 $ -- $ --
--------------------------------------------------------------------------------
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. It is not possible to
invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts appearing on pages 11-13.
10 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
Performance Update | 10/31/11 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 October 31, 2011)
--------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------
Life-of-Class
(12/28/07) 6.53% 5.27%
1 Year 3.22 -1.45
--------------------------------------------------------------------
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
10/08 9,100 9,589
10/09 11,064 11,354
10/10 11,861 12,136
10/11 12,243 12,631
Call 1-800-225-6292 or visit us.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 3/1/13 for Class A shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11 11
Performance Update | 10/31/11 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 October 31, 2011)
--------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------
Life-of-Class
(12/28/07) 5.66% 5.66%
1 Year 2.39 2.39
--------------------------------------------------------------
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
10/08 9,452 9,589
10/09 11,395 11,354
10/10 12,130 12,136
10/11 12,420 12,631
Call 1-800-225-6292 or visit us.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 3/1/13 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.
12 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
Performance Update| 10/31/11 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 October 31, 2011)
--------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------
Life-of-Class
(12/28/07) 6.77% 6.77%
1 Year 3.66 3.66
--------------------------------------------------------------
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
10/08 4,767,893 4,794,284
10/09 5,801,982 5,677,007
10/10 6,235,980 6,068,023
10/11 6,464,208 6,315,276
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results
are historical and assume the reinvestment of dividends and capital gains.
Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11 13
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
1. Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
2. Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Global Aggregate Bond Fund
Based on actual returns from May 1, 2011, through October 31, 2011.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00
on 5/1/11
--------------------------------------------------------------------------------
Ending Account Value $1,008.50 $1,004.02 $1,012.70
(after expenses) on 10/31/11
--------------------------------------------------------------------------------
Expenses Paid During Period* $5.06 $9.60 $4.16
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.00%, 1.90%,
and 0.82% for Class A, Class C, and Class Y shares respectively, multiplied
by the average account value over the period, multiplied by 184/365.
14 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
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 Aggregate Bond Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from May 1, 2011, through October 31, 2011.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account Value $1,000.00 $1,000.00 $1,000.00
on 5/1/11
--------------------------------------------------------------------------------
Ending Account Value $1,020.16 $1,015.63 $1,021.07
(after expenses) on 10/31/11
--------------------------------------------------------------------------------
Expenses Paid During Period* $5.09 $9.65 $4.18
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.00%, 1.90%,
and 0.82% for Class A, Class C, and Class Y shares respectively, multiplied
by the average account value over the period, multiplied by 184/365.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11 15
Schedule of Investments | 10/31/11
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 1.2%
ENERGY -- 0.1%
Coal & Consumable Fuels -- 0.1%
20,000 BB-/NR Massey Energy Co., 3.25%, 8/1/15 $ 18,625
-----------
Total Energy $ 18,625
------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.4%
Construction & Farm Machinery &
Heavy Trucks -- 0.3%
75,000 B/B1 Navistar International Corp., 3.0%,
10/15/14 $ 84,000
------------------------------------------------------------------------------------------------------
Electrical Component & Equipment -- 0.1%
56,000 B/B2 General Cable Corp., 4.5%, 11/15/29 $ 57,260
-----------
Total Capital Goods $ 141,260
------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.3%
Health Care Equipment -- 0.3%
75,000 BB+/NR Hologic, Inc., 2.0%, 12/15/37 $ 79,594
-----------
Total Health Care Equipment & Services $ 79,594
------------------------------------------------------------------------------------------------------
SEMICONDUCTORS -- 0.4%
Semiconductor Equipment -- 0.3%
75,000 BB+/Baa1 Lam Research Corp., 1.25%, 5/15/18 $ 74,156
------------------------------------------------------------------------------------------------------
Semiconductors -- 0.1%
35,000 A-/NR Intel Corp., 2.95%, 12/15/35 $ 37,538
-----------
Total Semiconductors $ 111,694
------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $336,586) $ 351,173
------------------------------------------------------------------------------------------------------
Shares
------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 0.6%
BANKS -- 0.2%
Diversified Banks -- 0.2%
50 Wells Fargo & Co., 7.5%, 12/31/49 $ 52,800
-----------
Total Banks $ 52,800
------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.4%
Diversified Financial Services -- 0.4%
4,550 Citigroup Capital XIII, 7.875%, 10/30/40 $ 122,532
-----------
Total Diversified Financials $ 122,532
------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $169,247) $ 175,332
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 3.8%
AUTOMOBILES & COMPONENTS -- 0.6%
Auto Parts & Equipment -- 0.5%
150,000 AAA/NR Ford Auto Securitization, 2.431%,
11/17/14 $ 152,030
--------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.1%
20,000 NR/Aa1 Santander Drive Auto Receivables Trust,
2.44%, 1/15/16 $ 20,060
-----------
Total Automobiles & Components $ 172,090
--------------------------------------------------------------------------------------------------------
RETAILING -- 0.3%
Automotive Retail -- 0.3%
55,199 AAA/Aaa E-Carat, 2.539%, 10/18/18 $ 76,784
14,288 AAA/NR Volkswagen Car Lease, 2.343%, 8/21/15 19,930
-----------
$ 96,714
-----------
Total Retailing $ 96,714
--------------------------------------------------------------------------------------------------------
BANKS -- 1.4%
Diversified Banks -- 0.1%
16,086 0.35 AAA/Aa1 Wells Fargo Home Equity, Floating Rate
Note, 4/25/37 $ 15,514
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 1.3%
57,034 AAA/Aaa AUTO ABS, 2.436%, 5/18/18 $ 79,406
29,085 NR/A1 Bombardier Capital Mortgage
Securitization Corp., 6.65%, 4/15/28 30,571
4,956 BBB/Baa3 Citigroup Mortgage Loans, 0.34606%,
1/25/37 4,815
39,653 0.74 BBB/Ba1 Countrywide Asset Backed Certificates,
Floating Rate Note, 10/25/35 38,281
19,903 0.63 AAA/Baa2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 1/25/36 18,813
30,284 5.07 AAA/B2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 12/25/35 27,347
37,750 BBB/Baa3 Countrywide Home Equity Loan Trust,
0.5371%, 11/15/28 35,695
1,510 5.56 AAA/A2 CRMSI 2006-2 A3, Floating Rate Note,
9/25/36 1,506
50,000 AAA/Aa2 First NLC Trust, 0.74719%, 9/25/35 46,828
7,373 0.69 A/A2 GSAMP Trust, Floating Rate Note,
3/25/35 6,946
6,574 0.64 AAA/Aa1 GSAMP Trust, Floating Rate Note,
9/25/35 6,387
3,917 0.32 B/Ba3 Morgan Stanley ABS Capital, Inc., Floating
Rate Note, 12/25/36 3,701
241 1.45 A-/Caa2 Morgan Stanley Ixis Real Estate, Floating
Rate Note, 11/25/36 71
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11 17
Schedule of Investments | 10/31/11 (continued)
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
37,162 0.45 AAA/Aa3 Option One Mortgage Loan Trust, Floating
Rate Note, 11/25/35 $ 33,864
19,222 5.91 AA/Aa2 Origen Manufactured Housing, Floating
Rate Note, 1/15/35 20,779
20,000 0.67 AA+/A3 RASC 2005-KS7 M1, Floating Rate Note,
8/25/35 18,907
-----------
$ 373,917
-----------
Total Banks $ 389,431
--------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.9%
Consumer Finance -- 0.3%
50,000 AAA/Aaa Chester Asset Receivables Dealings,
0.99338%, 4/15/16 $ 78,837
--------------------------------------------------------------------------------------------------------
Diversified Financial Services -- 0.5%
62,260 1.37 AA-/Aaa Cars Alliance Funding, Floating Rate Note,
10/25/20 $ 86,556
8,169 AA/NR DT Auto Owner Trust, 5.92%, 10/15/15 8,370
14,122 NR/Aaa Edelweiss Auto Funding, Ltd., 1.317%,
1/11/14 19,516
50,000 0.71 AA-/A3 Long Beach Mortgage Loan Trust, Floating
Rate Note, 4/25/35 43,574
-----------
$ 158,016
--------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
29,828 5.32 NR/Baa1 Irwin Home Equity Corp., Floating Rate
Note, 6/25/35 $ 28,138
9,559 0.57 AAA/Aaa New Century Home Equity Loan, Floating
Rate Note, 3/25/35 8,344
-----------
$ 36,482
-----------
Total Diversified Financials $ 273,335
--------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.4%
Mortgage Real Estate Investment Trust -- 0.4%
25,000 A+/NR FREMF Mortgage Trust, 4.437%,
11/25/17 $ 23,190
25,000 NR/A3 FREMF Mortgage Trust, 4.77055%,
4/25/44 24,858
50,000 A-/A3 FREMF Mortgage Trust, 4.8868%,
7/25/44 45,299
45,000 NR/NR FREMF Mortgage Trust, 5.163344%,
9/25/45 41,848
-----------
$ 135,195
-----------
Total Real Estate $ 135,195
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.2%
50,000 AAA/Aaa FHR 3211 PB, 5.5%, 2/15/33 $ 52,276
-----------
Total Government $ 52,276
-------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $1,125,987) $ 1,119,041
-------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 14.8%
BANKS -- 9.8%
Thrifts & Mortgage Finance -- 9.8%
25,959 NR/Ba2 Bank of America Alternative Loan Trust,
5.0%, 7/25/19 $ 26,284
21,092 NR/Baa3 Bank of America Alternative Loan Trust,
6.0%, 3/25/34 21,615
28,016 0.66 NR/A1 Bank of America Alternative Loan Trust,
Floating Rate Note, 12/25/33 26,551
34,234 AAA/Aa3 Bank of America Alternative Loan Trust,
5.75%, 4/25/33 35,833
84,217 NR/Baa2 Bank of America Alternative Loan Trust,
5.5%, 9/25/33 86,668
45,762 B-/NR Bank of America Funding Corp., 5.5%,
1/25/36 44,665
172,905 AAA/A1 Bayview Commercial Asset Trust,
2.65868%, 7/25/37 14,040
109,026 AA/A3 Bayview Commercial Asset Trust,
2.83149%, 9/25/37 9,540
100,000 AAA/Aaa Beluga Master Issuer BV, 1.181%,
4/28/99 138,133
36,248 NR/Baa1 Citigroup Mortgage Loan, 6.75%,
8/25/34 38,507
48,314 AAA/Ba1 Countrywide Alternative Loan Trust, 4.25%,
4/25/34 46,986
12,474 AAA/B2 Countrywide Alternative Loan Trust, 5.5%,
1/25/35 12,628
21,490 AAA/NR Countrywide Alternative Loan Trust, 5.5%,
8/25/34 20,147
16,164 AAA/Ba2 Countrywide Alternative Loan Trust, 5.5%,
4/25/34 16,491
22,709 0.67 AAA/NR Countrywide Alternative Loan Trust,
Floating Rate Note, 8/25/18 21,562
105,000 AAA/Baa2 Countrywide Alternative Loan Trust, 5.0%,
7/25/19 106,142
30,937 AAA/Baa3 Countrywide Home Loan Mortgage Pass
Through Trust, 4.867257%, 12/25/33 27,693
58,055 NR/Aaa Darrowby Plc, 2.3373%, 12/20/43 93,613
1,400,000 BBB/Baa2 Extended Stay America Trust, 1.165%,
1/5/16 18,575
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11 19
Schedule of Investments | 10/31/11 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
17,449 CCC/NR First Horizon Asset Securities, Inc., 6.0%,
5/25/36 $ 16,097
50,000 NR/Aaa GS Mortgage Securities Corp., II, 5.56%,
11/10/39 54,071
14,707 AAA/Aaa GS Mortgage Securities Corp., II, 7.12%,
11/18/29 15,207
105,197 AAA/NR GSR Mortgage Loan Trust, 2.5125%,
8/25/33 95,193
100,000 BBB+/Baa1 JPMorgan Chase Commercial Mortgage
Securities Corp., 4.65%, 7/15/28 97,710
62,320 NR/Ba1 JPMorgan Chase Commercial Mortgage
Securities Corp., 0.5465%, 11/15/18 54,672
35,000 NR/Aaa JPMorgan Chase Commercial Mortgage
Securities Corp., 4.1712%, 8/15/46 36,379
41,447 AAA/Baa2 JPMorgan Mortgage Trust, 4.479228%,
2/25/35 41,017
15,000 AAA/Aaa JPMCC 2002-C3 B, 5.146%, 7/12/35 15,262
21,498 4.91 AAA/A2 JPMMT 2004-A1 3A1, Floating Rate Note,
2/25/34 21,587
23,564 AAA/Ba2 JPMMT 2004-S1 2A1, 6.0%, 9/25/34 24,032
34,000 BBB+/NR LB-UBS Commercial Mortgage, 5.616%,
10/15/35 32,880
17,976 AAA/Aaa Lehman Brothers Small Balance
Commercial, 5.41%, 12/25/36 17,713
24,309 AAA/NR Master Alternative Loans Trust, 5.5%,
2/25/35 24,914
14,891 AAA/NR Master Alternative Loans Trust, 4.5%,
1/25/15 14,878
12,122 AA/NR Master Alternative Loans Trust, 5.5%,
10/25/19 12,420
62,376 AAA/AAA Master Alternative Loans Trust, 6.0%,
7/25/34 61,900
94,990 6.76 A-/NR Master Seasoned Securities Trust, Floating
Rate Note, 9/25/32 99,413
6,410 AAA/Aaa Merrill Lynch Mortgage Trust, 4.556%,
6/12/43 6,462
28,615 AAA/Baa2 MLCC Mortgage Investors, Inc.,
0.48344%, 3/25/30 23,843
16,179 0.45 AAA/Baa2 MLCC Mortgage Investors, Inc., Floating
Rate Note, 4/25/29 13,935
100,000 NR/NR Morgan Stanley Remic Trust, 5.0%,
11/26/36 96,740
128,795 AAA/NR Paragon Secured Finance Plc, 1.1375%,
11/15/35 186,731
9,342 BB/B2 RAAC Series, 6.0%, 1/25/32 9,497
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
106,894 AAA/A1 Rams Mortgage Securities Pty, Ltd.,
5.7133%, 7/21/35 $ 103,684
24,766 B/NR Residential Asset Securitization Trust,
5.5%, 7/25/35 22,764
40,708 AA+/NR Residential Asset Securitization Trust,
5.75%, 12/25/34 41,582
24,958 A+/NR Residential Asset Securitization Trust,
5.5%, 2/25/35 25,290
26,145 0.43 AAA/Ba3 Sequoia Mortgage Trust, Floating Rate
Note, 3/20/35 20,425
97,360 NR/NR Sequoia Mortgage Trust, 3.9%, 9/25/41 97,349
68,319 AAA/A3 Structured Asset Securities Corp.,
2.6671%, 10/25/33 60,660
50,000 AAA/Aa1 TSTAR 2006-1A A, 5.668%, 10/15/36 55,719
5,786,358 0.01 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust, Floating Rate Note, 6/15/45 5,485
3,433 CC/NR WaMu Mortgage Pass-Through Certificates,
4.82069%, 9/25/35 3,345
75,467 AAA/Baa3 WaMu Mortgage Pass-Through Certificates,
2.578211%, 6/25/34 72,998
81,260 AA/NR WaMu Mortgage Pass-Through Certificates,
2.73272%, 1/25/35 74,711
94,174 NR/Aaa Wells Fargo Commercial Mortgage Trust,
3.349%, 10/15/57 97,981
50,000 BBB/NR Wells Fargo Commercial Mortgage Trust,
5.914%, 7/5/16 49,519
19,579 BB-/B1 Wells Fargo Mortgage Backed Securities,
5.5%, 10/25/35 19,361
8,053 5.62 B-/NR Wells Fargo Mortgage Backed Securities,
Floating Rate Note, 4/25/36 7,818
27,400 AAA/A1 Wells Fargo Mortgage Backed Securities,
5.0%, 11/25/36 27,656
66,355 2.74 NR/Ba3 Wells Fargo Mortgage Backed Securities,
Floating Rate Note, 1/25/35 58,282
23,269 2.71 BBB-/B1 Wells Fargo Mortgage Backed Securities,
Floating Rate Note, 10/25/35 21,513
19,050 AAA/Ba2 Wells Fargo Mortgage Backed Securities
Trust, 4.75%, 12/25/18 19,655
53,405 NR/B1 Wells Fargo Mortgage Backed Securities
Trust, 5.75%, 3/25/36 51,662
85,892 CCC/B1 Wells Fargo Mortgage Backed Securities
Trust, 6.0%, 8/25/36 85,153
-----------
$ 2,900,838
-----------
Total Banks $ 2,900,838
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11 21
Schedule of Investments | 10/31/11 (continued)
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.8%
Diversified Financial Services -- 2.4%
20,784 A+/NR Bank of America Mortgage Securities,
5.5%, 11/25/34 $ 21,662
32,293 AAA/NR Bank of America Mortgage Securities,
5.75%, 1/25/35 33,021
17,076 2.75 AAA/Aaa Bank of America Mortgage Securities,
Floating Rate Note, 6/25/34 16,005
10,612 5.13 AA-/NR Bank of America Mortgage Securities,
Floating Rate Note, 9/25/35 10,023
8,464 NR/B1 CMSI 2006-1 3A1, 5.0%, 2/25/36 8,403
100,000 5.57 NR/Aa2 DBUBS Mortgage Trust, Floating Rate
Note, 7/10/21 90,968
49,795 AA+/Aaa Epic Plc, 1.015%, 10/28/16 77,116
17,739 5.50 AAA/B2 RALI 2004-QS16 1A1, Floating Rate Note,
12/25/34 17,938
51,646 NR/Ba1 Residential Accredited Loans, Inc., 5.0%,
5/25/19 51,654
48,935 AAA/NR Residential Accredited Loans, Inc., 6.0%,
10/25/34 49,530
23,883 0.81 AAA/Ba1 Residential Accredited Loans, Inc.,
Floating Rate Note, 1/25/34 22,767
56,779 4.25 AAA/Baa3 Residential Accredited Loans, Inc.,
Floating Rate Note, 1/25/34 57,297
210,761 AAA/NR Residential Accredited Loans, Inc., 4.0%,
3/25/34 210,318
40,727 0.81 AAA/Baa1 Residential Accredited Loans, Inc.,
Floating Rate Note, 10/25/17 38,285
-----------
$ 704,987
------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.3%
50,000 NR/Aaa Bear Stearns Commercial Mortgage
Securities, 5.7154%, 5/11/17 $ 54,676
50,000 BB+/A3 Bear Stearns Commercial Mortgage
Securities, 5.760%, 9/11/38 37,500
-----------
$ 92,176
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Specialized Finance -- 2.1%
15,100 AAA/NR CW Capital Cobalt, Ltd., 5.174%,
8/15/48 $ 15,194
200,000 AAA/Aaa Merrill Lynch Financial Assets, Inc.,
4.711%, 11/12/16 207,963
250,000 NR/Aaa Merrill Lynch Financial Assets, Inc.,
4.745%, 1/12/40 269,431
100,000 AAA/Aaa Permanent Master Issuer Plc, 2.577%,
7/15/42 137,867
-----------
$ 630,455
-----------
Total Diversified Financials $ 1,427,618
-----------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.2%
Mortgage Real Estate Investment Trust -- 0.2%
16,364 1.57 AA+/Aa2 Credit Suisse First Boston Mortgage,
Floating Rate Note, 12/25/33 $ 15,572
50,000 BB/A3 Credit Suisse First Boston Mortgage
Securities Corp., 6.448%, 9/15/34 48,799
-----------
$ 64,371
-----------
Total Real Estate $ 64,371
-----------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost $4,450,845) $ 4,392,827
-----------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 23.1%
ENERGY -- 3.1%
Coal & Consumable Fuels -- 0.2%
45,000 BB/Ba3 Alpha Natural Resources, 6.0%, 6/1/19 $ 44,663
-----------------------------------------------------------------------------------------------------
Oil & Gas Drilling -- 0.1%
25,000 BBB+/Baa1 Pride International, Inc.,
6.875%, 8/15/20 $ 30,164
-----------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.3%
50,000 BB/Ba3 Exterran Holdings, Inc., 7.25%, 12/1/18 $ 48,000
25,000 BBB/Baa2 Weatherford International, Ltd., 9.625%,
3/1/19 32,601
-----------
$ 80,601
-----------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 1.0%
100,000 BB-/B1 Bill Barrett Corp., 7.625%, 10/1/19 $ 105,750
10,000 BBB/Baa1 Canadian National Resources, 5.9%,
2/1/18 11,717
100,000 B-/Caa1 Chaparral Energy, Inc., 8.25%, 9/1/21 101,750
51,000 B/B2 Linn Energy LLC, 8.625%, 4/15/20 56,228
23,000 BBB/Baa2 Marathon Oil Corp., 5.9%, 3/15/18 26,875
-----------
$ 302,320
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11 23
Schedule of Investments | 10/31/11 (continued)
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.5%
40,000 A/A2 Motiva Enterprises LLC, 5.75%,
1/15/20 (144A) $ 46,753
25,000 BBB/Baa2 Spectra Energy Capital, 6.2%, 4/15/18 28,152
35,000 BBB/Baa2 Sunoco Logistics Partners Operations LP,
6.1%, 2/15/42 36,841
21,000 BBB/Baa2 Valero Energy Corp., 9.375%, 3/15/19 27,441
-----------
$ 139,187
------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.0%
25,000 BBB/Baa3 Buckeye Partners LP, 6.05%, 1/15/18 $ 28,190
25,000 BBB/Baa2 DCP Midstream, 9.75%, 3/15/19 32,828
65,000 BB/Ba1 Enterprise Products Operating, 7.0%,
6/1/67 62,888
10,000 BBB/Baa2 Kinder Morgan Energy Partners LP, 5.95%,
2/15/18 11,428
70,000 BBB/Baa2 Kinder Morgan Energy Partners LP, 4.15%,
3/1/22 71,741
25,000 BBB-/Baa3 Plains All America Pipeline, 6.125%,
1/15/17 28,463
10,000 A/A3 Questar Pipeline Co., 5.83%, 2/1/18 11,555
30,000 BBB-/Ba1 Rockies Express Pipeline LLC, 5.625%,
4/15/20 27,716
10,000 BBB/Baa2 Spectra Energy Capital LLC, 6.75%,
7/15/18 11,260
20,000 BB+/Baa3 Williams Companies, Inc., 7.75%,
6/15/31 24,992
-----------
$ 311,061
-----------
Total Energy $ 907,996
------------------------------------------------------------------------------------------------------
MATERIALS -- 1.3%
Aluminum -- 0.1%
25,000 BBB-/Baa3 Alcoa, Inc., 6.15%, 8/15/20 $ 25,810
------------------------------------------------------------------------------------------------------
Commodity Chemicals -- 0.3%
70,000 BB-/Ba2 Nova Chemicals Corp., 8.375%, 11/1/16 $ 77,088
------------------------------------------------------------------------------------------------------
Construction Materials -- 0.1%
30,000 BBB/Baa2 Holcim, Ltd., 6.0%, 12/30/19 (144A) $ 32,205
------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.1%
35,000 BBB-/Baa3 AngloGold Ashanti Holdings, 5.375%,
4/15/20 $ 34,375
------------------------------------------------------------------------------------------------------
Paper Products -- 0.1%
15,000 A-/Baa3 Georgia-Pacific LLC, 5.4%, 11/1/20 $ 16,723
------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.1%
25,000 BBB/Baa2 Cytec Industries, Inc., 8.95%, 7/1/17 $ 30,280
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
---------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------
Steel -- 0.5%
30,000 BBB-/Baa3 ArcelorMittal, 6.125%, 6/1/18 $ 30,814
25,000 BBB-/Baa3 Commercial Metals Co., 7.35%, 8/15/18 25,361
100,000 NR/B2 Metinvest BV, 10.25%, 5/20/15 101,000
-----------
$ 157,175
-----------
Total Materials $ 373,656
---------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.8%
Aerospace & Defense -- 0.1%
30,000 BB/Ba3 Esterline Technologies, Inc.,
6.625%, 3/1/17 $ 30,825
---------------------------------------------------------------------------------------------------
Building Products -- 0.2%
55,000 BBB/Ba2 Masco Corp., 7.125%, 3/15/20 $ 54,823
---------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.0% (c)
10,000 A/Baa2 Cummins, Inc., 6.75%, 2/15/27 $ 11,936
---------------------------------------------------------------------------------------------------
Electrical Component & Equipment -- 0.1%
25,000 B+/Ba2 Belden CDT, Inc., 7.0%, 3/15/17 $ 25,125
25,000 B/B2 WireCo WorldGroup, 9.5%, 5/15/17 25,250
-----------
$ 50,375
---------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.0% (c)
10,000 A-/A3 Tyco International Finance SA, 8.5%,
1/15/19 $ 12,895
---------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.1%
15,000 BBB+/Baa1 Ingersoll-Rand Global Holding, 9.5%,
4/15/14 $ 17,633
20,000 BBB-/Baa3 Valmont Industries, Inc., 6.625%,
4/20/20 22,971
-----------
$ 40,604
---------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.3%
55,000 BBB-/BBB- Aviation Capital Group Corp., 6.75%,
4/6/21 $ 52,960
40,000 BBB/Baa1 GATX Financial Corp., 6.0%, 2/15/18 43,995
-----------
$ 96,955
-----------
Total Capital Goods $ 298,413
---------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.1%
Office Services & Supplies -- 0.1%
25,000 BBB+/A2 Pitney Bowes, Inc., 5.6%, 3/15/18 $ 26,400
-----------
Total Commercial Services & Supplies $ 26,400
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11 25
Schedule of Investments | 10/31/11 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.7%
Airlines -- 0.6%
150,000 A-/Baa3 American Airlines 2011-2 Class A Pass
Through Trust, 8.625%, 10/15/21 $ 150,000
14,785 A-/Baa2 Delta Air Lines, Inc., 4.95%, 11/23/19 14,389
-----------
$ 164,389
-------------------------------------------------------------------------------------------------------
Railroads -- 0.1%
25,000 BBB+/A3 Burlington Sante Fe Corp., 5.75%,
3/15/18 $ 29,027
-----------
Total Transportation $ 193,416
-------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.6%
Auto Parts & Equipment -- 0.2%
50,000 B+/B1 Tower Automotive Holdings USA,
10.625%, 9/1/17 $ 51,500
-------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.4%
100,000 A-/A2 BMW Australia Finance, Ltd., 6.5%,
2/28/14 $ 108,878
10,000 BBB+/Baa1 Nissan Motor Acceptance Corp., 4.5%,
1/30/15 (144A) 10,504
-----------
$ 119,382
-----------
Total Automobiles & Components $ 170,882
-------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.3%
Homebuilding -- 0.2%
50,000 BB-/Ba3 Desarrolladora Homex SAB de CV, 9.5%,
12/11/19 (144A) $ 49,875
-------------------------------------------------------------------------------------------------------
Household Appliances -- 0.1%
25,000 BBB-/Baa3 Whirlpool Corp., 5.5%, 3/1/13 $ 26,119
-----------
Total Consumer Durables & Apparel $ 75,994
-------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.5%
Casinos & Gaming -- 0.1%
25,000 BBB/Baa2 International Game Technology, 7.5%,
6/15/19 $ 29,306
-------------------------------------------------------------------------------------------------------
Education Services -- 0.4%
30,000 AAA/Aaa Leland Stanford Junior University, 4.75%,
5/1/19 $ 34,809
25,000 AAA/Aaa Massachusetts Institute of Technology,
5.6%, 7/1/11 33,588
50,000 AAA/Aaa Yale University, 2.9%, 10/15/14 53,101
-----------
$ 121,498
-----------
Total Consumer Services $ 150,804
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
MEDIA -- 0.3%
Broadcasting -- 0.2%
50,000 B-/Caa1 Telesat Canada / Telesat LLC, 12.5%,
11/1/17 $ 55,813
-----------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.1%
25,000 BBB+/Baa1 British Sky Broadcasting Plc, 6.1%,
2/15/18 (144A) $ 28,223
10,000 BBB/Baa2 Time Warner Cable, Inc., 8.25%, 4/1/19 12,735
5,000 BBB/Baa2 Time Warner Cable, Inc., 8.75, 2/14/19 6,503
-----------
$ 47,461
-----------
Total Media $ 103,274
-----------------------------------------------------------------------------------------------------
RETAILING -- 0.2%
Internet Retail -- 0.2%
50,000 BBB-/Ba1 Expedia, Inc., 5.95%, 8/15/20 $ 50,591
-----------
Total Retailing $ 50,591
-----------------------------------------------------------------------------------------------------
FOOD & DRUG RETAILING -- 0.1%
Drug Retail -- 0.1%
14,740 BBB+/Baa2 CVS Pass-Through Trust, 5.773%,
1/10/33 $ 15,013
-----------
Total Food & Drug Retailing $ 15,013
-----------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.6%
Agricultural Products -- 0.2%
50,000 BBB-/Ba1 Viterra, Inc., 5.95%, 8/1/20 $ 51,980
-----------------------------------------------------------------------------------------------------
Brewers -- 0.1%
20,000 A-/Baa1 Anheuser-Busch InBev Worldwide, Inc.,
7.75%, 1/15/19 $ 26,147
-----------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.2%
45,000 BBB-/Baa2 Kraft Foods, Inc., 6.5%, 2/9/40 $ 57,502
-----------------------------------------------------------------------------------------------------
Tobacco -- 0.1%
25,000 BBB/WR UST, Inc., 5.75%, 3/1/18 $ 28,402
-----------
Total Food, Beverage & Tobacco $ 164,031
-----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.3%
Health Care Facilities -- 0.0% (c)
10,000 BB/Ba3 HCA, Inc., 8.5%, 4/15/19 $ 11,000
-----------------------------------------------------------------------------------------------------
Health Care Technology -- 0.3%
75,000 B-/B3 MedAssets, Inc., 8.0%, 11/15/18 $ 73,500
-----------
Total Health Care Equipment & Services $ 84,500
-----------------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 0.1%
Biotechnology -- 0.1%
25,000 BBB+/Baa3 Biogen Idec, Inc., 6.0%, 3/1/13 $ 26,520
-----------
Total Pharmaceuticals & Biotechnology $ 26,520
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11 27
Schedule of Investments | 10/31/11 (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
BANKS -- 5.9%
Diversified Banks -- 3.6%
250,000 AAA/Aaa Asian Development Bank, 3.375%,
5/20/14 $ 46,136
50,000 AAA/NR AXA Bank Europe SCF, 3.5%, 11/5/20 69,396
100,000 AAA/Aaa Cooperatieve Centrale Raiffeisen, 6.0%,
10/29/15 107,507
50,000 AAA/Aaa Inter-American Development Bank, 6.5%,
8/20/19 57,467
1,500,000 AAA/Aaa International Bank for Reconstruction &
Development, 3.25%, 4/14/14 276,264
285,000 AAA/Aaa International Bank for Reconstruction &
Development, 5.75%, 10/21/19 313,795
40,000 AAA/Aaa Rabobank Nederland NV, 0.0%, 3/3/15 16,750
50,000 NR/Aaa Rabobank Nederland NV 6.875%,
3/19/20 64,392
80,000 3.63 A-/A2 Standard Chartered, Floating Rate Note,
2/3/17 110,447
-----------
$ 1,062,154
-----------------------------------------------------------------------------------------------------
Regional Banks -- 1.7%
140,000 BB/Baa3 Capital One Capital VI, 8.875%, 5/15/40 $ 144,866
25,000 A+/Aa3 Mellon Funding Corp., 5.5%, 11/15/18 27,821
115,000 BBB/Baa3 PNC Financial Services Group, 6.75%,
7/29/49 114,984
65,000 8.25 BBB/Baa3 PNC Financial Services Group, Floating
Rate Note, 5/29/49 65,673
150,000 BBB+/Baa1 State Street Capital, 8.25%, 1/29/49 150,255
20,000 AA-/A1 Wachovia Bank NA, 6.0%, 11/15/17 22,467
-----------
$ 526,066
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.6%
100,000 AAA/Aaa Cie de Financement Foncier, 4.625%,
12/28/12 $ 165,826
-----------
Total Banks $ 1,754,046
-----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.7%
Asset Management & Custody Banks -- 0.1%
25,000 A-/A3 Eaton Vance Corp., 6.5%, 10/2/17 $ 28,262
-----------------------------------------------------------------------------------------------------
Consumer Finance -- 0.8%
35,000 A+/A1 American Honda Finance, Inc., 6.7%,
10/1/13 (144A) $ 38,226
25,000 A/A2 Caterpillar Financial Services, Inc.,
7.05%, 10/1/18 31,678
1,000,000 A/A2 Caterpillar Financial Services, Inc.,
1.35%, 7/12/13 155,401
The accompanying notes are an integral part of these financial statements.
28 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
30,000 B/B3 Springleaf Finance Corp., 6.9%,
12/15/17 $ 22,875
-----------
$ 248,180
-----------------------------------------------------------------------------------------------------
Diversified Financial Services -- 0.6%
20,000 BBB/Baa2 Alterra Finance LLC, 6.25%, 9/30/20 $ 21,371
65,000 AAA/Aaa European Investment Bank, 0.0%, 3/2/15 27,978
25,000 A+/Aa3 JPMorgan Chase & Co., 6.0%, 1/15/18 27,974
100,000 BBB+/Baa1 JPMorgan Chase & Co., 7.9%, 4/29/49 107,671
-----------
$ 184,994
-----------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 1.0%
110,000 5.79 BBB-/Baa2 Goldman Sachs Capital, Floating Rate
Note, 12/29/49 $ 75,350
35,000 BBB/Baa2 Jefferies Group, Inc., 5.125%, 4/13/18 31,599
25,000 BBB/Baa2 Jefferies Group, Inc., 6.875%, 4/15/21 24,093
10,000 A-/A2 Macquarie Group, Ltd., 6.0%, 1/14/20 10,047
50,000 A/Baa1 Merrill Lynch & Co., 5.45%, 2/5/13 50,556
10,000 A/A2 Morgan Stanley Dean Witter, 5.5%,
1/26/20 9,853
45,000 A/A2 Morgan Stanley Dean Witter, 6.625%,
4/1/18 46,900
25,000 BBB/Baa2 Raymond James Financial, Inc., 4.25%,
4/15/16 25,986
25,000 NR/Baa3 Scottrade Financial Services, Inc.,
6.125%, 7/11/21 25,088
-----------
$ 299,472
-----------------------------------------------------------------------------------------------------
Specialized Finance -- 0.2%
41,000 BBB/Baa3 Cantor Fitzgerald LP, 7.875%, 10/15/19 $ 41,673
10,000 A+/A1 National Rural Utilities Corp., 5.45%,
2/1/18 11,400
-----------
$ 53,073
-----------
Total Diversified Financials $ 813,981
-----------------------------------------------------------------------------------------------------
INSURANCE -- 1.6%
Life & Health Insurance -- 0.7%
35,000 BBB/Baa3 Delphi Financial Group, Inc., 7.875%,
1/31/20 $ 40,132
25,000 BBB/Ba1 Lincoln National Corp., 6.05%, 4/20/67 22,000
15,000 A-/Baa2 Lincoln National Corp., 8.75%, 7/1/19 18,301
35,000 BBB/Baa2 MetLife, Inc., 10.75%, 8/1/39 46,200
45,000 A-/Baa2 Protective Life Corp., 7.375%, 10/15/19 48,791
25,000 A/Baa2 Prudential Financial, 5.15%, 1/15/13 26,108
-----------
$ 201,532
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11 29
Schedule of Investments | 10/31/11 (continued)
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Multi-Line Insurance -- 0.2%
40,000 BBB/Baa3 Genworth Financial, Inc., 7.2%, 2/15/21 $ 36,096
45,000 BB/Baa3 Liberty Mutual Group, 7.0%,
3/15/37 (144A) 39,150
-----------
$ 75,246
------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.5%
50,000 BBB-/Baa3 The Hanover Insurance Group, Inc., 7.5%,
3/1/20 $ 56,586
85,000 BB+/Ba2 White Mountains Re Group, Ltd., 7.506%,
5/29/49 79,024
-----------
$ 135,610
------------------------------------------------------------------------------------------------------
Reinsurance -- 0.2%
40,000 BBB/BBB+ Platinum Underwriters HD, 7.5%, 6/1/17 $ 42,592
35,000 BBB-/Baa3 Reinsurance Group of America, Inc.,
6.75%, 12/15/65 30,374
-----------
$ 72,966
-----------
Total Insurance $ 485,354
------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.1%
Diversified Real Estate Activities -- 0.1%
35,000 A-/A2 WEA Finance LLC, 7.125%, 4/15/18 $ 39,664
------------------------------------------------------------------------------------------------------
Diversified Real Estate Investment Trust -- 0.3%
40,000 BBB+/Baa1 Dexus Finance Pty, Ltd., 7.125%,
10/15/14 $ 44,329
20,000 BBB/Baa2 Digital Realty Trust LP, 4.5%, 7/15/15 20,298
10,000 BBB/Baa2 Digital Realty Trust LP, 5.875%, 2/1/20 10,329
-----------
$ 74,956
------------------------------------------------------------------------------------------------------
Office Real Estate Investment Trust -- 0.1%
25,000 BBB/Baa2 Mack-Cali Realty LP, 5.125%, 2/15/14 $ 26,125
------------------------------------------------------------------------------------------------------
Retail Real Estate Investment Trust -- 0.1%
35,000 BB+/Baa3 Developers Diversified Realty, 7.5%,
4/1/17 $ 37,879
------------------------------------------------------------------------------------------------------
Specialized Real Estate Investment Trust -- 0.5%
10,000 BBB-/Baa2 Health Care REIT, Inc., 6.2%, 6/1/16 $ 10,713
25,000 BBB-/Baa3 Healthcare Realty Trust, Inc., 6.5%,
1/17/17 26,983
25,000 BBB-/Baa2 Hospitality Properties Trust, 7.875%,
8/15/14 27,410
45,000 BBB-/Baa3 Senior Housing Properties Trust, 6.75%,
4/15/20 48,515
35,000 BBB-/Baa2 Ventas Realty LP / V, 6.5%, 6/1/16 36,527
-----------
$ 150,148
-----------
Total Real Estate $ 328,772
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.2%
Internet Software & Services -- 0.2%
45,000 NR/WR GTP Towers Issuer LLC, 4.436%,
2/15/15 (144A) $ 46,188
-----------
Total Software & Services $ 46,188
------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.5%
Communications Equipment -- 0.5%
150,000 B/B3 CommScope, Inc., 8.25%, 1/15/19 $ 147,750
-----------
Total Technology Hardware & Equipment $ 147,750
------------------------------------------------------------------------------------------------------
SEMICONDUCTORS -- 0.1%
Semiconductor Equipment -- 0.1%
25,000 BBB/Baa1 Klac Instruments Corp., 6.9%, 5/1/18 $ 28,460
-----------
Total Semiconductors $ 28,460
------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.1%
Alternative Carriers -- 0.0%
10,000 CCC+/Caa1 PAETEC Holding Corp., 9.5%, 7/15/15 $ 10,425
------------------------------------------------------------------------------------------------------
Integrated Telecommunication Services -- 0.7%
40,000 BBB+/Baa1 Deutsche Telekom AG, 3.75%, 4/22/14 $ 48,968
45,000 BB/Baa3 Embarq Corp., 7.082%, 6/1/16 48,770
20,000 A/A2 Qtel International FIN, Ltd., 6.5%,
6/10/14 21,900
50,000 BBB+/Baa1 Telefonica Emisiones SAU, 5.496%,
4/1/16 72,706
-----------
$ 192,344
------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.4%
35,000 B+/Ba2 Cricket Communications, Inc., 7.75%,
5/15/16 $ 36,313
30,000 NR/A2 Crown Castle Towers LLC, 4.883%,
8/15/20 30,667
45,000 NR/A2 GTP Acquisition Partners, Inc., LLC,
4.347%, 6/15/16 45,200
-----------
$ 112,180
-----------
Total Telecommunication Services $ 314,949
------------------------------------------------------------------------------------------------------
UTILITIES -- 0.6%
Electric Utilities -- 0.4%
10,000 A-/Baa1 Commonwealth Edison Co., 6.15%,
9/15/17 $ 11,884
25,000 BBB/Baa3 Commonwealth Edison Co., 6.95%,
7/15/18 29,416
10,000 BB+/Ba1 PPL Capital Funding, Inc., 6.7%, 3/30/67 9,650
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11 31
Schedule of Investments | 10/31/11 (continued)
---------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------
Electric Utilities -- (continued)
35,000 BBB-/Baa3 Public Service of New Mexico, 7.95%,
5/15/18 $ 41,823
10,000 BBB+/A3 West Penn Power Co., 5.95%, 12/15/17 11,753
-----------
$ 104,526
---------------------------------------------------------------------------------------------------
Independent Power Producer & Energy Traders -- 0.1%
38,303 BBB-/Baa3 Panoche Energy Center LLC, 6.88%,
7/31/29 (144A) $ 41,962
---------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.1%
25,000 BBB+/Baa2 NY State Gas and Electric, 6.15%,
12/15/17 (144A) $ 28,019
-----------
Total Utilities $ 174,507
---------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.3%
50,000 AAA/NR European Bank for Redevelopment,
1.875%, 12/10/13 $ 81,954
-----------
Total Government $ 81,954
---------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $6,417,068) $ 6,817,451
---------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 15.4%
974,866 AAA/Aaa Fannie Mae, 5.0%, 7/1/40 $ 1,050,228
128,630 NR/NR Fannie Mae, 6.0%, 3/25/35 136,989
58,174 NR/NR Fannie Mae, 6.25%, 6/25/44 58,609
130,814 AAA/Aaa Federal Home Loan Mortgage Corp.,
6.5%, 8/1/37 145,635
207,761 AAA/Aaa Federal National Mortgage Association,
6.5%, 4/1/38 230,813
81,687 AAA/Aaa Federal National Mortgage Association,
6.5%, 1/1/38 90,853
318,506 AAA/Aaa Freddie Mac, 5.0%, 10/1/38 341,915
278,778 AAA/Aaa Freddie Mac, 5.0%, 9/1/38 299,267
50,000 NR/NR Government National Mortgage
Association, 4.5%, 9/20/39 54,603
968,960 0.69 NR/NR Government National Mortgage
Association, Floating Rate Note,
11/16/51 44,620
25,000 AA+/Aaa U.S. Treasury Bonds, 6.25%, 8/15/23 34,805
211,016 AA+/Aaa U.S. Treasury Inflation Notes, 2.5%,
1/15/29 276,365
1,000,000 AA+/Aaa U.S. Treasury Notes, 0.0%, 12/1/11 999,990
30,000 AA+/Aaa U.S. Treasury Notes, 4.25%, 5/15/39 35,981
60,000 AA+/Aaa U.S. Treasury Notes, 4.5%, 2/15/36 74,400
10,000 AA+/Aaa U.S. Treasury Notes, 4.5%, 5/15/38 12,453
60,000 AA+/Aaa U.S. Treasury Notes, 4.5%, 8/15/39 74,831
The accompanying notes are an integral part of these financial statements.
32 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
U.S. Government Agency Obligations -- (continued)
350,000 AA+/Aaa U.S. Treasury Notes, 4.75%, 2/15/41 $ 455,000
100,000 AA+/Aaa U.S. Treasury Notes, 5.375%, 2/15/31 136,016
-----------
$ 4,553,373
-------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $4,160,977) $ 4,553,373
-------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 34.0%
AUD 25,000 NR/Aaa Australia Government Bond, 5.75%,
4/15/12 $ 26,661
AUD 100,000 NR/Aaa Australia Government Bond, 5.75%,
5/15/21 115,940
AUD 200,000 AAA/Aaa Australia Government Bond, 6.5%,
5/15/13 219,678
EURO 50,000 AAA/Aaa Austria Government Bond, 4.15%,
3/15/37 75,599
EURO 25,000 NR/Aa1 Belgium Government Bond, 5.5%,
3/28/28 37,883
EURO 129,000 AA-/A1 Bonos Y Oblig Del Es, 4.4%, 1/31/15 179,744
EURO 100,000 NR/Aaa Bundesrepublik Deutschland, 3.25%,
1/4/20 154,415
EURO 150,000 NR/Aaa Bundesrepublik Deutschland, 6.5%,
7/4/27 309,894
EURO 110,000 NR/A2 Buoni Poliennali DE, 4.75%, 2/1/13 152,632
CAD 225,000 AAA/Aaa Canada Housing Trust, 3.55%, 9/15/13 236,426
CAD 10,000 AAA/Aaa Canada Housing Trust No. 1, 3.35%,
12/15/20 10,549
CAD 25,000 AAA/Aaa Canada Housing Trust No. 1, 3.75%,
3/15/20 27,256
CAD 100,000 AAA/Aaa Canada Housing Trust No. 1, 3.8%,
6/15/21 108,901
CAD 250,000 AAA/Aaa Canadian Government Bond, 2.0%,
6/1/16 256,997
CAD 600,000 NR/NR Canadian Treasury Bill, 0.0%, 11/10/11 603,447
CZK 500,000 AA/A1 Czech Republic Government Bond, 3.7%,
6/16/13 28,972
DKK 250,000 AAA/Aaa Denmark Government Bond, 4.5%,
11/15/39 63,187
DKK 170,000 AAA/Aaa Denmark Government Bond, 4.0%,
11/15/15 35,347
DKK 75,000 AAA/Aaa Denmark Government Bond, 6.0%,
11/15/11 14,057
EURO 25,000 NR/Aaa France Government Bond, 4.0%,
10/25/38 35,429
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11 33
Schedule of Investments | 10/31/11 (continued)
-------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------------
Foreign Government Bonds -- (continued)
EURO 150,000 NR/Aaa France Government Bond OAT, 3.0%,
10/25/15 $ 217,880
EURO 200,000 NR/Aaa France Government Bond OAT, 3.25%,
10/25/21 281,235
SEK 2,450,000 AAA/Aaa Government of Sweden, 5.5%, 10/8/12 392,374
EURO 117,000 NR/Aaa Government of France, 3.75%, 4/25/21 171,853
HUF 5,000,000 BBB-/Baa3 Hungary Government Bond, 6.75%,
2/12/13 22,849
IDR 200,000,000 BB+/NR Indonesia Recapitalization Bond,
14.245%, 6/15/13 25,825
IDR 100,000,000 BB+/NR Indonesia Recapitalization Bond,
14.275%, 12/15/13 13,350
IDR 50,000,000 BB+/Ba1 Indonesia Treasury Bond, 12.5%,
3/15/13 6,210
IDR 100,000,000 BB+/Ba1 Indonesia Treasury Bond, 11.0%,
12/15/12 12,051
IDR 5,000,000,000 NR/Ba1 Indonesia Treasury Bond, 7.375%,
9/15/16 605,579
IDR 25,000,000 NR/Ba1 Indonesia Treasury Bond, 9.0%, 9/15/13 3,022
EURO 90,000 BBB+/Ba1 Ireland Government Bond, 4.5%, 4/18/20 98,989
EURO 45,000 BBB+/Ba1 Ireland Government Bond, 5.0%,
10/18/20 50,904
EURO 85,000 BBB+/Ba1 Ireland Government Bond, 5.9%,
10/18/19 103,845
EURO 50,000 NR/A2 Italy Buoni Polienna, 3.75%, 8/1/16 64,085
EURO 25,000 NR/A2 Italy Buoni Polienna, 6.5%, 11//1/27 34,148
EURO 75,000 NR/A2 Italy Buoni Poliennali Del Tesoro, 2.25%,
11/1/13 98,759
JPY 35,000,000 NR/Aa3 Japan Government Two Year Bond, 0.2%,
8/15/13 448,820
JPY 30,000,000 NR/Aa3 Japan Government 10-Yr, 1.7%, 9/20/16 408,845
JPY 27,000,000 AA/Aa3 Japan Government 20-Yr, 1.5%, 3/20/19 366,457
JPY 5,000,000 NR/Aa3 Japan Government 30-Yr, 2.3%,
12/20/36 69,037
JPY 47,000,000 NR/Aa3 Japan Government 5-Yr, 1.2%, 3/20/12 604,510
MXN 2,500 A-/Baa1 Mexican Bonos, 9.5%, 12/18/14 21,451
EURO 100,000 NR/Aaa Netherlands Government Bond, 4.25%,
7/15/13 147,502
EURO 150,000 NR/Aaa Netherlands Government Bond, 4.0%,
7/15/16 232,332
EURO 91,000 NR/Aaa Netherlands Government Bond, 5.5%,
1/15/28 169,182
NOK 150,000 AAA/Aaa Norway Government Bond, 4.25%,
5/19/17 29,734
The accompanying notes are an integral part of these financial statements.
34 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------
Foreign Government Bonds -- (continued)
NOK 275,000 AAA/Aaa Norway Government Bond, 5.0%,
5/15/15 $ 54,563
PLN 750,000 A/A2 Poland Government Bond, 4.75%,
4/25/12 237,897
PLN 250,000 A/A2 Poland Government Bond, 5.0%, 4/25/16 79,284
PLN 1,400,000 A/A2 Poland Government Bond, 5.25%,
10/25/17 444,254
EURO 50,000 BBB-/Ba2 Portugal Obrigacoes do Tesouro, 3.85%,
4/15/21 39,335
CAD 250,000 AA-/Aa1 Province of Ontario Canada, 6.25%,
6/16/15 216,562
EURO 50,000 AAA/Aaa Republic of Austria, 4.35%, 3/15/19 77,159
EURO 110,000 AAA/Aaa Republic of Austria, 7.0%, 7/15/14 165,017
SGD 150,000 NR/Aaa Singapore Government Bond, 1.625%,
4/1/13 122,179
ZAR 250,000 A/A3 South Africa Government Bond, 7.5%,
1/15/14 32,602
ZAR 1,500,000 NR/A3 South Africa Government Bond, 6.75%,
3/31/21 176,601
ZAR 300,000 A/A3 South Africa Government Bond, 8.0%,
12/21/18 38,813
EURO 100,000 AA-/A1 Spain Government Bond, 4.1%, 7/30/18 131,516
SEK 200,000 AAA/Aaa Sweden Government Bond, 3.75%,
8/12/17 34,228
SEK 500,000 AAA/Aaa Sweden Government Bond, 3.5%,
3/30/39 92,299
SEK 1,000,000 AAA/Aaa Sweden Government Bond, 4.25%,
3/12/19 179,420
SEK 270,000 AAA/Aaa Sweden Government Bond, 4.5%,
8/12/15 46,304
SEK 40,000 AAA/Aaa Sweden Government Bond, 6.75%,
5/5/14 6,996
GBP 50,000 NR/Aaa United Kingdom Gilt, 4.0%, 9/7/16 90,971
GBP 50,000 NR/Aaa United Kingdom Gilt, 4.25%, 9/7/39 93,059
GBP 75,000 NR/Aaa United Kingdom Treasury, 8.75%, 8/25/17 169,476
GBP 60,000 NR/Aaa United Kingdom Treasury, 4.25%, 12/7/27 112,415
-----------
$10,034,792
---------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $9,807,723) $10,034,792
---------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 2.6%
Government -- 0.2%
50,000 AA+/Aa1 State of Washington, 5.0%, 8/1/39 $ 53,294
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11 35
Schedule of Investments | 10/31/11 (continued)
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Municipal Airport -- 0.1%
20,000 BBB/Baa2 Indianapolis Airport Authority, 5.1%,
1/15/17 $ 22,170
--------------------------------------------------------------------------------------------------------
Municipal Development -- 0.2%
50,000 AA-/Aa3 California Statewide Communities
Development Authority, 6.0%, 8/15/42 $ 54,519
--------------------------------------------------------------------------------------------------------
Municipal Higher Education -- 1.6%
50,000 AA+/Aa2 California State University Revenue, 5.0%,
11/1/39 $ 51,367
50,000 AAA/Aaa Connecticut State Health & Educational
Facility Authority, 5.0%, 7/1/40 54,330
25,000 AAA/Aaa Connecticut State Health & Educational,
5.0%, 7/1/42 26,506
50,000 AAA/Aaa Houston Texas Higher Educational Finance
Corp., Higher Educational Revenue, 4.5%,
11/15/37 50,579
10,000 AAA/Aaa Massachusetts Health & Educational
Facilities, 5.5%, 7/1/36 11,287
70,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 5.5%, 11/15/36 79,083
20,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 6.0%, 7/1/36 23,159
25,000 AAA/Aaa Massachusetts State Health &
Educational, 5.5%, 7/1/32 32,311
30,000 AAA/Aaa Missouri State Health & Educational
Facilities, 5.0%, 11/15/39 32,668
50,000 AA/Aa1 New York State Dormitory Authority, 5.0%,
7/1/40 53,743
50,000 AAA/Aaa New York State Dormitory Authority, 5.0%,
7/1/38 53,960
20,000 AAA/Aaa Texas A&M University, 5.0%, 7/1/30 22,699
-----------
$ 491,692
--------------------------------------------------------------------------------------------------------
Municipal Medical -- 0.1%
25,000 AA-/A1 Massachusetts Development Finance
Agency, 5.25%, 4/1/37 $ 26,210
--------------------------------------------------------------------------------------------------------
Municipal Transportation -- 0.2%
50,000 AA/Aa2 Harris County Metropolitan Transit
Authority, 5.0%, 11/1/41 $ 53,408
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
---------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------
Municipal Water -- 0.2%
45,000 AAA/Aa1 City of Charleston SC 5%, 1/1/41 $ 49,145
20,000 AAA/Aa2 Hampton Roads Sanitation District 5%,
4/1/38 21,133
-----------
$ 70,278
---------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $732,657) $ 771,571
---------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 95.5%
(Cost $27,201,090) (a) $28,215,560
---------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 4.5% $ 1,329,680
---------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $29,545,240
===================================================================================================
NR Not rated by either S&P or Moody's.
WR Rating withdrawn 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
October 31, 2011, the value of these securities amounted to $361,105 or
1.2% of total net assets.
(a) At October 31, 2011, the net unrealized gain on investments based on cost
for federal income tax purposes of $27,201,214 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $1,434,897
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (420,551)
----------
Net unrealized gain $1,014,346
----------
(b) Debt obligation with a variable interest rate. Rate shown is rate at end
of period.
(c) Amount rounds to less than 0.1%.
Principal amounts are denominated in U.S. Dollars unless otherwise
denoted:
AUD Australian Dollar
CAD Canadian Dollar
CZK Czech Krona
DKK Danish Kroner
EURO Euro
GBP British Pound Sterling
HUF Hungarian Forint
IDR Indonesian Rupiah
JPY Japanese Yen
MXN Mexican Peso
NOK Norwegian Krone
PLN New Polish Zloty
SEK Swedish Krone
SGD Singapore Dollar
ZAR South African Rand
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11 37
Schedule of Investments | 10/31/11 (continued)
Purchases and sales of securities (excluding temporary cash investments) for
the year ended October 31, 2011 aggregated $21,537,513 and $5,534,643,
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.
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)
Generally, equity securities are categorized as Level 1, fixed income
securities and senior loans are categorized as Level 2 and securities valued
using fair value methods (other than prices supplied by independent pricing
services, see Notes to Financial Statements -- Note 1A) are categorized as
Level 3.
The following is a summary of the inputs used as of October 31, 2011, in
valuing the Fund's assets:
---------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
---------------------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $ 351,173 $ -- $ 351,173
Preferred Stocks 175,332 -- -- 175,332
Asset Backed Securities -- 1,119,041 -- 1,119,041
Collateralized Mortgage Obligations -- 4,392,827 -- 4,392,827
Corporate Bonds -- 6,817,451 -- 6,817,451
U.S. Government Agency Obligations -- 4,553,373 -- 4,553,373
Foreign Government Bonds -- 10,034,792 -- 10,034,792
Municipal Bonds -- 771,571 -- 771,571
---------------------------------------------------------------------------------------------------
Total $ 175,332 $ 28,040,228 $ -- $ 28,215,560
===================================================================================================
Other Financial Instruments* $ -- $ 3,583 $ -- $ 3,583
===================================================================================================
* Other financial instruments Include foreign exchange contracts.
The accompanying notes are an integral part of these financial statements.
38 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
Statement of Assets and Liabilities | 10/31/11
ASSETS:
Investment in securities, at value (cost $27,201,090) $28,215,560
Foreign currencies, at value (cost $2,455,389) 2,497,169
Receivables --
Investment securities sold 11,438
Fund shares sold 82,845
Dividends and interest 276,204
Forward foreign currency contracts, net 3,583
Due from Pioneer Investment Management, Inc. 3,367
Other 31,237
-------------------------------------------------------------------------------------
Total assets $31,121,403
-------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 674,469
Fund shares repurchased 1,207
Dividends 29,327
Due to bank 793,167
Due to affiliates 6,710
Accrued expenses 71,283
-------------------------------------------------------------------------------------
Total liabilities $ 1,576,163
-------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $28,443,006
Distributions in excess of net investment income (20,001)
Accumulated net realized gain on investments, foreign currency
transactions and futures contracts 57,880
Net unrealized gain on investments 1,014,470
Net unrealized gain on forward foreign currency contracts and other
assets and liabilities denominated in foreign currencies 49,885
-------------------------------------------------------------------------------------
Total net assets $29,545,240
=====================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $14,829,729/1,321,133 shares) $ 11.22
Class C (based on $3,555,290/316,540 shares) $ 11.23
Class Y (based on $11,160,221/987,705 shares) $ 11.30
MAXIMUM OFFERING PRICE:
Class A ($11.22 [divided by] 95.5%) $ 11.75
=====================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11 39
Statement of Operations
For the Year Ended 10/31/11
INVESTMENT INCOME:
Interest (net of foreign taxes withheld of $16) $737,034
Dividends 3,224
-----------------------------------------------------------------------------------------------------
Total investment income $740,258
-----------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 94,277
Transfer agent fees and expenses
Class A 14,165
Class C 4,934
Class Y 464
Distribution fees
Class A 24,517
Class C 33,577
Shareholder communications expense 12,906
Administrative reimbursements 5,573
Custodian fees 17,113
Registration fees 79,358
Professional fees 61,923
Printing expense 33,195
Fees and expenses of nonaffiliated trustees 6,601
Miscellaneous 1,979
-----------------------------------------------------------------------------------------------------
Total expenses $ 390,582
Less fees waived and expenses reimbursed by Pioneer
Investment Management, Inc. (182,133)
-----------------------------------------------------------------------------------------------------
Net expenses $ 208,449
-----------------------------------------------------------------------------------------------------
Net investment income $ 531,809
-----------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $(14,344)
Futures contracts (11,149)
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies 45,972 $ 20,479
-----------------------------------------------------------------------------------------------------
Change in net unrealized gain on:
Investments $ 35,177
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies 19,695 $ 54,872
-----------------------------------------------------------------------------------------------------
Net gain on investments, futures contracts and foreign currency
transactions $ 75,351
-----------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 607,160
=====================================================================================================
The accompanying notes are an integral part of these financial statements.
40 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
Statements of Changes in Net Assets
-------------------------------------------------------------------------------------------------
Year Ended Year Ended
10/31/11 10/31/10
-------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 531,809 $ 373,430
Net realized gain (loss) on investments, futures contracts and
foreign currency transactions 20,479 (2,128)
Change in net unrealized gain (loss) on investments and foreign
currency transactions 54,872 475,934
-------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 607,160 $ 847,236
-------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.32 and $0.40 per share, respectively) $ (273,085) $ (205,285)
Class C ($0.22 and $0.30 per share, respectively) (67,255) (93,978)
Class Y ($0.32 and $0.41 per share, respectively) (152,769) (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 $ (493,109) $ (442,865)
-------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $22,128,644 $ 6,586,211
Reinvestment of distributions 230,156 170,192
Cost of shares repurchased (6,631,172) (3,979,991)
-------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $15,727,628 $ 2,776,412
-------------------------------------------------------------------------------------------------
Net increase in net assets $15,841,679 $ 3,180,783
NET ASSETS:
Beginning of year 13,703,561 10,522,778
-------------------------------------------------------------------------------------------------
End of year $29,545,240 $13,703,561
=================================================================================================
Distributions in excess of net investment income $ (20,001) $ (38,992)
=================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11 41
Statements of Changes in Net Assets (continued)
-----------------------------------------------------------------------------------------------
'11 Shares '11 Amount '10 Shares '10 Amount
-----------------------------------------------------------------------------------------------
Class A
Shares sold 1,010,747 $11,248,729 249,681 $2,707,812
Reinvestment of distributions 17,937 199,884 12,059 129,397
Less shares repurchased (264,524) (2,920,267) (206,006) (2,197,810)
-----------------------------------------------------------------------------------------------
Net increase 764,160 $8,528,346 55,734 $ 639,399
===============================================================================================
Class C
Shares sold 80,347 $ 891,114 89,259 $ 962,994
Reinvestment of distributions 2,718 30,177 3,808 40,774
Less shares repurchased (58,160) (641,829) (104,501) (1,108,874)
-----------------------------------------------------------------------------------------------
Net increase (decrease) 24,905 $ 279,462 (11,434) $ (105,106)
===============================================================================================
Class Y
Shares sold 886,941 $9,988,801 271,098 $2,915,405
Reinvestment of distributions 8 95 2 21
Less shares repurchased (273,937) (3,069,076) (63,073) (673,307)
-----------------------------------------------------------------------------------------------
Net increase 613,012 $6,919,820 208,027 $2,242,119
===============================================================================================
The accompanying notes are an integral part of these financial statements.
42 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
Financial Highlights
-----------------------------------------------------------------------------------------------------
12/28/07 (a)
(Commencement
Year Ended Year Ended Year Ended of Operations)
10/31/11 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 $ 0.34 $ 0.35 $ 0.39 $ 0.25
Net realized and unrealized gain (loss) on
investments 0.01 0.41 1.57 (0.75)
-----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from investment operations $ 0.35 $ 0.76 $ 1.96 $(0.50)
Distributions to shareowners:
Net investment income (0.32) (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 $ 0.03 $ 0.35 $ 1.59 $(0.75)
-----------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.22 $11.19 $10.84 $ 9.25
=====================================================================================================
Total return* 3.22% 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 2.94% 3.26% 3.83% 3.23%**
Portfolio turnover rate 34% 27% 28% 46%***
Net assets, end of period (in thousands) $14,830 $6,235 $5,434 $3,628
Ratios with no waiver of fees and
assumption of expenses by the Adviser:
Net expenses 2.07% 2.35% 2.90% 3.16%**
Net investment income 1.86% 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.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11 43
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------
12/28/07 (a)
(Commencement
Year Ended Year Ended Year Ended of Operations)
10/31/11 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 $ 0.24 $ 0.25 $ 0.29 $ 0.18
Net realized and unrealized gain (loss) on
investments 0.02 0.43 1.58 (0.76)
-----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from investment operations $ 0.26 $ 0.68 $ 1.87 $(0.58)
Distributions to shareowners:
Net investment income (0.22) (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 $ 0.04 $ 0.37 $ 1.59 $(0.77)
-----------------------------------------------------------------------------------------------------
Net asset value, end of period $11.23 $11.19 $10.82 $ 9.23
=====================================================================================================
Total return* 2.39% 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 2.15% 2.37% 2.94% 2.29%**
Portfolio turnover rate 34% 27% 28% 46%***
Net assets, end of period (in thousands) $3,555 $3,264 $3,281 $2,471
Ratios with no waiver of fees and
assumption of expenses by the Adviser:
Net expenses 2.94% 3.00% 3.57% 3.84%**
Net investment income 1.11% 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.
44 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
-----------------------------------------------------------------------------------------------------
12/28/07 (a)
(Commencement
Year Ended Year Ended Year Ended of Operations)
10/31/11 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 $ 0.35 $ 0.34 $ 0.38 $ 0.27
Net realized and unrealized gain (loss) on
investments 0.05 0.45 1.59 (0.77)
-----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from investment operations $ 0.40 $ 0.79 $ 1.97 $(0.50)
Distributions to shareowners:
Net investment income (0.32) (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* 3.66% 7.48% 21.69% (5.12)%***
Ratio of net expenses to average net assets 0.82% 0.94% 1.00% 0.89%**
Ratio of net investment income to average
net assets 3.01% 3.31% 3.83% 3.22%**
Portfolio turnover rate 34% 27% 28% 46%***
Net assets, end of period (in thousands) $11,160 $4,205 $1,809 $1,542
Ratios with no waiver of fees and
assumption of expenses by the Adviser:
Net expenses 1.55% 1.86% 2.48% 2.82%**
Net investment income 2.28% 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.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11 45
Notes to Financial Statements | 10/31/11
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.
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
46 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
(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. Short-term fixed income securities with remaining maturities
of sixty days or less generally are valued at amortized cost.
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.
Examples of a significant event might include political or economic news,
corporate restructurings, natural disasters, terrorist activity or trading
halts. Thus, the valuation of the Fund's securities may differ from exchange
prices.
At October 31, 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.
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.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11 47
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).
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 federal
and state 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.
48 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
Under the recently enacted Regulated Investment Company Modernization Act of
2010, the Fund will be permitted to carry forward capital losses incurred in
taxable years beginning after December 22, 2010 for an unlimited period.
However, any losses incurred during those future years will be required to
be utilized prior to the losses incurred in pre-enactment tax years. As a
result of this ordering rule, pre-enactment capital loss carryforwards may
be more likely to expire unused. Additionally, post-enactment capital losses
that are carried forward will retain their character as either short-term or
long-term capital losses rather than being considered all short-term as
under previous law.
At October 31, 2011, the Fund reclassified $37,401 to increase distributions
in excess of net investment income and $37,401 to increase accumulated net
realized gain on investments, futures contracts and foreign currency
transactions, to reflect permanent book/tax differences. The
reclassification has no impact on the net assets of the Fund and presents
the Fund's capital accounts on a tax basis.
The tax character of distributions paid during the years ended October 31,
2011 and October 31, 2010 were as follows:
-----------------------------------------------------------------------------
2011 2010
-----------------------------------------------------------------------------
Distributions paid from:
Ordinary income $493,109 $412,471
Long-term capital gain -- 12,702
Distribution in excess of net investment income -- 17,692
-----------------------------------------------------------------------------
Total $493,109 442,865
=============================================================================
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2011:
----------------------------------------------
2011
----------------------------------------------
Distributable earnings:
Undistributed ordinary income $25,553
Undistributed long-term gain 45,360
Current year dividend payable (29,327)
Unrealized appreciation 1,060,648
----------------------------------------------
Total $1,102,234
==============================================
The difference between book-basis and tax-basis net unrealized loss is
attributable to the tax deferral of losses on wash sales, adjustments
relating to catastrophe bonds, the mark to market on foreign currency and
futures contracts, interest on defaulted bonds and interest accruals on
preferred stock.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11 49
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 $3,747 in underwriting commissions on the sale of Class A shares
during the year ended October 31, 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 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. Risks
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
50 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
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.
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. 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
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11 51
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 number of contracts open for eight months in the period ended
October 31, 2011 was 1. There were no open futures contracts at October 31,
2011.
J. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value of
the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Fund's custodian or a subcustodian of the Fund. The Fund's
investment adviser, Pioneer Investment Management, Inc. (PIM), is
responsible for determining that the value of the collateral remains at
least equal to the repurchase price.
2. Management Agreement
PIM, a wholly-owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.50% of
the Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses of the Fund
to the extent required to reduce Fund expenses to 1.00% and 1.90% of the
average daily net assets attributable to Class A and Class C shares,
respectively. Fees waived and expenses reimbursed during the year ended October
31, 2011 are reflected on the Statement of Operations. These expense
limitations are in effect through March 1, 2013 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
$1,285 in management fees, administrative costs and certain other
reimbursements payable to PIM at October 31, 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.
52 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
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 year ended October 31, 2011, such out-of-pocket expenses by class of
shares were as follows:
-------------------------------------
Shareholder Communications:
-------------------------------------
Class A $8,729
Class C 1,866
Class Y 2,311
-------------------------------------
Total $12,906
=====================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $4,802 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at October 31, 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 on the
Statement of Assets and Liabilities is $623 in distribution fees payable to PFD
at October 31, 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 12 months of purchase. 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 year ended October 31, 2011, CDSCs in the amount of $941 were paid to
PFD.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11 53
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 year ended October 31, 2011, the Fund's expenses
were not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At October 31, 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 year ended October 31, 2011 was $453,068. The Fund's gross forward
currency settlement contracts receivable and payable were $753,612 and
$750,029, respectively, resulting in a net receivable of $3,583.
7. Additional Disclosures about Derivative Instruments and Hedging Activities
Values of derivative instruments as of October 31, 2011 were as follows:
Derivatives Not Accounted for Asset Derivatives 2011 Liabilities Derivatives 2011
as Hedging Instruments Under ------------------------------ ----------------------------
Accounting Standards Codification Balance Sheet Balance Sheet
(ASC) 815 Location Value Location Value
Foreign Exchange Contracts* Net Assets -- Net Assets --
Receivables $753,612 Payables 750,029
---------------------------------------------------------------------------------------------------
Total $753,612 $750,029
===================================================================================================
* The value of foreign exchange contracts is shown as a net receivable on the
Statement of Assets and Liabilities.
54 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
The effect of derivative instruments on the Statement of Operations for the
year ended October 31, 2011 was as follows:
-------------------------------------------------------------------------------------------------------
Change in
Unrealized
Realized Gain Gain or
Derivatives Not Accounted for or (Loss) (Loss) on
as Hedging Instruments Under on Derivatives Derivatives
Accounting Standards Codification Location of Gain or (Loss) On Recognized Recognized
(ASC) 815 Derivatives Recognized in Income in Income in Income
-------------------------------------------------------------------------------------------------------
Interest Rate Futures Net realized loss on futures $(11,149)
contracts
Foreign Exchange Contracts Net realized gain on forward foreign $ 45,972
currency contracts and other assets
and liabilities denominated in
foreign currencies
Foreign Exchange Contracts Change in unrealized gain (loss) on $19,695
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 year ended
October 31, 2011, the Fund had no borrowings under this agreement.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11 55
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust VII and the Shareowners of
Pioneer Global Aggregate Bond Fund
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities of Pioneer
Global Aggregate Bond Fund (the "Fund") (one of the portfolios constituting the
Pioneer Series Trust VII), including the schedule of investments, as of October
31, 2011, and the related statements of operations for the year then ended, the
statements of changes in net assets for each of the two years in the period
then ended and the financial highlights for each of the periods indicated
therein. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. We were not engaged to perform an audit of the Fund's internal
control over financial reporting. Our audits included consideration of internal
control over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Fund's internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights, assessing the accounting
principles used and significant estimates made by management, and evaluating
the overall financial statement presentation. Our procedures included
confirmation of securities owned as of October 31, 2011, by correspondence with
the custodian and brokers or by other appropriate auditing procedures where
replies from brokers were not received. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Global Aggregate Bond Fund at October 31, 2011, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended and the financial highlights for each of
the periods indicated therein, in conformity with U.S. generally accepted
accounting principles.
/s/Ernst & Young LLP
Boston, Massachusetts
December 23, 2011
56 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
ADDITIONAL INFORMATION (unaudited)
The percentage of the Fund's ordinary income distributions that are exempt from
nonresident alien (NRA) tax withholding resulting from qualified interest
income was 65.19%.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11 57
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
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 us.pioneerinvestments.com. This information is also available on
the Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and officers are listed on the following pages, together
with their principal occupations during at least the past five years. Trustees
who are interested persons of the Fund within the meaning of the 1940 Act are
referred to as Interested Trustees. Trustees who are not interested persons of
the Fund are referred to as Independent Trustees. Each of the Trustees, except
Mr. West, serves as a trustee of each of the 55 U.S. registered investment
portfolios for which Pioneer serves as investment adviser (the "Pioneer
Funds"). Mr. West serves as a trustee of 44 U.S. registered investment
portfolios for which Pioneer serves as investment adviser. The address for all
Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts
02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
58 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
Interested Trustees
--------------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
--------------------------------------------------------------------------------
John F. Cogan, Jr. (85)* Chairman of the Board, Trustee since 2001.
Trustee and President Serves until a successor
trustee is elected or
earlier retirement or
removal.
--------------------------------------------------------------------------------
Daniel K. Kingsbury (53)* Trustee and Executive Trustee since 2007.
Vice President Serves until a successor
trustee is elected or
earlier retirement
or removal.
--------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are officers
or directors of the Fund's investment adviser and certain of its affiliates.
Interested Trustees
--------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Trustee
--------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (85)* Non-Executive Chairman and a director of Pioneer Investment None
Management USA Inc. ("PIM-USA"); Chairman and a director of
Pioneer; Chairman and Director of Pioneer Institutional Asset
Management, Inc. (since 2006); Director of Pioneer Alternative
Investment Management Limited (Dublin, until October 2011);
President and a director of Pioneer Alternative Investment
Management (Bermuda) Limited and affiliated funds; Deputy
Chairman and a director of Pioneer Global Asset Management
S.p.A. ("PGAM") (until April 2010); Director of PIOGLOBAL Real
Estate Investment Fund (Russia) (until June 2006); Director of
Nano-C, Inc. (since 2003); Director of Cole Management Inc.
(since 2004); Director of Fiduciary Counseling, Inc.; President
and Director of Pioneer Funds Distributor, Inc. ("PFD") (until May
2006); President of all of the Pioneer Funds; and Of Counsel,
Wilmer Cutler Pickering Hale and Dorr LLP
--------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (53)* Director, CEO and President of PIM-USA (since February 2007); None
Director and President of Pioneer and Pioneer Institutional Asset
Management, Inc. (since February 2007); Executive Vice
President of all of the Pioneer Funds (since March 2007);
Director of PGAM (2007 - 2010); Head of New Europe Division,
PGAM (2000 - 2005); and Head of New Markets Division, PGAM
(2005 - 2007)
--------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are officers or directors of the Fund's investment
adviser and certain of its affiliates.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11 59
Independent Trustees
----------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
----------------------------------------------------------------
David R. Bock (67) Trustee Trustee since 2005.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
----------------------------------------------------------------
Mary K. Bush (63) Trustee Trustee since 2001.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
Independent Trustees
--------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Trustee
--------------------------------------------------------------------------------------------------------------------------
David R. Bock (67) Managing Partner, Federal City Capital Advisors (corporate Director of Enterprise
advisory services company) (1997 - 2004 and 2008 - present); Community Investment, Inc.
Interim Chief Executive Officer, Oxford Analytica, Inc. (privately (privately held affordable
held research and consulting company) (2010); Executive Vice housing finance company)
President and Chief Financial Officer, I-trax, Inc. (publicly traded (1985 - 2010); Director of
health care services company) (2004 - 2007); and Executive Oxford Analytica, Inc. (2008
Vice President and Chief Financial Officer, Pedestal Inc. (internet- - present); Director of The
based mortgage trading company) (2000 - 2002) Swiss Helvetia Fund, Inc.
(closed-end fund) (2010 -
present); and Director of
New York Mortgage Trust
(publicly traded mortgage
REIT) (2004 - 2009)
--------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (63) Chairman, Bush International, LLC (international financial Director of Marriott
advisory firm) (1991 - present); Senior Managing Director, Brock International, Inc. (2008 -
Capital Group, LLC (strategic business advisors) (2010 - present); Director of
present); Managing Director, Federal Housing Finance Board Discover Financial Services
(oversight of Federal Home Loan Bank system) (1989 - 1991); (credit card issuer and
Vice President and Head of International Finance, Federal electronic payment services)
National Mortgage Association (1988 - 1989); U.S. Alternate (2007 - present); Former
Executive Director, International Monetary Fund (1984 - 1988); Director of Briggs & Stratton
Executive Assistant to Deputy Secretary of the U.S. Treasury, U.S. Co. (engine manufacturer)
Treasury Department (1982 - 1984); and Vice President and (2004 - 2009); Former
Team Leader in Corporate Banking, Bankers Trust Co. (1976 - Director of UAL Corporation
1982) (airline holding company)
(2006 - 2010); Director of
ManTech International
60 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
--------------------------------------------------------------------------------------------------------------------------
Position Held Length of Service Other Directorships
Name and Age with the Fund and Term of Office Principal Occupation Held by this Trustee
--------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (continued) Corporation (national
security, defense, and
intelligence technology firm)
(2006 - present); Member,
Board of Governors,
Investment Company
Institute (2007 - present);
Member, Board of
Governors, Independent
Directors Council (2007 -
present); Former Director of
Brady Corporation (2000 -
2007); Former Director
of Mortgage Guaranty
Insurance Corporation
(1991 - 2006); Former
Director of Millennium
Chemicals, Inc. (commodity
chemicals) (2002 - 2005);
Former Director, R.J.
Reynolds Tobacco Holdings,
Inc. (tobacco) (1999 -
2005); and Former Director
of Texaco, Inc. (1997 -
2001)
--------------------------------------------------------------------------------------------------------------------------
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
61
Independent Trustees (continued)
----------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
----------------------------------------------------------------------
Benjamin M. Friedman (67) Trustee Trustee since 2008.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
----------------------------------------------------------------------
Margaret B.W. Graham (64) Trustee Trustee since 2001.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
----------------------------------------------------------------------
Thomas J. Perna (61) Trustee Trustee since 2006.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
----------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Trustee
---------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (67) William Joseph Maier Professor of Political Economy, Harvard Trustee, Mellon Institutional
University (1972 - present) Funds Investment Trust and
Mellon Institutional Funds
Master Portfolio (oversaw
17 portfolios in fund
complex) (1989 - 2008)
---------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (64) Founding Director, Vice-President and Corporate Secretary, The None
Winthrop Group, Inc. (consulting firm) (1982 - present);
Desautels Faculty of Management, McGill University (1999 -
present); and Manager of Research Operations and
Organizational Learning, Xerox PARC, Xerox's Advance Research
Center (1990 - 1994)
---------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (61) Chairman and Chief Executive Officer, Quadriserv, Inc. Director, Broadridge
(technology products for securities lending industry) (2008 - Financial Solutions, Inc.
present); private investor (2004 - 2008); and Senior Executive (investor communications
Vice President, The Bank of New York (financial and securities and securities processing
services) (1986 - 2004) provider for financial
services industry) (2009 -
present); and Director,
Quadriserv, Inc. (2005 -
present)
---------------------------------------------------------------------------------------------------------------------------
62 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
---------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
---------------------------------------------------------------------
Marguerite A. Piret (63) Trustee Trustee since 2001.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
---------------------------------------------------------------------
Stephen K. West (83) Trustee Trustee since 2001.
Serves until a successor
trustee is elected or
earlier retirement or
removal.
---------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Trustee
-----------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (63) President and Chief Executive Officer, Newbury, Piret & Company, Director of New America
Inc. (investment banking firm) (1981 - present) High Income Fund, Inc.
(closed-end investment
company) (2004 - present);
and member, Board of
Governors, Investment
Company Institute (2000 -
2006)
-----------------------------------------------------------------------------------------------------------------------------
Stephen K. West (83) Senior Counsel, Sullivan & Cromwell LLP (law firm) (1998 - Director, The Swiss Helvetia
present); and Partner, Sullivan & Cromwell LLP (prior to 1998) Fund, Inc. (closed-end
investment company); and
Director, AMVESCAP, PLC
(investment manager)
(1997-2005)
-----------------------------------------------------------------------------------------------------------------------------
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11 63
Fund Officers
--------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
--------------------------------------------------------------------------
Christopher J. Kelley (46) Secretary Since 2010. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------
Carol B. Hannigan (50) Assistant Secretary Since 2010. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------
Thomas Reyes (48) Assistant Secretary Since 2010. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------
Mark E. Bradley (51) Treasurer Since 2008. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------
Luis I. Presutti (46) Assistant Treasurer Since 2001. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------
Gary Sullivan (53) Assistant Treasurer Since 2002. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------
Fund Officers
-----------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Officer
-----------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (46) Vice President and Associate General Counsel of Pioneer since None
January 2008 and Secretary of all of the Pioneer Funds since
June 2010; Assistant Secretary of all of the Pioneer Funds from
September 2003 to May 2010; and Vice President and Senior
Counsel of Pioneer from July 2002 to December 2007
-----------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (50) Fund Governance Director of Pioneer since December 2006 and None
Assistant Secretary of all the Pioneer Funds since June 2010;
Manager -- Fund Governance of Pioneer from December 2003 to
November 2006; and Senior Paralegal of Pioneer from January
2000 to November 2003
-----------------------------------------------------------------------------------------------------------------------
Thomas Reyes (48) Counsel of Pioneer since June 2007 and Assistant Secretary of None
all the Pioneer Funds since June 2010; and Vice President and
Counsel at State Street Bank from October 2004 to June 2007
-----------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (51) Vice President -- Fund Accounting, Administration and None
Controllership Services of Pioneer; Treasurer of all of the Pioneer
Funds since March 2008; Deputy Treasurer of Pioneer from
March 2004 to February 2008; and Assistant Treasurer of all of
the Pioneer Funds from March 2004 to February 2008
-----------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (46) Assistant Vice President -- Fund Accounting, Administration and None
Controllership Services of Pioneer; and Assistant Treasurer of all
of the Pioneer Funds
-----------------------------------------------------------------------------------------------------------------------
Gary Sullivan (53) Fund Accounting Manager -- Fund Accounting, Administration None
and Controllership Services of Pioneer; and Assistant Treasurer of
all of the Pioneer Funds
-----------------------------------------------------------------------------------------------------------------------
64 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
--------------------------------------------------------------------------
Position Held Length of Service
Name and Age with the Fund and Term of Office
--------------------------------------------------------------------------
David F. Johnson (31) Assistant Treasurer Since 2009. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------
Jean M. Bradley (59) Chief Compliance Officer Since 2010. Serves at
the discretion of the
Board.
--------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Other Directorships
Name and Age Principal Occupation Held by this Officer
------------------------------------------------------------------------------------------------------------------
David F. Johnson (31) Fund Administration Manager -- Fund Accounting, Administration None
and Controllership Services since November 2008; Assistant
Treasurer of all of the Pioneer Funds since January 2009; and
Client Service Manager -- Institutional Investor Services at State
Street Bank from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (59) Chief Compliance Officer of Pioneer and of all the Pioneer Funds None
since March 2010; Director of Adviser and Portfolio Compliance
at Pioneer since October 2005; and Senior Compliance Officer
for Columbia Management Advisers, Inc. from October 2003 to
October 2005
------------------------------------------------------------------------------------------------------------------
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11 65
This page for your notes.
66 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
This page for your notes.
Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11 67
This page for your notes.
68 Pioneer Global Aggregate Bond Fund | Annual Report | 10/31/11
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: us.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.
[GRAPHIC MAP]
Pioneer Global High
Yield Fund
--------------------------------------------------------------------------------
Annual Report | October 31, 2011
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PGHYX
Class B PGHBX
Class C PGYCX
Class Y GHYYX
Class Z PGHZX
[LOGO] PIONEER
Investments(R)
visit us: 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 57
Notes to Financial Statements 66
Report of Independent Registered Public Accounting Firm 78
Trustees, Officers and Service Providers 80
Pioneer Global High Yield Fund | Annual Report | 10/31/11 1
President's Letter
Dear Shareowner,
During the first three quarters of 2011, the U.S. economy struggled to gain
solid footing. The economy went through a soft patch in the first half, and the
second half, so far, has been highlighted by the U.S. government's battle over
the debt ceiling and Standard & Poor's downgrade of the U.S. Treasury's credit
rating from the top rating of "AAA" for the first time in history. After
rallying nicely in the first half, U.S. equity markets reacted sharply this
summer to the political stalemate and the downgrade. There has been continued
pressure on equities due to concerns about the growing European sovereign-debt
crisis and its potential impact on the global economy.
Despite legitimate reasons for concern, we believe there are also reasons for
optimism that the U.S. economy will continue to exhibit modest growth and is
not headed into a severe recession. Corporations continue to post solid
earnings and, for the most part, are maintaining their positive earnings
outlooks. They also have strong balance sheets with improved net leverage and
high cash levels. Auto production has rebounded following the Japanese
supply-chain interruptions caused by the earthquake and tsunami last spring.
Retail sales growth year-over-year has remained steady despite low consumer
confidence. And despite high unemployment in the U.S., private sector
employment has grown consistently, albeit modestly, since February 2010. There
are certainly risks to our outlook, including possible contagion from the
European sovereign-debt and banking crisis, the fiscal drag from federal and
state budget cuts in the U.S., as well as potential "negative feedback loops"
from capital-market volatility. But broadly speaking, we think the subpar
economic recovery is consistent with recoveries from other "balance
sheet"-caused recessions.
The difficult recovery process has been accompanied by wide market swings.
While this is a challenging environment, our investment professionals continue
to focus on finding good opportunities to invest in both equity and bond
markets using the same disciplined approach Pioneer has used since 1928. Our
approach is to identify 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.
2 Pioneer Global High Yield Fund | Annual Report | 10/31/11
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. 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
us.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 Fund's historical or future performance are
statements of opinion 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 | Annual Report | 10/31/11 3
Portfolio Management Discussion | 10/31/11
Against a fast-changing backdrop for fixed-income investing, high-yield
corporate bonds and other credit-sensitive securities produced modestly
positive results over the 12 months ended October 31, 2011. The
credit-sensitive sectors performed well early in the 12-month period amid
general confidence and a broad global recovery, but markets grew increasingly
volatile in the latter part of the period as a variety of concerns weighed on
investors' minds. In the following interview, Andrew Feltus discusses the
factors that influenced the performance of Pioneer Global High Yield Fund
during the 12 months ended October 31, 2011. Mr. Feltus, senior vice president
and portfolio manager at Pioneer, and Tracy Wright, senior vice president and
portfolio manager at Pioneer, are responsible for the daily management of the
Fund.
Q How did the Fund perform during the 12 months ending October 31, 2011?
A Pioneer Global High Yield Fund Class A shares returned 0.49% at net asset
value over the 12 months ended October 31, 2011, while the Fund's
benchmarks, the Bank of America (BofA) Merrill Lynch (ML) High Yield Master
II Index and the BofA ML Global High Yield and Emerging Markets Plus Index,
returned 4.81% and 3.34%, respectively. Over the same 12-month period, the
average return of the 495 mutual funds in Lipper's High Current Yield Funds
category was 3.60%. On October 31, 2011, the 30-day standardized SEC yield
of the Fund's Class A shares was 9.41% with fees waived and 9.33% without
fees waived.
Q What were the principal factors that affected the Fund's benchmark-
relative performance during the 12 months ended October 31, 2011?
A The major factor behind the Fund's underperformance relative to both BofA
ML benchmarks -- particularly the Global High Yield and Emerging Markets
Plus Index -- as well as the Fund's Lipper peer group average, was greater
portfolio exposure to higher-yielding investments. While the benchmark
indices had as much as 22% of assets allocated to investment-grade debt, we
generally retained a greater emphasis on lower-rated, high-yielding debt in
the Fund's portfolio. For example, at the end of the period on October 31,
2011, just 7.1% of the Fund's net assets were allocated to securities with
investment-grade credit ratings of BBB or higher. Moreover, the Fund's
exposure to corporate high-yield bonds in the emerging markets held back
results relative to the BofA ML High Yield Master II Index, which is
primarily a domestic-oriented benchmark.
4 Pioneer Global High Yield Fund | Annual Report | 10/31/11
While a variety of factors combined to drive high-yield prices down in the
final half of the Fund's fiscal year, we believe that the bond market
overreacted and that high-yield debt has become significantly undervalued
as a result. The yield spreads between domestic high-yield corporates and
Treasuries had widened to approximately 7.5%, or 750 basis points (bps) by
October 31, 2011. (Yield spreads are defined as the difference in yield
between Treasuries and lower-quality securities.) By historical standards,
that type of yield spread reflects a default rate of approximately 9%, and
yet the current default rate (as of October 31, 2011) for high-yield
securities is just 2%. We also think corporations are in solid financial
shape, with strong balance sheets -- much stronger, in fact, than we saw
going into the recession of 2007-2008 -- and we do not expect any
significant rise in default rates at a time when U.S. corporations
generally have been improving their earnings. The low prices for high-yield
bonds are not, in our estimation, justified by the underlying economic
fundamentals.
Q What was the high-yield market environment like during the 12 months ended
October 31, 2011?
A The first six months of the period actually offered a favorable environment
for high-yield investing. Investors were generally confident that the
global economic recovery would continue and strengthen. At the same time,
the U.S. Federal Reserve's (the Fed's) stimulative monetary policy had
injected more liquidity into the market and encouraged investment.
The first cracks in the positive picture began appearing in April 2011,
when the Fed's sale of some asset-backed securities led to lower prices for
the credit sectors in general. Not too much later, sovereign-debt problems
in Greece, Italy and several other European countries started dominating
the news, raising worries among investors that European debt problems could
have contagious effects on the global economy. Investor confidence was
undermined further during the summer months by new data indicating that
unemployment problems in the U.S. were not improving and that economic
growth was weakening. The growth of gross domestic product (GDP) in the
U.S. moved at a modest 1.3% annual pace for the second quarter of 2011
(April through June). To make matters worse, confidence in the ability of
the federal government to make decisions faltered. The debate in
Washington, D.C., over raising the national debt ceiling further undermined
investor confidence, which received an additional jolt in early August when
the Standard & Poor's credit rating agency issued its first-ever ratings
downgrade for U.S. Treasury securities. The market for higher-yielding,
emerging market debt also fared badly over the final six months of the
Fund's fiscal year, with investment money flowing out of the emerging
markets over the final two months as investors sought perceived safer
havens during a time of market volatility.
Pioneer Global High Yield Fund | Annual Report | 10/31/11 5
After the almost unrelenting tide of negative news, the market appeared to
start turning around again in the final weeks of the 12-month period.
First, new data about the domestic economy appeared to show some unexpected
strength, and even the jobs market showed evidence of improvement. At the
same time, European political and financial leaders appeared to be
seriously addressing the major debt problems affecting some European
nations. In reaction, the domestic high-yield market rallied again in the
final month of the Fund's fiscal year.
Q How did the Fund's positioning and security selection affect its
performance over the 12 months ended October 31, 2011?
A As we indicated previously, the heavy emphasis on high-yield debt in the
portfolio -- predominately U.S. corporate bonds -- was the major factor
behind the Fund's somewhat disappointing results, particularly when
compared with the BofA ML benchmarks and the Lipper peer group. Also, as we
noted previously, the Fund's investments in high-yielding corporate debt in
the emerging markets hurt performance relative to the BofA ML High Yield
Master II Index. Approximately 90% of the Fund's emerging market
investments were in corporate bonds. Investments in floating-rate bank
loans also did not help performance, as the group sold off aggressively
during the market downturn in August.
The biggest performance detractor from an individual security standpoint
was the Fund's investment in the debt of Sino Forest, a Canadian
corporation operating in China. The bonds fell sharply in value when the
company faced accusations of fraud. Nevertheless, the company continued to
make payments on its bonds during the controversy. Also holding back Fund
results were investments in two China-based solar energy companies, Suntech
Power and ReneSola. Another investment that did not help the Fund's
performance was the debt of Sevan Marine, which manufactures offshore
drilling platforms for the energy industry. The company restructured its
debt when it ran into cash-flow problems.
On the positive side, our decision to underweight the Fund in Europe tended
to help relative performance, as European high-yield bonds performed worse
than domestic bonds, especially in the final six months of the Fund's
fiscal year when the declining value of European bonds was exacerbated by
poor performance by the euro currency. Another plus came from the Fund's
investments in catastrophe-linked bonds (also known as event-linked bonds),
which are securities issued by property-and-casualty reinsurance companies
to spread out the risks associated with property claims from large natural
disasters. Although the group underperformed immediately following the
March 2011 earthquake and tsunami in Japan, it held up better later in the
Fund's fiscal year.
6 Pioneer Global High Yield Fund | Annual Report | 10/31/11
Individual investments that helped the Fund's performance included
convertible securities of Cubist Pharmaceuticals, a biotechnology firm
specializing in antibiotics, and WESCO International, a distributor of
electronic industrial components. In addition, the Fund profited from the
appreciation in value of the bonds of two companies, Vangent and Global
Crossing, that were acquired by larger corporations.
As of October 31, 2011, roughly 60% of the Fund's net assets were invested
in U.S. high-yield securities, mainly corporates; about 28% of assets were
invested in emerging market securities, also primarily in corporates; while
the other 12% of the Fund's assets were divided among floating-rate bank
loans, international high-yield securities (outside of the emerging
markets), and cash/cash equivalents.
Q What is your investment outlook?
A We continue to be optimistic, as we believe that the U.S. and global
economies should expand, although at moderate paces. U.S. high-yield debt
appears to be undervalued. We do not expect defaults in the high-yield
sector to rise noticeably and we anticipate continuing to emphasize that
group in the Fund's portfolio. The two principal risks facing the market
appear to be from outside the U.S. Worries about sovereign-debt problems in
Europe will likely keep markets around the world volatile. At the same
time, investors are concerned that the Chinese government will become more
aggressive in slowing the rate of domestic growth in that country, and that
could have a damaging effect on the global economy.
Despite the risks, we think high-yield bonds offer potentially attractive
opportunities, particularly during a time when economies are growing and
corporations appear to have healthy finances.
Please refer to the Schedule of Investments on pages 18-56 for a full listing
of Fund securities.
Pioneer Global High Yield Fund | Annual Report | 10/31/11 7
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 issuers 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.
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 opinion as of the date of this report. These statements should
not be relied upon for any other purposes.
8 Pioneer Global High Yield Fund | Annual Report | 10/31/11
Portfolio Summary | 10/31/11
Portfolio Quality
--------------------------------------------------------------------------------
(As a percentage of long-term securities, based on S&P ratings)
[The data is a representation of a pie chart in the printed material]
A & Higher 1.4%
BBB 4.6%
BB 20.3%
B 49.0%
CCC & Lower 12.7%
Not Rated 10.9%
Cash Equivalents 1.1%
Bond ratings are ordered highest to lowest in portfolio. Based on Standard &
Poor's measures, AAA (highest possible rating) through BBB are considered
investment grade; BB or lower ratings are considered non-investment grade. Cash
equivalents and some bonds may not be rated.
Geographical Distribution
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
[The data is a representation of a bar chart in the printed material]
United States 59.4%
Cayman Islands 6.2%
Argentina 3.7%
Mexico 2.9%
Brazil 2.9%
Bermuda 2.7%
Ireland 2.7%
United Kingdom 2.5%
Netherlands 2.5%
Canada 2.4%
Norway 2.4%
Luxembourg 2.3%
Indonesia 1.2%
Germany 1.1%
Other (individually less than 1.0%) 5.1%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. Cincinnati Bell, Inc., 8.25%, 10/15/17 0.88%
--------------------------------------------------------------------------------
2. WESCO International, Inc., 6.0%, 9/15/29 0.86
--------------------------------------------------------------------------------
3. Massey Energy Co., 3.25%, 8/1/15 0.75
--------------------------------------------------------------------------------
4. Ford Motor Co., 4.25%, 11/15/16 0.75
--------------------------------------------------------------------------------
5. Energisa SA, 9.5%, 1/29/49 0.74
--------------------------------------------------------------------------------
6. DynCorp International, Inc., 10.375%, 7/1/17 0.73
--------------------------------------------------------------------------------
7. Minerva Overseas II, 10.875%, 11/15/19 (144A) 0.72
--------------------------------------------------------------------------------
8. Expro Finance Luxembourg SCA, 8.5%, 12/15/16 0.72
--------------------------------------------------------------------------------
9. Berau Capital Resources, 12.5%, 7/8/15 (144A) 0.69
--------------------------------------------------------------------------------
10. Chrysler Group LLC, Tranche B Term Loan, 5/24/17 0.69
--------------------------------------------------------------------------------
* 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 | Annual Report | 10/31/11 9
Prices and Distributions | 10/31/11
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 10/31/11 10/31/10
--------------------------------------------------------------------------------
A $ 9.83 $10.53
--------------------------------------------------------------------------------
B $ 9.83 $10.53
--------------------------------------------------------------------------------
C $ 9.80 $10.49
--------------------------------------------------------------------------------
Y $ 9.66 $10.35
--------------------------------------------------------------------------------
Z $10.11 $10.86
--------------------------------------------------------------------------------
Distributions per Share: 11/1/10-10/31/11
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.7717 $ -- $ --
--------------------------------------------------------------------------------
B $0.6856 $ -- $ --
--------------------------------------------------------------------------------
C $0.6963 $ -- $ --
--------------------------------------------------------------------------------
Y $0.7968 $ -- $ --
--------------------------------------------------------------------------------
Z $0.8291 $ -- $ --
--------------------------------------------------------------------------------
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 Investment and Value
of $5 Million Investment" charts appearing on pages 11-15.
10 Pioneer Global High Yield Fund | Annual Report | 10/31/11
Performance Update | 10/31/11 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) 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 October 31, 2011)
--------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------
10 Years 10.22% 9.72%
5 Years 5.35 4.39
1 Year 0.49 -4.06
--------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2011)
--------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------
1.15% 1.10%
--------------------------------------------------------------------
[The data is a representation of a mountain chart in the printed material]
Value of $10,000 Investment
Pioneer Global BofA ML High Yield BofA ML Global High Yield and
High Yield Fund Master II Index Emerging Markets Plus Index
10/01 $ 9,550 $10,000 $10,000
9,578 9,347 9,832
10/03 13,944 12,441 13,242
16,010 13,951 15,073
10/05 17,373 14,504 15,971
19,479 16,003 17,824
10/07 21,095 17,099 19,334
14,460 12,565 14,213
10/09 20,759 18,695 21,513
25,152 22,296 25,302
10/11 25,276 23,369 26,147
Call 1-800-225-6292 or visit us.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 | Annual Report | 10/31/11 11
Performance Update | 10/31/11 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) 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 October 31, 2011)
-------------------------------------------------------------------
If If
Period Held Redeemed
-------------------------------------------------------------------
Life-of-Class
(11/21/03) 6.71% 6.71%
5 Years 4.53 4.53
1 Year -0.32 -4.06
-------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2011)
-------------------------------------------------------------------
Gross Net
-------------------------------------------------------------------
1.92% 1.92%
-------------------------------------------------------------------
[The data is a representation of a mountain chart in the printed material]
Value of $10,000 Investment
Pioneer Global BofA ML High Yield BofA ML Global High Yield and
High Yield Fund Master II Index Emerging Markets Plus Index
11/03 $10,000 $10,000 $10,000
11,146 11,067 11,192
10/05 11,995 11,505 11,858
13,344 12,694 13,234
10/07 14,332 13,563 14,355
9,743 9,967 10,553
10/09 13,875 14,829 15,974
16,706 17,686 18,787
10/11 16,651 18,537 19,414
Call 1-800-225-6292 or visit us.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
us.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 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 | Annual Report | 10/31/11
Performance Update | 10/31/11 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) 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 October 31, 2011)
-------------------------------------------------------------------
If If
Period Held Redeemed
-------------------------------------------------------------------
Life-of-Class
(11/21/03) 6.67% 6.67%
5 Years 4.59 4.59
1 Year -0.13 -0.13
-------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2011)
-------------------------------------------------------------------
Gross Net
-------------------------------------------------------------------
1.82% 1.82%
-------------------------------------------------------------------
[The data is a representation of a mountain chart in the printed material]
Value of $10,000 Investment
Pioneer Global BofA ML High Yield BofA ML Global High Yield and
High Yield Fund Master II Index Emerging Markets Plus Index
11/03 $10,000 $10,000 $10,000
11,079 11,067 11,192
10/05 11,921 11,505 11,858
13,267 12,694 13,234
10/07 14,260 13,563 14,355
9,685 9,967 10,553
10/09 13,807 14,829 15,974
16,628 17,686 18,787
10/11 16,607 18,537 19,414
Call 1-800-225-6292 or visit us.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 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 | Annual Report | 10/31/11 13
Performance Update | 10/31/11 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) 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 October 31, 2011)
-------------------------------------------------------------------
If If
Period Held Redeemed
-------------------------------------------------------------------
10 Years 10.24% 10.24%
5 Years 5.60 5.60
1 Year 0.85 0.85
-------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2011)
-------------------------------------------------------------------
Gross Net
-------------------------------------------------------------------
0.73% 0.73%
-------------------------------------------------------------------
[The data is a representation of a mountain chart in the printed material]
Value of $5 Million Investment
Pioneer Global BofA ML High Yield BofA ML Global High Yield and
High Yield Fund Master II Index Emerging Markets Plus Index
10/01 $ 5,000,000 $ 5,000,000 $ 5,000,000
5,015,391 4,673,309 4,915,756
10/03 7,301,659 6,220,297 6,620,831
8,383,885 6,975,686 7,536,508
10/05 9,097,713 7,251,865 7,985,345
10,092,349 8,001,638 8,912,031
10/07 10,912,212 8,549,488 9,666,909
7,533,293 6,282,411 7,106,544
10/09 10,831,067 9,347,399 10,756,623
13,143,077 11,147,932 12,650,941
10/11 13,254,178 11,684,493 13,073,254
Call 1-800-225-6292 or visit us.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 | Annual Report | 10/31/11
Performance Update | 10/31/11 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) 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 October 31, 2011)
-------------------------------------------------------------------
If If
Period Held Redeemed
-------------------------------------------------------------------
10 Years 10.56% 10.56%
5 Years 6.00 6.00
1 Year 0.53 0.53
-------------------------------------------------------------------
Expense Ratio
(Per prospectus dated March 1, 2011)
-------------------------------------------------------------------
Gross Net
-------------------------------------------------------------------
0.91% 0.90%
-------------------------------------------------------------------
[The data is a representation of a mountain chart in the printed material]
Value of $10,000 Investment
Pioneer Global BofA ML High Yield BofA ML Global High Yield and
High Yield Fund Master II Index Emerging Markets Plus Index
10/01 $10,000 $10,000 $10,000
10,031 9,347 9,832
10/03 14,603 12,441 13,242
16,768 13,951 15,073
10/05 18,195 14,504 15,971
20,401 16,003 17,824
10/07 21,959 17,099 19,334
15,544 12,565 14,213
10/09 22,334 18,695 21,513
27,155 22,296 25,302
10/11 27,298 23,369 26,147
Call 1-800-225-6292 or visit us.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 | Annual Report | 10/31/11 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 May 1, 2011 through October 31, 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 5/1/11
-----------------------------------------------------------------------------------------------------
Ending Account Value $932.88 $929.07 $930.15 $934.58 $931.44
(after expenses)
on 10/31/11
-----------------------------------------------------------------------------------------------------
Expenses Paid $5.31 $9.24 $8.66 $3.61 $3.70
During Period*
-----------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.09%, 1.90%,
1.78%, 0.74%, and 0.76%, for Class A, Class B, Class C, Class Y and Class Z
shares, respectively, multiplied by the average account value over the
period, multiplied by 184/365 (to reflect the one-half year period).
16 Pioneer Global High Yield Fund | Annual Report | 10/31/11
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 May 1, 2011 through October 31, 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 5/1/11
-----------------------------------------------------------------------------------------------------
Ending Account Value $1,019.71 $1,015.63 $1,016.23 $1,021.48 $1,021.37
(after expenses)
on 10/31/11
-----------------------------------------------------------------------------------------------------
Expenses Paid $5.55 $9.65 $9.05 $3.77 $3.87
During Period*
-----------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.09%, 1.90%,
1.78%, 0.74%, and 0.76%, for Class A, Class B, Class C, Class Y and Class Z
shares, respectively, multiplied by the average account value over the
period, multiplied by 184/365 (to reflect the one-half year period).
Pioneer Global High Yield Fund | Annual Report | 10/31/11 17
Schedule of Investments | 10/31/11 (Consolidated)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 5.8%
ENERGY -- 0.9%
Coal & Consumable Fuels -- 0.7%
1,305,000 CCC+/B2 James River Coal Co., 3.125%, 3/15/18 $ 955,913
19,320,000 BB-/NR Massey Energy Co., 3.25%, 8/1/15 17,991,750
--------------
$ 18,947,663
------------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.2%
4,285,000 BB+/Ba3 Chesapeake Energy Co., 2.5%, 5/15/37 $ 4,247,506
--------------
Total Energy $ 23,195,169
------------------------------------------------------------------------------------------------------------------
MATERIALS -- 0.6%
Construction Materials -- 0.3%
11,050,000 NR/NR Cemex SAB de CV, 3.75%, 3/15/18 $ 6,464,250
------------------------------------------------------------------------------------------------------------------
Forest Products -- 0.3%
14,559,000 NR/NR Sino-Forest Corp., 4.25%, 12/15/16 (e) $ 4,513,290
12,150,000 NR/Caa1 Sino-Forest Corp., 5.0%, 8/1/13 (e) 3,827,250
--------------
$ 8,340,540
--------------
Total Materials $ 14,804,790
------------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.1%
Construction & Farm Machinery & Heavy Trucks -- 0.3%
6,285,000 B/B1 Navistar International Corp.,
3.0%, 10/15/14 $ 7,039,200
------------------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.0%+
1,250,000 B/B2 General Cable Corp., 4.5%, 11/15/29 $ 1,278,125
------------------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.8%
10,923,000 B/NR WESCO International, Inc.,
6.0%, 9/15/29 $ 20,535,240
--------------
Total Capital Goods $ 28,852,565
------------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.7%
Automobile Manufacturers -- 0.7%
12,029,000 BB+/Ba2 Ford Motor Co., 4.25%, 11/15/16 $ 17,893,138
--------------
Total Automobiles & Components $ 17,893,138
------------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.2%
Tobacco -- 0.2%
5,135,000 CCC+/Caa1 Alliance One International, Inc.,
5.5%, 7/15/14 $ 3,998,881
--------------
Total Food, Beverage & Tobacco $ 3,998,881
------------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.5%
Health Care Technology -- 0.5%
14,170,000 NR/NR WebMD Health Corp., 2.5%, 1/31/18 $ 12,451,888
--------------
Total Health Care Equipment & Services $ 12,451,888
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Global High Yield Fund | Annual Report | 10/31/11
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 0.4%
Biotechnology -- 0.4%
7,600,000 NR/NR Cubist Pharmaceuticals, Inc.,
2.5%, 11/1/17 $ 10,944,000
--------------
Total Pharmaceuticals & Biotechnology $ 10,944,000
------------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.1%
Real Estate Operating Companies -- 0.1%
1,900,000 B-/B3 Forest City Enterprises, 5.0%, 10/15/16 $ 2,322,750
--------------
Total Real Estate $ 2,322,750
------------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.0%+
Application Software -- 0.0%+
1,025,000 NR/NR Mentor Graphics Corp., 4.0%, 4/1/31 (b) $ 957,094
--------------
Total Software & Services $ 957,094
------------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS -- 1.1%
Semiconductor Equipment -- 0.4%
3,400,000 BB+/Baa1 Lam Research Corp., 1.25%, 5/15/18 $ 3,361,750
5,515,000 NR/NR Novellus Systems, Inc., 2.625%, 5/15/41 5,714,919
--------------
$ 9,076,669
------------------------------------------------------------------------------------------------------------------
Semiconductors -- 0.7%
4,650,000 NR/NR JA Solar Holdings Co., 4.5%, 5/15/13 (b) $ 3,534,000
10,750,000 NR/NR Renesola, Ltd., 4.125%, 3/15/18 5,536,250
3,687,000 NR/NR SunPower Corp., 4.75%, 4/15/14 3,175,429
11,919,000 B/NR Suntech Power Co., 3.0%, 3/15/13 5,765,816
--------------
$ 18,011,495
--------------
Total Semiconductors $ 27,088,164
------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.2%
Integrated Telecommunication Services -- 0.2%
2,485,000 B+/B1 MasTec, Inc., 4.0%, 6/15/14 $ 3,761,669
--------------
Total Telecommunication Services $ 3,761,669
------------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $160,394,690) $ 146,270,108
------------------------------------------------------------------------------------------------------------------
Shares
------------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 0.3%
CONSUMER SERVICES -- 0.0%+
Hotels, Resorts & Cruise Lines -- 0.0%+
17,350 Perseus Holding Corp.* $ 641,950
--------------
Total Consumer Services $ 641,950
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/11 19
Schedule of Investments | 10/31/11 (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (d) Ratings
Shares (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
BANKS -- 0.0%+
Diversified Banks -- 0.0%+
445 Wells Fargo & Co., 7.5%, 12/31/49 $ 469,920
--------------
Total Banks $ 469,920
------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.3%
Consumer Finance -- 0.1%
3,100 Ally Financial, Inc., 7.0%, 12/31/49 $ 2,311,921
------------------------------------------------------------------------------------------------------------------
Diversified Financial Services -- 0.2%
280,000 GMAC Capital Trust, Inc. $ 5,868,800
--------------
Total Diversified Financials $ 8,180,721
------------------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $10,373,499) $ 9,292,591
------------------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 0.9%
ENERGY -- 0.1%
Oil & Gas Drilling -- 0.1%
46,147 Rowan Companies, Inc.* $ 1,591,610
--------------
Total Energy $ 1,591,610
------------------------------------------------------------------------------------------------------------------
MATERIALS -- 0.6%
Commodity Chemicals -- 0.1%
55,345 Georgia Gulf Corp.*(b) $ 1,001,745
------------------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.3%
6,615,974 Blaze Recycling and Metals LLC (Class A)
Units (f) $ 4,366,543
95,846 Freeport-McMoRan Copper & Gold, Inc.
(Class B) 3,858,760
--------------
$ 8,225,303
------------------------------------------------------------------------------------------------------------------
Forest Products -- 0.0%+
244,090 Ainsworth Lumber Co., Ltd.*(b) $ 375,693
------------------------------------------------------------------------------------------------------------------
Steel -- 0.2%
127,393 KNIA Holdings, Inc.*(f) $ 2,419,185
134,106 Vale SA (A.D.R.) (b) 3,164,902
--------------
$ 5,584,087
--------------
Total Materials $ 15,186,828
------------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.0%+
Building Products -- 0.0%+
894 Panolam Holdings Co.*(f) $ 438,060
--------------
Total Capital Goods $ 438,060
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Global High Yield Fund | Annual Report | 10/31/11
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (d) Ratings
Shares (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.0%+
Marine -- 0.0%+
1,436,515 Horizon Lines, Inc.* $ 395,042
--------------
Total Transportation $ 395,042
------------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.2%
Auto Parts & Equipment -- 0.2%
99,863 Lear Corp. $ 4,684,573
--------------
Total Automobiles & Components $ 4,684,573
------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.0%+
Diversified Financial Services -- 0.0%+
24,638 BTA Bank JSC * (G.D.R.) $ 108,506
--------------
Total Diversified Financials $ 108,506
------------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.0%+
Real Estate Development -- 0.0%+
159,647 Newhall Land Development LLC* $ 231,488
--------------
Total Real Estate $ 231,488
------------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.0%+
Data Processing & Outsourced Services -- 0.0%+
33,046 Perseus Holding Corp.*(f) $ --
--------------
Total Software & Services $ --
------------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $22,966,304) $ 22,636,107
------------------------------------------------------------------------------------------------------------------
Principal
Amount ($)
------------------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 3.1%
AUTOMOBILES &
COMPONENTS -- 0.0%+
Automobile Manufacturers -- 0.0%+
550,000 BB/Ba1 AmeriCredit Automobile Receivables Trust,
6.23%, 7/9/18 $ 552,661
--------------
Total Automobiles & Components $ 552,661
------------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.6%
Restaurants -- 0.6%
4,750,000 BBB-/Baa3 Dominos Pizza Master Issuer LLC,
5.261%, 4/25/37 (144A) $ 4,779,688
10,075,000 BB/Aaa Dominos Pizza Master Issuer LLC,
7.629%, 4/25/37 (144A) 10,276,500
--------------
$ 15,056,188
--------------
Total Consumer Services $ 15,056,188
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/11 21
Schedule of Investments | 10/31/11 (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
BANKS -- 1.5%
Diversified Banks -- 0.0%+
658,286 CCC/Caa1 WAMU Asset-Backed Certificates,
0.2358%, 1/25/37 $ 647,450
------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 1.5%
2,837,523 1.16 AA+/Baa2 ACE 2004-HE4 M1, Floating Rate Note,
12/25/34 $ 1,979,547
492,005 0.35 CCC/Caa3 Ace Securities Corp., Floating Rate Note,
1/25/37 161,747
1,260,479 1.53 CCC/Caa3 Amortizing Residential Collateral Trust,
Floating Rate Note, 1/25/32 493,021
631,182 0.83 AAA/Aaa Bayview Financial Acquisition, Floating
Rate Note, 8/28/44 602,674
1,350,000 BB-/A2 Bear Stearns Asset Backed Securities
Trust, 1.244%, 10/25/34 907,643
1,480,000 0.68 CCC/B2 Bear Stearns Asset Backed Securities,
Inc., Floating Rate Note, 1/25/47 527,308
4,309,033 0.91 A/Caa1 Bear Stearns Asset Backed Securities,
Inc., Floating Rate Note, 3/25/35 3,203,787
1,408,056 0.34 CCC/B1 BSABS 2006-4 A1, Floating Rate Note,
10/25/33 1,328,935
8,090,000 0.43 CCC/Caa2 Carrington Mortgage Loan Trust, Floating
Rate Note, 12/25/36 4,277,086
655,969 0.36 CCC/Ba3 Carrington Mortgage Loan Trust, Floating
Rate Note, 2/25/32 586,674
1,024,909 0.38 BB/Ba3 Carrington Mortgage Loan Trust, Floating
Rate Note, 2/25/35 989,670
3,224,926 CCC/Caa1 Citigroup Mortgage Loan Trust, Inc.,
0.32375%, 7/25/45 2,391,305
2,450,522 BBB-/B2 Countrywide Asset-Backed Certificates,
0.50875%, 6/25/36 1,916,504
1,700,000 0.88 BB/Caa1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 11/25/34 963,966
1,446,375 0.40 CCC/Caa2 CWL 2006-19 2A2, Floating Rate Note,
3/25/37 990,503
10,606,758 0.69 CCC/Aaa CWL 2007-SD1 A1, Floating Rate Note,
3/25/47 4,624,992
865,526 0.96 AAA/Caa2 FBR Securitization Trust, Floating Rate
Note, 10/25/35 466,081
1,104,309 0.39 B-/B3 Gsamp Trust, Floating Rate Note, 1/25/37 980,303
4,000,000 BBB/Aaa LEAF II Receivables 5.5%, 10/20/13 3,633,600
2,803,374 0.35 CCC/Caa3 Lehman XS Trust, Floating Rate Note,
8/25/36 1,195,146
6,185,159 0.61 CC/Ca Lehman XS Trust, Floating Rate Note,
12/25/35 1,920,263
The accompanying notes are an integral part of these financial statements.
22 Pioneer Global High Yield Fund | Annual Report | 10/31/11
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,303,876 0.37 AAA/Ba1 Residential Asset Mortgage Products, Inc.,
Floating Rate Note, 10/25/35 $ 1,091,560
1,500,000 CCC/B3 Security National Mortgage Loan Trust,
6.55%, 4/25/37 1,294,806
--------------
$ 36,527,121
--------------
Total Banks $ 37,174,571
------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.0%
Diversified Financial Services -- 0.6%
137,187 0.85 B-/Ba3 Aircraft Finance Trust, Floating Rate Note,
5/15/24 $ 128,956
9,422,799 0.83 B-/Caa1 Aircraft Finance Trust, Floating Rate Note,
5/15/24 4,805,628
1,900,559 B/B1 Ellington Loan Acquisition, 1.0625%,
5/27/37 1,714,735
5,377,000 0.34 CCC/B2 Home Equity Asset Trust, Floating Rate
Note, 3/25/37 4,300,584
17,167,781 CCC/Ca Long Beach Mortgage Loan Trust,
0.45063%, 3/25/46 5,590,104
--------------
$ 16,540,007
------------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.4%
1,098,303 0.65 CCC+/Caa2 Lease Investment Flight, Floating Rate
Note, 7/15/31 $ 713,938
12,609,558 0.61 CCC+/Caa2 Lease Investment Flight, Floating Rate
Note, 7/15/31 8,574,500
--------------
$ 9,288,438
--------------
Total Diversified Financials $ 25,828,445
------------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.0%+
Mortgage Real Estate Investment Trust -- 0.0%+
976,354 NR/NR Real Estate Asset Trust, 8.75%, 11/25/48 $ 981,236
--------------
Total Real Estate $ 981,236
------------------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $83,425,265) $ 79,593,101
------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 1.6%
BANKS -- 0.8%
Thrifts & Mortgage Finance -- 0.8%
15,629,050 2.93 AAA/Aaa Bayview Commercial Asset Trust, Floating
Rate Note, 4/25/36 $ 479,812
1,000,000 CCC+/NR Commercial Mortgage Pass Through
Certificates, 6.85%, 8/15/33 887,705
1,094,078 CC/Caa1 Countrywide Alternative Loan Trust,
5.25%, 8/25/35 1,051,969
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/11 23
Schedule of Investments | 10/31/11 (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,643,602 CC/Ba1 Countrywide Home Loan Trust,
4.5%, 9/25/35 $ 2,458,274
2,268,778 0.58 CC/C Countrywide Home Loans, Floating Rate
Note, 3/25/35 603,720
973,694 0.71 D/C DSLA 2005-AR6 2A1C, Floating Rate
Note, 10/19/45 35,349
572,341 NR/NR First Horizon Asset Securities, Inc.,
5.663817%, 11/25/34 496,873
828,502 NR/B3 GSR Mortgage Loan Trust, 5.5%, 8/25/21 770,321
820,494 BBB+/NR GSR Mortgage Loan Trust, 5.7199%,
2/25/34 694,324
277,727 0.99 AAA/Baa3 Impac CMB Trust, Floating Rate Note,
4/25/35 202,453
737,835 0.32 D/B3 Impac Securities Assets Corp., Floating
Rate Note, 11/25/36 (e) 719,611
1,300,000 NR/Baa3 JPMorgan Chase Commercial Mortgage
Securities Corp., 5.53853%, 7/12/37 1,003,703
2,967,246 BBB/Caa3 JPMorgan Mortgage Trust, 4.89%,
2/25/35 2,446,631
1,701,969 2.78 NR/B1 JPMorgan Mortgage Trust, Floating Rate
Note, 10/25/35 1,234,516
952,516 2.84 CCC/B1 JPMorgan Mortgage Trust, Floating Rate
Note, 11/25/35 920,435
4,315,000 BB/B1 T SRA R 2006-1 F, 7.5296%,
10/15/36 (144A) 3,942,231
1,000,000 BB+/Baa3 Wachovia Bank Commercial Mortgage
Trust, 5.368%, 11/15/48 650,359
2,629,040 CCC/NR WaMu Mortgage Pass Through Certificates,
5.56151%, 12/25/36 2,177,003
--------------
$ 20,775,289
--------------
Total Banks $ 20,775,289
------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.3%
Diversified Financial Services -- 0.2%
1,403,603 NR/B3 Credit Suisse Mortgage Capital
Certificates, 5.0%, 4/25/37 $ 1,318,112
2,500,000 BBB-/A3 Morgan Stanley Capital, 0.919%,
12/15/20 2,301,280
--------------
$ 3,619,392
------------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.1%
3,450,000 BBB-/NR Bear Stearns Commercial Mortgage,
6.94%, 2/15/35 $ 3,417,018
--------------
Total Diversified Financials $ 7,036,410
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Global High Yield Fund | Annual Report | 10/31/11
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.5%
Mortgage Real Estate Investment Trust -- 0.5%
1,211,628 AAA/Caa1 American Home Mortgage Investment,
2.45469%, 6/25/45 $ 889,928
9,000,000 BBB/NR Credit Suisse First Boston Mortgage
Securities Corp., 7.08%, 12/15/35 8,930,727
2,514,156 CC/Caa1 Deutsche ALT-A Securities, Inc., 5.5%,
11/25/35 2,109,568
--------------
$ 11,930,223
--------------
Total Real Estate $ 11,930,223
------------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATION
(Cost $42,255,332) $ 39,741,922
------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 71.0%
ENERGY -- 10.3%
Coal & Consumable Fuels -- 2.4%
815,000 BB/Ba3 Alpha Natural Resources, 6.0%, 6/1/19 $ 808,888
5,575,000 B+/B1 Arch Coal, Inc., 7.25%, 6/15/21 5,742,250
15,063,000 BB-/B1 Berau Capital Resources, 12.5%,
7/8/15 (144A) 16,569,300
12,200,000 BB/Ba3 Bumi Capital Pte, Ltd., 1.02%, 11/10/16 12,810,000
15,860,000 B/Caa1 Foresight Energy LLC, 9.625%,
8/15/17 (144A) 16,018,600
4,435,000 NR/B2 James River Coal Co., 7.875%, 4/1/19 3,769,750
2,706,000 B/B3 Murray Energy Corp., 10.25%, 10/15/15 2,651,880
2,070,000 B/B2 Penn Virginia Resource Partners,
8.25%, 4/15/18 2,090,700
--------------
$ 60,461,368
------------------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.2%
8,070,000 BB-/Caa2 Connacher Oil and Gas Ltd., 8.75%,
8/1/18 $ 5,682,813
------------------------------------------------------------------------------------------------------------------
Oil & Gas Drilling -- 2.3%
NOK 23,000,000 NR/NR Aker Drilling AS, 11.0%, 2/24/16 $ 4,433,420
NOK 8,500,000 NR/NR Aker Drilling AS, 9.53%, 2/24/16 1,626,926
6,772,644 NR/NR DDI Holding AS, 9.3%, 1/19/12 (144A) 6,671,054
1,250,000 B-/Caa1 Hercules Offshore, Inc., 10.5%,
10/15/17 (b) 1,250,000
11,000,000 CCC+/Caa2 Ocean Rig UDW, Inc., 9.5%, 4/27/16 10,010,000
13,640,000 B-/B3 Offshore Group Investments, Ltd.,
11.5%, 8/1/15 14,867,600
2,055,000 B-/B3 Offshore Group Investments, Ltd.,
11.5%, 8/1/15 2,239,950
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/11 25
Schedule of Investments | 10/31/11 (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Oil & Gas Drilling -- (continued)
8,730,000 B/B3 Pioneer Drilling Co., 9.875%, 3/15/18 $ 9,079,200
7,990,000 BB-/B2 Trinidad Drilling, Ltd., 7.875%, 1/15/19 8,369,525
--------------
$ 58,547,675
------------------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 1.6%
2,870,000 B+/B2 Calfrac Holdings LP, 7.5%, 12/1/20 $ 2,755,200
17,815,000 B-/B2 Expro Finance Luxembourg SCA,
8.5%, 12/15/16 (b) 17,191,475
1,825,000 BB/Ba3 Exterran Holdings, Inc., 7.25%, 12/1/18 1,752,000
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 (e) 3,640,000
NOK 29,500,000 NR/NR Sevan Marine ASA, 13.25%, 8/10/15 (e) 3,728,749
NOK 31,500,000 NR/NR Sevan Marine ASA, 14.0%, 12/22/14 (e) 1,706,377
1,080,000 B-/B3 Sevan Marine ASA, 15.0%, 7/22/12 (e) 1,055,020
NOK 10,198,000 3.62 NR/NR Sevan Marine ASA, Floating Rate Note,
5/14/13 (144A) (e) 6,322,760
NOK 30,963,000 11.99 NR/NR Sevan Marine ASA, Floating Rate Note,
10/24/12 (144A) (e) 3,075,026
--------------
$ 41,227,518
------------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 3.3%
2,560,000 B-/B3 Carrizo Oil & Gas, Inc.,
8.625%, 10/15/18 $ 2,598,400
7,990,000 B-/Caa1 Chaparral Energy, Inc., 8.25%, 9/1/21 (b) 8,129,825
3,540,000 B/B2 Comstock Resources, Inc.,
7.75%, 4/1/19 3,469,200
2,875,000 BB/B3 Concho Resources, Inc., 6.5%, 1/15/22 3,018,750
3,715,000 B-/Caa1 Energy Partners, Ltd., 8.25%, 2/15/18 3,492,100
5,035,000 CCC+/Caa1 Goodrich Petroleum Corp.,
8.875%, 3/15/19 5,135,700
8,150,000 B+/NR MIE Holdings Corp., 9.75%, 5/12/16 7,335,000
9,607,550 NR/NR Norse Energy ASA, 6.5%,
7/14/13 (144A) 4,803,775
45,000,000 B-/NR Norwegian Energy Co., AS,
12.9%, 11/20/14 7,437,365
12,000,000 NR/NR Norwegian Energy Corp.,
10.25%, 4/27/16 1,971,813
2,840,000 B-/Caa1 Oasis Petroleum, Inc., 6.5%, 11/1/21 2,854,200
3,775,000 BBB+/Baa3 Petrohawk Energy Corp., 7.25%, 8/15/18 4,322,375
6,460,000 B/Caa1 Petroquest Energy Co., 10.0%, 9/1/17 6,702,250
4,875,000 B-/B3 Quicksilver Resources, Inc.,
7.125%, 4/1/16 (b) 4,832,344
The accompanying notes are an integral part of these financial statements.
26 Pioneer Global High Yield Fund | Annual Report | 10/31/11
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- (continued)
3,370,000 B/B2 Quicksilver Resources, Inc.,
9.125%, 8/15/19 (b) $ 3,589,050
8,605,000 B-/B3 SandRidge Energy, Inc., 8.0%, 6/1/18 8,605,000
2,919,000 B/Caa1 Stone Energy Corp., 8.625%, 2/1/17 2,948,190
2,275,000 B/Caa1 Venoco, Inc., 8.875%, 2/15/19 2,132,813
--------------
$ 83,378,150
------------------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.0%+
765,000 BB+/Ba1 Tesoro Corp., 9.75%, 6/1/19 $ 860,625
------------------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.5%
5,030,000 BB/Ba1 Enterprise Products Operating,
7.0%, 6/1/67 $ 4,866,525
5,630,000 BB/Ba3 MarkWest Energy Partners,
6.25%, 6/15/22 5,770,750
1,552,000 BB/Ba1 Southern Union Co., 7.2%, 11/1/66 1,334,720
--------------
$ 11,971,995
--------------
Total Energy $ 262,130,144
------------------------------------------------------------------------------------------------------------------
MATERIALS -- 10.3%
Aluminum -- 0.1%
2,653,306 6.83 B/B2 Noranda Aluminum Acquisition, Floating
Rate Note, 5/15/15 $ 2,454,308
------------------------------------------------------------------------------------------------------------------
Commodity Chemicals -- 1.4%
11,343,000 NR/WR Basell Finance Co., 8.1%,
3/15/27 (144A) $ 12,931,020
11,100,000 CCC+/B3 Hexion US Finance Corp., 8.875%,
2/1/18 (144A) 10,961,250
11,320,000 NR/B1 Rain CII Carbon LLC and CII Carbon Corp.,
8.0%, 12/1/18 11,546,400
--------------
$ 35,438,670
------------------------------------------------------------------------------------------------------------------
Construction Materials -- 1.3%
12,050,000 CCC+/B3 AGY Holding Corp., 11.0%, 11/15/14 $ 8,886,875
2,080,000 B-/NR C10 - EUR Capital SPV, Ltd., BVI,
6.277%, 5/29/49 1,945,744
3,434,000 6.64 B-/NR C8 Capital SPV, Ltd., Floating Rate Note,
12/31/49 1,717,000
9,406,000 B/NR Cemex Finance LLC,
9.5%, 12/14/16 (144A) (b) 8,218,963
3,750,000 B/NR Cemex SAB de CV, 9.0%, 3/15/18 (b) 3,131,250
9,515,000 B-/Caa2 Texas Industries, Inc., 9.25%, 8/15/20 8,658,650
--------------
$ 32,558,482
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/11 27
Schedule of Investments | 10/31/11 (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Diversified Chemical -- 1.1%
10,285,000 CCC/Caa1 Ineos Group Holdings Plc,
7.875%, 2/15/16 (144A) $ 11,527,042
800,000 CCC/Caa1 Ineos Group Holdings Plc,
8.5%, 2/15/16 (144A) 676,000
9,025,000 NR/Caa1 Momentive Performance, 9.5%, 1/15/21 9,926,406
4,390,000 NR/B2 Styrolution, 7.625%, 5/15/16 4,828,468
--------------
$ 26,957,916
------------------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 1.1%
8,725,000 B-/B3 Midwest Vanadium Pty, Ltd.,
11.5%, 2/15/18 (b) $ 7,285,375
7,600,000 B-/B2 Mirabela Nickel, Ltd., 8.75%, 4/15/18 (b) 6,764,000
12,910,000 BB/Ba2 Vedanta Resources Plc, 8.25%, 6/7/21 11,941,750
2,000,000 BB/Ba2 Vedenta Resources Plc,
9.5%, 7/18/18 (144A) 1,920,000
--------------
$ 27,911,125
------------------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 1.3%
4,105,000 B-/B2 AEP Industries, Inc., 8.25%, 4/15/19 $ 4,048,556
8,550,000 B-/Caa1 ARD Finance SA, 11.125%, 6/1/18 7,695,000
2,100,000 B-/B3 Ardagh Packaging Finance Plc,
9.25%, 10/15/20 2,748,305
5,000,000 B-/B3 Ardagh Packaging Finance Plc,
9.125%, 10/15/20 (b) 4,975,000
6,305,000 CCC+/B3 BWAY Holding Co., Inc., 10.0%, 6/15/18 6,462,625
7,496,786 CCC+/Caa1 BWAY Parent Co., Inc.,
10.125%, 11/1/15 7,084,463
--------------
$ 33,013,949
------------------------------------------------------------------------------------------------------------------
Paper Packaging -- 1.3%
2,200,771 NR/NR Bio Pappel SAB de CV, 6.0%, 8/27/16 $ 1,694,594
15,426,044 NR/NR Bio Pappel SAB de CV, 6.0%, 8/27/16 11,878,054
EURO 6,800,000 B/B2 Nordenia Holdings GM, 9.75%, 7/15/17 9,135,955
9,430,000 B/B3 Packaging Dynamics Corp.,
8.75%, 2/1/16 9,571,450
1,250,000 BB/B1 Sealed Air Corp., 8.125%, 9/15/19 1,356,250
--------------
$ 33,636,303
------------------------------------------------------------------------------------------------------------------
Paper Products -- 0.5%
14,215,000 B+/Ba3 Grupo Papelero Scribe SA,
8.875%, 4/7/20 (144A) (b) $ 12,509,200
------------------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.1%
2,259,000 BB-/Ba2 Nova Chemicals Corp., 7.875%, 9/15/25 $ 2,261,824
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Global High Yield Fund | Annual Report | 10/31/11
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Steel -- 2.1%
12,950,000 CCC+/Caa2 Algoma Acquisition Corp.,
9.875%, 6/15/15 (144A) $ 10,489,500
5,300,000 NR/Ba1 China Oriental Group, 8.0%, 8/18/15 (b) 4,955,500
3,000,000 B+/B3 Ferrexpo Finance Plc, 7.875%, 4/7/16 2,880,000
6,000,000 BB+/Ba2 Fosun International, Ltd., 7.5%, 5/12/16 5,370,000
4,340,000 B/B3 JMC Steel Group, 8.25%, 3/15/18 4,296,600
10,420,000 NR/B2 Metinvest BV, 10.25%, 5/20/15 (b) 10,524,200
8,750,000 NR/B2 Metinvest BV, 8.75%, 2/14/18 8,312,500
4,890,000 CCC+/Caa1 Ryerson, Inc., 12.0%, 11/1/15 4,987,800
2,505,000 CCC/Caa2 Zlomrex International Finance,
8.5%, 2/1/14 (144A) 2,572,098
--------------
$ 54,388,198
--------------
Total Materials $ 261,129,975
------------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 5.9%
Aerospace & Defense -- 0.7%
19,238,000 B-/B2 DynCorp International, Inc.,
10.375%, 7/1/17 $ 17,554,675
------------------------------------------------------------------------------------------------------------------
Building Products -- 0.8%
3,905,000 BB+/Ba3 Building Materials Corp of America,
6.75%, 5/1/21 $ 4,051,438
16,000,000 NR/Ba2 China Liansu Group Holdings, Ltd.,
7.875%, 5/13/16 13,920,000
3,739,472 NR/NR Industrias Unidas SA de CV,
11.5%, 11/15/16 2,991,578
--------------
$ 20,963,016
------------------------------------------------------------------------------------------------------------------
Construction & Engineering -- 1.0%
6,900,000 B+/Ba3 Abengoa Finance SAU, 8.875%, 11/1/17 $ 6,969,000
2,980,000 BB-/Ba3 Dycom Investments, Inc.,
7.125%, 1/15/21 2,920,400
7,900,000 B+/Ba3 Empresas ICA SAB de CV, 8.9%, 2/4/21 7,268,000
9,175,000 B-/Caa2 New Enterprise Stone & Lime Co.,
11.0%, 9/1/18 7,752,875
--------------
$ 24,910,275
------------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 0.7%
6,780,000 B-/B2 Commercial Vehicle Group, Inc.,
7.875%, 4/15/19 $ 6,610,500
6,225,000 BB/Ba3 Lonking Holdings, Ltd., 8.5%, 6/3/16 (b) 5,789,250
4,290,000 B+/B1 Titan International, Inc.,
7.875%, 10/1/17 4,504,500
--------------
$ 16,904,250
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/11 29
Schedule of Investments | 10/31/11 (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.5%
10,825,000 B/B3 Coleman Cable, Inc., 9.0%, 2/15/18 $ 10,716,750
1,540,000 B/B2 WireCo WorldGroup, 9.5%, 5/15/17 1,555,400
--------------
$ 12,272,150
------------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.8%
2,000,000 BB-/Ba3 Mark IV Europe SCA, 8.875%, 12/15/17 $ 2,798,426
10,460,000 NR/Ba3 Metalloinvest Finance, Ltd.,
6.5%, 7/21/16 10,002,375
1,200,000 CCC+/B3 Park-Ohio Industries, Inc.,
8.125%, 4/1/21 1,152,000
7,800,000 BBB/Baa3 Votorantim Cimentos SA, 7.25%, 4/5/41 7,673,250
--------------
$ 21,626,051
------------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 1.0%
5,322,000 NR/WR Indalex Holding, 11.5%, 2/1/14 (e) $ 53,220
5,080,000 B/Caa1 Liberty Tire Recycling, 11.0%, 10/1/16 5,130,800
7,782,000 CCC+/Caa2 Mueller Water Products, 7.375%, 6/1/17 6,848,160
14,600,000 B+/Aaa WPE International, Inc.,
10.375%, 9/30/20 13,147,300
--------------
$ 25,179,480
------------------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.4%
9,840,000 B-/B3 Intcomex, Inc., 13.25%, 12/15/14 $ 9,421,800
1,171,000 B/B1 Wesco Distribution, Inc., 7.5%, 10/15/17 1,200,275
--------------
$ 10,622,075
--------------
Total Capital Goods $ 150,031,972
------------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.8%
Diversified Support Services -- 0.7%
6,800,000 B/B3 ADS Tactical, Inc., 11.0%, 4/1/18 (b) $ 6,970,000
13,050 NR/Caa1 MSX International, 12.5%, 4/1/12 (144A) 10,896,750
--------------
$ 17,866,750
------------------------------------------------------------------------------------------------------------------
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,
8.125%, 2/1/13 (144A) 3,282,336
4,400,000 7.30 D/WR Ohio Air Quality Development, Floating
Rate Note, 6/8/22 (144A) (e)(f) 460,680
--------------
$ 3,743,667
--------------
Total Commercial Services & Supplies $ 21,610,417
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Global High Yield Fund | Annual Report | 10/31/11
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 2.3%
Air Freight & Couriers -- 0.5%
2,275,000 B/B2 AMGH Merger Sub, Inc., 9.25%, 11/1/18 $ 2,366,000
8,811,000 CCC+/Caa1 Ceva Group Plc, 11.5%, 4/1/18 (144A) 7,951,928
2,445,000 CCC+/Caa1 CEVA Group Plc, 11.625%, 10/1/16 2,469,450
--------------
$ 12,787,378
------------------------------------------------------------------------------------------------------------------
Airlines -- 0.6%
1,789,868 BB/Ba2 Continental Airlines, 6.748%, 3/15/17 $ 1,651,153
6,163,000 B+/Ba3 GOL Finance, 9.25%, 7/20/20 (144A) (b) 5,592,923
8,250,000 B/NR TAM Capital 3, Inc., 8.375%, 6/3/21 8,373,750
--------------
$ 15,617,826
------------------------------------------------------------------------------------------------------------------
Airport Services -- 0.3%
4,629,750 B/B2 Aeropuertos Argentina 2000 SA,
10.75%, 12/1/20 $ 4,745,494
3,250,000 B/B2 Aguila 3 SA, 7.875%, 1/31/18 3,185,000
--------------
$ 7,930,494
------------------------------------------------------------------------------------------------------------------
Marine -- 0.3%
5,171,454 NR/NR Horizon Lines, Inc., 6.0%, 4/15/17 $ 4,395,736
2,873,030 NR/NR Horizon Lines, Inc., 6.0%, 4/15/17 1,970,899
--------------
$ 6,366,635
------------------------------------------------------------------------------------------------------------------
Railroads -- 0.1%
2,211,562 CCC/Caa3 Florida East Coast Holdings Corp.,
10.5%, 8/1/17 $ 2,100,984
------------------------------------------------------------------------------------------------------------------
Trucking -- 0.5%
7,930,000 NR/Ba2 Inversiones Alsacia SA, 8.0%, 8/18/18 $ 6,462,950
6,125,000 B/B3 Syncreon Global Ireland, Ltd.,
9.5%, 5/1/18 5,742,188
--------------
$ 12,205,138
--------------
Total Transportation $ 57,008,455
------------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 2.5%
Auto Parts & Equipment -- 1.4%
16,550,000 12.00 CCC-/Caa3 Stanadyne Corp., Floating Rate Note,
2/15/15 $ 15,805,250
4,365,000 CCC/Caa1 Stanadyne Corp., 10.0%, 8/15/14 4,146,750
11,854,000 B+/B1 Tower Automotive Holdings USA,
10.625%, 9/1/17 (b) 12,209,620
4,260,000 CCC+/B3 Uncle Acquisition 2010 Corp.,
8.625%, 2/15/19 4,196,100
--------------
$ 36,357,720
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/11 31
Schedule of Investments | 10/31/11 (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 1.1%
4,000,000 NR/Ba1 Automotores Gildemeister SA,
8.25%, 5/24/21 $ 4,080,000
11,605,000 B/B2 Chrysler Group LLC, 8.0%, 6/15/19 (b) 10,676,600
7,865,000 B/B2 Chrysler Group LLC, 8.25%, 6/15/21 (b) 7,196,475
5,000,000 B+/B1 Hyva Global BV, 8.625%, 3/24/16 (b) 4,500,000
--------------
$ 26,453,075
--------------
Total Automobiles & Components $ 62,810,795
------------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 2.4%
Homebuilding -- 0.6%
8,750,000 CCC/Caa3 Beazer Homes USA, Inc.,
9.125%, 6/15/18 $ 6,256,250
1,600,000 CCC/Caa3 Beazer Homes USA, Inc.,
9.125%, 5/15/19 1,136,000
6,708,000 BB-/Ba3 Desarrolladora Homex SAB de CV,
9.5%, 12/11/19 (144A) 6,691,230
--------------
$ 14,083,480
------------------------------------------------------------------------------------------------------------------
Housewares & Specialties -- 1.2%
2,400,000 B-/Caa1 Reynolds Group Holdings, Ltd.,
8.25%, 2/15/21 $ 2,202,000
6,075,000 B/Caa1 Reynolds Group Issuer, Inc.,
9.0%, 4/15/19 5,862,375
7,490,000 B-/Caa1 Reynolds Group Issuer, Inc.,
8.5%, 5/15/18 (144A) 7,246,575
11,165,000 CCC+/B3 Yankee Acquisition Corp.,
9.75%, 2/15/17 10,885,875
5,775,000 CCC+/Caa1 YCC Holdings LLC/Yankee Finance, Inc.,
10.25%, 2/15/16 5,313,000
--------------
$ 31,509,825
------------------------------------------------------------------------------------------------------------------
Leisure Products -- 0.6%
11,250,000 CCC+/NR Heckler & Koch GmbH, 9.5%, 5/15/18 $ 12,217,007
5,000,000 B/B2 Icon Health & Fitness,
11.875%, 10/15/16 4,200,000
--------------
$ 16,417,007
--------------
Total Consumer Durables & Apparel $ 62,010,312
------------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 2.1%
Casinos & Gaming -- 1.0%
9,750,000 NR/WR Buffalo Thunder Revenue Authority,
9.375%, 12/15/14 (e) $ 3,412,500
8,025,000 B/B2 Codere Finance SA,
8.25%, 6/15/15 (144A) 10,670,042
2,052,000 B-/NR Little Traverse Bay Bands of Odawa
Indians, 9.0%, 8/31/20 1,682,640
The accompanying notes are an integral part of these financial statements.
32 Pioneer Global High Yield Fund | Annual Report | 10/31/11
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Casinos & Gaming -- (continued)
1,000,000 8.25 BB/Ba2 Lottomatica S.p.A., Floating Rate Note,
3/31/66 (144A) $ 1,253,166
5,965,000 NR/WR Mashantucket Pequot Tribe,
8.5%, 11/15/15 (144A) (e) 313,163
EURO 6,335,000 B-/B3 Peermont Global, Ltd.,
7.75%, 4/30/14 (144A) 7,276,429
1,725,000 CCC/Caa2 Shingle Springs Tribal,
9.375%, 6/15/15 (144A) 914,250
--------------
$ 25,522,190
------------------------------------------------------------------------------------------------------------------
Education Services -- 0.2%
4,225,000 B/B2 Cambium Learning Group, Inc.,
9.75%, 2/15/17 $ 4,225,000
------------------------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise Lines -- 0.2%
4,977,000 B-/B3 Grupo Posadas SAB de CV,
9.25%, 1/15/15 $ 4,454,415
------------------------------------------------------------------------------------------------------------------
Restaurants -- 0.7%
4,250,000 NR/Ba2 Arcos Dorados Holdings,
10.25%, 7/13/16 $ 2,496,061
15,915,000 CCC+/Caa1 Burger King Capital, 0.0%, 4/15/19 (b)(g) 9,310,275
5,675,000 B-/B3 Burger King Corp., 9.875%, 10/15/18 (b) 6,086,438
--------------
$ 17,892,774
--------------
Total Consumer Services $ 52,094,379
------------------------------------------------------------------------------------------------------------------
MEDIA -- 2.6%
Advertising -- 0.7%
3,800,000 NR/B3 Good Sam Enterprises LLC,
11.5%, 12/1/16 $ 3,648,000
5,549,000 B+/B2 MDC Partners, Inc., 11.0%, 11/1/16 6,006,793
10,450,000 B-/Caa2 Sitel LLC/Sitel Finance Corp.,
11.5%, 4/1/18 8,464,500
--------------
$ 18,119,293
------------------------------------------------------------------------------------------------------------------
Broadcasting -- 1.5%
14,065,000 CCC+/Caa3 Intelsat Bermuda, Ltd.,
11.5%, 2/4/17 (144A) $ 14,065,000
2,968,235 CCC+/Caa3 Intelsat Bermuda, Ltd., 11.5%, 2/4/17 2,968,235
10,500,000 B/B1 Nara Cable Funding, Ltd.,
8.875%, 12/1/18 13,595,337
1,925,000 CCC+/Caa1 Ono Finance II Plc, 11.125%, 7/15/19 2,358,474
4,245,000 B-/Caa1 Telesat Canada/Telesat LLC,
12.5%, 11/1/17 4,738,481
--------------
$ 37,725,527
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/11 33
Schedule of Investments | 10/31/11 (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.1%
2,125,000 B-/B3 Regal Entertainment Group,
9.125%, 8/15/18 $ 2,273,750
------------------------------------------------------------------------------------------------------------------
Publishing -- 0.3%
6,135,000 B-/Caa1 Interactive Data Corp., 10.25%, 8/1/18 $ 6,595,125
1,675,000 B/B3 MPL 2 Acquisition Canco, Inc.,
9.875%, 8/15/18 1,440,500
--------------
$ 8,035,625
--------------
Total Media $ 66,154,195
------------------------------------------------------------------------------------------------------------------
RETAILING -- 1.4%
Department Stores -- 0.4%
10,855,000 B/NR Grupo Famsa SAB de CV,
11.0%, 7/20/15 $ 10,754,049
------------------------------------------------------------------------------------------------------------------
Distributors -- 0.7%
19,900,000 B/B2 Minerva Overseas II,
10.875%, 11/15/19 (144A) (b) $ 17,313,000
------------------------------------------------------------------------------------------------------------------
Internet Retail -- 0.3%
7,415,000 B/B3 Ticketmaster, Inc., 10.75%, 8/1/16 $ 7,748,675
--------------
Total Retailing $ 35,815,724
------------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 4.1%
Agricultural Products -- 0.2%
4,959,000 B+/B3 Southern States Cooperative,
11.25%, 5/15/15 $ 5,182,155
------------------------------------------------------------------------------------------------------------------
Brewers -- 0.0%+
120,000 A-/A3 Cia Brasileira de Bebida, 8.75%, 9/15/13 $ 135,300
------------------------------------------------------------------------------------------------------------------
Distillers & Vintners -- 0.3%
320,792 NR/NR Belvedere SA, 0.0%, 4/11/14 (g) $ 102,723
EURO 4,171,607 NR/NR Belvedere SA, 7.692%, 11/10/19 (e) 1,335,823
7,512,000 B/B1 CEDC Finance Corp International, Inc.,
9.125%, 12/1/16 (144A) (b) 5,408,640
--------------
$ 6,847,186
------------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 3.0%
6,000,000 NR/B1 Bertin, Ltd., 10.25%, 10/5/16 (144A) $ 5,955,000
6,080,000 CCC+/B3 Blue Merger Sub, Inc., 7.625%, 2/15/19 5,776,000
12,305,000 NR/B2 Corp Pesquera Inca SAC,
9.0%, 2/10/17 (144A) 12,378,830
7,158,000 NR/B1 Fabrica de Productos,
9.25%, 2/23/17 (144A) 6,585,360
9,500,000 B-/B3 FAGE Dairy Industry,
9.875%, 2/1/20 (144A) 8,098,750
2,969,595 NR/NR Independencia International,
12.0%, 12/30/16 (144A) (e) 29,696
The accompanying notes are an integral part of these financial statements.
34 Pioneer Global High Yield Fund | Annual Report | 10/31/11
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- (continued)
9,590,000 BB/B1 JBS Finance II, Ltd., 8.25%, 1/29/18 $ 8,870,750
20,248,000 B+/B1 Marfrig Overseas, Ltd.,
9.5%, 5/4/20 (144A) 14,983,520
3,783,000 B+/B1 Marfrig Overseas, Ltd.,
9.625%, 11/16/16 (144A) 3,329,040
10,905,000 B-/Caa1 Pilgrim's Pride Corp.,
7.875%, 12/15/18 (b) 9,051,150
--------------
$ 75,058,096
------------------------------------------------------------------------------------------------------------------
Tobacco -- 0.6%
17,855,000 B/B2 Alliance One International, Inc.,
10.0%, 7/15/16 $ 15,444,575
--------------
Total Food, Beverage & Tobacco $ 102,667,312
------------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 2.3%
Health Care Equipment -- 0.3%
8,850,000 CCC+/Caa2 Accellent, Inc., 10.0%, 11/1/17 $ 7,965,000
------------------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.3%
2,100,000 B-/B3 HCA, Inc., 7.5%, 2/15/22 $ 2,142,000
1,550,000 B-/B3 Kindred Escrow Corp., 8.25%, 6/1/19 1,371,750
4,200,000 B-/B3 Vanguard Health Holding Co., LLC,
7.75%, 2/1/19 (b) 4,158,000
172,000 CCC+/Caa1 Vanguard Health Systems, Inc.,
0.0%, 2/1/16 (g) 112,660
--------------
$ 7,784,410
------------------------------------------------------------------------------------------------------------------
Health Care Services -- 1.1%
6,964,000 B-/Caa1 BioScrip, Inc., 10.25%, 10/1/15 $ 7,016,230
1,945,000 CCC+/B3 ExamWorks Group, Inc., 9.0%, 7/15/19 1,872,063
4,253,000 CCC+/B3 Gentiva Health Services, Inc.,
11.5%, 9/1/18 3,402,400
5,975,000 CCC+/Caa1 Surgical Care Affiliates,
10.0%, 7/15/17 (144A) 5,855,500
10,447,362 CCC+/B3 Surgical Care Affiliates,
8.875%, 7/15/15 (144A) PIK 10,473,480
--------------
$ 28,619,673
------------------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.4%
5,550,000 B/B2 Inverness Medical Innovations,
7.875%, 2/1/16 $ 5,494,500
3,200,000 B-/Caa1 IVD Acquisition Corp., 11.125%, 8/15/19 3,312,000
--------------
$ 8,806,500
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/11 35
Schedule of Investments | 10/31/11 (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.2%
5,150,000 B-/B3 MedAssets, Inc., 8.0%, 11/15/18 $ 5,047,000
--------------
Total Health Care Equipment & Services $ 58,222,583
------------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 0.9%
Biotechnology -- 0.6%
5,750,000 B/Caa1 ConvaTec Healthcare SA,
10.5%, 12/15/18 $ 5,534,375
10,302,000 B+/B3 Lantheus Medical Imaging, Inc.,
9.75%, 5/15/17 9,426,330
--------------
$ 14,960,705
------------------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.3%
8,511,554 B/Caa1 Catalent Pharma Solutions,
9.5%, 4/15/17 (144A) $ 8,468,996
--------------
Total Pharmaceuticals & Biotechnology $ 23,429,701
------------------------------------------------------------------------------------------------------------------
BANKS -- 2.4%
Diversified Banks -- 1.6%
400,000 2.21 BB+/Ba1 Alfa Div Payment Rights Finance, Floating
Rate Note, 12/15/11 (144A) $ 398,917
6,430,000 NR/NR Asian Development Bank, 14.0%, 8/7/12 3,770,894
6,875,000 BB+/NR Banco de Credito del Sur,
9.75%, 11/6/69 7,768,750
6,600,000 B/B2 Banco de Galicia y Buenos Aires,
8.75%, 5/4/18 5,867,400
2,140,000 NR/Ba1 Banco Industrial, 8.5%, 4/27/20 2,011,600
2,870,000 NR/B2 Banco Macro SA, 9.75%, 12/18/36 2,267,300
6,230,000 7.53 NR/Ba2 Banco Macro SA, Floating Rate Note,
6/7/12 4,579,050
3,880,000 NR/B2 Centercredit International,
8.625%, 1/30/14 (144A) 3,892,028
6,950,000 AAA/NR International Finance Corp.,
9.25%, 3/15/13 4,143,387
268,495 B/NR JSC Temirbank, 14.0%, 6/30/22 298,701
2,750,000 9.20 CCC/Caa1 Kazkommerts Finance 2 BV, Floating Rate
Note, 11/29/49 1,650,000
1,400,000 B/B2 Kazkommerts International BV,
8.0%, 11/3/15 1,183,000
2,600,000 NR/Aaa RaboBank Nederland NV,
6.875%, 3/19/20 3,348,365
80,000 BBB/Baa2 Societe Generale SA, 8.75%, 10/29/49 68,800
--------------
$ 41,248,192
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Global High Yield Fund | Annual Report | 10/31/11
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Regional Banks -- 0.8%
3,165,000 8.50 NR/Ba3 Banco Inter Peru, Floating Rate Note,
4/23/70 (144A) $ 3,196,650
2,700,000 BB/Baa3 Capital One Capital V, 10.25%, 8/15/39 2,794,500
13,430,000 BBB/Baa3 PNC Financial Services, 6.75%, 7/29/49 13,428,120
--------------
$ 19,419,270
--------------
Total Banks $ 60,667,462
------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 4.1%
Consumer Finance -- 0.7%
9,000,000 A/A2 Caterpillar Financial Services,
1.35%, 7/12/13 $ 1,398,613
7,400,000 BB+/Ba1 Ford Motor Credit Co. LLC,
5.875%, 8/2/21 (b) 7,885,262
10,395,000 NR/NR Tarjeta Naranja SA, 9.0%, 2/1/17 (b) 10,031,175
--------------
$ 19,315,050
------------------------------------------------------------------------------------------------------------------
Diversified Financial Services -- 1.4%
1,300,000 B-/NR Atlas VI Capital, Ltd., 11.5694%, 4/7/14 $ 1,774,995
2,000,000 6.66 BB+/NR Caelus Re II, Ltd., Floating Rate Note,
5/24/13 2,039,800
250,000 B+/NR Calabash Re, Ltd., 15.44575%, 6/15/12 269,125
12,410,000 AAA/Aaa European Investment Bank, 0.0%,
3/2/15 (g) 5,341,573
1,135,000 BB/NR Ibis Re, Ltd., 11.2775%, 5/10/12 (144A) 1,178,584
250,000 6.20 B/NR Ibis Re, Ltd., Floating Rate Note,
5/3/13 (144A) 261,675
1,500,000 6.20 BB-/NR Ibis Re, Ltd., Floating Rate Note,
5/3/13 (144A) 1,539,300
800,000 A+/Aa3 JPMorgan Chase & Co., 0.0%, 10/4/17 (g) 240,236
5,000,000 7.41 BB/NR Lodestone Re, Ltd., Floating Rate Note,
1/8/14 5,055,500
4,000,000 8.37 BB-/NR Lodestone Re, Ltd., Floating Rate Note,
5/17/13 (144A) 4,085,600
500,000 6.38 CC/NR Mariah Re, Ltd., Floating Rate Note,
1/8/14 103,500
4,000,000 7.60 BB-/NR Queen Street II Capital, Ltd., Floating Rate
Note, 4/9/14 4,016,800
2,000,000 7.60 BB-/NR Queen Street IV Capital, Ltd., Floating Rate
Note, 4/9/15 1,999,400
1,500,000 6.76 BB/NR Residential Reinsurance 2010, Ltd.,
Floating Rate Note, 6/6/13 (144A) 1,545,900
250,000 13.16 B-/NR Residential Reinsurance 2010, Ltd.,
Floating Rate Note, 6/6/13 (144A) 265,425
1,750,000 0.00 BB-/NR Residential Reinsurance 2010, Ltd.,
Floating Rate Note, 6/6/13 (g) 1,769,250
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/11 37
Schedule of Investments | 10/31/11 (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Diversified Financial Services -- (continued)
3,450,000 0.00 B-/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 6/6/15 (g) $ 3,568,335
--------------
$ 35,054,998
------------------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.6%
20,515,000 5.79 BBB-/Baa2 Goldman Sachs Capital, Floating Rate
Note, 12/29/49 $ 14,052,775
------------------------------------------------------------------------------------------------------------------
Multi-Sector Holding -- 0.3%
5,075,000 B/B2 Constellation Enterprises LLC,
10.625%, 2/1/16 $ 4,872,000
3,420,000 AA/Aa3 IPIC GMTN, Ltd., 5.5%, 3/1/22 3,397,770
--------------
$ 8,269,770
------------------------------------------------------------------------------------------------------------------
Specialized Finance -- 1.1%
6,360,000 BBB/Baa3 Cantor Fitzgerald LP, 7.875%, 10/15/19 $ 6,464,418
9,315,000 B+/B2 National Money Mart Co.,
10.375%, 12/15/16 9,780,750
2,915,000 CCC-/Caa3 NCO Group, Inc., 11.875%, 11/15/14 (b) 2,725,525
9,825,000 7.68 CCC-/Caa2 NCO Group, Inc., Floating Rate Note,
11/15/13 (b) 9,039,000
--------------
$ 28,009,693
--------------
Total Diversified Financials $ 104,702,286
------------------------------------------------------------------------------------------------------------------
INSURANCE -- 3.5%
Insurance Brokers -- 1.7%
11,140,000 CCC/Caa1 Alliant Holdings, Inc.,
11.0%, 5/1/15 (144A) $ 11,488,125
11,241,000 CCC+/Caa1 Hub International Holdings,
10.25%, 6/15/15 (144A) 10,875,668
4,300,000 CCC+/B3 Hub Intl Holdings,
9.0%, 12/15/14 (144A) 4,278,500
4,840,000 B-/B3 Towergate Finance Plc, 10.5%, 2/15/19 6,870,952
4,841,000 CCC/Caa1 Usi Holdings Corp.,
9.75%, 5/15/15 (144A) 4,611,053
4,532,000 6.68 CCC/B3 Usi Holdings Corp., Floating Rate Note,
11/15/14 4,078,800
--------------
$ 42,203,098
------------------------------------------------------------------------------------------------------------------
Multi-Line Insurance -- 0.4%
3,570,000 BB/Baa3 Liberty Mutual Group.,
7.0%, 3/15/37 (144A) (b) $ 3,105,900
5,170,000 10.75 BB/Baa3 Liberty Mutual Group, Floating Rate Note,
6/15/58 (144A) 6,281,550
918,450 BB-/NR Sul America Participacoes SA, 8.625%,
2/15/12 962,076
--------------
$ 10,349,526
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
38 Pioneer Global High Yield Fund | Annual Report | 10/31/11
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.3%
7,895,000 BB+/Ba2 White Mountains Re Group, Ltd., 7.506%,
5/29/49 $ 7,339,903
------------------------------------------------------------------------------------------------------------------
Reinsurance -- 1.1%
1,875,000 7.19 BB+/NR Blue Fin, Ltd., Floating Rate Note,
4/10/12 $ 1,867,125
250,000 7.19 BB-/NR Blue Fin, Ltd., Floating Rate Note,
4/16/12 (Cat Bond) (144A) 259,300
1,000,000 10.52 BB/NR East Lane Re III, Ltd., Floating Rate Note,
3/16/12 1,033,600
2,700,000 5.02 BB+/NR Foundation Re III, Ltd., Floating Rate Note,
2/25/15 2,727,270
2,500,000 5.91 BB/A2 Foundation Re III, Ltd., Floating Rate Note,
2/3/14 (Cat Bond) 2,534,750
2,600,000 12.03 NR/B3 Globecat, Ltd., Floating Rate Note,
1/2/13 (Cat Bond) (144A) 2,591,680
375,000 8.78 NR/B1 Globecat, Ltd., Floating Rate Note,
1/2/13 (Cat Bond) (144A) 376,950
1,900,000 1.88 BB+/NR Merna Reinsurance, Ltd., Floating Rate
Note, 4/8/13 (144A) 1,922,040
1,700,000 13.56 CCC+/NR Montana Re, Ltd., Floating Rate Note,
12/7/12 1,723,630
250,000 12.00 B/NR MultiCat Mexico 2009, Floating Rate Note,
10/19/12 259,250
750,000 12.00 B/NR MultiCat Mexico 2009, Floating Rate Note,
10/19/12 775,800
250,000 10.40 B/NR MultiCat Mexico 2009, Floating Rate Note,
10/19/12 259,050
250,000 12.00 BB-/NR MultiCat Mexico 2009, Floating Rate Note,
10/19/12 259,100
1,800,000 12.25 BB/NR Mystic Re, Floating Rate Note, 3/20/12 1,854,720
250,000 CC/NR Successor X, Ltd., 11.87982%,
4/4/13 (Cat Bond) 244,400
2,100,000 B-/NR Successor X, Ltd., 9.87982%,
4/4/13 (Cat Bond) 2,080,470
1,125,000 14.64 B-/NR Successor X, Ltd., Floating Rate Note,
12/13/13 1,142,663
2,600,000 16.14 NR/NR Successor X, Ltd., Floating Rate Note,
12/13/13 2,664,480
4,000,000 13.00 NR/NR Successor X, Ltd., Floating Rate Note,
2/25/14 4,122,000
--------------
$ 28,698,278
--------------
Total Insurance $ 88,590,805
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/11 39
Schedule of Investments | 10/31/11 (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.3%
Diversified Real Estate Activities -- 0.5%
8,000,000 BB-/NR BR Malls International Finance, Ltd.,
8.5%, 12/31/99 $ 8,280,000
5,590,000 BB-/NR BR Malls International Finance, Ltd.,
9.75%, 12/31/49 (Perpetual) (144A) (b) 5,701,800
--------------
$ 13,981,800
------------------------------------------------------------------------------------------------------------------
Real Estate Operating Companies -- 0.7%
6,750,000 B/B Alto Palermo SA,
7.875%, 5/11/17 (144A) $ 6,108,075
2,987,280 7.71 B/NR Alto Palermo SA, Floating Rate Note,
6/11/12 (144A) 910,523
3,805,000 B-/B3 Forest City Enterprises, Inc.,
4.25%, 8/15/18 3,414,988
8,405,000 B/NR IRSA Inversiones y Representacion,
8.5%, 2/2/17 (144A) (b) 8,026,775
--------------
$ 18,460,361
------------------------------------------------------------------------------------------------------------------
Specialized Real Estate Investment Trust -- 0.1%
1,650,000 BB-/B2 Sabra Health Care LP,
8.125%, 11/1/18 (b) $ 1,625,250
--------------
Total Real Estate $ 34,067,411
------------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 1.3%
Application Software -- 0.5%
8,684,000 B/B3 Allen Systems Group, Inc.,
10.5%, 11/15/16 $ 8,032,700
3,400,000 BB-/NR Nuance Communications, Inc.,
2.75%, 11/1/31 3,731,500
--------------
$ 11,764,200
------------------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.3%
3,597,000 B-/Caa1 First Data Corp., 12.625%, 1/15/21 $ 3,399,165
3,597,000 B-/Caa1 First Data Corp., 8.25%, 1/15/21 3,417,150
805,000 B-/Caa1 First Data Corp., 9.875%, 9/24/15 (b) 772,800
--------------
$ 7,589,115
------------------------------------------------------------------------------------------------------------------
Systems Software -- 0.5%
12,933,484 NR/NR Pegasus Solutions, Inc.,
13.0%, 4/15/14 (PIK) $ 12,157,475
--------------
Total Software & Services $ 31,510,790
------------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.7%
Communications Equipment -- 0.3%
6,715,000 B/B3 CommScope, Inc., 8.25%, 1/15/19 $ 6,614,275
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
40 Pioneer Global High Yield Fund | Annual Report | 10/31/11
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Computer Storage & Peripherals -- 0.4%
1,300,000 BB-/NR SanDisk Corp., 1.5%, 8/15/17 $ 1,551,875
8,560,000 BB+/Ba1 Seagate HDD Cayman, 7.75%, 12/15/18 8,945,200
--------------
$ 10,497,075
------------------------------------------------------------------------------------------------------------------
Electronic Components -- 0.0%+
830,000 BB+/NR Vishay Intertechnology, Inc.,
2.25%, 5/15/41 $ 658,813
--------------
Total Technology Hardware & Equipment $ 17,770,163
------------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS -- 0.1%
Semiconductors -- 0.1%
14,000,000 NR/NR LDK Solar Co., Ltd., 10.0%, 2/28/14 $ 1,282,824
--------------
Total Semiconductors $ 1,282,824
------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 5.9%
Alternative Carriers -- 1.2%
8,832,000 B/B2 Global Crossing, Ltd., 12.0%, 9/15/15 $ 10,134,720
3,439,000 CCC+/WR Global Crossing, Ltd., 9.0%, 11/15/19 4,161,190
9,765,000 B/Ba3 Paetec Holding Corp.,
8.875%, 6/30/17 (144A) 10,546,200
4,500,000 CCC+/Caa1 Paetec Holding Corp., 9.5%, 7/15/15 (b) 4,691,250
--------------
$ 29,533,360
------------------------------------------------------------------------------------------------------------------
Integrated Telecommunication Services -- 3.5%
12,700,000 B/NR Bakrie Telecom Tbk PT,
11.5%, 5/7/15 (144A) $ 8,382,000
9,690,000 CCC/Caa1 Broadview Networks Holdings,
11.375%, 9/1/12 (b) 7,970,025
20,977,000 B/B1 Cincinnati Bell, Inc., 8.25%, 10/15/17 21,134,303
7,160,000 B/B1 Cincinnati Bell, Inc., 8.375%, 10/15/20 7,303,200
8,478,000 CCC+/B3 Cincinnati Bell, Inc., 8.75%, 3/15/18 8,138,880
2,940,000 BB/Ba2 Frontier Communications Corp.,
8.5%, 4/15/20 3,131,100
12,160,000 BB/Ba2 Frontier Communications Corp.,
8.75%, 4/15/22 12,889,600
2,145,000 B-/WR Global Crossing UK Finance Plc,
10.75%, 12/15/14 2,220,075
2,300,000 B+/Ba3 Windstream Corp., 7.75%, 10/1/21 2,397,750
6,765,000 B+/Ba3 Windstream Corp., 7.75%, 10/15/20 7,069,425
7,345,000 B+/Ba3 Windstream Corp., 8.125%, 9/1/18 7,859,150
--------------
$ 88,495,508
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/11 41
Schedule of Investments | 10/31/11 (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 1.2%
2,850,000 B-/B3 Cricket Communications, Inc.,
7.75%, 10/15/20 (b) $ 2,436,750
3,000,000 CCC+/Caa1 Digicel Group, Ltd., 10.5%, 4/15/18 3,090,000
11,100,000 NR/B1 Digicel, Ltd., 8.25%, 9/1/17 (144A) 11,322,000
650,000 BB/Ba2 MTS International Fund,
8.625%, 6/22/20 710,125
3,925,000 B+/B2 NII Capital Corp., 7.625%, 4/1/21 4,042,750
2,300,000 NR/NR Richland Towers Funding LLC/ Seattle
Funding, 7.87%, 3/15/16 2,352,526
7,800,000 BB/Ba3 VIP Finance Ireland, Ltd., 7.748%, 2/2/21 7,488,000
--------------
$ 31,442,151
--------------
Total Telecommunication Services $ 149,471,019
------------------------------------------------------------------------------------------------------------------
UTILITIES -- 3.8%
Electric Utilities -- 1.7%
12,081,000 B-/NR Cia de Transporte de Energia,
9.75%, 8/15/21 $ 10,329,255
2,640,000 NR/Ba1 Dubai Electricity & Water Authority,
7.375%, 10/21/20 2,692,800
6,156,000 B-/B2 Empresa Distribuidora Y Comercial,
9.75%, 10/25/22 4,955,580
17,750,000 NR/Ba2 Energisa SA, 9.5%, 1/29/49 17,750,000
907,696 B/Ba2 FPL Energy National Wind,
6.125%, 3/25/19 (144A) 883,215
838,100 B/Ba2 FPL Energy Wind Funding,
6.876%, 6/27/17 (144A) 729,147
2,695,000 CCC/B2 Texas Competitive Electric Holdings Co.
LLC, 11.5%, 10/1/20 (b) 2,317,700
4,000,000 CC/Caa3 Texas Competitive Electric Holdings Co.
LLC, 15.0%, 4/1/21 2,520,000
--------------
$ 42,177,697
------------------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.4%
2,437,000 B-/B2 Star Gas Partners LP /Star Gas Finance
Co., 8.875%, 12/1/17 $ 2,528,388
7,966,000 B/B2 Transportadora De Gas del Sur,
7.875%, 5/14/17 (144A) 7,328,720
--------------
$ 9,857,108
------------------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy Traders -- 1.4%
14,000,000 NR/B1 Inkia Energy, Ltd., 8.375%, 4/4/21 $ 14,246,120
509,910 NR/Ba1 Juniper Generation,
6.79%, 12/31/14 (144A) 443,051
2,200,000 BB-/B1 NRG Energy, Inc., 8.5%, 6/15/19 2,299,000
5,025,000 BB-/B1 NRG Energy, Inc., 7.625%, 1/15/18 5,087,813
The accompanying notes are an integral part of these financial statements.
42 Pioneer Global High Yield Fund | Annual Report | 10/31/11
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy
Traders -- (continued)
2,840,000 BB-/B1 NRG Energy, Inc., 7.625%, 5/15/19 $ 2,840,000
8,750,000 BB-/B1 NRG Energy, Inc., 7.625%, 9/1/20 9,056,250
1,857,000 BB/Ba2 NSG Holdings, Inc., 7.75%, 12/15/25
(144A) 1,847,715
--------------
$ 35,819,949
------------------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.3%
7,419,122 NR/NR Ormat Funding Corp., 8.25%, 12/30/20 $ 6,973,975
--------------
Total Utilities $ 94,828,729
------------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $1,921,454,469) $1,798,007,453
------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATION -- 0.1%
23,000,000 1.48 NR/Aaa Government National Mortgage
Association, Floating Rate Note,
10/16/52 $ 1,807,869
------------------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATION
(Cost $1,810,734) $ 1,807,869
------------------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 1.7%
BRL 8,200,000 BBB-/Baa2 Brazilian Government, 10.25%, 1/10/28 $ 5,381,747
13,000,000 B/B2 City of Buenos Aires, 12.5%,
4/6/15 (144A) 13,520,000
EURO 2,950,000 BBB+/Ba1 Ireland Government Bond, 4.5%, 4/18/20 3,244,642
EURO 3,150,000 BBB+/Ba1 Ireland Government Bond, 5.0%,
10/18/20 3,563,294
EURO 2,100,000 BBB+/Ba1 Ireland Government Bond ,5.9%,
10/18/19 2,565,572
7,425,000 B/B3 Provincia de Buenos Aires/ Argentina,
10.875%, 1/26/21 5,884,313
2,125,000 B/B3 Provincia de Buenos Aires/ Argentina,
11.75%, 10/5/15 1,982,200
2,600,000 B/NR Provincia de Neuquen Argentina, 7.875%,
4/26/21 (b) 2,613,000
COP 6,986,000,000 BBB-/Baa3 Republic of Columbia, 12.0%, 10/22/15 4,673,141
--------------
$ 43,427,909
------------------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $41,742,287) $ 43,427,909
------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 2.0%
Municipal Airport -- 0.3%
8,140,000 B/B3 New Jersey Economic Development
Authority, 6.25%, 9/15/29 $ 7,696,126
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/11 43
Schedule of Investments | 10/31/11 (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Municipal Development -- 0.8%
3,755,000 CCC+/NR Alliance Airport Authority Texas,
5.25%, 12/1/29 $ 1,990,188
16,590,000 CCC+/NR Alliance Airport Authority Texas,
5.75%, 12/1/29 8,792,866
12,000,000 CCC+/NR Dallas-Fort Worth International Airport,
5.5%, 11/1/30 6,360,120
4,150,000 CCC+/CAA1 Dallas-Fort Worth Texas International
Airport Revenue, 6.375%, 5/1/35 2,282,417
15,000 B/B3 New Jersey Economic Development
Authority Special Facility Revenue,
7.0%, 11/15/30 14,998
--------------
$ 19,440,589
------------------------------------------------------------------------------------------------------------------
Municipal General -- 0.4%
3,545,000 BB/B1 County of Cook Illinois, 6.5%, 10/15/40 $ 3,663,332
1,885,000 BB-/B1 Illinois Finance Authority,
6.5%, 10/15/40 1,944,623
8,875,000 12.00 NR/NR Non-Profit Preferred Funding Trust I,
Floating Rate Note, 9/15/37 5,412,508
--------------
$ 11,020,463
------------------------------------------------------------------------------------------------------------------
Municipal Pollution -- 0.5%
4,610,000 B-/B1 Ohio State Pollution Control Revenue,
5.6%, 8/1/32 $ 3,298,686
3,980,000 B-/B1 Ohio State Pollution Control Revenue,
5.65%, 3/1/33 2,855,809
6,960,000 B-/B1 Pennsylvania Economic Development
Financing Authority, 6.0%, 6/1/31 5,286,468
--------------
$ 11,440,963
------------------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $64,852,378) $ 49,598,141
------------------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 8.3%**
ENERGY -- 0.8%
Coal & Consumable Fuels -- 0.3%
6,000,000 11.24 NR/NR PT Bumi Resources Tbk, Term Loan,
8/7/13 $ 6,000,000
------------------------------------------------------------------------------------------------------------------
Oil & Gas Equipment and Services -- 0.5%
1,295,064 7.00 NR/NR Aquilex Holdings LLC, Term Loan, 4/1/16 $ 1,164,343
12,256,870 6.25 NR/NR Frac Tech Services, Inc., Term Loan,
5/6/16 12,210,907
--------------
$ 13,375,250
--------------
Total Energy $ 19,375,250
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
44 Pioneer Global High Yield Fund | Annual Report | 10/31/11
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
MATERIALS -- 0.8%
Commodity Chemicals -- 0.1%
1,731,913 5.43 NR/B2 CPG International I, Inc., Term Loan,
2/18/17 $ 1,649,647
------------------------------------------------------------------------------------------------------------------
Diversified Chemical -- 0.4%
3,756,856 7.50 B/Ba3 Ineos Holdings, Ltd., Term B1 Facility New,
12/16/13 $ 5,363,704
4,134,524 8.00 B/Ba3 Ineos Holdings, Ltd., Term C1 Facility New,
12/16/14 5,902,905
--------------
$ 11,266,609
------------------------------------------------------------------------------------------------------------------
Steel -- 0.3%
7,490,686 10.50 NR/NR Niagara Corp., Term Loan New, 6/29/14 $ 7,378,326
--------------
Total Materials $ 20,294,582
------------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.7%
Aerospace & Defense -- 0.6%
3,799,904 5.43 NR/NR DAE Aviation Holdings, Inc., Tranche B-1
Loan, 7/31/14 $ 3,695,407
1,979,508 3.62 B-/B1 Hunter Defense Technologies, Inc., Term
Loan, 8/22/14 1,801,352
3,804,582 6.62 BB/B1 Hunter Defense Technologies, Inc., Series
1 New Term Loan, 8/22/14 3,462,169
3,481,357 9.25 B-/Caa2 IAP Worldwide Services, Inc., Term Loan
First Lien, 12/30/12 3,411,730
3,641,611 5.43 NR/NR Standard Aero, Ltd., Tranche B-2 Loan,
7/31/14 3,541,467
--------------
$ 15,912,125
------------------------------------------------------------------------------------------------------------------
Building Products -- 0.0%+
500,000 9.00 BB/Ba2 Goodman Global, Inc., Loan Second Lien,
10/30/17 $ 503,438
------------------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.0%+
862,285 5.76 NR/NR Scotsman Industries, Inc., Term Loan,
4/30/16 $ 853,663
------------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.1%
1,496,250 6.25 NR/NR Pro Mach, Inc., Term Loan, 7/6/17 $ 1,473,806
--------------
Total Capital Goods $ 18,743,032
------------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.1%
Research & Consulting Services -- 0.1%
1,404,125 5.75 NR/NR Wyle Services Corp., Term Loan First Lien,
3/26/17 $ 1,375,165
--------------
Total Commercial Services & Supplies $ 1,375,165
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/11 45
Schedule of Investments | 10/31/11 (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Air Freight & Couriers -- 0.1%
508,620 26.86 NR/NR Ceva Group Plc, Dollar Tranche B Pre
Funded L/C, 8/31/16 $ 473,865
779,050 5.43 NR/B1 Ceva Group Plc, EGL Tranche B Term Loan,
8/31/16 725,815
794,899 5.25 NR/NR Ceva Group Plc, US Tranche B Term Loan,
8/31/16 731,967
--------------
$ 1,931,647
--------------
Total Transportation $ 1,931,647
------------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.7%
Auto Parts & Equipment -- 0.0%+
22,537 2.75 B+/B2 Allison Transmission, Inc., Term Loan,
8/7/14 $ 21,870
------------------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.7%
17,356,500 6.00 NR/NR Chrysler Group LLC, Tranche B Term Loan,
5/24/17 $ 16,448,903
--------------
Total Automobiles & Components $ 16,470,773
------------------------------------------------------------------------------------------------------------------
MEDIA -- 0.3%
Advertising -- 0.1%
2,250,000 5.00 BB/Ba3 Affinion Group, Inc., Tranche B Term Loan,
7/16/15 $ 2,078,438
------------------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.2%
5,267,997 6.74 CCC/B2 WideOpenWest Finance LLC, Series A New
Term Loan, 6/28/14 $ 5,090,202
------------------------------------------------------------------------------------------------------------------
Publishing -- 0.0%+
777,846 2.50 NR/NR Cengage Learning Acquisitions, Inc., Term
Loan, 7/3/14 $ 671,135
--------------
Total Media $ 7,839,775
------------------------------------------------------------------------------------------------------------------
RETAILING -- 0.3%
Automotive Retail -- 0.3%
6,500,000 7.50 NR/NR Stackpole Powertrain International ULC,
Term Loan, 8/2/17 $ 6,370,000
--------------
Total Retailing $ 6,370,000
------------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.6%
Packaged Foods & Meats -- 0.6%
2,800,000 11.25 NR/NR Pierre Foods, Inc., Loan First Lien,
9/29/17 $ 2,789,500
13,365,000 7.00 NR/NR Pierre Foods, Inc., Loan Second Lien,
9/30/16 13,270,329
--------------
$ 16,059,829
--------------
Total Food, Beverage & Tobacco $ 16,059,829
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
46 Pioneer Global High Yield Fund | Annual Report | 10/31/11
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Personal Products -- 0.1%
1,510,913 4.75 BB-/Ba3 Revlon Consumer Products Corp., Term
Loan B, 11/19/17 $ 1,505,247
--------------
Total Household & Personal Products $ 1,505,247
------------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.5%
Health Care Facilities -- 0.2%
1,235,000 6.50 B+/B1 Ardent Medical Services, Inc., Tranche B
Term Loan, 9/15/15 $ 1,208,756
2,955,000 6.50 B+/B1 Ardent Medical Services, Inc., Term Loan,
9/15/15 2,897,747
--------------
$ 4,106,503
------------------------------------------------------------------------------------------------------------------
Health Care Services -- 1.1%
1,500,000 0.00 B+/Ba3 Alliance HealthCare Services, Inc., Initial
Term Loan, 6/1/16 (g) $ 1,365,000
2,087,438 6.50 NR/NR Inventiv Health, Inc., Consolidated Term
Loan, 8/4/16 2,040,471
3,139,792 8.50 B/B1 Aveta, Inc., NAMM Term Loan, 4/14/15 3,116,244
5,074,500 7.00 B+/B1 National Mentor Holdings, Inc., Tranche B
Term Loan, 2/9/17 4,693,913
4,257,346 8.25 NR/NR National Specialty Hospitals, Inc., Initial
Term Loan, 2/2/17 4,065,765
4,925,000 7.25 NR/NR Prime Healthcare Services, Inc., Term B
Loan, 4/28/15 4,691,063
3,726,667 7.50 B+/Ba2 Sun Healthcare Group, Inc., Term Loan,
10/18/16 2,850,900
4,586,950 6.50 NR/NR Surgery Center Holdings, Inc., Term Loan,
2/6/17 4,357,603
1,463,938 7.75 NR/NR Virtual Radiologic Corp., Term Loan A,
12/22/16 1,376,101
--------------
$ 28,557,060
------------------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.1%
2,918,726 6.25 NR/NR Physician Oncology Services LP, Effective
Date Term Loan, 1/31/17 $ 2,772,790
354,592 6.25 NR/NR Physician Oncology Services LP, Delayed
Draw Term Loan, 1/31/17 336,862
--------------
$ 3,109,652
------------------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.1%
3,139,792 8.50 B/B1 Aveta, Inc., MMM Term Loan, 4/14/15 $ 3,116,244
--------------
Total Health Care Equipment & Services $ 38,889,459
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/11 47
Schedule of Investments | 10/31/11 (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 0.4%
Biotechnology -- 0.4%
6,143,575 5.50 NR/NR Aptalis Pharma, Inc., Term Loan, 2/10/17 $ 5,947,749
158,520 6.50 NR/NR HDG Merger, Delayed Draw Term Loan,
4/8/16 153,963
1,152,872 6.50 NR/NR HDG Merger, Closing Date Term Loan,
4/8/16 1,119,727
1,496,250 6.25 NR/NR Grifols SA, Foreign Tranche B Term Loan,
6/1/17 2,072,741
--------------
$ 9,294,180
--------------
Total Pharmaceuticals & Biotechnology $ 9,294,180
------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Diversified Financial Services -- 0.2%
2,441,264 0.00 B/B2 Long Haul Holdings, Ltd., Tranche B Vallar
Loan, 3/2/12 (g) $ 2,416,851
3,058,736 0.00 NR/NR Long Haul Holdings, Ltd., Tranche A Vallar
Loan, 3/2/12 (g) 3,028,149
--------------
$ 5,445,000
------------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.0%+
876,351 8.00 B-/B2 NCO Group, Inc., Term B Advance,
5/15/13 $ 870,874
--------------
Total Diversified Financials $ 6,315,874
------------------------------------------------------------------------------------------------------------------
INSURANCE -- 1.1%
Insurance Brokers -- 0.7%
1,699,312 3.37 NR/NR Alliant Holdings I, Inc., Term Loan,
8/21/14 $ 1,690,816
3,361,875 6.75 NR/NR Alliant Holdings I, Inc., Tranche D
Incremental Loan, 8/21/14 3,386,585
741,459 2.87 B/NR HUB International, Ltd., Delayed Draw
Term Loan, 6/13/14 726,012
5,537,111 6.75 B/NR HUB International, Ltd., Additional Term
Loan, 6/13/14 5,550,954
3,298,460 2.87 B/NR HUB International, Ltd., Initial Term Loan,
6/13/14 3,229,743
2,832,200 7.00 B/B2 USI Holdings Corp., Series C New Term
Loan, 5/5/14 2,846,361
--------------
$ 17,430,471
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
48 Pioneer Global High Yield Fund | Annual Report | 10/31/11
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Multi-Line Insurance -- 0.4%
4,371,132 4.62 B/NR AMWINS Group, Inc., Initial Term Loan,
6/8/13 $ 4,261,854
6,750,000 5.86 B/NR AMWINS Group, Inc., Initial Term Loan
Second Lien, 6/9/14 6,412,500
--------------
$ 10,674,354
--------------
Total Insurance $ 28,104,825
------------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.0%+
Real Estate Development -- 0.0%+
1,280,500 7.50 B/Ba3 Ozburn-Hessey Holding Co., LLC, Term
Loan First Lien, 4/8/16 $ 1,139,645
--------------
Total Real Estate $ 1,139,645
------------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.2%
Application Software -- 0.1%
3,500,000 9.75 BB-/NR Vertafore, Inc., Term Loan Second Lien,
10/27/17 $ 3,380,417
------------------------------------------------------------------------------------------------------------------
Systems Software -- 0.1%
2,373,475 6.75 B+/B1 Telcordia Technologies, Inc., Term Loan,
4/30/16 $ 2,361,608
--------------
Total Software & Services $ 5,742,025
------------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.2%
Electronic Components -- 0.2%
4,168,500 5.00 NR/NR Scitor Corp., Term Loan, 2/15/17 $ 3,890,601
--------------
Total Technology Hardware & Equipment $ 3,890,601
------------------------------------------------------------------------------------------------------------------
UTILITIES -- 0.2%
Electric Utilities -- 0.2%
8,805,543 4.76 BBB-/Ba1 Texas Competitive Electric Holdings Co.,
LLC, 2017 Term Loan Extending,
10/10/17 $ 6,022,992
--------------
Total Utilities $ 6,022,992
------------------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN
INTERESTS
(Cost $213,985,522) $ 209,364,901
------------------------------------------------------------------------------------------------------------------
RIGHTS/WARRANTS -- 0.0%+
ENERGY -- 0.0%+
Oil & Gas Exploration & Production -- 0.0%+
5,925,293 Norse Energy Corp., ASA, CW15* $ 101,643
------------------------------------------------------------------------------------------------------------------
TOTAL RIGHTS/WARRANTS
(Cost $0) $ 101,643
------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/11 49
Schedule of Investments | 10/31/11 (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 9.4%
Repurchase Agreements -- 4.3%
27,100,000 Deutsche Bank, 0.09%, dated 10/31/11,
repurchase price of $27,100,000 plus
accrued interest on 11/1/11
collateralized by the following:
$11,353,914 U.S. Treasury Strip, 0.0%,
2/15/25 - 11/15/40
$9,800,991 U.S. Treasury Notes,
1.375 - 1.5%, 2/15/13 - 7/31/16
$6,488,022 U.S. Treasury Bonds,
2.125 - 2.375%,
1/15/25 - 2/15/41 $ 27,100,000
27,100,000 JPMorgan, Inc., 0.1%, dated 10/31/11,
repurchase price of $27,100,000 plus
accrued interest on 11/1/11
collateralized by $27,642,096
Federal National Mortgage Association,
4.5 - 5.0%, 4/1/18 - 4/1/41 27,100,000
27,100,000 RBC Capital Markets Corp., 0.09%, dated
10/31/11, repurchase price of
$27,100,000 plus accrued interest on
11/1/11 collateralized by the following:
$27,642,001 Federal National
Mortgage Association (ARM),
2.39 - 3.55%, 10/1/41 - 3/1/38 27,100,000
27,100,000 TD Securities, Inc., 0.09%, dated
10/31/11, repurchase price of
$80,915,000 plus accrued interest on
11/1/11 collateralized by
$27,642,088 U.S. Treasury Bonds,
2.375%, 1/15/25 27,100,000
--------------
Total Repurchase Agreements $ 108,400,000
------------------------------------------------------------------------------------------------------------------
SECURITIES LENDING COLLATERAL -- 5.1% (c)
Certificates of Deposit:
4,403,172 Bank of Nova Scotia Houston, 0.32%,
11/9/12 $ 4,406,368
5,504,090 DnB Nor Bank ASA NY, 0.22%, 11/14/11 5,507,860
4,956,326 JPMorgan Chase Bank NA, 0.43%,
11/16/12 4,957,164
3,854,144 National Australia Bank NY, 0.31%,
1/9/12 3,855,572
3,304,199 RaboBank Nederland, 0.34%, 4/2/12 3,305,071
5,500,663 Skandinav Enskilda Bank NY, 0.33%,
11/9/11 5,507,984
The accompanying notes are an integral part of these financial statements.
50 Pioneer Global High Yield Fund | Annual Report | 10/31/11
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Certificates of Deposit -- (continued)
5,505,153 Westpac Banking Corp., NY, 0.32%,
12/6/11 $ 5,507,959
--------------
$ 33,047,978
------------------------------------------------------------------------------------------------------------------
Commercial Paper:
1,761,955 Commonwealth Bank of Australia, 0.28%,
12/15/11 $ 1,761,955
3,357,356 Commonwealth Bank of Australia, 0.39%,
2/23/12 3,357,356
605,370 General Electric Capital Corp., 0.28%,
11/21/11 605,941
4,955,882 Nestle Capital Corp., 0.19%, 12/20/11 4,955,882
4,404,003 Nordea NA, 0.28%, 1/9/12 4,404,003
4,406,333 Procter & Gamble, 0.14%, 11/3/11 4,406,333
1,223,513 Straight-A Funding LLC, 0.19%, 12/9/11 1,223,513
3,302,914 Svenska HandelsBanken, 0.38%,
10/5/12 3,304,776
1,101,309 Thunderbay Funding LLC, 0.22%,
12/13/11 1,101,309
2,202,726 Thunderbay Funding LLC, 0.22%,
12/5/11 2,202,726
2,753,401 Variable Funding Capital Co., LLC, 0.21%,
12/7/11 2,753,401
--------------
$ 30,077,195
------------------------------------------------------------------------------------------------------------------
Tri-party Repurchase Agreements:
11,015,919 Merrill Lynch, Inc., 0.08%, dated
10/31/11, repurchase price of
$474,287 plus accrued interest on
11/1/11 collateralized by the following:
$443,256 Freddie Mac, 0.5 - 0.75%,
2/15/13 - 3/28/13
$40,167 Federal Home Loan Bank,
0.0%, 11/4/11 $ 11,015,919
14,272,665 RBS Securities, Inc., 0.09%, dated
10/31/11, repurchase price of
$614,505 plus accrued interest on
11/1/11 collateralized by $626,813
US Treasury Note, 1.75%, 10/31/18 14,272,665
13,769,899 Barclays Capital Markets, 0.09%, dated
10/31/11, repurchase price of
$592,858 plus accrued interest on
11/1/11 collateralized by $604,716
U.S. Treasury Notes, 3.125%, 5/15/21 13,769,899
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/11 51
Schedule of Investments | 10/31/11 (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------------------
Tri-party Repurchase Agreements -- (continued)
16,523,878 HSBC Plc, 0.09%, dated 10/31/11,
repurchase price of $711,430 plus
accrued interest on 11/1/11
collateralized by the following:
$378,582 Federal Home Loan Bank,
0.12 - 5.625%, 2/27/12 - 8/15/24
$347,093 Federal National Mortgage
Association, 0.75 - 7.25%,
12/18/13 - 11/15/30 $ 16,523,878
--------------
$ 55,582,361
------------------------------------------------------------------------------------------------------------------
Shares
Money Market Mutual Funds:
5,507,959 BlackRock Preferred Money Market Fund $ 5,507,959
5,507,958 Fidelity Prime Money Market Fund 5,507,958
--------------
$ 11,015,917
--------------
Total Securities Lending Collateral $ 129,723,451
------------------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $238,123,451) $ 238,123,451
------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 104.2%
(Cost $2,801,383,931) (a)(h) $2,637,965,196
------------------------------------------------------------------------------------------------------------------
OTHER ASSETS AND
LIABILITIES -- (4.2)% $ (106,111,111)
------------------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $2,531,854,085
==================================================================================================================
Notional Swap Counterparty/ Unrealized
Principal Referenced Obligation Loss
$ 14,000,000 JPMorgan Chase & Co., Index: Markit CDX.NA.HY.17, 5.0%,
12/20/16 $ (185,850)
--------------
TOTAL CREDIT DEFAULT SWAP AGREEMENTS
(Cost $597,917) $ (185,850)
==============
(A.D.R.) American Depositary Receipt
(G.D.R.) Global Depositary Receipt
* Non-income producing security.
+ Rounds to less than 0.1%
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.
The accompanying notes are an integral part of these financial statements.
52 Pioneer Global High Yield Fund | Annual Report | 10/31/11
(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
October 31, 2011, the value of these securities amounted to $457,662,357
or 18.1% 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 October 31, 2011, the net unrealized loss on investments based on cost
for federal income tax purposes of $2,808,914,865 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $ 80,179,996
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (251,129,665)
--------------
Net unrealized loss $ (170,949,669)
==============
(b) At October 31, 2011, the following securities were out on loan:
------------------------------------------------------------------------------------------------------------------
Principal
Amount ($) Description Value
------------------------------------------------------------------------------------------------------------------
6,732,000 ADS Tactical, Inc., 11.0%, 4/1/18 $ 6,900,300
4,900,000 Ardagh Packaging Finance Plc, 9.125%, 10/15/20 4,875,500
250,000 BR Malls International Finance, Ltd., 9.75%,
12/31/49 (Perpetual) (144A) 255,000
195,000 Broadview Networks Holdings, 11.375%, 9/1/12 160,388
10,122,000 Burger King Capital, 0.0%, 4/15/19 5,921,370
5,577,000 Burger King Corp., 9.875%, 10/15/18 5,981,333
5,200,000 CEDC Finance Corp. International, Inc., 9.125%,
12/1/16 (144A) 3,744,000
4,268,000 Cemex Finance LLC, 9.5%, 12/14/16 (144A) 3,729,378
1,900,000 Cemex SAB de CV, 9.0%, 3/15/18 1,586,500
1,120,000 Chaparral Energy, Inc., 8.25%, 9/1/21 1,139,600
5,215,000 China Oriental Group, 8.0%, 8/18/15 4,876,025
5,756,000 Chrysler Group LLC, 8.0%, 6/15/19 5,295,520
2,000,000 Chrysler Group LLC, 8.25%, 6/15/21 1,830,000
2,821,000 Cricket Communications, Inc., 7.75%, 10/15/20 2,411,955
5,990,000 Expro Finance Luxembourg SCA, 8.5%, 12/15/16 5,780,350
790,000 First Data Corp., 9.875%, 9/24/15 758,400
1,436,000 Ford Motor Credit Co. LLC, 5.875%, 8/2/21 1,530,167
3,125,000 GOL Finance, 9.25%, 7/20/20 (144A) 2,835,938
7,900,000 Grupo Papelero Scribe SA, 8.875%, 4/7/20 (144A) 6,952,000
1,100,000 Hercules Offshore, Inc., 10.5%, 10/15/17 1,100,000
1,000,000 Hyva Global BV, 8.625%, 3/24/16 900,000
500,000 IRSA Inversiones y Representacion, 8.5%, 2/2/17 (144A) 477,500
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/11 53
Schedule of Investments | 10/31/11 (Consolidated) (continued)
------------------------------------------------------------------------------------------------------------------
Principal
Amount ($) Description Value
------------------------------------------------------------------------------------------------------------------
4,603,000 JA Solar Holdings Co., 4.5%, 5/15/13 $ 3,498,280
2,000,000 Liberty Mutual Group., 7.0%, 3/15/37 (144A) 1,740,000
6,162,000 Lonking Holdings, Ltd., 8.5%, 6/3/16 5,730,660
50,000 Mentor Graphics Corp., 4.0%, 4/1/31 46,688
500,000 Metinvest BV, 10.25%, 5/20/15 505,000
2,324,000 Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 1,940,540
695,000 Minerva Overseas II, 10.875%, 11/15/19 (144A) 604,650
6,756,300 Mirabela Nickel, Ltd., 8.75%, 4/15/18 6,013,107
1,000,000 NCO Group, Inc., 11.875%, 11/15/14 935,000
1,999,000 NCO Group, Inc., Floating Rate Note, 11/15/13 1,839,080
4,252,000 Paetec Holding Corp., 9.5%, 7/15/15 4,432,710
7,463,000 Pilgrim's Pride Corp., 7.875%, 12/15/18 6,194,290
1,885,000 Provincia de Neuquen Argentina, 7.875%, 4/26/21 1,894,425
1,673,000 Quicksilver Resources, Inc., 7.125%, 4/1/16 1,658,361
500,000 Quicksilver Resources, Inc., 9.125%, 8/15/19 532,500
284,000 Sabra Health Care LP, 8.125%, 11/1/18 279,740
605,000 Tarjeta Naranja SA, 9.0%, 1/28/17 583,825
2,640,000 Texas Competitive Electric Holdings Co., 11.5%, 10/1/20 2,270,400
10,010,000 Tower Automotive Holdings USA, 10.625%, 9/1/17 10,310,300
575,000 Vanguard Health Holding Co., LLC, 7.75%, 2/1/19 569,250
------------------------------------------------------------------------------------------------------------------
Shares
------------------------------------------------------------------------------------------------------------------
55,000 Ainsworth Lumber Co., Ltd. * $ 84,700
30,000 Georgia Gulf Corp. * 543,000
132,750 Vale SA (A.D.R.) 3,132,900
------------------------------------------------------------------------------------------------------------------
Total $124,380,630
==================================================================================================================
(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 valued using fair value methods (other than prices supplied by
independent pricing services). See Notes to Financial Statements -- Note
1A.
(g) Security issued with a zero coupon. Income is recognized through accretion
of discount.
(h) Distributions of investments by country of issue (excluding temporary cash
investments) as a percentage of total investment in securities, is as
follows:
United States 59.4%
Cayman Islands 6.2
Argentina 3.7
Mexico 2.9
Brazil 2.9
Bermuda 2.7
Ireland 2.7
The accompanying notes are an integral part of these financial statements.
54 Pioneer Global High Yield Fund | Annual Report | 10/31/11
United Kingdom 2.5%
Netherlands 2.5
Canada 2.4
Norway 2.4
Luxembourg 2.3
Indonesia 1.2
Germany 1.1
Other (individually less than 1.0%) 5.1
-----
100.0%
=====
NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise
noted:
NOK Norwegian Krone
EURO Euro
BRL Brazilian Real
COP Columbian Peso
Purchases and sales of securities (excluding temporary cash investments) for
the year ended October 31, 2011 aggregated $1,392,307,735 and $1,453,597,806,
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.
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)
Generally, equity securities are categorized as Level 1, fixed income
securities and senior loans are categorized as Level 2 and securities valued
using fair value methods (other than prices supplied by independent pricing
services) are categorized as Level 3. See Notes to Financial Statements -- Note
1A.
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/11 55
Schedule of Investments | 10/31/11 (Consolidated) (continued)
The following is a summary of the inputs used as of October 31, 2011, in
valuing the Fund's assets:
-----------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------------------
Asset Backed Securities $ -- $ 79,593,101 $ -- $ 79,593,101
Collateralized Mortgage Obligations -- 39,741,922 -- 39,741,922
Corporate Bonds -- 1,797,546,773 -- 1,797,546,773
Convertible Corporate Bonds -- 146,270,108 -- 146,270,108
Municipal Bonds -- 49,598,141 460,680 50,058,821
Foreign Government Bonds -- 43,427,909 -- 43,427,909
U.S. Government Agency Obligations -- 1,807,869 -- 1,807,869
Common Stocks 15,180,831 231,488 7,223,788 22,636,107
Preferred Stocks 6,338,720 2,953,871 -- 9,292,591
Rights/Warrants 101,643 -- -- 101,643
Senior Floating Rate Loan Interests -- 209,364,901 -- 209,364,901
Temporary Cash Investments -- 63,125,173 -- 63,125,173
Repurchase Agreements -- 163,982,361 -- 163,982,361
Money Market Mutual Funds 11,015,917 -- -- 11,015,917
-----------------------------------------------------------------------------------------------------
Total $32,637,111 $2,597,643,617 $7,684,468 $2,637,965,196
=====================================================================================================
Other Financial Instruments* $ -- $ (247,126) $ -- $ (247,126)
=====================================================================================================
* Other financial instruments include credit default swaps and foreign
exchange contracts.
The following is a reconciliation of assets valued using significant observable
inputs (Level 3):
-----------------------------------------------------------------------------------------------------
Senior
Floating
Rate Loan Common Corporate
Interests Stocks Bonds Total
-----------------------------------------------------------------------------------------------------
Balance as of 10/31/10 $7,564,567 $1,328,534 $9,012,875 $17,905,976
Realized gain (loss)(1) 1,286 -- -- 1,286
Change in unrealized
appreciation (depreciation)(2) (520,522) 1,736,911 -- 1,216,389
Net purchases (sales) (204,945) -- -- (204,945)
Transfers in and out of Level 3* (6,841,149) 4,356,822 (8,552,195) (11,036,522)
-----------------------------------------------------------------------------------------------------
Balance as of 10/31/11 $ (763) $7,422,267 $ 460,680 $ 7,882,184
=====================================================================================================
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 Level 3
investments still held and considered Level 3 as of 10/31/11 $1,528,710
----------
The accompanying notes are an integral part of these financial statements.
56 Pioneer Global High Yield Fund | Annual Report | 10/31/11
Statement of Assets and Liabilities | 10/31/11 (Consolidated)
ASSETS:
Investment in securities (including securities loaned of $124,380,630)
(cost $2,801,383,931) $2,637,695,196
Cash 25,714,621
Foreign currencies, at value (cost $4,859,194) 4,871,163
Receivables --
Investment securities sold 7,444,734
Fund shares sold 39,176,491
Interest 51,520,726
Dividends 144,265
Other 143,229
-------------------------------------------------------------------------------------------
Total assets $2,766,980,425
-------------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 92,571,012
Fund shares repurchased 9,498,680
Dividends 2,135,872
Upon return of securities loaned 129,723,451
Forward foreign currency contracts 61,276
Due to affiliates 741,977
Unrealized depreciation on credit default swap agreements 185,850
Unrealized depreciation on unfunded corporate loans 33,583
Accrued expenses 174,639
-------------------------------------------------------------------------------------------
Total liabilities $ 235,126,340
-------------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $2,925,127,459
Undistributed net investment income 6,436,457
Accumulated net realized loss on investments and foreign currency
transactions (236,060,387)
Net unrealized loss on investments (163,452,318)
Net unrealized loss on credit default swaps (185,850)
Net unrealized loss on forward foreign currency contracts and other
assets and liabilities denominated in foreign currencies (11,276)
-------------------------------------------------------------------------------------------
Total net assets $2,531,854,085
-------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $648,746,302/66,017,533 shares) $ 9.83
Class B (based on $50,509,114/5,136,978 shares) $ 9.83
Class C (based on $460,475,593/46,986,031 shares) $ 9.80
Class Y (based on $1,364,543,178/141,242,215 shares) $ 9.66
Class Z (based on $7,579,898/749,649 shares) $ 10.11
MAXIMUM OFFERING PRICE:
Class A ($9.83 [divided by] 95.5%) $ 10.29
===========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/11 57
Statement of Operations (Consolidated)
For Year Ended 10/31/11
INVESTMENT INCOME:
Interest $ 234,727,891
Dividends (net of foreign taxes withheld of $18,951) 525,243
Income from securities loaned, net 363,310
---------------------------------------------------------------------------------------------------------
Total investment income $ 235,616,444
---------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 16,023,480
Transfer agent fees
Class A 1,061,483
Class B 96,652
Class C 302,991
Class Y 80,280
Class Z 7,412
Distribution fees
Class A 2,444,670
Class B 661,427
Class C 5,159,062
Shareholder communication expense 2,566,936
Administrative reimbursements 829,055
Custodian fees 142,997
Registration fees 219,957
Professional fees 137,867
Printing expense 72,957
Fees and expenses of nonaffiliated Trustees 95,451
Interest expense 54,386
Miscellaneous 166,581
---------------------------------------------------------------------------------------------------------
Total expenses $ 30,123,644
---------------------------------------------------------------------------------------------------------
Net investment income $ 205,492,800
---------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
CLASS ACTION AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain on:
Investments $ 61,116,354
Class action 385,359
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies 2,937,123 $ 64,438,836
---------------------------------------------------------------------------------------------------------
Change in net unrealized loss on:
Investments $(236,283,290)
Unfunded corporate loans (68,227)
Credit default swaps (185,850)
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies (2,655,262) $(239,192,629)
---------------------------------------------------------------------------------------------------------
Net loss on investments $(174,753,793)
---------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 30,739,007
=========================================================================================================
The accompanying notes are an integral part of these financial statements.
58 Pioneer Global High Yield Fund | Annual Report | 10/31/11
Statement of Changes in Net Assets
-----------------------------------------------------------------------------------------------------
Year Ended
10/31/11 Year Ended
(Consolidated) 10/31/10
-----------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 205,492,800 $ 171,352,607
Net realized gain (loss) on investments, class action and foreign
currency transactions 64,438,836 (27,665,242)
Change in net unrealized gain (loss) on investments and foreign
currency transactions (239,192,629) 283,215,212
-----------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 30,739,007 $ 426,902,577
-----------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.77 and $0.77 per share, respectively) $ (71,500,008) $ (84,181,285)
Class B ($0.69 and $0.69 per share, respectively) (4,324,584) (6,109,636)
Class C ($0.70 and $0.69 per share, respectively) (34,373,840) (34,338,055)
Class Y ($0.80 and $0.79 per share, respectively) (93,119,401) (38,488,064)
Class Z ($0.83 and $0.81 per share, respectively) (1,004,924) (478,741)
-----------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (204,322,757) $ (163,595,781)
-----------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 1,848,261,452 $ 1,773,933,406
Reinvestment of distributions 166,943,218 113,535,022
Cost of shares repurchased (1,997,556,834) (1,258,976,809)
-----------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 17,647,836 $ 628,491,619
-----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ (155,935,914) $ 891,798,415
NET ASSETS:
Beginning of year 2,687,789,999 1,795,991,584
-----------------------------------------------------------------------------------------------------
End of year $ 2,531,854,085 $ 2,687,789,999
-----------------------------------------------------------------------------------------------------
Undistributed (distributions in excess of) net investment income $ 6,436,457 $ (5,557,095)
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/11 59
Statement of Changes in Net Assets (continued)
----------------------------------------------------------------------------------------------------
'11 Shares '11 Amount '10 Shares '10 Amount
----------------------------------------------------------------------------------------------------
Class A
Shares sold 45,322,070 $ 478,856,191 76,506,487 $ 755,963,989
Reinvestment of distributions 5,325,281 55,922,586 6,064,818 60,194,825
Less shares repurchased (90,708,421) (956,573,557) (84,895,358) (838,841,672)
----------------------------------------------------------------------------------------------------
Net decrease (40,061,070) $ (421,794,780) (2,324,053) $ (22,682,858)
====================================================================================================
Class B
Shares sold or exchanged 182,501 $ 1,919,382 523,187 $ 5,148,813
Reinvestment of distributions 315,412 3,301,623 351,397 3,482,123
Less shares repurchased (2,965,546) (31,230,042) (3,559,373) (35,114,593)
----------------------------------------------------------------------------------------------------
Net decrease (2,467,633) $ (26,009,037) (2,684,789) $ (26,483,657)
====================================================================================================
Class C
Shares sold 8,590,010 $ 90,033,530 11,525,379 $ 113,677,297
Reinvestment of distributions 2,193,451 22,827,373 1,912,159 18,934,344
Less shares repurchased (13,781,313) (142,849,741) (12,878,243) (126,810,362)
----------------------------------------------------------------------------------------------------
Net increase (decrease) (2,997,852) $ (29,988,838) 559,295 $ 5,801,279
====================================================================================================
Class Y
Shares sold 123,093,815 $1,257,879,328 92,141,904 $ 893,563,267
Reinvestment of distributions 8,210,266 84,133,526 3,098,547 30,659,013
Less shares repurchased (82,635,654) (847,547,383) (25,982,082) (254,814,140)
----------------------------------------------------------------------------------------------------
Net increase 48,668,427 $ 494,465,471 69,258,369 $ 669,408,140
====================================================================================================
Class Z
Shares sold 1,776,624 $ 19,573,021 545,517 $ 5,580,040
Reinvestment of distributions 69,254 758,110 25,802 264,717
Less shares repurchased (1,778,794) (19,356,111) (331,626) (3,396,042)
----------------------------------------------------------------------------------------------------
Net increase 67,084 $ 975,020 239,693 $ 2,448,715
====================================================================================================
The accompanying notes are an integral part of these financial statements.
60 Pioneer Global High Yield Fund | Annual Report | 10/31/11
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Year
Ended Year
10/31/11 Ended
(Consolidated) 10/31/10
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 10.53 $ 9.39
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.77 $ 0.80
Net realized and unrealized gain (loss) on investments and foreign currency transactions (0.70) 1.11
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.07 $ 1.91
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.77) $ (0.77)
Net realized gain -- --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.77) $ (0.77)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.70) $ 1.14
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.83 $ 10.53
====================================================================================================================================
Total return* 0.49% 21.16%
Ratio of net expenses to average net assets+ 1.09% 1.10%
Ratio of net investment income to average net assets+ 7.37% 8.08%
Portfolio turnover rate 52% 49%
Net assets, end of period (in thousands) $648,746 $1,117,231
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.09% 1.15%
Net investment income 7.37% 8.02%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.09% 1.10%
Net investment income 7.37% 8.07%
====================================================================================================================================
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended
10/31/09 10/31/08 10/31/07
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 7.56 $ 12.30 $ 12.34
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.90 $ 1.03 $ 0.96
Net realized and unrealized gain (loss) on investments and foreign currency transactions 1.98 (4.59) 0.04
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.88 $ (3.56) $ 1.00
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (1.05) $ (1.07) $ (0.98)
Net realized gain -- (0.11) (0.06)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (1.05) $ (1.18) $ (1.04)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.83 $ (4.74) $ (0.04)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.39 $ 7.56 $ 12.30
====================================================================================================================================
Total return* 43.56% (31.45)% 8.30%
Ratio of net expenses to average net assets+ 1.10% 1.10% 1.06%
Ratio of net investment income to average net assets+ 11.68% 9.25% 7.73%
Portfolio turnover rate 33% 25% 31%
Net assets, end of period (in thousands) $1,018,040 $759,925 $1,369,044
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.32% 1.18% 1.06%
Net investment income 11.46% 9.17% 7.73%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.10% 1.10% 1.06%
Net investment income 11.68% 9.25% 7.73%
====================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/11 61
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Year
Ended Year
10/31/11 Ended
(Consolidated) 10/31/10
------------------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 10.53 $ 9.37
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.68 $ 0.70
Net realized and unrealized gain (loss) on investments and foreign currency transactions (0.69) 1.15
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.01) $ 1.85
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.69) $ (0.69)
Net realized gain -- --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.69) $ (0.69)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.70) $ 1.16
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.83 $ 10.53
====================================================================================================================================
Total return* (0.32)% 20.40%
Ratio of net expenses to average net assets+ 1.90% 1.92%
Ratio of net investment income to average net assets+ 6.59% 7.27%
Portfolio turnover rate 52% 49%
Net assets, end of period (in thousands) $50,509 $80,100
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.90% 1.92%
Net investment income 6.59% 7.27%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.90% 1.92%
Net investment income 6.59% 7.27%
====================================================================================================================================
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended
10/31/09 10/31/08 10/31/07
------------------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 7.54 $ 12.27 $ 12.31
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.81 $ 0.93 $ 0.86
Net realized and unrealized gain (loss) on investments and foreign currency transactions 2.01 (4.57) 0.03
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.82 $ (3.64) $ 0.89
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.99) $ (0.98) $ (0.87)
Net realized gain -- (0.11) (0.06)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.99) $ (1.09) $ (0.93)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.83 $ (4.73) $ (0.04)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.37 $ 7.54 $ 12.27
====================================================================================================================================
Total return* 42.42% (32.02)% 7.41%
Ratio of net expenses to average net assets+ 2.00% 1.92% 1.86%
Ratio of net investment income to average net assets+ 10.88% 8.47% 6.93%
Portfolio turnover rate 33% 25% 31%
Net assets, end of period (in thousands) $96,411 $83,412 $155,523
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 2.08% 1.92% 1.86%
Net investment income 10.80% 8.47% 6.93%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 2.00% 1.92% 1.85%
Net investment income 10.88% 8.47% 6.94%
====================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
62 Pioneer Global High Yield Fund | Annual Report | 10/31/11
------------------------------------------------------------------------------------------------------------------------------------
Year
Ended Year
10/31/11 Ended
(Consolidated) 10/31/10
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 10.49 $ 9.34
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.70 $ 0.73
Net realized and unrealized gain (loss) on investments and foreign currency transactions (0.69) 1.11
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.01 $ 1.84
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.70) $ (0.69)
Net realized gain -- --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.70) $ (0.69)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.69) $ 1.15
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.80 $ 10.49
====================================================================================================================================
Total return* (0.13)% 20.43%
Ratio of net expenses to average net assets+ 1.78% 1.82%
Ratio of net investment income to average net assets+ 6.72% 7.37%
Portfolio turnover rate 52% 49%
Net assets, end of period (in thousands) $460,476 $524,448
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.78% 1.82%
Net investment income 6.72% 7.37%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.78% 1.82%
Net investment income 6.72% 7.37%
====================================================================================================================================
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended
10/31/09 10/31/08 10/31/07
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 7.51 $ 12.24 $ 12.28
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.82 $ 0.93 $ 0.86
Net realized and unrealized gain (loss) on investments and foreign currency transactions 1.99 (4.57) 0.04
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.81 $ (3.64) $ 0.90
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.98) $ (0.98) $ (0.88)
Net realized gain -- (0.11) (0.06)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.98) $ (1.09) $ (0.94)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.83 $ (4.73) $ (0.04)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.34 $ 7.51 $ 12.24
====================================================================================================================================
Total return* 42.56% (32.08)% 7.48%
Ratio of net expenses to average net assets+ 1.98% 1.85% 1.82%
Ratio of net investment income to average net assets+ 10.78% 8.55% 6.96%
Portfolio turnover rate 33% 25% 31%
Net assets, end of period (in thousands) $461,644 $347,459 $598,195
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.98% 1.85% 1.82%
Net investment income 10.78% 8.55% 6.96%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 1.98% 1.85% 1.82%
Net investment income 10.78% 8.55% 6.96%
====================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Global High Yield Fund | Annual Report | 10/31/11 63
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Year
Ended Year
10/31/11 Ended
(Consolidated) 10/31/10
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 10.35 $ 9.25
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.81 $ 0.86
Net realized and unrealized gain (loss) on investments and foreign currency transactions (0.70) 1.03
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.11 $ 1.89
Distributions to shareowners:
Net investment income (0.80) (0.79)
Net realized gain -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.69) $ 1.10
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.66 $ 10.35
====================================================================================================================================
Total return* 0.85% 21.35%
Ratio of net expenses to average net assets+ 0.74% 0.73%
Ratio of net investment income to average net assets+ 7.72% 8.42%
Portfolio turnover rate 52% 49%
Net assets, end of period (in thousands) $1,364,543 $958,596
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 0.74% 0.73%
Net investment income 7.72% 8.42%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.74% 0.73%
Net investment income 7.72% 8.42%
====================================================================================================================================
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended
10/31/09 10/31/08 10/31/07
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 7.46 $ 12.10 $ 12.19
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.94 $ 1.05 $ 0.97
Net realized and unrealized gain (loss) on investments and foreign currency transactions 1.91 (4.48) (0.01)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.85 $ (3.43) $ 0.96
Distributions to shareowners:
Net investment income (1.06) (1.10) (0.99)
Net realized gain -- (0.11) (0.06)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.79 $ (4.64) $ (0.09)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.25 $ 7.46 $ 12.10
====================================================================================================================================
Total return* 43.78% (30.96)% 8.12%
Ratio of net expenses to average net assets+ 0.78% 0.74% 0.70%
Ratio of net investment income to average net assets+ 11.43% 9.82% 8.05%
Portfolio turnover rate 33% 25% 31%
Net assets, end of period (in thousands) $215,614 $ 50,477 $23,414
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 0.79% 0.74% 0.70%
Net investment income 11.43% 9.82% 8.05%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.78% 0.74% 0.70%
Net investment income 11.43% 9.82% 8.05%
====================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
+ 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 | Annual Report | 10/31/11
------------------------------------------------------------------------------------------------------------------------------------
Year
Ended Year
10/31/11 Ended
(Consolidated) 10/31/10
------------------------------------------------------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $10.86 $ 9.67
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.85 $ 0.87
Net realized and unrealized gain (loss) on investments and foreign currency transactions (0.77) 1.13
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.08 $ 2.00
Distributions to shareowners:
Net investment income (0.83) (0.81)
Net realized gain -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.75) $ 1.19
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.11 $10.86
====================================================================================================================================
Total return* 0.53% 21.58%
Ratio of net expenses to average net assets+ 0.76% 0.90%
Ratio of net investment income to average net assets+ 7.67% 8.26%
Portfolio turnover rate 52% 49%
Net assets, end of period (in thousands) $7,580 $7,416
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 0.76% 0.91%
Net investment income 7.67% 8.25%
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.76% 0.90%
Net investment income 7.67% 8.26%
====================================================================================================================================
------------------------------------------------------------------------------------------------------------------------------------
Year Year
Ended Ended 7/6/07 (a) to
10/31/09 10/31/08 10/31/07
------------------------------------------------------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $ 7.79 $ 12.31 $12.65
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 1.00 $ 1.07 $ 0.33
Net realized and unrealized gain (loss) on investments and foreign currency transactions 1.98 (4.37) (0.35)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.98 $ (3.30) $(0.02)
Distributions to shareowners:
Net investment income (1.10) (1.11) (0.32)
Net realized gain -- (0.11) --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.88 $ (4.52) $(0.34)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.67 $ 7.79 $12.31
====================================================================================================================================
Total return* 43.69% (29.21)% (0.09)%(b)
Ratio of net expenses to average net assets+ 0.90% 0.90% 0.69%**
Ratio of net investment income to average net assets+ 11.46% 9.85% 8.30%**
Portfolio turnover rate 33% 25% 31%(b)
Net assets, end of period (in thousands) $4,283 $ 2,366 $ 97
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses 1.23% 1.11% 0.69%**
Net investment income 11.13% 9.64% 8.30%**
Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for
fees paid indirectly:
Net expenses 0.90% 0.90% 0.69%**
Net investment income 11.46% 9.85% 8.30%**
====================================================================================================================================
(a) Class Z shares were first publicly offered on July 6, 2007.
(b) Not annualized.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each 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 | Annual Report | 10/31/11 65
Notes to Financial Statements | 10/31/11 (Consolidated)
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 as of the close of business on December 31, 2009, Class B shares are
no longer offered to new or existing shareholders, except that dividends and/or
capital gain 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.
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.
66 Pioneer Global High Yield Fund | Annual Report | 10/31/11
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, an independent pricing service.
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. 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. 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.
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.
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.
Securities or senior 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.
The Fund may use fair value methods if it is determined that a significant
event has occurred after the close of the exchange or market on which the
security trades and prior to the determination of the Fund's net asset
value. Examples of a significant event might include political or economic
news, corporate restructurings, natural disasters, terrorist activity or
trading halts. Thus, the valuation of the Fund's securities may differ from
exchange prices.
Pioneer Global High Yield Fund | Annual Report | 10/31/11 67
At October 31, 2011, five securities were valued using fair value methods
(in addition to securities valued using prices supplied by independent
pricing services) representing 0.31% 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.
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.
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
68 Pioneer Global High Yield Fund | Annual Report | 10/31/11
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
federal and state 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.
At October 31, 2011, the Fund had a net capital loss carryforward of
$235,848,362 of which the following amounts will expire between 2016 and
2018, if not utilized: $4,718,467 in 2016, $204,858,985 in 2017 and
$26,270,910 in 2018.
At October 31, 2011, the Fund reclassified $22,338 to decrease paid-in
capital, $10,823,509 to decrease distributions in excess of net investment
income and $10,801,171 to increase accumulated net realized loss, to
reflect permanent book/tax differences. The reclassification has no impact
on the net assets of the Fund and presents the Fund's capital accounts on a
tax basis.
Under the recently enacted Regulated Investment Company Modernization Act
of 2010, the Fund will be permitted to carry forward capital losses
incurred in taxable years beginning after December 22, 2010 for an
unlimited period. However, any losses incurred during those future years
will be required to be utilized prior to the losses incurred in
pre-enactment tax years. As a result of this ordering rule, pre-enactment
capital loss carryforwards may be more likely to expire unused.
Additionally, post-enactment capital losses that are carried forward will
retain their character as either short-term or long-term capital losses
rather than being considered all short-term as under previous law.
The tax character of distributions paid during the years ended October 31,
2011 and October 31, 2010 was as follows:
Pioneer Global High Yield Fund | Annual Report | 10/31/11 69
---------------------------------------------------------------------------
2011 2010
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $204,322,757 $163,595,781
---------------------------------------------------------------------------
Total $204,322,757 $163,595,781
===========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at October 31, 2011:
---------------------------------------------------------------------------
2011
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 15,829,962
Capital loss carryforward (235,848,362)
Dividends payable (2,135,872)
Net unrealized loss (171,119,102)
---------------------------------------------------------------------------
Total $ (393,273,374)
===========================================================================
The difference between book-basis and tax-basis net unrealized loss is
attributable to the tax deferral of losses on wash sales, the
mark-to-market of foreign currency contracts, adjustments relating to
catastrophe bonds, credit default swaps, interest accruals on preferred
stocks 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 $164,670 in underwriting commissions on the sale of
Class A shares during the year ended October 31, 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. During the year ended October 31, 2011, the Fund recognized
gains of $385,359 in the settlement of class action lawsuits from several
different companies, as reflected on the Statement of Operations.
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).
70 Pioneer Global High Yield Fund | Annual Report | 10/31/11
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.
G. Risks
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 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.
H. 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.
I. Securities Lending
The Fund lends securities in its portfolio to certain broker-dealers or
other institutional investors. When entering into a securities loan
transaction, the Fund typically receives cash collateral from the borrower
equal to at least the
Pioneer Global High Yield Fund | Annual Report | 10/31/11 71
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.
J. 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 portfolio or to hedge the risk of default on portfolio
securities. As a seller of protection, the Fund would be required to pay
the notional (or other agreed-upon) value of the referenced debt obligation
to the counterparty in the event of a default by a U.S. or foreign
corporate issuer of a debt obligation, which would likely result in a loss
to the Fund. In return, the Fund would receive from the counterparty a
periodic stream of payments during the term of the contract provided that
no event of default occurred. The maximum exposure of loss to the seller
would be the notional value of the credit default swaps outstanding. If no
default occurs, the Fund would keep the stream of payments and would have
no payment obligation. The Fund may also buy credit default swap contracts
in order to hedge against the risk of default of debt securities, in which
case the Fund would function as the counterparty referenced above.
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.
72 Pioneer Global High Yield Fund | Annual Report | 10/31/11
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.
During the year ended October 31, 2011, the Fund opened one credit default
swap, with a notional amount of $14,000,000, which was still open at year
end. Credit default swap contracts outstanding at year end are listed at
the end of the Fund's schedule of investments.
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 year
ended October 31, 2011, the effective management fee (excluding waivers and/or
assumption of expenses) was equivalent to 0.58% of the average daily net
assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 1.10%, 2.00%, 2.00% and 0.90% of the
average daily net assets attributable to Class A, Class B, Class C and Class Z
shares, respectively. These expense limitations are in effect through March 1,
2012 for Class A, 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
$127,335 in management fees, administrative costs and certain other
reimbursements payable to PIM at October 31, 2011.
Pioneer Global High Yield Fund | Annual Report | 10/31/11 73
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 year ended October 31, 2011, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 900,675
Class B 78,043
Class C 401,170
Class Y 1,177,865
Class Z 9,183
--------------------------------------------------------------------------------
Total $2,566,936
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $559,258 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at October 31, 2011.
4. Basis for Consolidation of the Financial Statements
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 of
October 31, 2011, the Subsidiary represented approximately $4,366,543 or
approximately 0.2% 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
74 Pioneer Global High Yield Fund | Annual Report | 10/31/11
Assets and Liabilities is $55,384 in distribution fees payable to PFD at
October 31, 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 12 months of purchase. Class B shares that are redeemed
within five years of purchase are subject to a CDSC at declining rates
beginning at 4.00%, based on the lower of cost or market value of shares being
redeemed. Redemptions of Class C shares within one year of purchase are subject
to a CDSC of 1.00% based on the lower of cost or market value of shares being
redeemed. 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
year ended October 31, 2011, CDSCs in the amount of $296,599 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.
The commitment fee is allocated among participating Funds based on an
allocation schedule set forth in the credit agreement. For the year ended
October 31, 2011, the average daily amount of borrowings outstanding during the
period was $37,930,560. The related weighted average annualized interest for
the period was 1.50% and the total interest expense on such borrowings was
$54,386. At October 31, 2011, the Fund had no borrowings under this agreement.
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 year ended October 31, 2011, the Fund's expenses
were not reduced under such arrangements.
Pioneer Global High Yield Fund | Annual Report | 10/31/11 75
8. Unfunded Loan Commitments
As of October 31, 2011, the fund had unfunded loan commitments of approximately
$746,287 (excluding unrealized depreciation on those commitments of $33,583 as
of October 31, 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 $712,704 $(33,583)
-------------------------------------------------------------------------------------------------------------
Total $(33,583)
=============================================================================================================
9. Forward Foreign Currency Contracts
During the year ended October 31, 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 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 year ended October 31, 2011 was $12,970,000. The Fund
had no outstanding settlement contracts at October 31, 2011.
Open portfolio hedges at October 31, 2011 were as follows:
-------------------------------------------------------------------------------------------------------------
Net
Contracts to In Exchange Settlement Unrealized
Currency deliver For USD Date Value Loss
GBP (Pound Sterling) (2,000,000) $(3,163,400) 12/15/11 $(3,224,676) $(61,276)
-------------------------------------------------------------------------------------------------------------
Total $(61,276)
=============================================================================================================
10. Additional Disclosures about Derivative Instruments and Hedging Activities:
Values of derivative instruments as of October 31, 2011 were as follows:
-------------------------------------------------------------------------------------------------------------
Derivatives Not
Accounted for as
Hedging Instruments Asset Derivatives 2011 Liabilities Derivatives 2011
Under Accounting ----------------------------- -----------------------------
Standards Codification Balance Sheet Balance Sheet
(ASC) 815 Location Value Location Value
-------------------------------------------------------------------------------------------------------------
Foreign Exchange Contracts Receivables $-- Payables $ 61,276
Credit Default Swaps Receivables $-- Payables $185,850
-------------------------------------------------------------------------------------------------------------
Total $-- $247,126
=============================================================================================================
76 Pioneer Global High Yield Fund | Annual Report | 10/31/11
The effect of derivative instruments on the Statement of Operations for the
year ended October 31, 2011 was as follows:
-------------------------------------------------------------------------------------------------------------
Derivatives Not Change in
Accounted for as Unrealized Gain
Hedging Instruments Realized Gain or (Loss) on
Under Accounting on Derivatives Derivatives
Codification Location of Gain or (Loss) On Recognized Recognized
(ASC) 815 Derivatives Recognized in Income in Income in Income
-------------------------------------------------------------------------------------------------------------
Foreign Exchange Net realized gain on forward foreign
Contracts currency contracts $122,309
Foreign Exchange Change in unrealized loss on forward
Contracts foreign currency contracts and other
assets and liabilities denominated in
foreign currencies. $ (61,276)
Credit Default Swaps Change in unrealized loss on credit
default swaps $(185,850)
Pioneer Global High Yield Fund | Annual Report | 10/31/11 77
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust VII and the Shareowners of
Pioneer Global High Yield Fund:
--------------------------------------------------------------------------------
We have audited the accompanying consolidated statement of assets and
liabilities of Pioneer Global High Yield Fund (the "Fund") (one of the
portfolios constituting the Pioneer Series Trust VII), including the
consolidated schedule of investments, as of October 31, 2011, and the related
consolidated statement of operations, the consolidated statement of changes in
net assets and the consolidated financial highlights for the year then ended,
and the statement of changes in net assets for the year ended October 31, 2011
and the financial highlights for each of the periods ended October 31, 2011.
These financial statements and financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. We were not engaged to perform an audit of the Fund's internal
control over financial reporting. Our audits included consideration of internal
control over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Fund's internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights, assessing the accounting
principles used and significant estimates made by management, and evaluating
the overall financial statement presentation. Our procedures included
confirmation of securities owned as of October 31, 2011, by correspondence with
the custodian, brokers and agent banks or by other appropriate auditing
procedures where replies from brokers and agent banks were not received. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of Pioneer Global High Yield Fund at October 31, 2011, the
consolidated results of its operations, the consolidated changes in its net
assets, and the consolidated financial highlights for the year then ended, and
the changes in net assets for the year ended October 31, 2011 and the financial
highlights for each of the periods ended October 31, 2011, in conformity with
U.S. generally accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
December 23, 2011
78 Pioneer Global High Yield Fund | Annual Report | 10/31/11
ADDITIONAL INFORMATION (unaudited)
The percentage of the Fund's ordinary income distributions that are exempt from
nonresident alien (NRA) tax withholding resulting from qualified interest
income was 55.65%.
Pioneer Global High Yield Fund | Annual Report | 10/31/11 79
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
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 us.pioneerinvestments.com. This information is also available on
the Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and officers are listed on the following pages, together
with their principal occupations during at least the past five years. Trustees
who are interested persons of the Fund within the meaning of the 1940 Act are
referred to as Interested Trustees. Trustees who are not interested persons of
the Fund are referred to as Independent Trustees. Each of the Trustees, except
Mr. West, serves as a trustee of each of the 55 U.S. registered investment
portfolios for which Pioneer serves as investment adviser (the "Pioneer
Funds"). Mr. West serves as a trustee of 44 U.S. registered investment
portfolios for which Pioneer serves as investment adviser. The address for all
Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts
02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
80 Pioneer Global High Yield Fund | Annual Report | 10/31/11
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Position Held Length of Service Other Directorships
Name and Age with the Fund and Term of Office Principal Occupation Held by this Trustee
------------------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (85)* Chairman of the Board, Trustee since 2001. Non-Executive Chairman and a None
Trustee and President Serves until a successor director of Pioneer Investment
trustee is elected or Management USA Inc.
earlier retirement or ("PIM-USA"); Chairman and a
removal. director of Pioneer; Chairman
and Director of Pioneer
Institutional Asset
Management, Inc. (since 2006);
Director of Pioneer
Alternative Investment
Management Limited (Dublin,
until October 2011); President
and a director of Pioneer
Alternative Investment Man-
agement (Bermuda) Limited and
affiliated funds; Deputy
Chairman and a director of
Pioneer Global Asset
Management S.p.A. ("PGAM")
(until April 2010); Director
of PIOGLOBAL Real Estate
Investment Fund (Russia)
(until June 2006); Director of
Nano-C, Inc. (since 2003);
Director of Cole Management
Inc. (since 2004); Director of
Fiduciary Counseling, Inc.;
President and Director of
Pioneer Funds Distributor,
Inc. ("PFD") (until May 2006);
President of all of the
Pioneer Funds; and Of Counsel,
Wilmer Cutler Pickering Hale
and Dorr LLP
------------------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (53)* Trustee and Executive Trustee since 2007. Director, CEO and None
Vice President Serves until a successor President of PIM-USA (since
trustee is elected or February 2007);
earlier retirement or Director and President of
removal. Pioneer and Pioneer
Institutional Asset
Management, Inc. (since
February 2007); Executive Vice
President of all of the
Pioneer Funds (since March
2007); Director of PGAM (2007
- 2010); Head of New Europe
Division, PGAM (2000 - 2005);
and Head of New Markets
Division, PGAM (2005 - 2007)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are officers or directors of the Fund's investment adviser and
certain of its affiliates.
Pioneer Global High Yield Fund | Annual Report | 10/31/11 81
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Position Held Length of Service Other Directorships
Name and Age with the Fund and Term of Office Principal Occupation Held by this Trustee
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (67) Trustee Trustee since 2005. Managing Partner, Federal Director of Enterprise
Serves until a successor City Capital Advisors Community Investment,
trustee is elected or (corporate advisory Inc. (privately held
earlier retirement or services company) (1997 - affordable housing
removal. 2004 and 2008 - present); finance company) (1985 -
Interim Chief Executive 2010); Director of Oxford
Officer, Oxford Analytica, Inc. (2008 -
Analytica, Inc. present); Director of The
(privately held research Swiss Helvetia Fund, Inc.
and consulting company) (closed-end fund) (2010 -
(2010); Executive Vice present); and Director of
President and Chief New York Mortgage Trust
Financial Officer, (publicly traded mortgage
I-trax, Inc. (publicly REIT) (2004 - 2009)
traded health care
services company) (2004 -
2007); and Executive Vice
President and Chief
Financial Officer,
Pedestal Inc. (internet-
based mortgage trading
company) (2000 - 2002)
------------------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (63) Trustee Trustee since 2001. Chairman, Bush Director of Marriott
Serves until a successor International, LLC International, Inc.
trustee is elected or (international financial (2008 - present);
earlier retirement or advisory firm) (1991 - Director of Discover
removal. present); Senior Managing Financial Services
Director, Brock Capital (credit card issuer and
Group, LLC (strategic electronic payment
business advisors) (2010 services) (2007 -
- present); Managing present); Former Director
Director, Federal Housing of Briggs & Stratton Co.
Finance Board (oversight (engine manufacturer)
of Federal Home Loan Bank (2004 - 2009); Former
system) (1989 - 1991); Director of UAL
Vice President and Head Corporation (airline
of International Finance, holding company) (2006 -
Federal National Mortgage 2010); Director of
Association (1988 - ManTech International
1989); U.S. Alternate Corporation (national
Executive Director, security,
International Monetary
Fund (1984 - 1988);
Executive Assistant to
Deputy Secretary of the
U.S. Treasury, U.S.
Treasury Department (1982
- 1984); and Vice
President and Team Leader
in Corporate Banking,
Bankers Trust Co. (1976 -
1982)
82 Pioneer Global High Yield Fund | Annual Report | 10/31/11
------------------------------------------------------------------------------------------------------------------------------------
Position Held Length of Service Other Directorships
Name and Age with the Fund and Term of Office Principal Occupation Held by this Trustee
------------------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (continued)
defense, and intelligence
technology firm) (2006 -
present); Member, Board
of Governors, Investment
Company Institute (2007
- present); Member, Board
of Governors, Independent
Directors Council (2007 -
present); Former Director
of Brady Corporation
(2000 - 2007); Former
Director of Mortgage
Guaranty Insur- ance
Corporation (1991 -
2006); Former Director of
Millennium Chemicals,
Inc. (commodity
chemicals) (2002 - 2005);
Former Director, R.J.
Reynolds Tobacco
Holdings, Inc. (tobacco)
(1999 - 2005); and Former
Director of Texaco, Inc.
(1997 - 2001)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (67) Trustee Trustee since 2008. William Joseph Maier Trustee, Mellon
Serves until a successor Professor of Political Institutional Funds
trustee is elected or Economy, Harvard Investment Trust and
earlier retirement or University (1972 - Mellon Institutional
removal. present) Funds Master Portfolio
(oversaw 17 portfolios in
fund complex) (1989 -
2008)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Global High Yield Fund | Annual Report | 10/31/11 83
Independent Trustees (continued)
------------------------------------------------------------------------------------------------------------------------------------
Position Held Length of Service Other Directorships
Name and Age with the Fund and Term of Office Principal Occupation Held by this Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (64) Trustee Trustee since 2001. Founding Director, Vice None
Serves until a successor President and Corporate
trustee is elected or Secretary, The Winthrop
earlier retirement or Group, Inc. (consulting
removal. firm) (1982 - present);
Desautels Faculty of
Management, McGill
University (1999 -
present); and Manager of
Research Operations and
Organizational
Learning, Xerox PARC,
Xerox's Advance Research
Center (1990 - 1994)
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (61) Trustee Trustee since 2006. Chairman and Chief Director, Broadridge
Serves until a successor Executive Officer, Financial Solutions,
trustee is elected or Quadriserv, Inc. Inc. (investor
earlier retirement or (technology products communications and
removal. for securities lending securities processing
industry) (2008 - provider for financial
present); private services industry) (2009
investor (2004 - 2008); - present); and Director,
and Senior Executive Vice Quadriserv, Inc. (2005 -
President, The Bank of present)
New York (financial and
securities services)
(1986 - 2004)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (63) Trustee Trustee since 2001. President and Chief Director of New America
Serves until a successor Executive Officer, High Income Fund, Inc.
trustee is elected or Newbury, Piret & Company, (closed-end investment
earlier retirement or Inc. (investment banking company) (2004 -
removal. firm) (1981 - present) present); and member,
Board of Governors,
Investment Company
Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (83) Trustee Trustee since 2001. Senior Counsel, Sullivan Director, The Swiss
Serves until a successor & Cromwell LLP (law firm) Helvetia Fund, Inc.
trustee is elected or (1998 - present); and (closed-end investment
earlier retirement or Partner, Sullivan & company); and Director,
removal. Cromwell LLP (prior to AMVESCAP, PLC (investment
1998) manager) (1997 - 2005)
------------------------------------------------------------------------------------------------------------------------------------
84 Pioneer Global High Yield Fund | Annual Report | 10/31/11
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Position Held Length of Service Other Directorships
Name and Age with the Fund and Term of Office Principal Occupation Held by this Officer
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (46) Secretary Since 2010. Serves at Vice President and None
the discretion of the Associate General Counsel
Board. of Pioneer since January
2008 and Secretary of all
of the Pioneer Funds
since June 2010;
Assistant Secretary of
all of the Pioneer Funds
from September 2003 to
May 2010; and Vice
President and Senior
Counsel of Pioneer from
July 2002 to December
2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (50) Assistant Secretary Since 2010. Serves at Fund Governance Director None
the discretion of the of Pioneer since December
Board. 2006 and Assistant
Secretary of all the
Pioneer Funds since June
2010; Manager -- Fund
Governance of Pioneer
from December 2003 to
November 2006; and Senior
Paralegal of Pioneer from
January 2000 to November
2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (48) Assistant Secretary Since 2010. Serves at Counsel of Pioneer since None
the discretion of the June 2007 and Assistant
Board. Secretary of all the
Pioneer Funds since June
2010; and Vice President
and Counsel at State
Street Bank from October
2004 to June 2007
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (51) Treasurer Since 2008. Serves at Vice President -- Fund None
the discretion of the Accounting,
Board. Administration and
Controllership Services
of Pioneer; Treasurer of
all of the Pioneer Funds
since March 2008; Deputy
Treasurer of Pioneer from
March 2004 to February
2008; and Assistant
Treasurer of all of the
Pioneer Funds from March
2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (46) Assistant Treasurer Since 2001. Serves at Assistant Vice President None
the discretion of the -- Fund Accounting,
Board. Administration and
Controllership Services
of Pioneer; and Assistant
Treasurer of all of the
Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (53) Assistant Treasurer Since 2002. Serves at Fund Accounting Manager None
the discretion of the -- Fund Accounting,
Board. Administration and
Controllership Services
of Pioneer; and Assistant
Treasurer of all of the
Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Global High Yield Fund | Annual Report | 10/31/11 85
Fund Officers (continued)
------------------------------------------------------------------------------------------------------------------------------------
Position Held Length of Service Other Directorships
Name and Age with the Fund and Term of Office Principal Occupation Held by this Officer
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (31) Assistant Treasurer Since 2009. Serves at Fund Administration None
the discretion of the Manager -- Fund
Board. Accounting,
Administration and
Controllership Services
since November 2008;
Assistant Treasurer of
all of the Pioneer Funds
since January 2009; and
Client Service Manager --
Institutional Investor
Services at State Street
Bank from March 2003 to
March 2007
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (59) Chief Compliance Since 2010. Serves at Chief Compliance Officer None
Officer the discretion of the of Pioneer and of all the
Board. Pioneer Funds since March
2010; Director of Adviser
and Portfolio Compliance
at Pioneer since October
2005; and Senior
Compliance Officer for
Columbia Management
Advisers, Inc. from
October 2003 to October
2005
------------------------------------------------------------------------------------------------------------------------------------
86 Pioneer Global High Yield Fund | Annual Report | 10/31/11
This page for your notes.
Pioneer Global High Yield Fund | Annual Report | 10/31/11 87
This page for your notes.
88 Pioneer Global High Yield Fund | Annual Report | 10/31/11
This page for your notes.
Pioneer Global High Yield Fund | Annual Report | 10/31/11 89
This page for your notes.
90 Pioneer Global High Yield Fund | Annual Report | 10/31/11
This page for your notes.
Pioneer Global High Yield Fund | Annual Report | 10/31/11 91
This page for your notes.
92 Pioneer Global High Yield Fund | Annual Report | 10/31/11
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: us.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.
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 (see attachment);
(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.
Audit Fees
Fees for audit services provided to the Trust, including
fees associated with the annual filing of its Form N-1A,
totaled approximately $85,372 in 2011 and $85,372 in
2010.
(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.
Audit-Related Fees
There were no fees for audit-related services
provided to the Fund during the fiscal years ended October
31, 2011 and 2010.
(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.
Tax Fees
Fees for tax compliance services, primarily for tax returns,
totaled approximately $16,580 for 2011 and $16,580 for
2010.
(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.
Other Fees
There were no fees for other services
provided to the Fund during the fiscal years ended October
31, 2011 and 2010.
(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.
Non-Audit Services
Beginning with non-audit service contracts entered into on
or after May 6, 2003, the effective date of the new SEC
pre-approval rules, the Fund's audit committee is required
to pre-approve services to affiliates defined by SEC rules
to the extent that the services are determined to have a
direct impact on the operations or financial reporting of the
Fund. For the years ended October 31, 2011 and 2010,
there were no services provided to an affiliate that required
the Fund's audit committee pre-approval.
(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 aggregate non-audit fees for the Fund and affiliates, as
previously defined, totaled approximately $16,580 in 2011
and $16,580 in 2010.
(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 December 30, 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 December 30, 2011
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date December 30, 2011
* Print the name and title of each signing officer under his or her signature.